US pension fund CalSTRS commits $510m to Asia-focused funds in H2

Photographed by Colin Watts on Unsplash

US pension fund California State Teachers’ Retirement System (CalSTRS) has made $510-million in private equity, venture capital, and co-investment commitments to Asia-focused funds in the second half of 2018, according to the fund’s semi-annual report.

The commitment to Asia-focused funds was part of the total commitment of $4.07 billion that CalSTRS made in PE, co-investments, and one diversified secondary co-investment in the six months ended December 31, 2018.

According to the document, CalSTRS committed $60 million to GGV VII/GGV VII Plus, a venture capital fund investing in a range of technology sectors in both the US and China.

It also invested $20 million to GGV Discovery II, another VC fund that primarily invests in seed and Series A rounds of companies in GGV’s core sectors.

PAG III, the buyout and structured transaction fund targeting five industry sectors – consumer and retail, business products and services, financial services, technology, media and entertainment, and healthcare – also received a commitment of $250 million from CalSTRS.

The pension fund also committed $150 million to TPG Asia VII, the growth-oriented buyout fund focusing on financial services, healthcare, and consumer industries in the Asia-Pacific region.

Additionally, CalSTRS committed $30 million to PAGAC Galileo Holding I LP, a co-investment fund sponsored by PAG.

Overall, Its biggest investments in the second half of last year were in Blackstone Tactical Opportunities II and Ardian Fund VIII, which both received $500 million in commitments.

During all of 2018, CalSTRS made $7 billion in PE commitments, compared to $7.5 billion a year earlier.

As of December 31, 2018, CalSTRS’s PE allocation was at 9.2 per cent of its total portfolio. It aims to increase the allocation to 13 per cent in the long term.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.