CalSTRS, the California State Teachers’ Retirement System, announced today a $250 million expansion of its New and Next Generation Private Equity Manager Program with Invesco Private Capital. The program’s assets under management now total $550 million.
CalSTRS defines new and next generation managers as private equity professionals seeking to raise their first, second or third institutional fund. The introduction of additional funds will increase the tangible success the program has achieved since its inception in 2005.
“I am pleased we are continuing our seven year partnership with Invesco Private Capital and I am confident in their ability to build a corps of untapped, under-scouted private equity firms eager to prove themselves,” said CalSTRS Chief Investment Officer Christopher Ailman. “We’re excited that the influx of CalSTRS capital, through Invesco Private Capital, will expand our exposure to successful emerging manager funds.”
Invesco will consider funds across a spectrum of stages and industry sectors focused on buyouts, venture capital, and other private equity opportunities. The New and Next Generation Private Equity Manager program is part of CalSTRS commitment to emerging private equity managers. The foundation of the program is to partner with diverse private equity firms that represent the demographics of California.
The California State Teachers’ Retirement System, with a portfolio valued at $153.7 billion as of April 30, 2012, is the largest teacher pension fund and second largest public pension fund in the United States.
Invesco Private Capital is a unit of Invesco Ltd. Since the group’s inception in 1982, the Invesco Private Capital team has committed over $4.2 billion to more than 450 private equity partnerships and has achieved strong returns across multiple market cycles. Invesco Private Capital has offices in San Francisco, CA; New York, NY; Boston, MA; and London, UK (www.invescoprivatecapital.com).
Invesco provides a range of investment strategies and vehicles to its retail, institutional and high net worth clients around the world. Operating in 20 countries, the company is listed on the New York Stock Exchange under the symbol IVZ (www.invesco.com).
If you are interested in the New and Next Generation Private Equity Manager Program please contact Amit Tiwari at amit_tiwari@invesco.com.
