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Who CalSTRS is.
Where the institution came from, whose capital it manages, and how that capital is allocated — from Dealroom's LP research.
Historical Background
- The California State Teachers' Retirement System (CalSTRS) was established by state law in 1913.
- It was created to provide retirement, disability, and survivor benefits for California's public school educators, from prekindergarten through community college.
Source of Capital
- As a public pension fund, CalSTRS' capital is primarily sourced from contributions made by its members, their employers (California's school districts), and the State of California.
- Investment returns on its portfolio constitute another significant source of funding for the system.
Allocation Strategy
- The fund's portfolio is broadly diversified across several asset classes, including global equity, fixed income, real estate, private equity, and inflation-sensitive assets.
- In 2024, the board approved a strategic shift in asset allocation, reducing exposure to global equities to increase allocations to private equity, private credit, and infrastructure.
- CalSTRS is developing a "Sustainable Investment and Stewardship Strategies" private investment portfolio, with a goal to increase its exposure to low-carbon solutions.
- The system also utilizes a "collaborative strategies" portfolio, designed to incubate new and compelling investment approaches that may not fit within traditional asset class definitions.
- calstrs.com/history-of-legislation
- en.wikipedia.org/wiki
- calstrs.com/investments
- calstrs.com/files
- pionline.com/investing
- infrastructureinvestor.com/why-calstrs-is-placing-many-energy-transition-investments-outside-the-infra-bucket
- buyoutsinsider.com/calstrs-approves-allocation-to-flexible-investment-strategy
- institutionalinvestor.com/article
The funds CalSTRS backs.
CalSTRS is a limited partner in 252 funds. 24 of them place in the Power Law Investor Ranking, and the best-ranked are shown here.
How CalSTRS’s fund book is spread.
The 252 funds CalSTRS backs, by where the manager is headquartered and how many funds that manager has raised.
Where those managers are based
By fund headquarters, across the 250 of 252 with a location on record.
- North America 18775%
- Europe 4618%
- Rest of world 177%
United States 184 · United Kingdom 28 · China 5 · Hong Kong 5
How established those managers are
Managers grouped by how many funds they have raised. 52 emerging (three funds or fewer), 92 established — across the 144 of 252 with a fund history on record.
CalSTRS’s biggest current holdings.
An estimate of CalSTRS’s largest live positions — disclosed shareholding × Dealroom’s latest valuation — across 1 companies where CalSTRS is a named shareholder, worth about $118M in estimated equity value.
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1
1KOMMA5°
5%
$2.4B
$118M
Estimated value = CalSTRS’s disclosed ownership % × Dealroom’s latest company valuation; direct named stakes only, exited positions excluded. Figures are indicative, not reported marks. See the underlying cap tables on Dealroom →
The companies CalSTRS backs directly.
CalSTRS holds 3 companies directly, separate from the funds it commits to as a limited partner.
How those direct holdings break down by headquarters country, sector, entry stage and current growth stage. "Stage entered" is the first priced round the investor joined, derived from the investor’s transaction history.
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USA2
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Germany1
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Energy3
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Real Estate1
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Robotics1
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Series B+3
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Late Growth3
Other LPs.
Other pension funds in the Power Law LP ranking, closest to CalSTRS by combined power-law score — North America first, then the nearest worldwide.
Key people at CalSTRS.
