CalSTRs Bets Big on Private Equity in H1 2019

August 30, 2019 | Alternative Investments
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Blackstone receives a big sum from the nation’s second-largest public pension fund.

CalSTRs is doubling down on private equity investments.

The retirement pension fund manages $241.3 billion for teachers and other public beneficiaries. The group also invested $5.5 billion across 30 different private equity vehicles, according to the Wall Street Journal’s review of its documents.

CalSTRs Bets on Blackstone

The pension fund committed fresh investments of $1.55 billion across three different Blackstone funds. At the end of March, CalSTRs had $5 billion tied up with Blackstone. That figure represented the single largest allocation to one private equity fund by the California fund.

The pension group invested $750 million to Blackstone’s eighth flagship fund.

It allocated $650 million to Blackstone’s Strategic Partners’ eighth fund.  It also invested $150 milling in Blackstone’s third energy fund.

CalSTRs also committed $500 million to Permira’s seventh flagship fund and another $280 million to TA Associates’ $8.5 billion 13th fund.

Ramping Up PE Investments

At the end of March, the group had unfunded commitments of %18.6 billion. The pension fund is reportedly working to increase its exposure to private equity in order to bolster returns. Further, this is the third year in a row that it has allocated greater investment to the asset class. However, the firm remains under its goal of hitting 13% exposure.

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