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California State Teachers' Retirement System Private Equity Portfolio Performance As of September 30, 2008
Description Bain Capital Fund X, L.P. Bain Capital IX Coinvest Fund, LP
BC Partners BC European Capital VIII, L.P. BC Partners VII, L.P.
BCI Partners BCI Growth IV, L.P.
Blackstone Group Blackstone Capital Partners II Blackstone Capital Partners III Blackstone Capital Partners IV Blackstone Capital Partners V, L.P. Blackstone Capital Partners VI, L.P. Blackstone Capital Partners, II L.P.-2nd Blackstone Communications I
BlueRun Blue Run Ventures IV, L.P. Blue Run Ventures, L.P.
Boston Ventures Boston Ventures V, L.P.
CalSTRS/B of A Capital Access CalSTRS/B of A Capital Access Fund III CalSTRS/B of A Capital Access Partners
Candover Candover 1997 Fund, L.P.
Carlye/Riverstone Carlyle/Riverstone Renew Energy Infrast
Carlyle Europe Carlyle Europe Partners III, L.P.
Carlyle Group Carlyle Partners IV, L.P. Carlyle Partners V, L.P.
CarVal Investors CVI Global Value Fund, LP
Centerbridge Capital Centerbridge Capital Partners, L.P.
Cerberus Cerberus Institutional (INTL) Series 1 Cerberus Institutional (Series Four) LP Cerberus Institutional (Series Three)
CGW Southeast Partners CGW Southeast Partners IV
Charterhouse Group Charterhouse Equity Partners II, L.P.
Charterhouse Capital Partners Charterhouse Capital VIII, L.P.
Clayton, Dublier, and Rice
Capital Committed 400,000,000.00 50,000,000.00 950,015,163.91 626,811,975.37 323,203,188.55 25,000,000.00 25,000,000.00 2,914,073,000.00 81,834,000.00 323,945,000.00 215,000,000.00 1,738,000,000.00 271,000,000.00 9,294,000.00 275,000,000.00 75,000,000.00 35,000,000.00 40,000,000.00 90,000,000.00 90,000,000.00 275,000,000.00 200,000,000.00 75,000,000.00 133,972,444.55 133,972,444.55 50,000,000.00 50,000,000.00 543,358,236.60 543,358,236.60 600,000,000.00 100,000,000.00 500,000,000.00 196,000,000.00 196,000,000.00 150,000,000.00 150,000,000.00 722,250,000.00 122,250,000.00 500,000,000.00 100,000,000.00 40,000,000.00 40,000,000.00 46,636,000.00 46,636,000.00 138,151,895.13 138,151,895.13 100,000,000.00
Capital Contributed 96,000,000.00 48,500,000.00 575,816,341.28 252,613,152.74 323,203,188.54 25,000,021.49 25,000,021.49 1,935,319,453.00 75,984,147.00 322,235,805.00 169,801,965.00 1,121,376,992.00 0.00 8,684,064.00 237,236,480.00 20,893,482.74 1,415,730.00 19,477,752.74 86,638,369.71 86,638,369.71 65,347,299.78 25,544,255.68 39,803,044.10 122,869,340.85 122,869,340.85 32,491,102.92 32,491,102.92 164,218,360.12 164,218,360.12 237,653,200.00 93,737,508.00 143,915,692.00 186,200,000.00 186,200,000.00 73,299,519.13 73,299,519.13 346,145,296.54 4,870,000.00 277,500,000.00 63,775,296.54 34,831,657.85 34,831,657.85 44,612,691.27 44,612,691.27 102,225,309.99 102,225,309.99 82,892,196.00
CalSTRS Since Inception Capital Distributed IRR* 0.00 6,583,037.00 502,656,400.13 0.00 502,656,400.13 14,974,171.61 14,974,171.61 1,137,718,515.43 164,087,542.00 470,623,975.91 235,166,166.52 41,977,562.00 0.00 17,674,393.00 208,188,876.00 150,000.00 0.00 150,000.00 92,496,709.58 92,496,709.58 1,803,638.01 0.00 1,803,638.01 219,478,730.63 219,478,730.63 73,028.64 73,028.64 0.00 0.00 4,382,837.00 4,242,169.00 140,668.00 3,236,357.45 3,236,357.45 185,658.00 185,658.00 30,017,674.50 0.00 0.00 30,017,674.50 38,147,111.93 38,147,111.93 95,348,501.38 95,348,501.38 0.00 0.00 5,813,259.00
* The limited partnership record keeping, including the internal rate of return or IRR, is maintained internally by CalSTRS for each limited partnership. The CalSTRS’ IRR calculation method may differ from calculation methods used by the General Partner or other Limited Partners. Differences in IRR calculations can be affected by cash flow timing, the account treatment of carried interest, partnership management fees, advisory fees, organization fees, other partnership expenses, sale of distributed stock and valuations. Importantly, there is no industrystandardized method for reporting and valuations are made using FASB 157 as a guideline, which makes comparisons of these numbers difficult. Additionally, the purchase of secondary interests makes for unique comparison problems due to the specific pricing and timing characteristics of the transaction when contrasted with the Limited Partnership Investment. Until a partnership is liquidated, typically over 10 to 12 years, the IRR is only an interim estimated return. The IRR calculated for partnerships in the first three years of a partnership life are particularly not meaningful. The actual IRR performance of any limited partnership is not known until the final liquidation. Finally, please note, none of the information contained herein has been reviewed or approved by the General Partners of the Funds.
(6.11) (9.36) 21.02 (10.51) 24.44 (1.97) (1.97) 15.19 33.93 13.78 43.43 (6.26) N/A 44.50 11.50 24.20 (11.01) 24.62 5.25 5.25 (17.61) (33.27) (12.76) 16.55 16.55 (4.22) (4.22) (28.35) (28.35) (3.06) 4.07 (14.53) 2.83 2.83 (26.34) (26.34) 1.86 (1.43) (17.84) 21.04 7.93 7.93 27.26 27.26 (17.89) (17.89) 4.38
2
California State Teachers' Retirement System Private Equity Portfolio Performance As of September 30, 2008
Description Clayton, Dubilier & Rice Fund VII, L.P.
Clearstone Venture Partners Clearstone Venture Partners III-A, L.P.
Cornerstone Equity Investors Cornerstone Equity Investors IV L.P.
Cortec Group Cortec Group Fund III, L.P. Cortec Group Fund IV, L.P.
Craton Equity Partners Craton Equity Investors I, L.P.
CVC Capital Partners CVC European Equity Partners II L.P. CVC European Equity Partners III L.P. CVC European Equity Partners IV L.P. CVC European Equity Partners L.P. CVC European Equity Partners Tandem Fund CVC European Equity Partners V, LP
CVC Capital Partners Asia Pacific CVC Capital Partners Asia Pacific II, LP CVC Capital Partners Asia Pacific III LP
DCM DCM IV, L.P.
ECI ECI 5
EnCap Energy Capital EnCap Energy Capital Fund VI, L.P. EnCap Energy Capital Fund VII, L.P.
Energy Capital Partners Energy Capital Partners I
Energy Spectrum Energy Spectrum Partners IV, L.P.
First Reserve First Reserve Fund IX, L.P. First Reserve Fund VI, L.P. First Reserve Fund VII, L.P. First Reserve Fund VIII, L.P. First Reserve Fund X, L.P. First Reserve Fund XI, L.P. First Reserve Fund XII, L.P.
FondInvest FondInvest VI
FountainVest FountainVest China Growth Capital Fund
Frazier Healthcare Frazier Healthcare Ventures V, L.P.
Freeman Spogli & Co. FS Equity Partners III, L.P.
Capital Committed 100,000,000.00 35,000,000.00 35,000,000.00 40,000,000.00 40,000,000.00 88,641,176.00 30,000,000.00 58,641,176.00 30,000,000.00 30,000,000.00 1,910,169,668.48 300,000,000.00 200,000,000.00 394,997,284.26 40,000,000.00 529,136,368.57 446,036,015.65 300,000,000.00 100,000,000.00 200,000,000.00 15,000,000.00 15,000,000.00 16,234,191.81 16,234,191.81 400,000,000.00 150,000,000.00 250,000,000.00 250,000,000.00 250,000,000.00 50,000,000.00 50,000,000.00 2,070,000,000.00 120,000,000.00 25,000,000.00 25,000,000.00 100,000,000.00 200,000,000.00 800,000,000.00 800,000,000.00 29,893,898.17 29,893,898.17 50,000,000.00 50,000,000.00 47,473,830.00 47,473,830.00 242,500,000.00 60,000,000.00
Capital Contributed 82,892,196.00 25,900,000.00 25,900,000.00 40,000,000.00 40,000,000.00 55,127,803.00 27,936,684.00 27,191,119.00 3,785,464.00 3,785,464.00 1,193,897,545.37 275,712,643.07 186,057,048.43 337,774,516.33 39,327,258.20 286,930,085.14 68,095,994.20 134,978,176.00 89,492,126.45 45,486,049.55 14,250,000.00 14,250,000.00 14,451,743.23 14,451,743.23 112,956,830.00 66,414,030.68 46,542,799.32 80,729,650.00 80,729,650.00 46,814,602.10 46,814,602.10 1,240,337,659.06 117,546,488.06 25,000,000.00 25,258,614.00 104,430,102.00 198,305,673.00 589,622,673.00 180,174,109.00 26,302,727.24 26,302,727.24 782,876.71 782,876.71 30,050,934.19 30,050,934.19 221,205,600.00 64,217,941.00
CalSTRS Since Inception Capital Distributed IRR* 5,813,259.00 0.00 0.00 62,270,119.00 62,270,119.00 43,915,352.00 43,915,352.00 0.00 76,424.00 76,424.00 1,253,716,378.39 588,849,922.56 426,938,683.50 136,401,094.72 97,623,840.30 3,902,837.31 0.00 11,992,292.86 11,992,292.86 0.00 1,500,000.00 1,500,000.00 46,122,870.37 46,122,870.37 9,777,163.57 6,691,854.16 3,085,309.41 0.00 0.00 23,735,183.29 23,735,183.29 889,821,658.49 356,520,705.74 70,490,539.38 37,623,428.57 202,003,016.80 223,183,968.00 0.00 0.00 31,856,526.70 31,856,526.70 0.00 0.00 4,339,175.85 4,339,175.85 295,942,881.93 133,926,454.60
* The limited partnership record keeping, including the internal rate of return or IRR, is maintained internally by CalSTRS for each limited partnership. The CalSTRS’ IRR calculation method may differ from calculation methods used by the General Partner or other Limited Partners. Differences in IRR calculations can be affected by cash flow timing, the account treatment of carried interest, partnership management fees, advisory fees, organization fees, other partnership expenses, sale of distributed stock and valuations. Importantly, there is no industrystandardized method for reporting and valuations are made using FASB 157 as a guideline, which makes comparisons of these numbers difficult. Additionally, the purchase of secondary interests makes for unique comparison problems due to the specific pricing and timing characteristics of the transaction when contrasted with the Limited Partnership Investment. Until a partnership is liquidated, typically over 10 to 12 years, the IRR is only an interim estimated return. The IRR calculated for partnerships in the first three years of a partnership life are particularly not meaningful. The actual IRR performance of any limited partnership is not known until the final liquidation. Finally, please note, none of the information contained herein has been reviewed or approved by the General Partners of the Funds.
4.38 0.27 0.27 8.60 8.60 17.10 22.31 (8.71) (31.75) (31.75) 23.14 19.20 43.65 27.98 23.52 (11.44) (16.50) (9.89) (3.51) (27.86) 6.74 6.74 35.34 35.34 17.46 20.65 4.47 8.10 8.10 22.11 22.11 25.43 48.31 26.01 10.20 15.82 49.63 5.92 (2.45) 29.91 29.91 (100.00) (100.00) 0.93 0.93 13.95 15.15
3
California State Teachers' Retirement System Private Equity Portfolio Performance As of September 30, 2008
Description FS Equity Partners IV, L.P. FS Equity Partners V, L.P.
Genstar Genstar Capital Partners V
Giza Giza Venture Fund IV Giza Venture Fund V
Gores Capital Partners Gores Capital Partners II, L.P.
GSO GSO Capital Opportunities Fund, LP
GTCR Golder, Thoma, Cressey & Rauner Fund III - 2nd Golder, Thoma, Cressey & Rauner Fund IV Golder, Thoma, Cressey & Rauner Fund V
Hellman & Friedman Capital Partners Hellman & Friedman Capital Partners V Hellman & Friedman Capital Partners VI
Hg Renewable Hg Renewable Power Partners, L.P.
Hony Capital Hony Capital Fund 2008, LP
Huntsman Gay Capital Huntsman Gay Capital Partners Fund, LP
ICV Capital Partners ICV Partners II, L.P.
Innocal InnoCal II, L.P.
Institutional Venture Partners Institutional Venture Partners XII, L.P.
Interwest Partners Interwest Partners IV InterWest Partners IX Interwest Partners V Interwest Partners VI InterWest Partners VIII
Invesco CalSTRS New&Next Gen. Manager Fund II CalSTRS New&Next Generation Manager Fund
Investitori Associati Investitori Associati IV
Irving Place Captial Irving Place Capital Partners III, L.P.
Italian Private Equity Fund Italian Private Equity Fund IV L.P.
J.H. Whitney & Co. J.H. Whitney IV, L.P.
Capital Committed 87,500,000.00 95,000,000.00 70,000,000.00 70,000,000.00 45,000,000.00 20,000,000.00 25,000,000.00 100,000,000.00 100,000,000.00 100,000,000.00 100,000,000.00 79,634,000.00 4,634,000.00 35,000,000.00 40,000,000.00 350,000,000.00 100,000,000.00 250,000,000.00 62,589,885.96 62,589,885.96 50,000,000.00 50,000,000.00 100,000,000.00 100,000,000.00 25,000,000.00 25,000,000.00 15,000,000.00 15,000,000.00 50,000,000.00 50,000,000.00 155,000,000.00 10,000,000.00 40,000,000.00 15,000,000.00 15,000,000.00 75,000,000.00 305,645,634.00 200,000,000.00 105,645,634.00 34,732,966.77 34,732,966.77 175,000,000.00 175,000,000.00 37,913,592.12 37,913,592.12 392,288,000.00 100,000,000.00
Capital Contributed 87,120,368.00 69,867,291.00 24,859,712.82 24,859,712.82 15,248,813.00 14,573,813.00 675,000.00 50,000,000.00 50,000,000.00 40,872,730.00 40,872,730.00 79,633,908.00 4,633,908.00 35,000,000.00 40,000,000.00 210,842,386.00 87,083,844.00 123,758,542.00 18,085,905.52 18,085,905.52 2,816,295.88 2,816,295.88 10,993,162.22 10,993,162.22 9,425,066.51 9,425,066.51 13,540,830.00 13,540,830.00 15,000,000.00 15,000,000.00 131,500,000.00 10,000,000.00 24,000,000.00 15,000,000.00 15,000,000.00 67,500,000.00 44,553,288.67 8,612,048.91 35,941,239.76 23,614,275.98 23,614,275.98 65,951,595.15 65,951,595.15 24,107,008.83 24,107,008.83 346,765,390.46 85,289,686.46
CalSTRS Since Inception Capital Distributed IRR* 140,440,020.33 21,576,407.00 0.00 0.00 810,033.00 810,033.00 0.00 0.00 0.00 0.00 0.00 173,072,967.39 27,833,161.74 73,618,921.00 71,620,884.65 81,334,508.00 78,941,980.00 2,392,528.00 402,359.37 402,359.37 0.00 0.00 33,341.18 33,341.18 4,640.51 4,640.51 4,163,979.00 4,163,979.00 0.00 0.00 143,645,912.72 17,071,008.33 2,213,074.50 66,004,750.29 42,385,464.84 15,971,614.76 1,625.00 0.00 1,625.00 1,284,035.92 1,284,035.92 0.00 0.00 7,172,123.49 7,172,123.49 411,028,109.82 26,826,444.00
* The limited partnership record keeping, including the internal rate of return or IRR, is maintained internally by CalSTRS for each limited partnership. The CalSTRS’ IRR calculation method may differ from calculation methods used by the General Partner or other Limited Partners. Differences in IRR calculations can be affected by cash flow timing, the account treatment of carried interest, partnership management fees, advisory fees, organization fees, other partnership expenses, sale of distributed stock and valuations. Importantly, there is no industrystandardized method for reporting and valuations are made using FASB 157 as a guideline, which makes comparisons of these numbers difficult. Additionally, the purchase of secondary interests makes for unique comparison problems due to the specific pricing and timing characteristics of the transaction when contrasted with the Limited Partnership Investment. Until a partnership is liquidated, typically over 10 to 12 years, the IRR is only an interim estimated return. The IRR calculated for partnerships in the first three years of a partnership life are particularly not meaningful. The actual IRR performance of any limited partnership is not known until the final liquidation. Finally, please note, none of the information contained herein has been reviewed or approved by the General Partners of the Funds.
12.56 13.05 (4.56) (4.56) 6.05 6.48 (15.50) (17.49) (17.49) 4.69 4.69 24.78 57.90 24.94 11.34 25.45 36.35 (4.61) (15.04) (15.04) (15.75) (15.75) (74.25) (74.25) (19.52) (19.52) (16.13) (16.13) (27.50) (27.50) 27.34 11.10 (10.36) 62.32 48.95 (1.61) (7.24) (33.59) (4.00) (1.51) (1.51) (5.69) (5.69) 10.95 10.95 13.22 (13.63)
4
California State Teachers' Retirement System Private Equity Portfolio Performance As of September 30, 2008
Description J.H. Whitney V, L.P. J.H. Whitney VI, L.P. Whitney 1990 Equity Fund
JMI Equity JMI Equity Fund V, L.P. JMI Equity Fund VI, L.P.
Kelso & Company Kelso Investment Associates V, L.P. Kelso Investment Associates VI, L.P.
KKR & Co. KKR 1987 Fund - 2nd KKR 1996 - 2nd KKR 1996 Fund KKR 2006 Fund
M/C Venture Partners M/C Venture Partners IV, L.P. M/C Venture Partners V, L.P.
Madison Dearborn Partners Madison Dearborn Capital Partners II LP Madison Dearborn Capital Partners III LP Madison Dearborn Capital Partners IV, LP Madison Dearborn Capital Partners, L.P.
MatlinPatterson MatlinPatterson Global Opps. Ptnrs. III
Media Communications Media Communications Partners II, L.P. Media Communications Partners III, L.P.
Mezzanine Lending Associates Mezzanine Lending Associates III, L.P.
Nautic Chisholm Partners IV, L.P. Nautic Partners V, L.P.
Navis Capital Partners Navis Asia Fund IV, L.P. Navis Asia Fund V, L.P.
Newbridge Capital Newbridge Asia IV, L.P.
New Enterprise Associates New Enterprise Associates 8A, L.P. New Enterprise Associates IX, L.P. New Enterprise Associates V New Enterprise Associates VI, L.P. New Enterprise Associates VII, L.P. New Enterprise Associates VIII, L.P. New Enterprise Associates X, L.P. New Enterprise Associates XI, L.P. New Enterprise Associates XII, L.P.
Capital Committed 200,000,000.00 75,000,000.00 17,288,000.00 80,000,000.00 30,000,000.00 50,000,000.00 206,019,000.00 56,019,000.00 150,000,000.00 692,963,852.00 45,412,852.00 25,361,000.00 322,190,000.00 300,000,000.00 100,000,000.00 25,000,000.00 75,000,000.00 710,000,000.00 60,000,000.00 300,000,000.00 300,000,000.00 50,000,000.00 250,000,000.00 250,000,000.00 60,000,000.00 30,000,000.00 30,000,000.00 50,000,000.00 50,000,000.00 229,500,000.00 29,500,000.00 200,000,000.00 130,000,000.00 30,000,000.00 100,000,000.00 150,000,000.00 150,000,000.00 670,000,000.00 25,000,000.00 60,000,000.00 25,000,000.00 35,000,000.00 40,000,000.00 50,000,000.00 200,000,000.00 75,000,000.00 160,000,000.00
Capital Contributed 195,005,052.00 49,831,400.00 16,639,252.00 43,915,000.00 25,465,000.00 18,450,000.00 183,046,041.00 55,611,778.00 127,434,263.00 614,243,211.00 45,416,150.00 24,390,894.00 318,435,374.00 226,000,793.00 96,410,084.00 23,125,000.00 73,285,084.00 686,134,182.74 60,296,057.47 297,265,297.39 280,226,508.96 48,346,318.92 106,276,338.07 106,276,338.07 58,500,000.00 30,000,000.00 28,500,000.00 39,881,188.18 39,881,188.18 213,792,095.04 28,411,105.19 185,380,989.85 80,966,649.48 30,000,000.00 50,966,649.48 137,554,051.00 137,554,051.00 572,050,000.00 25,000,000.00 58,800,000.00 25,000,000.00 35,000,000.00 40,000,000.00 50,000,000.00 193,000,000.00 65,250,000.00 80,000,000.00
CalSTRS Since Inception Capital Distributed IRR* 331,994,166.19 13,142,585.00 39,064,914.63 16,221,260.00 16,221,260.00 0.00 342,031,029.00 180,763,222.00 161,267,807.00 611,119,455.00 49,857,574.00 41,934,118.00 510,256,999.00 9,070,764.00 37,015,264.00 5,010,892.00 32,004,372.00 923,771,350.71 136,444,108.08 415,675,405.01 208,749,998.37 162,901,839.25 0.00 0.00 177,211,465.21 134,235,003.21 42,976,462.00 138,471,124.62 138,471,124.62 187,433,378.88 9,042,840.16 178,390,538.72 3,536,241.63 3,536,241.63 0.00 16,425,025.00 16,425,025.00 693,312,385.74 4,686,132.00 9,952,015.23 69,935,151.50 277,544,707.85 128,998,104.66 65,300,873.90 104,857,763.23 24,272,943.37 7,764,694.00
* The limited partnership record keeping, including the internal rate of return or IRR, is maintained internally by CalSTRS for each limited partnership. The CalSTRS’ IRR calculation method may differ from calculation methods used by the General Partner or other Limited Partners. Differences in IRR calculations can be affected by cash flow timing, the account treatment of carried interest, partnership management fees, advisory fees, organization fees, other partnership expenses, sale of distributed stock and valuations. Importantly, there is no industrystandardized method for reporting and valuations are made using FASB 157 as a guideline, which makes comparisons of these numbers difficult. Additionally, the purchase of secondary interests makes for unique comparison problems due to the specific pricing and timing characteristics of the transaction when contrasted with the Limited Partnership Investment. Until a partnership is liquidated, typically over 10 to 12 years, the IRR is only an interim estimated return. The IRR calculated for partnerships in the first three years of a partnership life are particularly not meaningful. The actual IRR performance of any limited partnership is not known until the final liquidation. Finally, please note, none of the information contained herein has been reviewed or approved by the General Partners of the Funds.
25.78 10.94 21.00 16.38 23.56 (16.82) 19.35 25.79 9.36 11.34 3.39 18.82 13.01 (7.83) 5.06 (4.60) 9.22 16.67 22.05 9.15 19.87 28.05 0.84 0.84 34.52 38.85 10.53 16.48 16.48 11.49 (4.34) 15.85 8.76 22.79 (16.63) 10.26 10.26 39.93 (2.66) (10.07) 31.54 65.50 63.75 32.61 3.24 13.11 6.59
5
California State Teachers' Retirement System Private Equity Portfolio Performance As of September 30, 2008
Description
NGEN NGEN Enabling Technologies Fund II, L.P.
Nogales Nogales Investors Fund I, LP Nogales Investors Fund II, L.P.
Oak Investment Partners Oak Investment Partners XI, L.P.
Oaktree Capital Management OCM Opportunities Fund II, L.P. OCM Opportunities Fund IVb, L.P. OCM Opportunities Fund V, L.P. OCM Opportunities Fund VI, L.P. OCM Opportunities Fund VII, L.P. OCM Opportunities Fund VIIb, L.P.
Olympus Olympus Growth Fund V, L.P.
Onex Partners Onex Partners II, LP Onex Partners III, LP Onex Partners LP
Palladium Palladium Equity Partners III
Paul Capital Partners Paul Capital Partners VIII-B, L.P.
Permira Permira Europe II Permira Europe III Permira IV
Phildrew Ventures Phildrew Ventures Fourth Fund B
Pond Ventures Pond Ventures III, L.P.
Prism Venture Partners Prism Venture Partners V, L.P.
Providence Equity Partners Providence Equity Partners V L.P. Providence Equity Partners VI, L.P.
Quadrangle Capital Partners Quadrangle Capital Partners II
Riverstone/Carlyle Riverstone/Carlyle Renew & Alt Energy II
Sankaty Advisors Sankaty Credit Opportunities II, L.P. Sankaty Credit Opportunities III, L.P. Sankaty Credit Opportunities IV, L.P.
Shasta Ventures Shasta Ventures II, L.P.
Capital Committed 15,000,000.00 15,000,000.00 55,000,000.00 25,000,000.00 30,000,000.00 75,000,000.00 75,000,000.00 640,640,000.00 25,000,000.00 100,000,000.00 50,000,000.00 50,000,000.00 115,640,000.00 300,000,000.00 82,500,000.00 82,500,000.00 425,000,000.00 150,000,000.00 175,000,000.00 100,000,000.00 90,000,000.00 90,000,000.00 50,000,000.00 50,000,000.00 1,682,892,803.89 313,869,101.02 383,353,376.44 985,670,326.44 20,221,808.47 20,221,808.47 10,000,000.00 10,000,000.00 25,016,853.00 25,016,853.00 1,050,000,000.00 350,000,000.00 700,000,000.00 100,000,000.00 100,000,000.00 300,000,000.00 300,000,000.00 625,000,000.00 75,000,000.00 300,000,000.00 250,000,000.00 43,500,000.00 22,500,000.00
Capital Contributed 7,767,748.72 7,767,748.72 28,239,489.28 24,963,050.22 3,276,439.06 75,000,000.00 75,000,000.00 379,188,393.89 24,937,808.21 48,610,585.68 50,000,000.00 50,000,000.00 115,640,000.00 90,000,000.00 9,594,374.00 9,594,374.00 218,558,418.00 125,565,190.00 0.00 92,993,228.00 27,397,604.20 27,397,604.20 41,393,725.70 41,393,725.70 1,135,637,941.75 310,169,278.99 365,758,530.94 459,710,131.82 20,243,846.49 20,243,846.49 5,522,821.16 5,522,821.16 15,510,449.45 15,510,449.45 637,262,703.00 317,996,632.00 319,266,071.00 68,057,515.00 68,057,515.00 31,822,972.35 31,822,972.35 450,000,000.00 75,000,000.00 300,000,000.00 75,000,000.00 19,126,638.00 3,375,000.00
CalSTRS Since Inception Capital Distributed IRR* 389,924.39 389,924.39 9,426,406.63 9,414,616.30 11,790.33 15,751,229.04 15,751,229.04 226,029,811.96 37,284,799.01 124,085,418.95 63,734,114.00 111,233.00 814,247.00 0.00 0.00 0.00 113,828,996.00 5,484,397.00 0.00 108,344,599.00 2,363,633.38 2,363,633.38 17,532,337.74 17,532,337.74 934,147,950.58 534,099,507.76 400,048,442.82 0.00 11,701,039.33 11,701,039.33 0.00 0.00 2,867,611.49 2,867,611.49 4,607,162.00 2,011,187.00 2,595,975.00 6,605,539.00 6,605,539.00 0.00 0.00 9,359,622.61 5,977,808.46 3,381,814.15 0.00 1,981,820.43 0.00
* The limited partnership record keeping, including the internal rate of return or IRR, is maintained internally by CalSTRS for each limited partnership. The CalSTRS’ IRR calculation method may differ from calculation methods used by the General Partner or other Limited Partners. Differences in IRR calculations can be affected by cash flow timing, the account treatment of carried interest, partnership management fees, advisory fees, organization fees, other partnership expenses, sale of distributed stock and valuations. Importantly, there is no industrystandardized method for reporting and valuations are made using FASB 157 as a guideline, which makes comparisons of these numbers difficult. Additionally, the purchase of secondary interests makes for unique comparison problems due to the specific pricing and timing characteristics of the transaction when contrasted with the Limited Partnership Investment. Until a partnership is liquidated, typically over 10 to 12 years, the IRR is only an interim estimated return. The IRR calculated for partnerships in the first three years of a partnership life are particularly not meaningful. The actual IRR performance of any limited partnership is not known until the final liquidation. Finally, please note, none of the information contained herein has been reviewed or approved by the General Partners of the Funds.
7.24 7.24 (13.19) (10.57) (84.07) 0.93 0.93 17.36 8.39 43.93 16.06 9.38 (11.16) (27.20) (24.26) (24.26) 33.39 (1.06) N/A 48.07 (13.26) (13.26) 15.51 15.51 18.93 24.44 34.57 (35.93) (15.72) (15.72) (5.30) (5.30) 1.08 1.08 (1.52) 4.05 (16.38) 8.87 8.87 (4.76) (4.76) (5.10) 2.30 (10.06) (1.09) (1.21) (11.55)
6
California State Teachers' Retirement System Private Equity Portfolio Performance As of September 30, 2008
Description Shasta Ventures, L.P.
Sofinnova Ventures Sofinnova Venture Partners VI Sofinnova Venture Partners VII
Spectrum Equity Investors Spectrum Equity Investors III, L.P. Spectrum Equity Investors IV, L.P. Spectrum Equity Investors V, LP
Stonington Partners Stonington Capital Apprec 1994 Fund LP
Summit Partners Summit Accelerator Fund, L.P. Summit Partners Europe PE Fund Summit Partners Private Equity VII-A, LP Summit Partners Venture Capital II-A, LP Summit Subordinated Debt Fund I, L.P. Summit Subordinated Debt Fund II, L.P. Summit Subordinated Debt Fund III, L.P. Summit Subordinated Debt Fund IV, L.P. Summit Ventures III, L.P. Summit Ventures IV, L.P. Summit Ventures V, L.P. Summit Ventures VI-A, L.P.
Syncom Syndicated Communications Vent. Part. V
TA Associates TA / Advent VIII, L.P. TA IX, L.P. TA Subordinated Debt Fund II, LP TA X, LP
Technology Crossover Ventures TCV V, L.P. TCV VI, L.P. TCV VII, L.P.
Texas Pacific Group T3 Partners I, L.P. TAC 2007, LP TPG Asia V, L.P. TPG Financial Partners, L.P. TPG Partners III, L.P. TPG Partners IV, L.P. TPG Partners V, L.P. TPG Partners VI, L.P.
The Cypress Group Cypress Merchant Banking Partners II LP
The Resolute Fund The Resolute Fund II, L.P. The Resolute Fund, L.P.
Capital Committed 21,000,000.00 55,000,000.00 25,000,000.00 30,000,000.00 365,000,000.00 65,000,000.00 150,000,000.00 150,000,000.00 92,241,000.00 92,241,000.00 458,232,511.76 10,000,000.00 70,232,511.76 100,000,000.00 15,000,000.00 10,000,000.00 20,000,000.00 30,000,000.00 40,000,000.00 15,000,000.00 30,000,000.00 45,000,000.00 73,000,000.00 20,000,000.00 20,000,000.00 212,500,000.00 10,000,000.00 50,000,000.00 42,500,000.00 110,000,000.00 320,000,000.00 50,000,000.00 70,000,000.00 200,000,000.00 3,100,000,000.00 100,000,000.00 150,000,000.00 200,000,000.00 500,000,000.00 300,000,000.00 350,000,000.00 1,000,000,000.00 500,000,000.00 278,125,000.00 278,125,000.00 450,000,000.00 350,000,000.00 100,000,000.00
Capital Contributed 15,751,638.00 28,250,000.00 19,250,000.00 9,000,000.00 283,754,319.80 64,675,000.00 145,500,000.00 73,579,319.80 85,665,530.66 85,665,530.66 271,664,108.78 9,622,012.32 0.00 45,500,000.00 5,850,000.00 9,000,000.00 18,000,000.00 23,850,000.00 0.00 13,500,000.00 29,100,000.00 43,425,000.00 73,817,096.46 6,392,890.00 6,392,890.00 162,435,000.00 9,800,000.00 48,585,000.00 22,100,000.00 81,950,000.00 94,118,000.00 43,760,000.00 50,358,000.00 0.00 1,758,631,097.93 76,943,280.00 84,763,636.00 32,555,504.00 129,780,349.00 267,254,554.00 330,991,033.93 810,263,104.00 26,079,637.00 253,177,039.14 253,177,039.14 173,259,566.00 83,426,813.00 89,832,753.00
CalSTRS Since Inception Capital Distributed IRR* 1,981,820.43 680,697.37 680,697.37 0.00 170,542,118.69 51,100,923.90 119,441,194.79 0.00 35,708,837.86 35,708,837.86 454,513,008.67 8,995,622.39 0.00 2,227,774.00 0.00 15,709,405.33 36,957,366.88 11,188,023.00 0.00 48,707,972.14 219,299,318.80 57,645,497.39 53,782,028.74 147,172.00 147,172.00 97,907,181.87 21,424,361.87 60,045,320.00 4,887,500.00 11,550,000.00 38,817,213.28 23,526,715.28 15,290,498.00 0.00 987,679,424.93 274,241,462.00 0.00 229,995.00 594,985.00 535,435,003.00 172,007,198.93 5,170,781.00 0.00 151,511,882.22 151,511,882.22 30,611,017.00 1,586,230.00 29,024,787.00
* The limited partnership record keeping, including the internal rate of return or IRR, is maintained internally by CalSTRS for each limited partnership. The CalSTRS’ IRR calculation method may differ from calculation methods used by the General Partner or other Limited Partners. Differences in IRR calculations can be affected by cash flow timing, the account treatment of carried interest, partnership management fees, advisory fees, organization fees, other partnership expenses, sale of distributed stock and valuations. Importantly, there is no industrystandardized method for reporting and valuations are made using FASB 157 as a guideline, which makes comparisons of these numbers difficult. Additionally, the purchase of secondary interests makes for unique comparison problems due to the specific pricing and timing characteristics of the transaction when contrasted with the Limited Partnership Investment. Until a partnership is liquidated, typically over 10 to 12 years, the IRR is only an interim estimated return. The IRR calculated for partnerships in the first three years of a partnership life are particularly not meaningful. The actual IRR performance of any limited partnership is not known until the final liquidation. Finally, please note, none of the information contained herein has been reviewed or approved by the General Partners of the Funds.
(0.18) (2.59) 0.80 (21.67) 6.70 (2.71) 8.62 17.72 (1.77) (1.77) 65.90 5.67 N/A (9.22) (1.61) 30.59 55.91 7.54 N/A 61.66 103.78 8.67 15.38 (27.78) (27.78) 15.79 23.32 21.68 6.32 (12.82) 10.95 13.15 4.88 N/A 17.48 29.47 (30.96) (46.20) (44.65) 25.48 20.55 (13.70) (65.82) (1.64) (1.64) 6.51 (17.80) 11.82
7
California State Teachers' Retirement System Private Equity Portfolio Performance As of September 30, 2008
Description
THL Equity Advisors Thomas H. Lee Equity Fund IV, L.P - 2nd Thomas H. Lee Equity Partners III, L.P. Thomas H. Lee Equity Partners IV, L.P. Thomas H. Lee Equity Partners V, L.P.
Thoma Cressey Bravo Thoma Cressey Fund VI, L.P. Thoma Cressey Fund VII, L.P.
Triton Triton Fund II L.P.
US Renewables Group USRG Power and Biofuels Fund II, L.P.
VantagePoint Venture Partners VantagePoint Venture Partners III VantagePoint Venture Partners IV VantagePoint CleanTech Partners, L.P. VantagePoint Venture Partners 2006 (Q)
Vestar Capital Partners Vestar Capital Partners IV, L.P. Vestar Capital Partners V, L.P.
Warburg, Pincus & Co. Warburg, Pincus Investors, L.P. Warburg, Pincus Ventures, L.P.
Welsh, Carson, Anderson & Stowe WCAS Capital Partners IV, L.P. Welsh, Carson, Anderson & Stowe II Welsh, Carson, Anderson & Stowe III Welsh, Carson, Anderson & Stowe IX, L.P. Welsh, Carson, Anderson & Stowe V, L.P Welsh, Carson, Anderson & Stowe VI Welsh, Carson, Anderson & Stowe VII Welsh, Carson, Anderson & Stowe VIII, LP Welsh, Carson, Anderson & Stowe X, L.P. Welsh, Carson, Anderson & Stowe XI, L.P.
Yucaipa Yucaipa Corporate Initiative Fund
Capital Committed 672,496,424.00 2,047,424.00 106,728,000.00 163,721,000.00 400,000,000.00 160,000,000.00 60,000,000.00 100,000,000.00 68,792,567.72 68,792,567.72 60,000,000.00 60,000,000.00 317,500,000.00 45,000,000.00 150,000,000.00 22,500,000.00 100,000,000.00 250,000,000.00 100,000,000.00 150,000,000.00 210,000,000.00 100,000,000.00 110,000,000.00 1,783,960,000.00 150,000,000.00 30,000,000.00 100,000,000.00 400,000,000.00 30,000,000.00 50,000,000.00 150,000,000.00 300,000,000.00 323,960,000.00 250,000,000.00 150,000,000.00 150,000,000.00
Capital Contributed 596,653,928.00 1,759,530.00 72,353,805.00 135,101,803.00 387,438,790.00 158,139,998.95 58,140,000.00 99,999,998.95 41,120,820.44 41,120,820.44 20,133,980.00 20,133,980.00 228,366,470.48 45,000,000.00 150,000,000.00 8,366,470.48 25,000,000.00 206,644,097.51 95,354,421.97 111,289,675.54 210,000,000.00 100,000,000.00 110,000,000.00 1,379,210,442.00 93,000,000.00 30,000,000.00 100,000,000.00 380,000,000.00 30,000,000.00 50,000,000.00 150,000,000.00 300,000,000.00 246,210,442.00 0.00 140,106,600.25 140,106,600.25
CalSTRS Since Inception Capital Distributed IRR* 606,686,215.94 1,541,950.82 137,210,272.66 117,060,400.46 350,873,592.00 122,252,170.73 27,076,493.01 95,175,677.72 4,539,649.10 4,539,649.10 0.00 0.00 53,383,253.09 15,292,261.89 38,090,991.20 0.00 0.00 107,523,922.83 99,045,341.14 8,478,581.69 808,249,138.42 236,353,036.25 571,896,102.17 1,371,859,780.97 15,556,771.00 41,341,048.63 153,497,367.97 396,884,636.09 105,208,166.35 99,757,825.25 316,927,801.77 242,686,163.91 0.00 0.00 10,926,013.35 10,926,013.35
* The limited partnership record keeping, including the internal rate of return or IRR, is maintained internally by CalSTRS for each limited partnership. The CalSTRS’ IRR calculation method may differ from calculation methods used by the General Partner or other Limited Partners. Differences in IRR calculations can be affected by cash flow timing, the account treatment of carried interest, partnership management fees, advisory fees, organization fees, other partnership expenses, sale of distributed stock and valuations. Importantly, there is no industrystandardized method for reporting and valuations are made using FASB 157 as a guideline, which makes comparisons of these numbers difficult. Additionally, the purchase of secondary interests makes for unique comparison problems due to the specific pricing and timing characteristics of the transaction when contrasted with the Limited Partnership Investment. Until a partnership is liquidated, typically over 10 to 12 years, the IRR is only an interim estimated return. The IRR calculated for partnerships in the first three years of a partnership life are particularly not meaningful. The actual IRR performance of any limited partnership is not known until the final liquidation. Finally, please note, none of the information contained herein has been reviewed or approved by the General Partners of the Funds.
10.20 (3.49) 31.50 (2.53) 13.69 6.68 (4.01) 25.09 0.11 0.11 (9.96) (9.96) 1.38 (7.34) 4.27 20.23 (7.27) 12.31 14.60 4.01 24.81 14.85 49.16 12.49 11.37 10.38 14.12 15.06 33.15 13.88 17.64 2.13 4.11 N/A (2.86) (2.86)
8
Description Bain Capital Fund X, L.P. Bain Capital IX Coinvest Fund, LP
BC Partners BC European Capital VIII, L.P. BC Partners VII, L.P.
BCI Partners BCI Growth IV, L.P.
Blackstone Group Blackstone Capital Partners II Blackstone Capital Partners III Blackstone Capital Partners IV Blackstone Capital Partners V, L.P. Blackstone Capital Partners VI, L.P. Blackstone Capital Partners, II L.P.-2nd Blackstone Communications I
BlueRun Blue Run Ventures IV, L.P. Blue Run Ventures, L.P.
Boston Ventures Boston Ventures V, L.P.
CalSTRS/B of A Capital Access CalSTRS/B of A Capital Access Fund III CalSTRS/B of A Capital Access Partners
Candover Candover 1997 Fund, L.P.
Carlye/Riverstone Carlyle/Riverstone Renew Energy Infrast
Carlyle Europe Carlyle Europe Partners III, L.P.
Carlyle Group Carlyle Partners IV, L.P. Carlyle Partners V, L.P.
CarVal Investors CVI Global Value Fund, LP
Centerbridge Capital Centerbridge Capital Partners, L.P.
Cerberus Cerberus Institutional (INTL) Series 1 Cerberus Institutional (Series Four) LP Cerberus Institutional (Series Three)
CGW Southeast Partners CGW Southeast Partners IV
Charterhouse Group Charterhouse Equity Partners II, L.P.
Charterhouse Capital Partners Charterhouse Capital VIII, L.P.
Clayton, Dublier, and Rice
Capital Committed 400,000,000.00 50,000,000.00 950,015,163.91 626,811,975.37 323,203,188.55 25,000,000.00 25,000,000.00 2,914,073,000.00 81,834,000.00 323,945,000.00 215,000,000.00 1,738,000,000.00 271,000,000.00 9,294,000.00 275,000,000.00 75,000,000.00 35,000,000.00 40,000,000.00 90,000,000.00 90,000,000.00 275,000,000.00 200,000,000.00 75,000,000.00 133,972,444.55 133,972,444.55 50,000,000.00 50,000,000.00 543,358,236.60 543,358,236.60 600,000,000.00 100,000,000.00 500,000,000.00 196,000,000.00 196,000,000.00 150,000,000.00 150,000,000.00 722,250,000.00 122,250,000.00 500,000,000.00 100,000,000.00 40,000,000.00 40,000,000.00 46,636,000.00 46,636,000.00 138,151,895.13 138,151,895.13 100,000,000.00
Capital Contributed 96,000,000.00 48,500,000.00 575,816,341.28 252,613,152.74 323,203,188.54 25,000,021.49 25,000,021.49 1,935,319,453.00 75,984,147.00 322,235,805.00 169,801,965.00 1,121,376,992.00 0.00 8,684,064.00 237,236,480.00 20,893,482.74 1,415,730.00 19,477,752.74 86,638,369.71 86,638,369.71 65,347,299.78 25,544,255.68 39,803,044.10 122,869,340.85 122,869,340.85 32,491,102.92 32,491,102.92 164,218,360.12 164,218,360.12 237,653,200.00 93,737,508.00 143,915,692.00 186,200,000.00 186,200,000.00 73,299,519.13 73,299,519.13 346,145,296.54 4,870,000.00 277,500,000.00 63,775,296.54 34,831,657.85 34,831,657.85 44,612,691.27 44,612,691.27 102,225,309.99 102,225,309.99 82,892,196.00
CalSTRS Since Inception Capital Distributed IRR* 0.00 6,583,037.00 502,656,400.13 0.00 502,656,400.13 14,974,171.61 14,974,171.61 1,137,718,515.43 164,087,542.00 470,623,975.91 235,166,166.52 41,977,562.00 0.00 17,674,393.00 208,188,876.00 150,000.00 0.00 150,000.00 92,496,709.58 92,496,709.58 1,803,638.01 0.00 1,803,638.01 219,478,730.63 219,478,730.63 73,028.64 73,028.64 0.00 0.00 4,382,837.00 4,242,169.00 140,668.00 3,236,357.45 3,236,357.45 185,658.00 185,658.00 30,017,674.50 0.00 0.00 30,017,674.50 38,147,111.93 38,147,111.93 95,348,501.38 95,348,501.38 0.00 0.00 5,813,259.00
* The limited partnership record keeping, including the internal rate of return or IRR, is maintained internally by CalSTRS for each limited partnership. The CalSTRS’ IRR calculation method may differ from calculation methods used by the General Partner or other Limited Partners. Differences in IRR calculations can be affected by cash flow timing, the account treatment of carried interest, partnership management fees, advisory fees, organization fees, other partnership expenses, sale of distributed stock and valuations. Importantly, there is no industrystandardized method for reporting and valuations are made using FASB 157 as a guideline, which makes comparisons of these numbers difficult. Additionally, the purchase of secondary interests makes for unique comparison problems due to the specific pricing and timing characteristics of the transaction when contrasted with the Limited Partnership Investment. Until a partnership is liquidated, typically over 10 to 12 years, the IRR is only an interim estimated return. The IRR calculated for partnerships in the first three years of a partnership life are particularly not meaningful. The actual IRR performance of any limited partnership is not known until the final liquidation. Finally, please note, none of the information contained herein has been reviewed or approved by the General Partners of the Funds.
(6.11) (9.36) 21.02 (10.51) 24.44 (1.97) (1.97) 15.19 33.93 13.78 43.43 (6.26) N/A 44.50 11.50 24.20 (11.01) 24.62 5.25 5.25 (17.61) (33.27) (12.76) 16.55 16.55 (4.22) (4.22) (28.35) (28.35) (3.06) 4.07 (14.53) 2.83 2.83 (26.34) (26.34) 1.86 (1.43) (17.84) 21.04 7.93 7.93 27.26 27.26 (17.89) (17.89) 4.38
2
California State Teachers' Retirement System Private Equity Portfolio Performance As of September 30, 2008
Description Clayton, Dubilier & Rice Fund VII, L.P.
Clearstone Venture Partners Clearstone Venture Partners III-A, L.P.
Cornerstone Equity Investors Cornerstone Equity Investors IV L.P.
Cortec Group Cortec Group Fund III, L.P. Cortec Group Fund IV, L.P.
Craton Equity Partners Craton Equity Investors I, L.P.
CVC Capital Partners CVC European Equity Partners II L.P. CVC European Equity Partners III L.P. CVC European Equity Partners IV L.P. CVC European Equity Partners L.P. CVC European Equity Partners Tandem Fund CVC European Equity Partners V, LP
CVC Capital Partners Asia Pacific CVC Capital Partners Asia Pacific II, LP CVC Capital Partners Asia Pacific III LP
DCM DCM IV, L.P.
ECI ECI 5
EnCap Energy Capital EnCap Energy Capital Fund VI, L.P. EnCap Energy Capital Fund VII, L.P.
Energy Capital Partners Energy Capital Partners I
Energy Spectrum Energy Spectrum Partners IV, L.P.
First Reserve First Reserve Fund IX, L.P. First Reserve Fund VI, L.P. First Reserve Fund VII, L.P. First Reserve Fund VIII, L.P. First Reserve Fund X, L.P. First Reserve Fund XI, L.P. First Reserve Fund XII, L.P.
FondInvest FondInvest VI
FountainVest FountainVest China Growth Capital Fund
Frazier Healthcare Frazier Healthcare Ventures V, L.P.
Freeman Spogli & Co. FS Equity Partners III, L.P.
Capital Committed 100,000,000.00 35,000,000.00 35,000,000.00 40,000,000.00 40,000,000.00 88,641,176.00 30,000,000.00 58,641,176.00 30,000,000.00 30,000,000.00 1,910,169,668.48 300,000,000.00 200,000,000.00 394,997,284.26 40,000,000.00 529,136,368.57 446,036,015.65 300,000,000.00 100,000,000.00 200,000,000.00 15,000,000.00 15,000,000.00 16,234,191.81 16,234,191.81 400,000,000.00 150,000,000.00 250,000,000.00 250,000,000.00 250,000,000.00 50,000,000.00 50,000,000.00 2,070,000,000.00 120,000,000.00 25,000,000.00 25,000,000.00 100,000,000.00 200,000,000.00 800,000,000.00 800,000,000.00 29,893,898.17 29,893,898.17 50,000,000.00 50,000,000.00 47,473,830.00 47,473,830.00 242,500,000.00 60,000,000.00
Capital Contributed 82,892,196.00 25,900,000.00 25,900,000.00 40,000,000.00 40,000,000.00 55,127,803.00 27,936,684.00 27,191,119.00 3,785,464.00 3,785,464.00 1,193,897,545.37 275,712,643.07 186,057,048.43 337,774,516.33 39,327,258.20 286,930,085.14 68,095,994.20 134,978,176.00 89,492,126.45 45,486,049.55 14,250,000.00 14,250,000.00 14,451,743.23 14,451,743.23 112,956,830.00 66,414,030.68 46,542,799.32 80,729,650.00 80,729,650.00 46,814,602.10 46,814,602.10 1,240,337,659.06 117,546,488.06 25,000,000.00 25,258,614.00 104,430,102.00 198,305,673.00 589,622,673.00 180,174,109.00 26,302,727.24 26,302,727.24 782,876.71 782,876.71 30,050,934.19 30,050,934.19 221,205,600.00 64,217,941.00
CalSTRS Since Inception Capital Distributed IRR* 5,813,259.00 0.00 0.00 62,270,119.00 62,270,119.00 43,915,352.00 43,915,352.00 0.00 76,424.00 76,424.00 1,253,716,378.39 588,849,922.56 426,938,683.50 136,401,094.72 97,623,840.30 3,902,837.31 0.00 11,992,292.86 11,992,292.86 0.00 1,500,000.00 1,500,000.00 46,122,870.37 46,122,870.37 9,777,163.57 6,691,854.16 3,085,309.41 0.00 0.00 23,735,183.29 23,735,183.29 889,821,658.49 356,520,705.74 70,490,539.38 37,623,428.57 202,003,016.80 223,183,968.00 0.00 0.00 31,856,526.70 31,856,526.70 0.00 0.00 4,339,175.85 4,339,175.85 295,942,881.93 133,926,454.60
* The limited partnership record keeping, including the internal rate of return or IRR, is maintained internally by CalSTRS for each limited partnership. The CalSTRS’ IRR calculation method may differ from calculation methods used by the General Partner or other Limited Partners. Differences in IRR calculations can be affected by cash flow timing, the account treatment of carried interest, partnership management fees, advisory fees, organization fees, other partnership expenses, sale of distributed stock and valuations. Importantly, there is no industrystandardized method for reporting and valuations are made using FASB 157 as a guideline, which makes comparisons of these numbers difficult. Additionally, the purchase of secondary interests makes for unique comparison problems due to the specific pricing and timing characteristics of the transaction when contrasted with the Limited Partnership Investment. Until a partnership is liquidated, typically over 10 to 12 years, the IRR is only an interim estimated return. The IRR calculated for partnerships in the first three years of a partnership life are particularly not meaningful. The actual IRR performance of any limited partnership is not known until the final liquidation. Finally, please note, none of the information contained herein has been reviewed or approved by the General Partners of the Funds.
4.38 0.27 0.27 8.60 8.60 17.10 22.31 (8.71) (31.75) (31.75) 23.14 19.20 43.65 27.98 23.52 (11.44) (16.50) (9.89) (3.51) (27.86) 6.74 6.74 35.34 35.34 17.46 20.65 4.47 8.10 8.10 22.11 22.11 25.43 48.31 26.01 10.20 15.82 49.63 5.92 (2.45) 29.91 29.91 (100.00) (100.00) 0.93 0.93 13.95 15.15
3
California State Teachers' Retirement System Private Equity Portfolio Performance As of September 30, 2008
Description FS Equity Partners IV, L.P. FS Equity Partners V, L.P.
Genstar Genstar Capital Partners V
Giza Giza Venture Fund IV Giza Venture Fund V
Gores Capital Partners Gores Capital Partners II, L.P.
GSO GSO Capital Opportunities Fund, LP
GTCR Golder, Thoma, Cressey & Rauner Fund III - 2nd Golder, Thoma, Cressey & Rauner Fund IV Golder, Thoma, Cressey & Rauner Fund V
Hellman & Friedman Capital Partners Hellman & Friedman Capital Partners V Hellman & Friedman Capital Partners VI
Hg Renewable Hg Renewable Power Partners, L.P.
Hony Capital Hony Capital Fund 2008, LP
Huntsman Gay Capital Huntsman Gay Capital Partners Fund, LP
ICV Capital Partners ICV Partners II, L.P.
Innocal InnoCal II, L.P.
Institutional Venture Partners Institutional Venture Partners XII, L.P.
Interwest Partners Interwest Partners IV InterWest Partners IX Interwest Partners V Interwest Partners VI InterWest Partners VIII
Invesco CalSTRS New&Next Gen. Manager Fund II CalSTRS New&Next Generation Manager Fund
Investitori Associati Investitori Associati IV
Irving Place Captial Irving Place Capital Partners III, L.P.
Italian Private Equity Fund Italian Private Equity Fund IV L.P.
J.H. Whitney & Co. J.H. Whitney IV, L.P.
Capital Committed 87,500,000.00 95,000,000.00 70,000,000.00 70,000,000.00 45,000,000.00 20,000,000.00 25,000,000.00 100,000,000.00 100,000,000.00 100,000,000.00 100,000,000.00 79,634,000.00 4,634,000.00 35,000,000.00 40,000,000.00 350,000,000.00 100,000,000.00 250,000,000.00 62,589,885.96 62,589,885.96 50,000,000.00 50,000,000.00 100,000,000.00 100,000,000.00 25,000,000.00 25,000,000.00 15,000,000.00 15,000,000.00 50,000,000.00 50,000,000.00 155,000,000.00 10,000,000.00 40,000,000.00 15,000,000.00 15,000,000.00 75,000,000.00 305,645,634.00 200,000,000.00 105,645,634.00 34,732,966.77 34,732,966.77 175,000,000.00 175,000,000.00 37,913,592.12 37,913,592.12 392,288,000.00 100,000,000.00
Capital Contributed 87,120,368.00 69,867,291.00 24,859,712.82 24,859,712.82 15,248,813.00 14,573,813.00 675,000.00 50,000,000.00 50,000,000.00 40,872,730.00 40,872,730.00 79,633,908.00 4,633,908.00 35,000,000.00 40,000,000.00 210,842,386.00 87,083,844.00 123,758,542.00 18,085,905.52 18,085,905.52 2,816,295.88 2,816,295.88 10,993,162.22 10,993,162.22 9,425,066.51 9,425,066.51 13,540,830.00 13,540,830.00 15,000,000.00 15,000,000.00 131,500,000.00 10,000,000.00 24,000,000.00 15,000,000.00 15,000,000.00 67,500,000.00 44,553,288.67 8,612,048.91 35,941,239.76 23,614,275.98 23,614,275.98 65,951,595.15 65,951,595.15 24,107,008.83 24,107,008.83 346,765,390.46 85,289,686.46
CalSTRS Since Inception Capital Distributed IRR* 140,440,020.33 21,576,407.00 0.00 0.00 810,033.00 810,033.00 0.00 0.00 0.00 0.00 0.00 173,072,967.39 27,833,161.74 73,618,921.00 71,620,884.65 81,334,508.00 78,941,980.00 2,392,528.00 402,359.37 402,359.37 0.00 0.00 33,341.18 33,341.18 4,640.51 4,640.51 4,163,979.00 4,163,979.00 0.00 0.00 143,645,912.72 17,071,008.33 2,213,074.50 66,004,750.29 42,385,464.84 15,971,614.76 1,625.00 0.00 1,625.00 1,284,035.92 1,284,035.92 0.00 0.00 7,172,123.49 7,172,123.49 411,028,109.82 26,826,444.00
* The limited partnership record keeping, including the internal rate of return or IRR, is maintained internally by CalSTRS for each limited partnership. The CalSTRS’ IRR calculation method may differ from calculation methods used by the General Partner or other Limited Partners. Differences in IRR calculations can be affected by cash flow timing, the account treatment of carried interest, partnership management fees, advisory fees, organization fees, other partnership expenses, sale of distributed stock and valuations. Importantly, there is no industrystandardized method for reporting and valuations are made using FASB 157 as a guideline, which makes comparisons of these numbers difficult. Additionally, the purchase of secondary interests makes for unique comparison problems due to the specific pricing and timing characteristics of the transaction when contrasted with the Limited Partnership Investment. Until a partnership is liquidated, typically over 10 to 12 years, the IRR is only an interim estimated return. The IRR calculated for partnerships in the first three years of a partnership life are particularly not meaningful. The actual IRR performance of any limited partnership is not known until the final liquidation. Finally, please note, none of the information contained herein has been reviewed or approved by the General Partners of the Funds.
12.56 13.05 (4.56) (4.56) 6.05 6.48 (15.50) (17.49) (17.49) 4.69 4.69 24.78 57.90 24.94 11.34 25.45 36.35 (4.61) (15.04) (15.04) (15.75) (15.75) (74.25) (74.25) (19.52) (19.52) (16.13) (16.13) (27.50) (27.50) 27.34 11.10 (10.36) 62.32 48.95 (1.61) (7.24) (33.59) (4.00) (1.51) (1.51) (5.69) (5.69) 10.95 10.95 13.22 (13.63)
4
California State Teachers' Retirement System Private Equity Portfolio Performance As of September 30, 2008
Description J.H. Whitney V, L.P. J.H. Whitney VI, L.P. Whitney 1990 Equity Fund
JMI Equity JMI Equity Fund V, L.P. JMI Equity Fund VI, L.P.
Kelso & Company Kelso Investment Associates V, L.P. Kelso Investment Associates VI, L.P.
KKR & Co. KKR 1987 Fund - 2nd KKR 1996 - 2nd KKR 1996 Fund KKR 2006 Fund
M/C Venture Partners M/C Venture Partners IV, L.P. M/C Venture Partners V, L.P.
Madison Dearborn Partners Madison Dearborn Capital Partners II LP Madison Dearborn Capital Partners III LP Madison Dearborn Capital Partners IV, LP Madison Dearborn Capital Partners, L.P.
MatlinPatterson MatlinPatterson Global Opps. Ptnrs. III
Media Communications Media Communications Partners II, L.P. Media Communications Partners III, L.P.
Mezzanine Lending Associates Mezzanine Lending Associates III, L.P.
Nautic Chisholm Partners IV, L.P. Nautic Partners V, L.P.
Navis Capital Partners Navis Asia Fund IV, L.P. Navis Asia Fund V, L.P.
Newbridge Capital Newbridge Asia IV, L.P.
New Enterprise Associates New Enterprise Associates 8A, L.P. New Enterprise Associates IX, L.P. New Enterprise Associates V New Enterprise Associates VI, L.P. New Enterprise Associates VII, L.P. New Enterprise Associates VIII, L.P. New Enterprise Associates X, L.P. New Enterprise Associates XI, L.P. New Enterprise Associates XII, L.P.
Capital Committed 200,000,000.00 75,000,000.00 17,288,000.00 80,000,000.00 30,000,000.00 50,000,000.00 206,019,000.00 56,019,000.00 150,000,000.00 692,963,852.00 45,412,852.00 25,361,000.00 322,190,000.00 300,000,000.00 100,000,000.00 25,000,000.00 75,000,000.00 710,000,000.00 60,000,000.00 300,000,000.00 300,000,000.00 50,000,000.00 250,000,000.00 250,000,000.00 60,000,000.00 30,000,000.00 30,000,000.00 50,000,000.00 50,000,000.00 229,500,000.00 29,500,000.00 200,000,000.00 130,000,000.00 30,000,000.00 100,000,000.00 150,000,000.00 150,000,000.00 670,000,000.00 25,000,000.00 60,000,000.00 25,000,000.00 35,000,000.00 40,000,000.00 50,000,000.00 200,000,000.00 75,000,000.00 160,000,000.00
Capital Contributed 195,005,052.00 49,831,400.00 16,639,252.00 43,915,000.00 25,465,000.00 18,450,000.00 183,046,041.00 55,611,778.00 127,434,263.00 614,243,211.00 45,416,150.00 24,390,894.00 318,435,374.00 226,000,793.00 96,410,084.00 23,125,000.00 73,285,084.00 686,134,182.74 60,296,057.47 297,265,297.39 280,226,508.96 48,346,318.92 106,276,338.07 106,276,338.07 58,500,000.00 30,000,000.00 28,500,000.00 39,881,188.18 39,881,188.18 213,792,095.04 28,411,105.19 185,380,989.85 80,966,649.48 30,000,000.00 50,966,649.48 137,554,051.00 137,554,051.00 572,050,000.00 25,000,000.00 58,800,000.00 25,000,000.00 35,000,000.00 40,000,000.00 50,000,000.00 193,000,000.00 65,250,000.00 80,000,000.00
CalSTRS Since Inception Capital Distributed IRR* 331,994,166.19 13,142,585.00 39,064,914.63 16,221,260.00 16,221,260.00 0.00 342,031,029.00 180,763,222.00 161,267,807.00 611,119,455.00 49,857,574.00 41,934,118.00 510,256,999.00 9,070,764.00 37,015,264.00 5,010,892.00 32,004,372.00 923,771,350.71 136,444,108.08 415,675,405.01 208,749,998.37 162,901,839.25 0.00 0.00 177,211,465.21 134,235,003.21 42,976,462.00 138,471,124.62 138,471,124.62 187,433,378.88 9,042,840.16 178,390,538.72 3,536,241.63 3,536,241.63 0.00 16,425,025.00 16,425,025.00 693,312,385.74 4,686,132.00 9,952,015.23 69,935,151.50 277,544,707.85 128,998,104.66 65,300,873.90 104,857,763.23 24,272,943.37 7,764,694.00
* The limited partnership record keeping, including the internal rate of return or IRR, is maintained internally by CalSTRS for each limited partnership. The CalSTRS’ IRR calculation method may differ from calculation methods used by the General Partner or other Limited Partners. Differences in IRR calculations can be affected by cash flow timing, the account treatment of carried interest, partnership management fees, advisory fees, organization fees, other partnership expenses, sale of distributed stock and valuations. Importantly, there is no industrystandardized method for reporting and valuations are made using FASB 157 as a guideline, which makes comparisons of these numbers difficult. Additionally, the purchase of secondary interests makes for unique comparison problems due to the specific pricing and timing characteristics of the transaction when contrasted with the Limited Partnership Investment. Until a partnership is liquidated, typically over 10 to 12 years, the IRR is only an interim estimated return. The IRR calculated for partnerships in the first three years of a partnership life are particularly not meaningful. The actual IRR performance of any limited partnership is not known until the final liquidation. Finally, please note, none of the information contained herein has been reviewed or approved by the General Partners of the Funds.
25.78 10.94 21.00 16.38 23.56 (16.82) 19.35 25.79 9.36 11.34 3.39 18.82 13.01 (7.83) 5.06 (4.60) 9.22 16.67 22.05 9.15 19.87 28.05 0.84 0.84 34.52 38.85 10.53 16.48 16.48 11.49 (4.34) 15.85 8.76 22.79 (16.63) 10.26 10.26 39.93 (2.66) (10.07) 31.54 65.50 63.75 32.61 3.24 13.11 6.59
5
California State Teachers' Retirement System Private Equity Portfolio Performance As of September 30, 2008
Description
NGEN NGEN Enabling Technologies Fund II, L.P.
Nogales Nogales Investors Fund I, LP Nogales Investors Fund II, L.P.
Oak Investment Partners Oak Investment Partners XI, L.P.
Oaktree Capital Management OCM Opportunities Fund II, L.P. OCM Opportunities Fund IVb, L.P. OCM Opportunities Fund V, L.P. OCM Opportunities Fund VI, L.P. OCM Opportunities Fund VII, L.P. OCM Opportunities Fund VIIb, L.P.
Olympus Olympus Growth Fund V, L.P.
Onex Partners Onex Partners II, LP Onex Partners III, LP Onex Partners LP
Palladium Palladium Equity Partners III
Paul Capital Partners Paul Capital Partners VIII-B, L.P.
Permira Permira Europe II Permira Europe III Permira IV
Phildrew Ventures Phildrew Ventures Fourth Fund B
Pond Ventures Pond Ventures III, L.P.
Prism Venture Partners Prism Venture Partners V, L.P.
Providence Equity Partners Providence Equity Partners V L.P. Providence Equity Partners VI, L.P.
Quadrangle Capital Partners Quadrangle Capital Partners II
Riverstone/Carlyle Riverstone/Carlyle Renew & Alt Energy II
Sankaty Advisors Sankaty Credit Opportunities II, L.P. Sankaty Credit Opportunities III, L.P. Sankaty Credit Opportunities IV, L.P.
Shasta Ventures Shasta Ventures II, L.P.
Capital Committed 15,000,000.00 15,000,000.00 55,000,000.00 25,000,000.00 30,000,000.00 75,000,000.00 75,000,000.00 640,640,000.00 25,000,000.00 100,000,000.00 50,000,000.00 50,000,000.00 115,640,000.00 300,000,000.00 82,500,000.00 82,500,000.00 425,000,000.00 150,000,000.00 175,000,000.00 100,000,000.00 90,000,000.00 90,000,000.00 50,000,000.00 50,000,000.00 1,682,892,803.89 313,869,101.02 383,353,376.44 985,670,326.44 20,221,808.47 20,221,808.47 10,000,000.00 10,000,000.00 25,016,853.00 25,016,853.00 1,050,000,000.00 350,000,000.00 700,000,000.00 100,000,000.00 100,000,000.00 300,000,000.00 300,000,000.00 625,000,000.00 75,000,000.00 300,000,000.00 250,000,000.00 43,500,000.00 22,500,000.00
Capital Contributed 7,767,748.72 7,767,748.72 28,239,489.28 24,963,050.22 3,276,439.06 75,000,000.00 75,000,000.00 379,188,393.89 24,937,808.21 48,610,585.68 50,000,000.00 50,000,000.00 115,640,000.00 90,000,000.00 9,594,374.00 9,594,374.00 218,558,418.00 125,565,190.00 0.00 92,993,228.00 27,397,604.20 27,397,604.20 41,393,725.70 41,393,725.70 1,135,637,941.75 310,169,278.99 365,758,530.94 459,710,131.82 20,243,846.49 20,243,846.49 5,522,821.16 5,522,821.16 15,510,449.45 15,510,449.45 637,262,703.00 317,996,632.00 319,266,071.00 68,057,515.00 68,057,515.00 31,822,972.35 31,822,972.35 450,000,000.00 75,000,000.00 300,000,000.00 75,000,000.00 19,126,638.00 3,375,000.00
CalSTRS Since Inception Capital Distributed IRR* 389,924.39 389,924.39 9,426,406.63 9,414,616.30 11,790.33 15,751,229.04 15,751,229.04 226,029,811.96 37,284,799.01 124,085,418.95 63,734,114.00 111,233.00 814,247.00 0.00 0.00 0.00 113,828,996.00 5,484,397.00 0.00 108,344,599.00 2,363,633.38 2,363,633.38 17,532,337.74 17,532,337.74 934,147,950.58 534,099,507.76 400,048,442.82 0.00 11,701,039.33 11,701,039.33 0.00 0.00 2,867,611.49 2,867,611.49 4,607,162.00 2,011,187.00 2,595,975.00 6,605,539.00 6,605,539.00 0.00 0.00 9,359,622.61 5,977,808.46 3,381,814.15 0.00 1,981,820.43 0.00
* The limited partnership record keeping, including the internal rate of return or IRR, is maintained internally by CalSTRS for each limited partnership. The CalSTRS’ IRR calculation method may differ from calculation methods used by the General Partner or other Limited Partners. Differences in IRR calculations can be affected by cash flow timing, the account treatment of carried interest, partnership management fees, advisory fees, organization fees, other partnership expenses, sale of distributed stock and valuations. Importantly, there is no industrystandardized method for reporting and valuations are made using FASB 157 as a guideline, which makes comparisons of these numbers difficult. Additionally, the purchase of secondary interests makes for unique comparison problems due to the specific pricing and timing characteristics of the transaction when contrasted with the Limited Partnership Investment. Until a partnership is liquidated, typically over 10 to 12 years, the IRR is only an interim estimated return. The IRR calculated for partnerships in the first three years of a partnership life are particularly not meaningful. The actual IRR performance of any limited partnership is not known until the final liquidation. Finally, please note, none of the information contained herein has been reviewed or approved by the General Partners of the Funds.
7.24 7.24 (13.19) (10.57) (84.07) 0.93 0.93 17.36 8.39 43.93 16.06 9.38 (11.16) (27.20) (24.26) (24.26) 33.39 (1.06) N/A 48.07 (13.26) (13.26) 15.51 15.51 18.93 24.44 34.57 (35.93) (15.72) (15.72) (5.30) (5.30) 1.08 1.08 (1.52) 4.05 (16.38) 8.87 8.87 (4.76) (4.76) (5.10) 2.30 (10.06) (1.09) (1.21) (11.55)
6
California State Teachers' Retirement System Private Equity Portfolio Performance As of September 30, 2008
Description Shasta Ventures, L.P.
Sofinnova Ventures Sofinnova Venture Partners VI Sofinnova Venture Partners VII
Spectrum Equity Investors Spectrum Equity Investors III, L.P. Spectrum Equity Investors IV, L.P. Spectrum Equity Investors V, LP
Stonington Partners Stonington Capital Apprec 1994 Fund LP
Summit Partners Summit Accelerator Fund, L.P. Summit Partners Europe PE Fund Summit Partners Private Equity VII-A, LP Summit Partners Venture Capital II-A, LP Summit Subordinated Debt Fund I, L.P. Summit Subordinated Debt Fund II, L.P. Summit Subordinated Debt Fund III, L.P. Summit Subordinated Debt Fund IV, L.P. Summit Ventures III, L.P. Summit Ventures IV, L.P. Summit Ventures V, L.P. Summit Ventures VI-A, L.P.
Syncom Syndicated Communications Vent. Part. V
TA Associates TA / Advent VIII, L.P. TA IX, L.P. TA Subordinated Debt Fund II, LP TA X, LP
Technology Crossover Ventures TCV V, L.P. TCV VI, L.P. TCV VII, L.P.
Texas Pacific Group T3 Partners I, L.P. TAC 2007, LP TPG Asia V, L.P. TPG Financial Partners, L.P. TPG Partners III, L.P. TPG Partners IV, L.P. TPG Partners V, L.P. TPG Partners VI, L.P.
The Cypress Group Cypress Merchant Banking Partners II LP
The Resolute Fund The Resolute Fund II, L.P. The Resolute Fund, L.P.
Capital Committed 21,000,000.00 55,000,000.00 25,000,000.00 30,000,000.00 365,000,000.00 65,000,000.00 150,000,000.00 150,000,000.00 92,241,000.00 92,241,000.00 458,232,511.76 10,000,000.00 70,232,511.76 100,000,000.00 15,000,000.00 10,000,000.00 20,000,000.00 30,000,000.00 40,000,000.00 15,000,000.00 30,000,000.00 45,000,000.00 73,000,000.00 20,000,000.00 20,000,000.00 212,500,000.00 10,000,000.00 50,000,000.00 42,500,000.00 110,000,000.00 320,000,000.00 50,000,000.00 70,000,000.00 200,000,000.00 3,100,000,000.00 100,000,000.00 150,000,000.00 200,000,000.00 500,000,000.00 300,000,000.00 350,000,000.00 1,000,000,000.00 500,000,000.00 278,125,000.00 278,125,000.00 450,000,000.00 350,000,000.00 100,000,000.00
Capital Contributed 15,751,638.00 28,250,000.00 19,250,000.00 9,000,000.00 283,754,319.80 64,675,000.00 145,500,000.00 73,579,319.80 85,665,530.66 85,665,530.66 271,664,108.78 9,622,012.32 0.00 45,500,000.00 5,850,000.00 9,000,000.00 18,000,000.00 23,850,000.00 0.00 13,500,000.00 29,100,000.00 43,425,000.00 73,817,096.46 6,392,890.00 6,392,890.00 162,435,000.00 9,800,000.00 48,585,000.00 22,100,000.00 81,950,000.00 94,118,000.00 43,760,000.00 50,358,000.00 0.00 1,758,631,097.93 76,943,280.00 84,763,636.00 32,555,504.00 129,780,349.00 267,254,554.00 330,991,033.93 810,263,104.00 26,079,637.00 253,177,039.14 253,177,039.14 173,259,566.00 83,426,813.00 89,832,753.00
CalSTRS Since Inception Capital Distributed IRR* 1,981,820.43 680,697.37 680,697.37 0.00 170,542,118.69 51,100,923.90 119,441,194.79 0.00 35,708,837.86 35,708,837.86 454,513,008.67 8,995,622.39 0.00 2,227,774.00 0.00 15,709,405.33 36,957,366.88 11,188,023.00 0.00 48,707,972.14 219,299,318.80 57,645,497.39 53,782,028.74 147,172.00 147,172.00 97,907,181.87 21,424,361.87 60,045,320.00 4,887,500.00 11,550,000.00 38,817,213.28 23,526,715.28 15,290,498.00 0.00 987,679,424.93 274,241,462.00 0.00 229,995.00 594,985.00 535,435,003.00 172,007,198.93 5,170,781.00 0.00 151,511,882.22 151,511,882.22 30,611,017.00 1,586,230.00 29,024,787.00
* The limited partnership record keeping, including the internal rate of return or IRR, is maintained internally by CalSTRS for each limited partnership. The CalSTRS’ IRR calculation method may differ from calculation methods used by the General Partner or other Limited Partners. Differences in IRR calculations can be affected by cash flow timing, the account treatment of carried interest, partnership management fees, advisory fees, organization fees, other partnership expenses, sale of distributed stock and valuations. Importantly, there is no industrystandardized method for reporting and valuations are made using FASB 157 as a guideline, which makes comparisons of these numbers difficult. Additionally, the purchase of secondary interests makes for unique comparison problems due to the specific pricing and timing characteristics of the transaction when contrasted with the Limited Partnership Investment. Until a partnership is liquidated, typically over 10 to 12 years, the IRR is only an interim estimated return. The IRR calculated for partnerships in the first three years of a partnership life are particularly not meaningful. The actual IRR performance of any limited partnership is not known until the final liquidation. Finally, please note, none of the information contained herein has been reviewed or approved by the General Partners of the Funds.
(0.18) (2.59) 0.80 (21.67) 6.70 (2.71) 8.62 17.72 (1.77) (1.77) 65.90 5.67 N/A (9.22) (1.61) 30.59 55.91 7.54 N/A 61.66 103.78 8.67 15.38 (27.78) (27.78) 15.79 23.32 21.68 6.32 (12.82) 10.95 13.15 4.88 N/A 17.48 29.47 (30.96) (46.20) (44.65) 25.48 20.55 (13.70) (65.82) (1.64) (1.64) 6.51 (17.80) 11.82
7
California State Teachers' Retirement System Private Equity Portfolio Performance As of September 30, 2008
Description
THL Equity Advisors Thomas H. Lee Equity Fund IV, L.P - 2nd Thomas H. Lee Equity Partners III, L.P. Thomas H. Lee Equity Partners IV, L.P. Thomas H. Lee Equity Partners V, L.P.
Thoma Cressey Bravo Thoma Cressey Fund VI, L.P. Thoma Cressey Fund VII, L.P.
Triton Triton Fund II L.P.
US Renewables Group USRG Power and Biofuels Fund II, L.P.
VantagePoint Venture Partners VantagePoint Venture Partners III VantagePoint Venture Partners IV VantagePoint CleanTech Partners, L.P. VantagePoint Venture Partners 2006 (Q)
Vestar Capital Partners Vestar Capital Partners IV, L.P. Vestar Capital Partners V, L.P.
Warburg, Pincus & Co. Warburg, Pincus Investors, L.P. Warburg, Pincus Ventures, L.P.
Welsh, Carson, Anderson & Stowe WCAS Capital Partners IV, L.P. Welsh, Carson, Anderson & Stowe II Welsh, Carson, Anderson & Stowe III Welsh, Carson, Anderson & Stowe IX, L.P. Welsh, Carson, Anderson & Stowe V, L.P Welsh, Carson, Anderson & Stowe VI Welsh, Carson, Anderson & Stowe VII Welsh, Carson, Anderson & Stowe VIII, LP Welsh, Carson, Anderson & Stowe X, L.P. Welsh, Carson, Anderson & Stowe XI, L.P.
Yucaipa Yucaipa Corporate Initiative Fund
Capital Committed 672,496,424.00 2,047,424.00 106,728,000.00 163,721,000.00 400,000,000.00 160,000,000.00 60,000,000.00 100,000,000.00 68,792,567.72 68,792,567.72 60,000,000.00 60,000,000.00 317,500,000.00 45,000,000.00 150,000,000.00 22,500,000.00 100,000,000.00 250,000,000.00 100,000,000.00 150,000,000.00 210,000,000.00 100,000,000.00 110,000,000.00 1,783,960,000.00 150,000,000.00 30,000,000.00 100,000,000.00 400,000,000.00 30,000,000.00 50,000,000.00 150,000,000.00 300,000,000.00 323,960,000.00 250,000,000.00 150,000,000.00 150,000,000.00
Capital Contributed 596,653,928.00 1,759,530.00 72,353,805.00 135,101,803.00 387,438,790.00 158,139,998.95 58,140,000.00 99,999,998.95 41,120,820.44 41,120,820.44 20,133,980.00 20,133,980.00 228,366,470.48 45,000,000.00 150,000,000.00 8,366,470.48 25,000,000.00 206,644,097.51 95,354,421.97 111,289,675.54 210,000,000.00 100,000,000.00 110,000,000.00 1,379,210,442.00 93,000,000.00 30,000,000.00 100,000,000.00 380,000,000.00 30,000,000.00 50,000,000.00 150,000,000.00 300,000,000.00 246,210,442.00 0.00 140,106,600.25 140,106,600.25
CalSTRS Since Inception Capital Distributed IRR* 606,686,215.94 1,541,950.82 137,210,272.66 117,060,400.46 350,873,592.00 122,252,170.73 27,076,493.01 95,175,677.72 4,539,649.10 4,539,649.10 0.00 0.00 53,383,253.09 15,292,261.89 38,090,991.20 0.00 0.00 107,523,922.83 99,045,341.14 8,478,581.69 808,249,138.42 236,353,036.25 571,896,102.17 1,371,859,780.97 15,556,771.00 41,341,048.63 153,497,367.97 396,884,636.09 105,208,166.35 99,757,825.25 316,927,801.77 242,686,163.91 0.00 0.00 10,926,013.35 10,926,013.35
* The limited partnership record keeping, including the internal rate of return or IRR, is maintained internally by CalSTRS for each limited partnership. The CalSTRS’ IRR calculation method may differ from calculation methods used by the General Partner or other Limited Partners. Differences in IRR calculations can be affected by cash flow timing, the account treatment of carried interest, partnership management fees, advisory fees, organization fees, other partnership expenses, sale of distributed stock and valuations. Importantly, there is no industrystandardized method for reporting and valuations are made using FASB 157 as a guideline, which makes comparisons of these numbers difficult. Additionally, the purchase of secondary interests makes for unique comparison problems due to the specific pricing and timing characteristics of the transaction when contrasted with the Limited Partnership Investment. Until a partnership is liquidated, typically over 10 to 12 years, the IRR is only an interim estimated return. The IRR calculated for partnerships in the first three years of a partnership life are particularly not meaningful. The actual IRR performance of any limited partnership is not known until the final liquidation. Finally, please note, none of the information contained herein has been reviewed or approved by the General Partners of the Funds.
10.20 (3.49) 31.50 (2.53) 13.69 6.68 (4.01) 25.09 0.11 0.11 (9.96) (9.96) 1.38 (7.34) 4.27 20.23 (7.27) 12.31 14.60 4.01 24.81 14.85 49.16 12.49 11.37 10.38 14.12 15.06 33.15 13.88 17.64 2.13 4.11 N/A (2.86) (2.86)
8
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