LP profile

CalSTRS

Pension fund · Founded 1913 · West Sacramento, United States

#70 LP Ranking #35 of 1,316 pension funds

Established in 1913 to provide retirement benefits to California’s public school educators from prekindergarten through community college

Website ↗LinkedIn ↗X / Twitter ↗

252 VC firms backed

$311B AUM

~$9.3B Allocated to VC (est. 3%)

01 · Background

Who CalSTRS is.

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.

Sources

02 · Fund commitments

The funds CalSTRS backs.

CalSTRS is a limited partner in 252 funds. 24 of them place in the Power Law Investor Ranking; those lead, best-ranked first.

New Enterprise Associates

United States

#8 Power Law

Tiger Global Management

United States

#14 Power Law

Bessemer Venture Partners

ARCH Venture Partners

Actis

United Kingdom

AEW Invest

Germany

Affinity Equity Partners

China

Alchemy Partners

United Kingdom

Apax Partners

United Kingdom

Arcmont Asset Management

United Kingdom

Ardian

France

Asper Investment Management

United Kingdom

AtriA Capital Partenaires

France

Basalt Infrastructure Partners

United Kingdom

BC Partners

United Kingdom

BID Equity

Germany

BlueRun Ventures

China

Brockton Capital

United Kingdom

Colony Yangtze (Shanghai) Investment Management Consulting Co.,Ltd

China

FountainVest Partners

Hong Kong

Gaw Capital

Hong Kong

Giza Venture Capital

Israel

Hartford Investment Management

Hony Capital

China

IFM Investors

Australia

IL&FS Investment Managers

India

Lilly Asia Ventures

China

MBK Partners

South Korea

Navis Capital Partners

Malaysia

PAG

Hong Kong

SH Group

03 · Allocation

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 — across the 144 of 252 with a fund history on record.

Emerging funds · 52

Established funds · 92

27 1

15 2

10 3

12 4

22 5-6

22 7-9

19 10-14

17 15+

Funds raised by the manager

04 · Knowledge graph

News CalSTRS to deploy $2B with Nuveen for sustainable infrastructure credit Jul 16, 2026

News Lone Peak Dental lands $170M debt deal to fund acquisition push Jul 8, 2026

05 · Direct investments

The companies CalSTRS backs directly.

CalSTRS holds 5 companies directly, separate from the funds it commits to as a limited partner.

Fervo Energy

Energy · USA

$7.6B valuation Unicorn

1KOMMA5°

Real Estate · Germany

$2.4B valuation Unicorn

AMP Robotics

Energy · USA

$364M valuation

3650 Capital

Real Estate · USA

Generate Capital

Fintech · USA

06 · Portfolio founders

Where CalSTRS’s portfolio founders come from.

12 founders across the 5 highest-funded portfolio companies — by current location, university attended, and the companies they worked at before founding. Sourced from the founder records the API links to each portfolio company.

LocationCount