CalSTRS, the $115bn (£81bn) California State Teachers Retirement System, is set to make a $20m co-investment in Force 10 Networks, subject to approval from the fund's investment committee.
CalSTRS investment committee meets on June 6, where approval is expected to be given for the investment. The $20m commitment, subject to the successful negotiation of legal terms and conditions, will be made through venture capital fund, NEA VIII.
NEA VIII is one of CalSTRS general partners and the investment will be in preferred stock.
NEA VIII is looking to raise $100m in this round of financing for Force 10 Networks, of which the CalSTRS $20m is part. NEA and US Venture Partners (USVP) were the original investors in and creators of Force 10 Networks. Currently, Force 10 Networks backers include NEA, USVP, Worldview, Sanmina, CalSTRS and Force10 executives.
Force10 Networks develops and manufactures switching equipment for broadband wires. Force 10 Networks has developed a 10-gigabit Ethernet (10 GbE) switch which CalSTRS believes will be the next breakthrough in broadband transmission.
By Geoffrey Ho
Enhanced powers for The Pensions Regulator (TPR) to prosecute and fine company directors who "wilfully or recklessly" put their defined benefit (DB) pension scheme at risk will be hard to enforce, commentators say.
Melrose has pledged to contribute up to £1bn to GKN's pension schemes as part of a final offer to acquire the engineering business.
Existing master trusts will be forced to pay £41,000 when applying for authorisation under the upcoming regime, the government has confirmed.
UPDATE 2 - DWP publishes DB white paper: Stronger powers for TPR, DB chair statements to be introduced
The Pensions Regulator (TPR) will be given the power to fine company bosses who deliberately puts their defined benefit (DB) schemes at risk, the government has confirmed.