CalSTRS Changes Alts. Rules

Jul 20 2007 | 10:47am ET

The $170 billion California State Teachers Retirement System has changed the rules governing its alternative investments portfolio to allow for direct investments—which are those made outside of a limited partnership—in private equity funds. Previously, only co-investments in were allowed.

The new rules also scrape geographic limitations for co-investments, which previously were limited to the United States, Canada, the United Kingdom, and Continental Europe. However, nothing was included in the rules allowing for hedge fund investments.

“We continue to not have a hedge fund program, and it is not anticipated that we will make any changes along that route,” said spokeswoman Sherry Reser. She added that there are no timelines to implement any changes, but that the revised rules give the investment staff the authority to make changes where they see fit over the long-term.

CalSTRS’ private equity portfolio represents 6% of the pension fund’s assets, or $11 billion.


In Depth

Malik: The Science of Deal Sourcing 201

Aug 27 2015 | 5:35pm ET

Deal sourcing is understandably a hot topic among private equity firms because it...

Lifestyle

Provio Brings Anonymous Interviewing to Wall Street

Aug 12 2015 | 2:44pm ET

Taking a page from social networking and dating websites, a startup technology company...

Guest Contributor

Agecroft Partners: Hedge Fund Industry Assets to increase $250B by Summer 2016

Aug 11 2015 | 11:29am ET

Assets will continue to flow into the hedge fund industry despite long-standing...

 

Editor's Note