CalSTRS Seeks Independent Fiduciaries for Its Private Equity Proactive Portfolio
SACRAMENTO, CA – The California State Teachers’ Retirement System (CalSTRS) today launched a search for independent fiduciaries to screen partnerships, make recommendations and help investment staff negotiate with prospective partners for the CalSTRS Private Equity Proactive Portfolio.
No more than five firms will be selected to serve as independent fiduciaries for the CalSTRS Private Equity Proactive Portfolio. The final filing date for proposals is February 5, 2008.
Independent fiduciaries will be expected to conduct in-depth analysis, background checks and due diligence reviews of prospective partnerships which have been submitted to CalSTRS by its fund-of-fund managers, Banc of America Capital Access Fund and the New and Next Generation Management Fund, managed by INVESCO Private Capital Inc.
The fiduciaries will make recommendations to CalSTRS investment staff regarding the prospective partnerships under review in domestic underserved and emerging markets.
The Private Equity Proactive Portfolio operates within CalSTRS’ Investments Executive Unit. As of November 30, 2007, total private equity was a $14.7 billion part of CalSTRS’ $174 billion investment portfolio.
The California State Teachers’ Retirement System is the second-largest public pension fund in the United States. It administers retirement, disability and survivor benefits for California’s 813,000 public school educators and their families from the state’s 1,400 school districts, county offices of education and community college districts.