VentureCapital.Gold

CalSTRS

California's teachers' pension, a long-time venture LP.

Institutional LP CapitalFirmGlobal
Visit website
Target market
Established venture managers directly; emerging managers via external programs
Typical check
Large direct commitments; smaller via emerging-manager portfolios
Geography
Global

Overview

The California State Teachers' Retirement System is one of the largest educator-only pension funds in the world and a long-standing private-markets investor with venture exposure inside its private-equity program. Notably for emerging GPs, CalSTRS has run new and next-generation manager strategies through external partners — its venture emerging-manager portfolios are now managed by Sapphire Partners — which is the practical door for smaller funds. Direct commitments from the main portfolio go to established managers at scale.

Key facts

  • One of the largest educator pension funds in the world
  • Long-running private-equity program with venture exposure
  • Its venture emerging-manager portfolios are managed by Sapphire Partners
  • Based in West Sacramento, California

More in Institutional LP Capital

END

University Endowments

Investor type

The original venture LPs, with the longest horizons.

Top-decile venture franchises; selectively, emerging managers with distinctive accessView
PPF

Public Pension Funds

Investor type

Scale capital, consultant-gated, built for big funds.

Established venture and growth managers with institutional-grade operationsView
INS

Insurance Companies

Investor type

General-account capital with a growing venture appetite.

Established venture and growth managers; later-stage strategies with yield or downside structureView