US - The California State Teachers' Retirement System has awarded a private equity fund-of-funds brief to INVESCO Private Capital to invest an initial US$100m over five years in new and next generation managers.
CalSTRS said INVESCO would “construct, manage and monitor a private equity fund-of-funds portfolio of new and next generation manager partnership investments”.
The appointment follows the recent establishment of CalSTRS New and Next Generation Manager Fund.
The US$123bn fund defined new and next generation managers as private equity professionals splitting from their current organisation, young partnerships seeking their second institutional fund and experienced private funds or investors seeking institutional funding for the first time.
Commenting on the appointment, CIO Christopher J. Ailman said: “We’re pleased to partner with INVESCO Private Capital, which has a proven track record in selecting new and next generation private equity managers.
“We expect them to select a pool of partnerships that will reflect the diversity of the next generation of managers that has entered the market in recent years. We’re looking forward to the new managers becoming part of the CalSTRS private equity investment pool and watching as they become successful going forward.”
The fund said INVESCO would have “full discretion” to consider funds focussed on buyouts, equity expansion, venture capital, clean technology and the environment.
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