Products February 17, 2010

CalSTRS Expands Capital Access Private Equity Program

February 17, 2010 (PLANSPONSOR.com) - The California State Teachers’ Retirement System (CalSTRS) has announced the expansion of its relationship with Banc of America Merrill Lynch Capital Access Fund into underserved inner-city and rural markets.
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The fund is part of a private equity portfolio exceeding $1.135 billion, known as the Proactive Portfolio, which includes the urban and rural program, an emerging manager program and what CalSTRS described as “other innovative strategies”.   According to the announcement, the Proactive Portfolio encompasses a broad range of industries, including media and entertainment, consumer products and retail, manufacturing and distribution, technology and telecom, business and financial services, and healthcare.     

“This fund extends new capital into traditionally underserved communities in the inner cities and rural areas, during a time when the capital that small businesses need in order to grow is in short supply,” said CalSTRS Chief Investment Officer Christopher J. Ailman. “These opportunities, we believe, will yield long-term value that will benefit the retirement fund and add to the financial security of our members.”

Qualified general partners seeking more information can contact Guillermo Borda of BAML Capital Access Funds at (310) 860-2542 or guillermo.borda@bankofamerica.com.

The California State Teachers’ Retirement System, with a portfolio valued at $134.1 billion, is the second-largest public pension fund in the United States, administering retirement, disability and survivor benefits for California’s 845,000 public school educators and their families from the state’s 1,400 school districts, county offices of education and community college districts.

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