The California State Teachers’ Retirement System has announced it will expand its relationship with Invesco Private Capital as the manager for its CalSTRS New and Next Generation Manager F
The California State Teachers’ Retirement System has announced it will expand its relationship with Invesco Private Capital as the manager for its CalSTRS New and Next Generation Manager Fund II, a USD200m private equity portfolio.
Invesco Private Capital, which has offices in San Francisco, New York, Boston and London, was selected to construct, manage and monitor the pension scheme’s second private equity fund of funds portfolio of new and next generation manager partnership investments, defined by CalSTRS as private equity professionals seeking to raise their first, second or third institutional fund.
Invesco Private Capital will invest a total of USD200m on behalf of CalSTRS over a five-year period, and will consider funds focused on buyouts, venture capital and other private equity opportunities across a spectrum of stages and industry sectors.
CalSTRS says the programme is part of its commitment to emerging private equity managers ‘that represent the demographics of California’.
‘We have worked with the Invesco Private Capital team during the past three years, and I have worked with general partner Mary Kelley specifically for more than eight years,’ says CalSTRS chief investment officer Christopher J. Ailman.
‘I’ve been able to see first hand how effective they are in sourcing and evaluating new and emerging fund managers. Invesco will extend our reach, giving new and emerging private equity firms direct access to CalSTRS capital.’
Established 95 years ago, CalSTRS is the second-largest public pension fund in the US with a USD167bn portfolio. 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.
