AVCJ

CalSTRS commits to FountainVest, Bain Asia funds

  • LinkedIn  
  • Google plus  
  • Save this article  

The California State Teachers’ Retirement System (CalSTRS) committed $120 million to Asia-focused GPs during the final three quarters of 2012, according to a recent disclosure. The pension system also revealed that its private equity portfolio delivered a return of 13% on a one-year basis to September 2012 against a custom benchmark of 33.8%.

Bain Capital Asia Fund II, which closed in July 2012 at $2.3 billion, received $75 million from CalSTRS while FountainVest Partners II, a $1.35 billion vehicle that closed in November of last year, got $45 million. Both commitments were re-ups, with CalSTRS having invested $25 million in Bain's first Asia fund and $50 million in FountainVest's debut China-focused vehicle.

The pension system has $163.7 billion in assets under management, of which 13.2% is deployed in private equity. It has also invested in Asia-based funds managed by CVC Capital Partners, Hony Capital, TPG Capital, Navis Capital Partners and CHAMP Private Equity.

Buyouts account for 70% of CalSTRS' private equity portfolio, with 6% in venture, 9.4% in expansion capital, 13.2% in distress and 1.4% in mezzanine. Total commitments to the asset class came to $2.4 billion in 2011, far below the 2007 peak of $6.9 billion.

The private equity portfolio has delivered a return of 13.4% since inception, ahead of the benchmark of 11.5%, and its international allocation has outperformed the US allocation by 14.5% to 12.8%.

 

  • LinkedIn  
  • Google plus  
  • Save this article  

More on Fundraising

Latest News

world-hands-globe-climate-esg
Asian GPs slow implementation of ESG policies - survey

Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...

  • GPs