Description VY Capital Committed Capital Contributed Capital Distributed CalSTRS Since Inception IRR* ACON Equity Partners III, L.P. 2012 70,000,000 53,754,160 5,702,519 5.75 ACON Equity Partners IV, LP 2016 50,000,000 11,322,965 2,856,389 (41.99) Acon-Bastion Partners II, L.P. 2006 40,000,000 37,183,693 63,449,683 13.21 Advent Central & Eastern Europe IV LP 2008 100,024,323 78,087,390 48,559,263 (9.14) Advent International GPE VI LP 2008 271,014,851 271,014,851 427,289,807 16.27 Advent International GPE VIII-D L.P. 2016 150,000,000 73,725,000 0 5.38 Affinity Asia Pacific Fund III, L.P. 2007 150,000,000 141,505,804 175,604,729 10.73 Affinity Asia Pacific Fund V (NO.2) L.P. 2018 200,000,000 0 0 0.00 AG Capital Recovery Partners V, L.P. 2006 50,000,000 46,750,000 52,756,982 2.86 AG Capital Recovery Partners VI, L.P. 2008 100,000,000 100,000,000 142,032,622 7.41 AG Capital Recovery Partners VII, L.P. 2010 164,208,774 164,208,982 196,496,609 5.08 Alchemy Plan (Estrellita) L.P. 2002 259,509,125 259,515,793 301,963,646 3.50 Alchemy Special Opportunities Fund III 2014 56,253,693 34,630,998 5,715,068 9.56 Alchemy Special Opportunities Fund IV L.P. 2018 94,688,997 0 0 0.00 AlpInvest C Fund, L.P. 2018 100,000,000 36,228,888 0 (0.84) AlpInvest Co-Investment Fund (Onshore) VII, L.P. 2017 150,000,000 15,830,007 1,338 (1.70) Alta Communications IX, L.P. 2003 40,000,000 38,000,000 28,228,368 (3.03) Alta V Limited Partnership 1992 20,000,000 20,000,000 45,540,989 24.53 Apax Europe V 2001 115,649,884 115,617,147 248,668,795 36.06 Apax Europe VI - A, L.P. 2005 314,889,368 308,387,154 558,079,723 12.92 Apax Europe VII 2007 524,100,834 518,532,420 582,729,053 4.82 APAX Excelsior VI, L.P. 2000 100,000,000 98,422,784 162,486,894 11.81 Apax IX USD L.P. 2017 300,000,000 132,834,410 1,493,405 13.30 Apollo Investment Fund IX, L.P. 2018 300,000,000 0 0 0.00 Apollo Investment Fund VI, L.P. 2006 250,000,000 239,549,952 350,315,562 8.83 Apollo Investment Fund VII, L.P. 2008 350,000,000 300,308,679 531,521,603 23.38 ARCH Venture Fund VI, L.P. 2004 30,000,000 30,005,018 21,214,924 1.04 Ares Capital Europe II (D), L.P. 2013 50,000,000 41,203,083 20,253,807 7.53 Ares Corporate Opportunities Fund IV, L.P. 2012 150,000,000 125,255,774 55,260,619 15.11 Ares Corporate Opportunities Fund V, L.P. 2017 300,000,000 87,807,065 0 (8.51) Ares Euro Credit Strat Fund (C), L.P.-MA 2013 49,579,849 28,669,335 9,865,319 6.07 Arsenal Capital Partners IV 2016 83,000,000 34,708,454 88,968 12.23 Ascent Capital Holdings, LLC 2007 60,000,000 60,618,407 14,292,535 (11.00) ASF VII B L.P. 2015 250,000,000 75,507,003 1,191,655 20.89 Asper Renewable Power Partners 2 A L.P. 2010 62,888,483 51,522,204 9,854,325 (4.51) Asper Renewable Power Partners L.P. 2006 60,948,495 59,162,080 46,772,548 (4.47) Atria Private Equity Fund III FC PR 2007 39,572,538 26,611,155 16,639,355 (7.03) Avenue Special Situations Fund V, LP 2007 250,000,000 250,486,693 333,584,249 11.11 Bain Capital Asia Fund II, LP 2012 75,000,000 56,756,529 59,342,463 25.86 Bain Capital Asia Fund III, L.P. 2016 125,000,000 79,687,500 32,359,151 81.16 Bain Capital Asia Fund, L.P. 2007 25,000,000 23,974,820 33,149,107 7.56 Bain Capital Fund IX, L.P. 2006 100,000,000 97,500,000 135,160,325 6.45 Bain Capital Fund X, LP 2008 400,000,000 390,545,866 494,959,590 9.74 Bain Capital IX Coinvestment Fund, LP 2006 50,000,000 49,300,000 76,937,508 10.16 Bain Capital X Coinvestment Fund, LP 2008 14,000,000 12,250,000 12,009,879 3.39 BC European Capital IX 2011 259,346,002 258,222,161 154,387,742 12.88 BC European Capital VIII, L.P. 2005 607,873,468 582,415,564 685,435,019 4.60 BC European Capital X-8 LP 2017 304,315,051 70,867,186 0 (4.90) BC Partners VII, L.P. 2000 323,079,349 323,203,189 822,215,324 23.92 Blackstone - GSO Capital Solutions LP 2009 250,000,000 225,345,916 292,983,711 10.73 Blackstone Capital Partners IV, L.P. 2003 200,000,000 182,701,235 493,011,764 35.97 Blackstone Capital Partners V L.P. 2006 1,600,000,000 1,577,531,296 2,506,406,554 8.37 Blackstone Capital Partners VI, L.P. 2011 300,000,000 273,373,023 128,725,033 14.18 Blackstone Capital Partners VII L.P. 2016 450,000,000 116,489,515 6,476,359 16.31 Blackstone Communications Partners I, LP 2000 250,000,000 250,293,431 310,940,617 6.56 Blackstone Core Equity Partners CA - L.P. 2017 500,000,000 144,616,807 0 2.91 Blackstone Energy Partners II L.P. 2015 100,000,000 48,202,070 957,521 11.17 Blackstone Tactical Opportunities Fund - S L.P. 2017 250,000,000 205,691,773 20,397,734 17.95 Blue Run Ventures IV, L.P. 2008 23,595,506 22,651,685 50,185,193 29.01 Blue Run Ventures V, LP 2014 19,005,882 13,874,294 0 (0.33) 1 California State Teachers' Retirement System Private Equity Portfolio Performance As of March 31, 2018 *The limited partnership record keeping, including the internal rate of return or IRR, is maintained internally by CalSTRS for each limited partnership. The CalSTRS’ IRR calculation method may differ from calculation methods used by the General Partner or other Limited Partners. Differences in IRR calculations can be affected by cash flow timing, the account treatment of carried interest, partnership management fees, advisory fees, organization fees, other partnership expenses, sale of distributed stock and valuations. Importantly, there is no industry-standardized method for valuation or reporting, which makes comparisons of these numbers difficult. Additionally, the purchase of secondary interests makes for unique comparison problems due to the specific pricing and timing chracteristics of the transaction when contrasted with the Limited Partnership Investment. Until a partnership is liquidated, typically over 10 to 12 years, the IRR is only an interim estimated return. The IRR calculated for partnerships in the first three years of a partnership life are particularly not meaningful. The actual IRR performance of any limited partnership is not known until the final liquidation. Finally, please note, none of the information contained herein has been reviewed or approved by the General Partners of the Funds.
Transcript
Description VYCapital
CommittedCapital
ContributedCapital
Distributed
CalSTRS Since
Inception IRR*
ACON Equity Partners III, L.P. 2012 70,000,000 53,754,160 5,702,519 5.75ACON Equity Partners IV, LP 2016 50,000,000 11,322,965 2,856,389 (41.99)Acon-Bastion Partners II, L.P. 2006 40,000,000 37,183,693 63,449,683 13.21Advent Central & Eastern Europe IV LP 2008 100,024,323 78,087,390 48,559,263 (9.14)Advent International GPE VI LP 2008 271,014,851 271,014,851 427,289,807 16.27Advent International GPE VIII-D L.P. 2016 150,000,000 73,725,000 0 5.38Affinity Asia Pacific Fund III, L.P. 2007 150,000,000 141,505,804 175,604,729 10.73Affinity Asia Pacific Fund V (NO.2) L.P. 2018 200,000,000 0 0 0.00AG Capital Recovery Partners V, L.P. 2006 50,000,000 46,750,000 52,756,982 2.86AG Capital Recovery Partners VI, L.P. 2008 100,000,000 100,000,000 142,032,622 7.41AG Capital Recovery Partners VII, L.P. 2010 164,208,774 164,208,982 196,496,609 5.08Alchemy Plan (Estrellita) L.P. 2002 259,509,125 259,515,793 301,963,646 3.50Alchemy Special Opportunities Fund III 2014 56,253,693 34,630,998 5,715,068 9.56Alchemy Special Opportunities Fund IV L.P. 2018 94,688,997 0 0 0.00AlpInvest C Fund, L.P. 2018 100,000,000 36,228,888 0 (0.84)AlpInvest Co-Investment Fund (Onshore) VII, L.P. 2017 150,000,000 15,830,007 1,338 (1.70)Alta Communications IX, L.P. 2003 40,000,000 38,000,000 28,228,368 (3.03)Alta V Limited Partnership 1992 20,000,000 20,000,000 45,540,989 24.53Apax Europe V 2001 115,649,884 115,617,147 248,668,795 36.06Apax Europe VI - A, L.P. 2005 314,889,368 308,387,154 558,079,723 12.92Apax Europe VII 2007 524,100,834 518,532,420 582,729,053 4.82APAX Excelsior VI, L.P. 2000 100,000,000 98,422,784 162,486,894 11.81Apax IX USD L.P. 2017 300,000,000 132,834,410 1,493,405 13.30Apollo Investment Fund IX, L.P. 2018 300,000,000 0 0 0.00Apollo Investment Fund VI, L.P. 2006 250,000,000 239,549,952 350,315,562 8.83Apollo Investment Fund VII, L.P. 2008 350,000,000 300,308,679 531,521,603 23.38ARCH Venture Fund VI, L.P. 2004 30,000,000 30,005,018 21,214,924 1.04Ares Capital Europe II (D), L.P. 2013 50,000,000 41,203,083 20,253,807 7.53Ares Corporate Opportunities Fund IV, L.P. 2012 150,000,000 125,255,774 55,260,619 15.11Ares Corporate Opportunities Fund V, L.P. 2017 300,000,000 87,807,065 0 (8.51)Ares Euro Credit Strat Fund (C), L.P.-MA 2013 49,579,849 28,669,335 9,865,319 6.07Arsenal Capital Partners IV 2016 83,000,000 34,708,454 88,968 12.23Ascent Capital Holdings, LLC 2007 60,000,000 60,618,407 14,292,535 (11.00)ASF VII B L.P. 2015 250,000,000 75,507,003 1,191,655 20.89Asper Renewable Power Partners 2 A L.P. 2010 62,888,483 51,522,204 9,854,325 (4.51)Asper Renewable Power Partners L.P. 2006 60,948,495 59,162,080 46,772,548 (4.47)Atria Private Equity Fund III FC PR 2007 39,572,538 26,611,155 16,639,355 (7.03)Avenue Special Situations Fund V, LP 2007 250,000,000 250,486,693 333,584,249 11.11Bain Capital Asia Fund II, LP 2012 75,000,000 56,756,529 59,342,463 25.86Bain Capital Asia Fund III, L.P. 2016 125,000,000 79,687,500 32,359,151 81.16Bain Capital Asia Fund, L.P. 2007 25,000,000 23,974,820 33,149,107 7.56Bain Capital Fund IX, L.P. 2006 100,000,000 97,500,000 135,160,325 6.45Bain Capital Fund X, LP 2008 400,000,000 390,545,866 494,959,590 9.74Bain Capital IX Coinvestment Fund, LP 2006 50,000,000 49,300,000 76,937,508 10.16Bain Capital X Coinvestment Fund, LP 2008 14,000,000 12,250,000 12,009,879 3.39BC European Capital IX 2011 259,346,002 258,222,161 154,387,742 12.88BC European Capital VIII, L.P. 2005 607,873,468 582,415,564 685,435,019 4.60BC European Capital X-8 LP 2017 304,315,051 70,867,186 0 (4.90)BC Partners VII, L.P. 2000 323,079,349 323,203,189 822,215,324 23.92Blackstone - GSO Capital Solutions LP 2009 250,000,000 225,345,916 292,983,711 10.73Blackstone Capital Partners IV, L.P. 2003 200,000,000 182,701,235 493,011,764 35.97Blackstone Capital Partners V L.P. 2006 1,600,000,000 1,577,531,296 2,506,406,554 8.37Blackstone Capital Partners VI, L.P. 2011 300,000,000 273,373,023 128,725,033 14.18Blackstone Capital Partners VII L.P. 2016 450,000,000 116,489,515 6,476,359 16.31Blackstone Communications Partners I, LP 2000 250,000,000 250,293,431 310,940,617 6.56Blackstone Core Equity Partners CA - L.P. 2017 500,000,000 144,616,807 0 2.91Blackstone Energy Partners II L.P. 2015 100,000,000 48,202,070 957,521 11.17Blackstone Tactical Opportunities Fund - S L.P. 2017 250,000,000 205,691,773 20,397,734 17.95Blue Run Ventures IV, L.P. 2008 23,595,506 22,651,685 50,185,193 29.01Blue Run Ventures V, LP 2014 19,005,882 13,874,294 0 (0.33)
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California State Teachers' Retirement System Private Equity Portfolio Performance
As of March 31, 2018
*The limited partnership record keeping, including the internal rate of return or IRR, is maintained internallyby CalSTRS for each limited partnership. The CalSTRS’ IRR calculation method may differ fromcalculation methods used by the General Partner or other Limited Partners. Differences in IRR calculationscan be affected by cash flow timing, the account treatment of carried interest, partnership managementfees, advisory fees, organization fees, other partnership expenses, sale of distributed stock andvaluations. Importantly, there is no industry-standardized method for valuation or reporting, which makescomparisons of these numbers difficult. Additionally, the purchase of secondary interests makes for uniquecomparison problems due to the specific pricing and timing chracteristics of the transaction whencontrasted with the Limited Partnership Investment. Until a partnership is liquidated, typically over 10 to 12years, the IRR is only an interim estimated return. The IRR calculated for partnerships in the first threeyears of a partnership life are particularly not meaningful. The actual IRR performance of any limitedpartnership is not known until the final liquidation. Finally, please note, none of the information containedherein has been reviewed or approved by the General Partners of the Funds.
Description VYCapital
CommittedCapital
ContributedCapital
Distributed
CalSTRS Since
Inception IRR*
Blue Run Ventures, L.P. 2005 31,415,730 31,101,573 40,316,345 5.55BRV Opportunities Fund, L.P. 2015 2,710,843 2,006,024 282,015 9.66BRV VI, L.P. 2017 16,807,229 3,361,446 0 (9.77)CalSTRS California Impact Fund, LLC 2003 75,000,000 63,008,681 50,431,914 0.26CalSTRS Lower Middle Market Fund III, LLC 2007 200,000,000 180,258,012 147,796,238 7.97CalSTRS Lower Middle Market Fund IV, LLC 2011 200,000,000 167,319,362 83,460,335 14.62CalSTRS Lower Middle Market Fund V, L.P. 2014 100,000,000 52,520,394 3,048,209 10.72CalSTRS Lower Middle Market Fund VI, L.P. 2018 250,000,000 0 0 0.00CalSTRS New&Next Gen. Manager Fund II 2008 200,000,000 132,073,738 67,326,734 9.10CalSTRS New&Next Gen. Manager Fund III 2012 250,000,000 134,117,358 7,920,792 8.71CalSTRS New&Next Generation Manager Fund 2005 100,000,000 74,225,656 90,793,589 8.77CalSTRS New&Next Generation Manager Fund IV, L.P. 2017 250,000,000 13,861,386 0 (50.05)Capital Partners III, L.P. 2014 22,500,000 20,850,503 1,453,547 3.14Capital Partners IV, L.P. 2017 25,000,000 3,462,500 0 16.47Carlyle Asia Partners V, L.P. 2018 250,000,000 0 0 0.00Carlyle Europe Partners III, L.P. 2007 523,545,277 515,362,960 822,126,070 11.45Carlyle Europe Partners IV, L.P. 2015 173,363,701 98,773,580 8,169,440 18.34Carlyle Partners IV, L.P. 2005 100,000,000 91,995,351 190,493,710 12.96Carlyle Partners V, L.P. 2007 500,000,000 442,490,894 735,964,558 13.71Carlyle Partners VI, L.P. 2013 250,000,000 222,924,363 34,068,344 12.52Carlyle Partners VII, L.P. 2018 500,000,000 0 0 0.00Carlyle U.S. Equity Opportunity Fund II, L.P. 2015 150,000,000 60,987,577 591,773 7.81Castlelake II, L.P. 2012 50,000,000 46,663,983 35,176,369 10.38Castlelake III, L.P. 2014 100,000,000 92,598,965 24,876,832 13.27Castlelake IV, L.P. 2015 150,000,000 130,367,826 965,835 25.49Castlelake V, L.P. 2018 200,000,000 16,339,869 0 11.03Centerbridge Capital Partners II, LP 2011 225,000,000 198,176,503 89,594,036 2.84Centerbridge Capital Partners III, L.P. 2015 250,000,000 132,840,408 21,031,413 12.14Centerbridge Capital Partners, LP 2006 150,000,000 139,340,109 293,288,278 19.52Centerbridge Special Credit III - Flex 2018 87,500,000 0 0 0.00Centerbridge Special Credit Partners II, L.P. 2012 250,000,000 225,000,000 163,204,542 2.70Centerbridge Special Credit Partners III, L.P. 2016 37,500,000 20,625,000 445 3.54Centerbridge Special Credit Partners, LP 2009 250,000,000 163,389,265 306,421,466 13.99Cerberus Institutional (INTL) Series 1 2008 151,410,000 130,180,362 173,065,783 10.25Cerberus Institutional (Series Four) LP 2007 500,000,000 462,475,952 713,371,296 9.18Cerberus Institutional (Series Three) 2003 100,000,000 63,775,341 139,724,479 12.70Charterhouse Capital VIII, L.P. 2006 134,570,061 122,558,717 117,495,234 (0.64)Clayton, Dubilier & Rice Fund IX, L.P. 2014 200,000,000 160,939,723 66,793,847 17.82Clayton, Dubilier & Rice Fund VII, L.P. 2005 100,000,000 91,948,825 192,830,720 11.51Clayton, Dubilier & Rice Fund X, L.P. 2018 250,000,000 24,885,509 0 (15.07)Clearstone Venture Partners III-A, L.P. 2004 35,000,000 33,950,000 17,960,362 6.15Coller International Partners VI, L.P. 2012 100,000,000 71,126,733 71,554,265 16.47Coller International Partners VII, L.P. 2016 150,000,000 46,826,712 0 43.56Cortec Group Fund IV, L.P. 2006 58,641,176 53,524,565 112,925,014 13.89Cortec Group Fund V, L.P. 2011 60,000,000 61,124,230 24,922,536 37.32Cortec Group Fund VI, L.P. 2015 100,000,000 48,006,484 391,087 (6.51)Craton Equity Investors I, L.P. 2007 30,000,000 29,998,306 3,279,226 (30.27)Craton Equity Investors II, L.P. 2012 15,266,668 11,479,860 329 (20.83)CVC Capital Partners Asia Pacific II LP 2005 100,000,000 95,376,432 67,503,560 (5.25)CVC Capital Partners Asia Pacific III LP 2008 200,000,000 165,761,811 253,976,951 13.68CVC Capital Partners Asia Pacific IV 2014 125,000,000 56,915,532 3,416,588 13.56CVC Capital Partners VII (A), LP 2018 307,462,603 0 0 0.00CVC European Equity Partners III L.P. 2001 200,000,000 198,037,443 555,947,278 40.61CVC European Equity Partners IV, L.P. 2005 389,056,204 348,802,910 701,085,652 16.77CVC European Equity Partners Tandem Fund 2007 515,052,116 474,963,890 644,997,914 6.83CVC European Equity Partners V, L.P. 2008 417,612,075 364,470,310 569,996,346 15.39CVI Credit Value Fund A III 2015 100,000,000 75,000,000 0 13.82CVI Global Value Fund, L.P. 2007 196,000,000 186,794,533 255,207,357 6.83Cypress Merchant Banking Partners II, L.P. 1999 250,000,000 262,116,559 254,256,007 (0.50)DCM IV 2004 15,000,000 15,000,000 14,935,149 5.31
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California State Teachers' Retirement System Private Equity Portfolio Performance
As of March 31, 2018
*The limited partnership record keeping, including the internal rate of return or IRR, is maintained internallyby CalSTRS for each limited partnership. The CalSTRS’ IRR calculation method may differ fromcalculation methods used by the General Partner or other Limited Partners. Differences in IRR calculationscan be affected by cash flow timing, the account treatment of carried interest, partnership managementfees, advisory fees, organization fees, other partnership expenses, sale of distributed stock andvaluations. Importantly, there is no industry-standardized method for valuation or reporting, which makescomparisons of these numbers difficult. Additionally, the purchase of secondary interests makes for uniquecomparison problems due to the specific pricing and timing chracteristics of the transaction whencontrasted with the Limited Partnership Investment. Until a partnership is liquidated, typically over 10 to 12years, the IRR is only an interim estimated return. The IRR calculated for partnerships in the first threeyears of a partnership life are particularly not meaningful. The actual IRR performance of any limitedpartnership is not known until the final liquidation. Finally, please note, none of the information containedherein has been reviewed or approved by the General Partners of the Funds.
Description VYCapital
CommittedCapital
ContributedCapital
Distributed
CalSTRS Since
Inception IRR*
ECI 10 A LP 2015 41,878,651 26,307,572 1,678,030 (4.88)ECI 9 A L.P. 2009 15,906,170 14,643,650 22,510,874 21.47EnCap Energy Capital Fund IX, L.P. 2013 150,000,000 133,329,120 74,976,886 14.58EnCap Energy Capital Fund VI, L.P. 2006 150,000,000 149,267,946 262,651,918 23.11EnCap Energy Capital Fund VII, L.P. 2007 250,000,000 250,004,703 318,135,844 14.51EnCap Energy Capital Fund VIII Co-Investors 2011 75,270,000 66,148,505 22,065,303 (2.70)EnCap Energy Capital Fund VIII, L.P. 2010 200,000,000 186,505,805 101,805,543 (3.66)EnCap Energy Capital Fund X, L.P. 2015 200,000,000 134,914,083 16,135,429 13.21EnCap Energy Capital Fund XI 2017 300,000,000 21,209,012 0 (44.96)Encap Flatrock Midstream Fund III 2014 60,000,000 33,468,274 22,751,341 24.50Encap Flatrock Midstream Fund IV 2018 91,000,000 3,652,264 0 (9.13)Energy Capital Partners I, L.P. 2006 220,000,000 202,410,686 101,160,567 (12.60)Energy Capital Partners II-A 2009 100,000,000 70,622,258 79,438,036 11.76Energy Capital Partners III-A, LP 2014 200,000,000 182,057,117 7,445,396 11.84Energy Spectrum Partners VI, L.P. 2011 75,000,000 61,327,834 41,433,870 5.07Energy Spectrum Partners VII, L.P. 2014 75,000,000 37,435,604 0 28.55Equistone Partners Europe Fund IV F L.P. 2012 64,713,739 62,824,472 63,325,928 16.39Equistone Partners Europe Fund V "D" L.P 2015 131,760,446 109,285,057 0 15.22Equistone Partners Europe Fund VI "E" SCSp 2018 166,029,805 0 0 0.00FCO MA II LP 2010 195,000,000 119,642,984 196,261,867 18.05FCO MA III, L.P. PE 2012 200,000,000 164,475,838 138,768,318 10.66FCO MA IV L.P. PE 2015 200,000,000 97,798,497 16,527,590 10.31First Reserve Fund X, L.P. 2004 200,000,000 200,000,000 364,857,999 30.45First Reserve Fund XI, L.P. 2006 800,000,000 806,101,221 484,616,198 (8.40)First Reserve Fund XII, L.P. 2008 800,000,000 794,081,953 358,638,671 (8.12)First Reserve Fund XIII, L.P. 2014 200,000,000 98,205,932 19,668,120 12.11FondInvest VI 2002 29,356,793 28,300,548 53,080,315 23.10Fortress Credit Opportunities Fund II(A) 2010 5,000,000 3,244,334 5,066,807 16.84FountainVest China Capital Partners Fund III, LP 2017 150,000,000 39,781,470 0 (39.29)FountainVest China Growth Cap Fund II LP 2013 45,000,000 37,662,441 15,518,787 15.88FountainVest China Growth Capital Fund, L.P. 2008 50,000,000 44,508,983 29,552,593 9.03Francisco Partners Agility, L.P. 2017 50,000,000 9,625,000 0 171.79Francisco Partners III, L.P. 2011 75,000,000 68,817,046 94,195,177 20.86Francisco Partners IV, L.P. 2015 140,000,000 136,430,000 0 21.67Francisco Partners V, L.P. 2018 200,000,000 0 0 0.00Frazier Healthcare Ventures V, L.P. 2005 47,473,830 47,473,830 73,462,596 15.56FS Equity Partners IV, L.P. 1998 87,500,000 87,227,940 149,629,138 12.85FS Equity Partners V, L.P. 2003 95,000,000 76,713,138 154,320,791 15.35Genstar Capital Partners V, L.P. 2007 70,000,000 63,616,450 128,770,093 15.06GGV Capital IV, L.P. 2011 60,000,000 60,710,631 21,925,288 20.47GGV Capital Select, L.P 2015 50,000,000 32,250,000 0 11.03GGV Capital V L.P. 2014 50,000,000 48,400,857 9,867,697 30.18GGV Capital VI Plus, L.P. 2018 15,000,000 525,000 0 (0.02)GGV Capital VI, L.P. 2016 45,000,000 18,900,000 0 16.39GI Partners V, L.P. 2018 250,000,000 40,912,321 0 (0.61)Giza Venture Fund IV 2006 20,000,000 20,173,813 7,989,879 (11.85)Giza Venture Fund V 2008 12,400,000 12,400,000 14,428,200 25.65Gores Capital Partners II, L.P. 2007 100,000,000 94,863,550 111,219,347 7.90Gores Small Capitalization Partners, L.P. 2012 30,000,000 22,563,657 19,566,775 15.22GSO Capital Opportunities Fund II, LP 2011 250,000,000 192,783,638 135,850,933 13.60GSO Capital Opportunities Fund III 2016 250,000,000 79,668,851 20,953,097 13.35GSO Capital Opportunities Fund, L.P. 2008 100,000,000 97,413,810 160,453,746 17.27GSO Capital Solutions Fund II, L.P. 2014 125,000,000 71,115,967 40,430,731 12.77GSO Capital Solutions Fund III LP 2018 250,000,000 0 0 0.00GSO COF III Co Investment Fund LP 2017 250,000,000 35,677,243 5,946,983 11.90GSO CSF III Co-Investment Fund LP 2018 250,000,000 0 0 0.00Hellman & Friedman Capital Partners V, L.P. 2004 100,000,000 89,943,097 237,997,156 27.45Hellman & Friedman Capital Partners VI, L.P. 2007 200,000,000 193,306,491 317,866,231 13.23Hellman & Friedman Capital Partners VII, L.P. 2011 100,000,000 95,056,408 84,209,044 24.86
*The limited partnership record keeping, including the internal rate of return or IRR, is maintained internallyby CalSTRS for each limited partnership. The CalSTRS’ IRR calculation method may differ fromcalculation methods used by the General Partner or other Limited Partners. Differences in IRR calculationscan be affected by cash flow timing, the account treatment of carried interest, partnership managementfees, advisory fees, organization fees, other partnership expenses, sale of distributed stock andvaluations. Importantly, there is no industry-standardized method for valuation or reporting, which makescomparisons of these numbers difficult. Additionally, the purchase of secondary interests makes for uniquecomparison problems due to the specific pricing and timing chracteristics of the transaction whencontrasted with the Limited Partnership Investment. Until a partnership is liquidated, typically over 10 to 12years, the IRR is only an interim estimated return. The IRR calculated for partnerships in the first threeyears of a partnership life are particularly not meaningful. The actual IRR performance of any limitedpartnership is not known until the final liquidation. Finally, please note, none of the information containedherein has been reviewed or approved by the General Partners of the Funds.
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California State Teachers' Retirement System Private Equity Portfolio Performance
As of March 31, 2018
Description VYCapital
CommittedCapital
ContributedCapital
Distributed
CalSTRS Since
Inception IRR*
Hellman & Friedman Capital Partners VIII, L.P. 2016 200,000,000 94,284,092 11,234,421 37.28HgCapital 7 C L.P. 2013 74,032,950 69,463,009 23,846,234 15.29HgCapital 8 A L.P. 2018 95,390,397 0 0 0.00HGGC III 2017 100,000,000 22,839,230 0 13.74Hony Capital Fund 2008, L.P. 2008 50,000,000 47,176,362 19,522,569 (1.96)Hony Capital Fund V, L.P. 2011 75,000,000 76,857,083 5,567,130 7.99Huntsman Gay Capital Partners Fund, LP 2008 100,000,000 96,275,476 117,593,248 14.86ICV Partners II, L.P. 2006 25,000,000 24,430,330 40,943,715 13.18ICV Partners III, L.P. 2013 40,000,000 37,915,578 5,801,885 10.65ICV Partners IV, L.P. 2018 60,000,000 0 0 0.00Institutional Venture Partners XII, L.P. 2007 50,000,000 50,000,000 112,994,553 25.87InterWest Partners IX, L.P. 2005 40,000,000 40,000,000 42,847,597 4.93InterWest Partners VIII, L.P. 2000 75,000,000 75,000,000 38,861,111 (3.81)Investitori Associati IV 2004 34,132,172 33,809,720 17,694,511 (9.05)Irving Place Capital Partners III, L.P. 2006 175,000,000 130,829,221 155,240,052 2.80Italian Private Equity Fund IV, LP 2003 42,562,724 35,721,344 32,151,470 (1.57)J.H. Whitney IV, L.P. 1999 100,000,000 85,289,686 33,470,651 (10.80)J.H. Whitney VI, L.P. 2005 75,000,000 74,296,328 62,914,516 (0.83)JMI Equity Fund V, L.P. 2005 30,000,000 30,000,000 152,719,707 38.82JMI Equity Fund VI, L.P. 2007 50,000,000 50,000,000 83,020,648 11.21JMI Equity Fund VII, L.P. 2011 50,000,000 48,900,000 33,320,581 13.42JMI Equity Fund VIII, L.P. 2015 100,000,000 64,800,000 13,754,514 17.63KKR 2006 Fund L.P. 2007 300,000,000 312,214,948 409,162,927 7.65KKR Americas Fund XII L.P. 2017 300,000,000 37,929,577 0 (33.58)KKR Asian Fund III 2018 180,000,000 12,638,441 0 (23.88)KKR North America Fund XI 2013 150,000,000 141,550,173 51,125,527 20.90LAV Biosciences Fund IV, L.P. 2017 40,000,000 14,450,749 0 6.54Littlejohn Fund V, L.P. 2014 75,000,000 53,717,310 202,449 8.85M/C Venture Partners V, LP 2000 75,000,000 74,597,584 119,939,248 8.29M2 Private Equity Fund-of-Funds II, L.P. 2014 100,000,000 65,864,889 19,532,373 6.44Madison Dearborn Capital Partners IV, LP 2001 300,000,000 301,958,775 561,931,750 14.08Madison Dearborn Capital VII-A/B 2015 200,000,000 65,895,579 2,210,302 7.09MatlinPatterson Global Opps. Ptnrs. III 2007 250,000,000 243,991,975 230,058,859 5.37MBK Partners IV 2017 155,000,000 47,057,742 0 8.00Nautic Partners V, L.P. 2000 200,000,000 193,640,339 395,167,727 16.87Navis Asia Fund IV, L.P. 2005 30,000,000 30,528,989 44,096,398 7.19Navis Asia Fund V, L.P. 2007 100,000,000 99,784,412 135,950,848 7.86NEA 15 Opportunity Fund, L.P. 2015 35,000,000 23,012,500 4,008,950 12.87New Enterprise Associates 14, L.P. 2012 160,000,000 150,400,000 24,949,931 18.06New Enterprise Associates 15, LP 2015 195,000,000 151,125,000 0 25.79New Enterprise Associates 16, LP 2017 300,000,000 51,750,000 0 0.93New Enterprise Associates IX, L.P. 1999 60,000,000 58,800,000 23,263,489 (5.98)New Enterprise Associates VII, L.P. 1996 40,000,000 40,000,000 136,274,900 63.71New Enterprise Associates X, L.P. 2000 200,000,000 200,000,000 183,983,620 3.35New Enterprise Associates XI, L.P. 2004 75,000,000 75,000,000 171,731,712 15.11New Enterprise Associates XII, L.P. 2006 160,000,000 157,600,000 186,451,848 6.78New Enterprise Associates XIII, LP 2009 65,000,000 62,725,000 50,743,924 13.52New Enterprises Associates VIII A, L.P. 2001 25,000,000 25,000,000 17,332,667 (2.63)New Enterprises Associates VIII, L.P. 1998 50,000,000 50,000,000 78,932,772 30.64Newbridge Asia IV, LP 2005 150,000,000 140,119,143 314,297,152 16.77NGEN II, L.P. 2005 15,000,000 14,435,912 966,186 (49.46)Nogales Investors Fund I, LP 2004 25,000,000 27,735,637 17,887,512 (8.17)Nogales Investors Fund II, LP 2007 30,000,000 10,940,106 1,269,035 (24.30)Oak Investment Partners XI, L.P. 2004 75,000,000 75,021,869 46,629,814 (0.35)Oaktree European Principal Fund III U.S. 2011 75,000,000 53,312,196 20,792,858 12.01OCM Opportunities Fund IVb, L.P. 2002 100,000,000 48,610,586 124,479,793 43.91OCM Opportunities Fund V, L.P. 2004 50,000,000 50,026,301 81,609,714 13.97OCM Opportunities Fund VI, L.P. 2005 50,000,000 50,000,000 79,075,017 8.72OCM Opportunities Fund VII, L.P. 2007 115,640,000 115,640,000 149,394,412 7.43
4
California State Teachers' Retirement System Private Equity Portfolio Performance
As of March 31, 2018
*The limited partnership record keeping, including the internal rate of return or IRR, is maintained internallyby CalSTRS for each limited partnership. The CalSTRS’ IRR calculation method may differ fromcalculation methods used by the General Partner or other Limited Partners. Differences in IRR calculationscan be affected by cash flow timing, the account treatment of carried interest, partnership managementfees, advisory fees, organization fees, other partnership expenses, sale of distributed stock andvaluations. Importantly, there is no industry-standardized method for valuation or reporting, which makescomparisons of these numbers difficult. Additionally, the purchase of secondary interests makes for uniquecomparison problems due to the specific pricing and timing chracteristics of the transaction whencontrasted with the Limited Partnership Investment. Until a partnership is liquidated, typically over 10 to 12years, the IRR is only an interim estimated return. The IRR calculated for partnerships in the first threeyears of a partnership life are particularly not meaningful. The actual IRR performance of any limitedpartnership is not known until the final liquidation. Finally, please note, none of the information containedherein has been reviewed or approved by the General Partners of the Funds.
Description VYCapital
CommittedCapital
ContributedCapital
Distributed
CalSTRS Since
Inception IRR*
OCM Opportunities Fund VIIb, L.P. 2008 300,000,000 230,783,818 405,923,496 16.48Olympus Growth Fund V, L.P. 2008 75,000,000 69,957,881 122,205,389 15.87Olympus Growth Fund VI, L.P. 2014 250,000,000 155,900,925 37,304,481 17.65Olympus Growth Fund VII, L.P. 2018 350,000,000 0 0 0.00ONCAP III LP 2011 26,945,071 23,629,756 5,187,006 15.55Onex Partners I, L.P. 2004 100,000,000 95,111,441 272,961,025 38.00Onex Partners II, L.P. 2006 150,000,000 133,172,609 241,261,147 13.33Onex Partners III, L.P. 2008 175,000,000 158,421,830 201,152,399 14.23Onex Partners IV, L.P. 2014 200,000,000 151,922,733 10,370,053 2.20Onex Partners V, L.P. 2018 250,000,000 0 0 0.00OrbiMed Private Investments IV, L.P. 2010 40,000,000 36,224,776 59,874,833 35.13OrbiMed Private Investments V 2013 40,000,000 37,121,682 37,121,682 53.97PAG Asia I LP 2011 125,000,000 112,849,100 83,303,085 21.14PAG Asia II LP 2016 150,000,000 79,881,125 0 24.44Palladium Equity Partners III, L.P. 2006 90,000,000 80,746,245 122,100,330 16.69Palladium Equity Partners IV, L.P. 2012 90,000,000 73,694,798 31,362,514 15.29Paul Capital VIII-B, L.P. 2004 50,000,000 49,246,837 64,443,523 8.39Peak Rock Capital Credit Fund II L.P. 2017 20,000,000 954,448 208,591 (4.25)Peak Rock Capital Fund II L.P. 2017 80,000,000 4,349,981 12,310 22.86Peak Rock Capital Fund LP 2013 50,000,000 39,345,528 28,593,729 39.96Permira Europe II 2000 310,169,279 310,169,279 614,299,139 23.52Permira Europe III 2004 398,115,773 398,115,773 657,013,992 24.16Permira IV 2006 953,594,984 935,946,631 1,377,562,517 8.67Permira V, L.P. 2014 269,567,357 252,546,612 50,944,529 14.65Permira VI, L.P.1 2016 361,437,048 90,623,988 0 20.21Phildrew Ventures Fourth Fund B 1995 20,221,808 20,270,948 11,880,019 (14.44)Pond Ventures III, L.P. 2006 10,000,000 9,101,510 17,063,178 13.04Prism Venture Partners V, L.P. 2005 25,016,853 25,016,853 15,048,494 (8.83)Providence Equity Partners V, L.P. 2005 350,000,000 319,340,153 389,741,508 3.26Providence Equity Partners VI, L.P. 2007 700,000,000 665,414,244 673,079,427 6.15Quadrangle Capital Partners II, L.P. 2005 100,000,000 85,798,933 118,519,941 6.92Riverstone/Carlyle Renewable and Alternative Energy Fund II, L.P. 2008 300,000,000 223,473,363 146,091,782 4.53RRJ Capital Master Fund III, L.P. 2015 200,000,000 121,955,104 6,799,172 12.68Sankaty Credit Opportunities II, L.P. 2005 75,000,000 75,000,000 92,531,260 3.86Sankaty Credit Opportunities III, LP 2007 300,000,000 300,000,000 319,363,411 1.97Sankaty Credit Opportunities IV, L.P. 2008 250,000,000 237,500,000 319,498,095 11.56Shasta Ventures II, L.P. 2008 22,500,000 21,375,000 15,616,661 18.47Shasta Ventures III, L.P. 2012 26,500,000 23,850,000 1,760,226 6.94Shasta Ventures IV, L.P. 2014 25,000,000 18,750,000 2,938,365 1.65Shasta Ventures V, L.P. 2017 35,000,000 12,250,000 0 (2.72)Shasta Ventures, L.P. 2005 21,000,000 21,001,810 18,321,813 1.83Sofinnova Venture Partners IX 2014 50,000,000 36,000,000 3,962,977 13.83Sofinnova Venture Partners VII 2007 30,000,000 30,000,000 43,849,279 14.12Sofinnova Venture Partners VIII, L.P. 2011 30,000,000 29,100,000 31,450,976 26.11Spectrum Equity Investors V, L.P. 2006 101,839,889 95,474,896 218,737,085 17.72Spectrum Equity Investors VI, L.P. 2010 70,000,000 64,382,902 104,576,619 19.68Spectrum Equity VII, L.P. 2014 105,000,000 96,378,112 38,009,877 29.10Spectrum Equity VIII-A, L.P. 2018 110,000,000 0 0 0.00Spectrum VIII-A Discretionary Overage Program 2018 20,000,000 0 0 0.00SSG Capital Partners III, LP 2014 75,000,000 60,541,405 23,095,271 10.71SSG Capital Partners IV 2017 150,000,000 41,264,633 729,404 6.55Strategic Investors Fund VIII-B, L.P. 2016 40,000,000 10,420,820 6,672 (10.19)Strategic Investors V-B, L.P. 2012 43,711,765 36,523,793 6,346,973 15.96Strategic Investors VI-A 2013 45,000,000 40,119,772 1,810,688 12.21Strategic Investors VII-A 2015 47,000,000 32,979,900 0 4.95Strategic Partners Fund VII, L.P. 2016 250,000,000 107,260,556 8,414,464 93.01Summit Accelerator Fund, L.P. 1999 10,000,000 9,873,887 16,918,290 9.70Summit Partners Credit Fund B-2, L.P. 2014 120,000,000 73,771,703 18,119,231 11.05Summit Partners Europe Growth Equity Fund II, SCSP 2018 61,421,195 2,695,838 0 (36.97)Summit Partners Europe PE Fund 2009 62,249,267 56,873,879 49,067,149 15.37Summit Partners Growth Eqty Fd IX-A,L.P. 2017 200,000,000 45,800,000 19,947,251 66.17
*The limited partnership record keeping, including the internal rate of return or IRR, is maintained internallyby CalSTRS for each limited partnership. The CalSTRS’ IRR calculation method may differ fromcalculation methods used by the General Partner or other Limited Partners. Differences in IRR calculationscan be affected by cash flow timing, the account treatment of carried interest, partnership managementfees, advisory fees, organization fees, other partnership expenses, sale of distributed stock andvaluations. Importantly, there is no industry-standardized method for valuation or reporting, which makescomparisons of these numbers difficult. Additionally, the purchase of secondary interests makes for uniquecomparison problems due to the specific pricing and timing chracteristics of the transaction whencontrasted with the Limited Partnership Investment. Until a partnership is liquidated, typically over 10 to 12years, the IRR is only an interim estimated return. The IRR calculated for partnerships in the first threeyears of a partnership life are particularly not meaningful. The actual IRR performance of any limitedpartnership is not known until the final liquidation. Finally, please note, none of the information containedherein has been reviewed or approved by the General Partners of the Funds.
5
California State Teachers' Retirement System Private Equity Portfolio Performance
As of March 31, 2018
Description VYCapital
CommittedCapital
ContributedCapital
Distributed
CalSTRS Since
Inception IRR*
Summit Partners Growth Equity Fund VIII-A, L.P. 2012 100,000,000 87,811,726 71,510,305 24.92Summit Partners Private Equity Fund VII-A, L.P. 2006 100,000,000 100,000,000 148,237,176 12.37Summit Partners Venture Capital Fund IV-A, L.P. 2016 50,000,000 19,356,575 7,050,895 32.21Summit Partners Venture Capital II-A, LP 2006 15,000,000 14,775,000 30,529,983 19.54Summit Partners Venture Capital III-A 2012 20,000,000 18,735,459 17,027,905 18.81Summit Subordinated Debt Fund III, L.P. 2004 30,000,000 28,572,623 38,461,860 9.35Summit Subordinated Debt Fund IV, L.P. 2009 40,000,000 24,608,676 28,339,497 10.30Summit Ventures V, L.P. 1998 45,000,000 43,425,000 60,073,145 8.06Summit Ventures VI-A, L.P. 2001 73,000,000 73,817,096 155,829,424 15.17Syndicated Communications Vent. Part. V 2007 20,000,000 20,278,298 227,049 (17.62)TA Subordinated Debt Fund II, L.P. 2006 42,500,000 36,975,000 47,954,278 8.11TA Subordinated Debt Fund III, L.P. 2010 20,000,000 19,500,000 22,544,352 14.24TA X, LP 2006 110,000,000 107,426,550 138,776,550 5.16TA XI, L.P. 2010 80,000,000 78,600,000 105,757,014 22.12TA XII, L.P. 2016 180,000,000 74,250,000 18,000,000 27.62TCV V, L.P. 2004 50,000,000 49,575,000 73,754,402 10.57TCV VI, L.P. 2006 70,000,000 69,671,000 100,059,891 13.75TCV VII, L.P. 2008 200,000,000 196,800,000 364,862,815 23.74Tenex Capital Partners II, L.P. 2016 75,000,000 28,805,584 2,145,607 7.57The Resolute Fund II, L.P. 2007 350,000,000 320,054,741 336,811,642 9.05The Resolute Fund III 2014 100,000,000 84,979,144 24,996,813 20.64The Resolute Fund, L.P. 2002 100,000,000 95,428,191 241,626,462 16.90Thoma Bravo Discover Fund II, L.P. 2018 100,000,000 0 0 0.00Thoma Bravo Fund X 2012 100,000,000 85,898,067 195,503,251 37.58Thoma Bravo Fund XI 2014 75,000,000 77,807,060 16,270,263 20.83Thoma Bravo Fund XII, L.P. 2016 250,000,000 165,297,731 7,678,003 6.21Thoma Bravo Special Opportunities Fund II, L.P. 2015 35,000,000 35,860,894 4,326,998 17.67Thoma Bravo Special Opps Fund I, L.P. 2013 31,400,000 23,991,270 29,820,303 31.44Thoma Cressey Fund VII, L.P. 2001 100,000,000 100,354,110 212,760,599 24.03TPG Asia V, L.P. 2007 180,000,000 155,235,287 150,314,750 6.64TPG Financial Partners, L.P. 2008 239,036,536 173,708,595 177,870,108 0.86TPG Growth II, LP 2011 125,000,000 113,484,705 60,496,702 19.50TPG Growth III (A), L.P. 2016 200,000,000 127,803,113 9,579,562 22.43TPG Growth IV, L.P. 2018 200,000,000 0 0 0.00TPG Opportunities Partners II, L.P. 2012 35,438,698 24,241,090 35,106,473 19.25TPG Opportunities Partners III (A), L.P. 2014 150,000,000 74,700,155 10,983,075 12.14TPG Partners III, L.P. 2000 300,000,000 255,472,950 664,771,802 24.43TPG Partners IV, L.P. 2003 350,000,000 324,101,605 662,934,795 15.33TPG Partners V, L.P. 2006 1,000,000,000 872,064,607 1,041,435,995 5.14TPG Partners VI, L.P. 2008 450,000,000 421,628,065 463,112,536 10.84Trident VII, L.P. 2017 150,000,000 16,420,479 0 (7.55)Triton Fund II L.P. 2006 67,748,054 64,809,200 139,834,339 18.91Triton Fund IV, L.P. 2013 61,254,325 43,005,336 11,309,155 12.20Valor Equity Partners IV, L.P. 2018 40,000,000 10,601,660 0 9.48VantagePoint CleanTech Partners, L.P. 2006 15,211,765 15,211,765 7,731,638 (7.04)VantagePoint Venture Partners 2006 (Q) 2006 100,000,000 100,000,000 7,841,592 (15.18)VantagePoint Venture Partners III 1999 45,000,000 45,000,000 17,708,032 (15.81)VantagePoint Venture Partners IV 2000 150,000,000 150,000,000 130,420,694 (0.89)Vestar Capital Partners IV, L.P. 1999 100,000,000 97,470,858 172,238,130 13.43Vestar Capital Partners V, L.P. 2005 150,000,000 149,891,241 163,210,161 3.92VIP III LP 2017 187,391,249 3,552,519 0 (72.54)Vivo Capital Fund VIII, L.P. 2015 40,000,000 36,385,707 7,149,095 27.82Vivo Capital Surplus Fund VIII, L.P. 2015 6,000,000 5,327,540 1,072,394 29.59WCAS Capital Partners IV, L.P. 2005 150,000,000 150,000,000 188,263,266 5.60Welsh, Carson, Anderson & Stowe X, L.P. 2005 323,961,111 317,481,885 524,794,706 8.19Welsh, Carson, Anderson & Stowe XI, L.P. 2009 250,000,000 251,761,250 279,473,535 12.84Welsh, Carson, Anderson & Stowe XII, L.P. 2015 150,000,000 61,907,194 14,140,409 18.90Yucaipa Corporate Initiatives Fund 2003 150,000,000 130,251,818 43,458,452 (4.50)Yucaipa Corporate Initiatives Fund II, LP 2009 50,000,000 45,876,927 14,048,132 (1.14)
*The limited partnership record keeping, including the internal rate of return or IRR, is maintained internallyby CalSTRS for each limited partnership. The CalSTRS’ IRR calculation method may differ fromcalculation methods used by the General Partner or other Limited Partners. Differences in IRR calculationscan be affected by cash flow timing, the account treatment of carried interest, partnership managementfees, advisory fees, organization fees, other partnership expenses, sale of distributed stock andvaluations. Importantly, there is no industry-standardized method for valuation or reporting, which makescomparisons of these numbers difficult. Additionally, the purchase of secondary interests makes for uniquecomparison problems due to the specific pricing and timing chracteristics of the transaction whencontrasted with the Limited Partnership Investment. Until a partnership is liquidated, typically over 10 to 12years, the IRR is only an interim estimated return. The IRR calculated for partnerships in the first threeyears of a partnership life are particularly not meaningful. The actual IRR performance of any limitedpartnership is not known until the final liquidation. Finally, please note, none of the information containedherein has been reviewed or approved by the General Partners of the Funds.
6
California State Teachers' Retirement System Private Equity Portfolio Performance
