UK - The California State Teachers' Retirement System (CalSTRS) has selected Cambridge Associates as its advisor for US alternative investment (AI) partnerships.
Cambridge Associates will recommend US partnerships, perform due diligence and assist and advise CalSTRS staff on those investment opportunities.
“Cambridge has the experience, philosophy and background we need to continue the excellence of our AI portfolio,” said Real Desrochers, CalSTRS’ director of alternative investments.
The selection of Cambridge Associates completes a restructuring of the portfolio’s consulting services that began last year.
Earlier, McKinsey & Company was named as overall alternative investment portfolio advisor to the CalSTRS board and Altius Associates was selected to advise on European AI partnerships.
“The geographic specialisation we’ve built into the AI advisory service will be an important part of our investment strategy,” said CalSTRS chief investment officer, Christopher Ailman.
The AI portfolio has direct and co-investments, limited partnerships and secondary interests.
CalSTRS’ domestic AI portfolio is valued at $3.7bn and the total AI portfolio at $4.3bn with additional unfunded commitments of $4.4bn within CalSTRS’ $92bn investment portfolio.
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