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California State Teachers' Retirement System

Private Equity Portfolio Performance


As of September 30, 2015

Description

Vintage Yr

Total
ACON Equity Partners III LP
Acon-Bastion Partners II, L.P.
Advent Central & Eastern Europe IV, LP
Advent International GPE VI, L.P.
Affinity Asia Pacific Fund III, L.P.
AG Capital Recovery Partners IV, L.P.
AG Capital Recovery Partners V, L.P.
AG Capital Recovery Partners VI, L.P.
AG Capital Recovery Partners VII, L.P.
Alchemy Plan (Estrellita) L.P.
Alchemy Special Opportunities Fund III
Alta Communications IX, L.P.
Alta V Limited Partnership
Apax Europe V
Apax Europe VI - A, L.P.
Apax Europe VII
Apax Excelsior VI, L.P.
Apollo Investment Fund VI, L.P.
Apollo Investment Fund VII, L.P.
ARCH Venture Fund VI, L.P.
Ares Capital Europe II (D), L.P.
Ares Corporate Opportunities Fund IV, LP
Ares Euro Credit Strat Fund (C), L.P.-MA
Atria Private Equity Fund III FC PR
Austin Ventures V, L.P.
Austin Ventures VI, L.P.
Avenue Special Situations Fund V, LP
Bain Capital Asia Fund II, L.P.
Bain Capital Asia Fund, L.P.
Bain Capital Coinvest Fund X, L.P.
Bain Capital Fund IX, L.P.
Bain Capital Fund X, L.P.
Bain Capital IX Coinvest Fund, LP
BC European Capital IX
BC European Capital VIII, L.P.
BC Partners VII, L.P.
Blackstone - GSO Capital Solutions LP
Blackstone Capital Partners IV, L.P.
Blackstone Capital Partners V, L.P.
Blackstone Capital Partners VI, L.P.
Blackstone Capital Partners VII
Blackstone Communications Partners I, LP
Blackstone Energy Partners II L.P.
Blue Run Ventures IV, L.P.
Blue Run Ventures V, L.P.
Blue Run Ventures, L.P.
Boston Ventures V, L.P.
BRV Opportunities Fund, L.P.
CalSTRS California Impact Fund, LLC
CalSTRS Lower Middle Market Fund III,LLC
CalSTRS Lower Middle Market Fund IV, LLC
CalSTRS Lower Middle Market Fund V, L.P.
CalSTRS New&Next Gen. Manager Fund II

2012
2006
2008
2008
2006
2003
2005
2008
2009
2002
2014
2002
1992
2001
2004
2007
2000
2005
2008
2003
2013
2012
2013
2006
1997
1998
2007
2012
2007
2007
2006
2007
2006
2011
2005
2000
2009
2001
2005
2011
2015
2000
2014
2008
2014
2005
1996
2015
2003
2006
2010
2014
2008

Capital Committed

Capital Contributed

Capital Distributed

CalSTRS
Since
Inception
IRR*

44,441,656,367

34,752,946,592

35,389,185,536

10.51

70,000,000
40,000,000
99,063,636
271,011,369
150,000,000
33,958,976
50,000,000
100,000,000
164,208,774
259,539,197
60,790,488
40,000,000
20,000,000
115,649,884
314,288,761
523,400,568
100,000,000
250,000,000
350,000,000
30,000,000
50,000,000
150,000,000
47,648,352
39,467,124
15,000,000
22,000,000
250,000,000
75,000,000
25,000,000
14,000,000
100,000,000
400,000,000
50,000,000
259,302,573
605,521,930
323,203,189
250,000,000
215,000,000
1,738,000,000
322,100,000
488,000,000
275,000,000
107,900,000
23,595,506
19,005,882
31,415,730
90,000,000
1,897,590
75,000,000
200,000,000
200,000,000
100,000,000
216,947,782

44,659,241
37,183,693
77,296,771
262,779,625
139,349,404
33,958,976
46,750,000
100,000,000
164,208,772
259,366,039
7,611,747
38,000,000
20,000,000
115,649,884
308,387,154
513,785,945
98,422,784
239,549,952
283,117,518
30,000,000
40,998,530
99,473,897
28,669,335
26,520,426
15,000,000
22,000,000
250,000,000
53,787,588
23,812,500
12,250,000
97,250,000
387,800,000
49,000,000
192,076,993
582,415,564
323,203,189
202,237,333
182,339,463
1,572,912,595
200,324,346
0
250,293,431
576,333
22,179,775
5,701,765
31,101,573
86,872,281
474,398
61,782,047
172,933,195
111,336,983
15,299,851
130,626,226

3,128,064
57,119,752
32,262,522
219,354,766
169,431,688
75,115,487
47,530,382
119,301,333
152,841,478
252,922,620
0
19,838,672
45,540,989
248,265,054
403,991,439
402,611,870
161,122,652
314,207,429
475,436,996
20,084,183
2,799,733
3,015,516
2,880,741
15,287,025
28,918,232
13,358,206
330,060,553
3,708,379
18,585,777
7,084,031
124,121,410
250,928,961
74,218,591
27,683,661
548,280,327
822,215,324
203,001,940
448,900,537
1,715,144,966
20,880,122
0
277,048,208
0
12,781,089
0
25,986,704
99,301,262
0
38,827,803
72,509,382
20,064,427
0
21,287,129

10.60
14.28
(5.29)
16.94
12.57
28.14
2.59
7.62
5.52
2.82
(32.97)
(2.97)
24.53
36.06
12.36
5.40
11.83
9.63
25.04
3.49
8.62
9.90
0.88
(6.67)
31.16
(8.04)
11.14
15.02
8.23
5.26
6.89
6.65
11.16
3.92
4.24
23.92
13.45
36.15
8.43
12.19
N/A
6.26
(100.00)
37.20
(12.60)
6.55
2.61
(1.42)
1.16
6.50
12.23
3.41
8.88

* The limited partnership record keeping, including the internal rate of return or IRR, is maintained internally by CalSTRS for each
limited partnership. The CalSTRS IRR calculation method may differ from calculation methods used by the General Partner or other
Limited Partners. Differences in IRR calculations can be affected by cash flow timing, the account treatment of carried interest,
partnership management fees, advisory fees, organization fees, other partnership expenses, sale of distributed stock and valuations.
Importantly, there is no industry-standardized method for valuation or reporting, which makes comparisons of these numbers
difficult. Additionally, the purchase of secondary interests makes for unique comparison problems due to the specific pricing and
timing characteristics of the transaction when contrasted with the Limited Partnership Investment. Until a partnership is liquidated,
typically over 10 to 12 years, the IRR is only an interim estimated return. The IRR calculated for partnerships in the first three years
of a partnership life are particularly not meaningful. The actual IRR performance of any limited partnership is not known until the final
liquidation. Finally, please note, none of the information contained herein has been reviewed or approved by the General Partners of
the Funds.

California State Teachers' Retirement System


Private Equity Portfolio Performance
As of September 30, 2015

Description
CalSTRS New&Next Gen. Manager Fund III
CalSTRS New&Next Generation Manager Fund
Capital Partners III, L.P.
Carlyle Europe Partners III, L.P.
Carlyle Europe Partners IV, L.P.
Carlyle Partners IV, L.P.
Carlyle Partners V, L.P.
Carlyle Partners VI, L.P.
Carlyle/Riverstone Renew Energy Infrast
Castlelake II, L.P.
Castlelake III, L.P.
Castlelake IV, L.P.
Centerbridge Capital Partners II, L.P.
Centerbridge Capital Partners III, L.P.
Centerbridge Capital Partners, L.P.
Centerbridge Special Credit Partners
Centerbridge Special Credit Partners II
Cerberus Institutional (INTL) Series 1
Cerberus Institutional (Series Four) LP
Cerberus Institutional (Series Three)
Charterhouse Capital VIII, L.P.
Chisholm Partners IV, L.P.
Clayton, Dubilier & Rice Fund IX LP
Clayton, Dubilier & Rice Fund VII, L.P.
Clearstone Venture Partners III-A, L.P.
Coller International Partners VI, L.P.
Cortec Group Fund IV, L.P.
Cortec Group Fund V, L.P.
Cortec Group Fund VI, L.P.
Craton Equity Investors I, L.P.
Craton Equity Investors II, L.P.
CVC Capital Partners Asia Pacific II, LP
CVC Capital Partners Asia Pacific III LP
CVC Capital Partners Asia Pacific IV LP
CVC European Equity Partners II L.P.
CVC European Equity Partners III L.P.
CVC European Equity Partners IV, L.P.
CVC European Equity Partners L.P.
CVC European Equity Partners Tandem Fund
CVC European Equity Partners V, L.P.
CVI Credit Value Fund A III
CVI Global Value Fund, LP
Cypress Merchant Banking Partners II LP
DCM IV, L.P.
ECI 10 A, L.P.
ECI 9 A L.P.
EnCap Energy Capital Fund IX, L.P.
EnCap Energy Capital Fund VI, L.P.
EnCap Energy Capital Fund VII, L.P.
EnCap Energy Capital Fund VIII, L.P.
EnCap Energy Capital Fund X, L.P.
EnCap Energy Capital VIII Co-Investors
Encap Flatrock Midstream Fund III
Energy Capital Partners I
Energy Capital Partners II-A

Vintage Yr
2012
2005
2014
2007
2015
2005
2007
2013
2006
2012
2014
2015
2011
2014
2006
2009
2012
2008
2007
2003
2006
1999
2014
2004
2004
2012
2006
2011
2015
2006
2012
2005
2008
2013
1998
2001
2005
1996
2006
2008
2015
2007
1999
2004
2014
2009
2013
2006
2007
2010
2015
2011
2014
2006
2009

Capital Committed
269,542,578
105,645,634
22,500,000
522,832,766
167,166,172
100,000,000
500,000,000
250,000,000
50,000,000
50,000,000
100,000,000
150,000,000
225,000,000
250,000,000
150,000,000
250,000,000
250,000,000
151,410,000
500,000,000
100,000,000
134,276,840
29,500,000
200,000,000
100,000,000
35,000,000
100,000,000
58,641,176
60,000,000
100,000,000
30,000,000
15,266,668
100,000,000
200,000,000
125,000,000
300,000,000
200,000,000
385,645,886
40,000,000
507,879,378
412,424,316
100,000,000
196,000,000
278,125,000
15,000,000
45,461,989
15,865,509
150,000,000
150,000,000
250,000,000
200,000,000
200,000,000
59,000,000
60,000,000
220,000,000
100,000,000

Capital Contributed
70,666,474
73,620,868
9,450,000
511,375,794
21,900,838
96,761,147
435,269,100
88,497,521
49,595,237
46,249,341
81,984,520
0
188,764,064
39,783,669
139,046,597
163,389,265
225,000,000
126,226,003
461,721,438
63,775,341
120,996,093
28,981,412
82,740,381
91,814,122
32,900,000
62,776,733
53,155,366
48,666,437
1,109,440
29,998,306
11,563,263
95,306,343
164,609,718
8,830,373
279,075,728
192,010,551
349,200,348
39,292,287
439,728,052
347,389,444
20,000,000
186,200,000
261,571,696
15,000,000
8,199,142
12,223,460
85,490,593
149,267,946
236,037,617
156,007,342
8,656,163
51,953,720
3,386,880
200,600,301
66,404,822

Capital Distributed
0
57,130,221
1,230,602
542,800,063
0
185,354,983
436,928,647
276,396
5,414,534
0
0
0
4,357,581
0
244,988,869
266,173,109
18,789,113
84,073,257
538,227,587
127,397,933
91,410,481
30,162,217
0
133,646,278
5,819,554
16,539,164
70,888,716
0
0
155,053
329
60,379,403
205,773,426
0
660,122,103
555,947,278
597,438,312
97,903,249
549,665,393
275,661,833
0
231,407,238
218,407,248
11,695,149
0
13,180,867
2,903,992
261,998,094
304,826,080
45,169,643
0
5,455,906
0
81,235,018
55,935,457

* The limited partnership record keeping, including the internal rate of return or IRR, is maintained internally by CalSTRS for each
limited partnership. The CalSTRS IRR calculation method may differ from calculation methods used by the General Partner or other
Limited Partners. Differences in IRR calculations can be affected by cash flow timing, the account treatment of carried interest,
partnership management fees, advisory fees, organization fees, other partnership expenses, sale of distributed stock and valuations.
Importantly, there is no industry-standardized method for valuation or reporting, which makes comparisons of these numbers
difficult. Additionally, the purchase of secondary interests makes for unique comparison problems due to the specific pricing and
timing characteristics of the transaction when contrasted with the Limited Partnership Investment. Until a partnership is liquidated,
typically over 10 to 12 years, the IRR is only an interim estimated return. The IRR calculated for partnerships in the first three years
of a partnership life are particularly not meaningful. The actual IRR performance of any limited partnership is not known until the final
liquidation. Finally, please note, none of the information contained herein has been reviewed or approved by the General Partners of
the Funds.

CalSTRS
Since
Inception
IRR*
(2.43)
12.02
(7.20)
10.78
(0.38)
13.09
13.77
(3.19)
(36.11)
19.83
13.48
N/A
3.50
1.72
20.77
14.23
1.36
9.44
7.96
12.81
(0.03)
0.71
30.02
11.04
5.85
23.10
11.69
41.77
(51.49)
(17.46)
(9.58)
(6.02)
13.97
(30.76)
18.93
40.62
16.49
22.91
6.79
11.08
3.83
6.89
(0.46)
3.36
(23.80)
22.40
(7.51)
23.72
16.60
(1.51)
(23.41)
(20.91)
(22.00)
(7.49)
14.39

California State Teachers' Retirement System


Private Equity Portfolio Performance
As of September 30, 2015

Description
Energy Capital Partners III-A, LP
Energy Spectrum Partners IV, L.P.
Energy Spectrum Partners VI, L.P.
Energy Spectrum Partners VII LP
Equistone Partners Europe Fund IV "F" LP
Equistone Partners Europe Fund V "D" L.P
FCO MA II LP
FCO MA III, L.P. PE
FCO MA IV L.P. PE
First Reserve Fund X, L.P.
First Reserve Fund XI, L.P.
First Reserve Fund XII, L.P.
First Reserve Fund XIII, LP
FondInvest VI
FondInvest VI -Class B
Fortress Credit Opportunities Fund II(A)
FountainVest China Growth Cap Fund II LP
FountainVest China Growth Capital Fund
Francisco Partners III, L.P.
Francisco Partners IV, L.P.
Frazier Healthcare Ventures V, L.P.
FS Equity Partners IV, L.P.
FS Equity Partners V, L.P.
Genstar Capital Partners V, L.P.
GGV Capital IV L.P.
GGV Capital Select, L.P
GGV Capital V L.P.
Giza Venture Fund IV
Giza Venture Fund V
Gores Capital Partners II, L.P.
Gores Small Capitalization Partners, LP
GSO Capital Opportunities Fund II, LP
GSO Capital Opportunities Fund, L.P.
GSO Capital Solutions Fund II, L.P.
Hellman & Friedman Capital Partners V LP
Hellman & Friedman Capital Partners VI
Hellman & Friedman Capital Partners VII
Hellman & Friedman Capital Partners VIII
Hg Renewable Power Partners 2 A, L.P.
Hg Renewable Power Partners, L.P.
HgCapital 7 C L.P.
Hony Capital Fund 2008, LP
Hony Capital Fund V, L.P.
Huntsman Gay Capital Partners Fund, LP
ICV Partners II, L.P.
ICV Partners III, L.P.
InnoCal II, L.P.
Institutional Venture Partners XII, L.P.
InterWest Partners IX, L.P.
InterWest Partners VIII, L.P.
Investitori Associati IV
Irving Place Capital Partners III, L.P.
Italian Private Equity Fund IV L.P.
J.H. Whitney IV, L.P.
J.H. Whitney VI, L.P.

Vintage Yr
2013
2004
2011
2014
2012
2015
2010
2012
2015
2003
2006
2008
2014
2002
2002
2010
2012
2008
2010
2014
2004
1998
2003
2007
2011
2015
2014
2005
2007
2007
2012
2011
2006
2012
2004
2006
2011
2014
2010
2006
2013
2008
2011
2008
2006
2013
2000
2007
2004
2000
2004
2006
2003
1999
2005

Capital Committed
200,000,000
50,000,000
75,000,000
75,000,000
64,431,295
128,380,496
195,000,000
200,000,000
200,000,000
200,000,000
800,000,000
800,000,000
200,000,000
29,325,292
77,620
5,000,000
45,000,000
50,000,000
75,000,000
140,000,000
47,473,830
87,500,000
95,000,000
70,000,000
60,000,000
50,000,000
50,000,000
20,000,000
12,400,000
100,000,000
30,000,000
250,000,000
100,000,000
125,000,000
100,000,000
200,000,000
100,000,000
200,000,000
62,045,182
60,752,457
77,635,088
50,000,000
75,000,000
100,000,000
25,000,000
40,000,000
15,000,000
50,000,000
40,000,000
75,000,000
34,103,330
175,000,000
41,829,286
100,000,000
75,000,000

Capital Contributed
49,783,625
51,318,768
45,962,450
2,370,581
59,589,377
22,322,753
110,241,054
147,721,251
26,064,804
200,000,000
806,101,221
761,633,893
24,595,553
28,225,787
74,761
3,033,325
24,275,952
43,021,202
67,762,500
34,650,000
46,880,407
87,227,940
76,484,275
63,844,121
56,700,000
8,250,000
26,250,000
20,000,000
12,400,000
90,615,831
12,984,259
87,108,358
93,668,540
21,574,396
89,911,797
191,702,114
73,985,238
0
45,548,646
58,208,199
34,378,919
46,851,590
59,839,240
95,342,190
23,877,672
20,895,031
15,000,001
50,000,000
38,000,000
75,000,000
33,746,142
130,829,221
38,543,101
85,289,686
74,296,328

Capital Distributed
0
86,211,913
12,981,488
0
13,930,456
0
117,226,949
20,511,671
312,878
364,857,999
444,113,097
302,419,491
0
51,016,520
1,240,770
3,364,578
0
9,081,624
7,193,384
0
57,766,172
149,210,976
141,078,852
80,054,728
290,885
0
0
3,382,501
13,059,355
76,449,398
1,489,824
35,707,665
150,202,384
921,404
237,091,407
295,867,928
25,134,984
0
858,879
46,472,813
0
12,136,941
0
115,036,189
21,048,416
245,433
4,163,979
104,078,227
30,218,535
35,361,111
15,291,041
138,230,688
26,930,607
30,634,495
60,681,022

* The limited partnership record keeping, including the internal rate of return or IRR, is maintained internally by CalSTRS for each
limited partnership. The CalSTRS IRR calculation method may differ from calculation methods used by the General Partner or other
Limited Partners. Differences in IRR calculations can be affected by cash flow timing, the account treatment of carried interest,
partnership management fees, advisory fees, organization fees, other partnership expenses, sale of distributed stock and valuations.
Importantly, there is no industry-standardized method for valuation or reporting, which makes comparisons of these numbers
difficult. Additionally, the purchase of secondary interests makes for unique comparison problems due to the specific pricing and
timing characteristics of the transaction when contrasted with the Limited Partnership Investment. Until a partnership is liquidated,
typically over 10 to 12 years, the IRR is only an interim estimated return. The IRR calculated for partnerships in the first three years
of a partnership life are particularly not meaningful. The actual IRR performance of any limited partnership is not known until the final
liquidation. Finally, please note, none of the information contained herein has been reviewed or approved by the General Partners of
the Funds.

CalSTRS
Since
Inception
IRR*
(13.42)
14.84
(1.91)
(83.67)
11.44
(4.17)
19.00
10.37
1.83
30.47
(7.19)
(4.29)
(28.01)
22.81
63.75
18.35
31.28
9.72
15.81
(7.57)
12.96
12.85
15.73
13.48
35.28
(0.69)
83.07
(8.43)
26.54
7.32
15.93
20.28
17.86
23.43
27.48
13.02
16.48
N/A
(24.36)
(2.93)
(4.51)
1.05
11.61
17.58
12.07
3.71
(41.17)
26.61
6.86
(4.78)
(10.23)
2.82
(1.64)
(11.06)
2.59

California State Teachers' Retirement System


Private Equity Portfolio Performance
As of September 30, 2015

Description
JMI Equity Fund V, L.P.
JMI Equity Fund VI, L.P.
JMI Equity Fund VII, L.P.
JMI Equity Fund VIII, L.P.
KKR 2006 Fund
KKR North America Fund XI
Littlejohn Fund V, L.P.
M/C Venture Partners V, L.P.
M2 Private Equity Fund-of-Funds II, L.P.
Madison Dearborn Capital Partners IV, LP
MatlinPatterson Global Opps. Ptnrs. III
Nautic Partners V, L.P.
Navis Asia Fund IV, L.P.
Navis Asia Fund V, L.P.
NEA 15 Opportunity Fund, L.P.
New Enterprise Associates 14, LP
New Enterprise Associates 15 LP
New Enterprise Associates IX, L.P.
New Enterprise Associates VII, L.P.
New Enterprise Associates VIII A, L.P.
New Enterprise Associates VIII, L.P.
New Enterprise Associates X, L.P.
New Enterprise Associates XI, L.P.
New Enterprise Associates XII, L.P.
New Enterprise Associates XIII, L.P.
Newbridge Asia IV, L.P.
NGEN II, LP
Nogales Investors Fund I, LP
Nogales Investors Fund II, L.P.
Oak Investment Partners XI, L.P.
Oaktree European Principal Fund III U.S.
OCM Opportunities Fund IVb, L.P.
OCM Opportunities Fund V, L.P.
OCM Opportunities Fund VI, L.P.
OCM Opportunities Fund VII, L.P.
OCM Opportunities Fund VIIb, L.P.
Olympus Growth Fund V, L.P.
Olympus Growth Fund VI, L.P.
ONCAP III LP
Onex Partners I, L.P.
Onex Partners II, L.P.
Onex Partners III, L.P.
Onex Partners IV, L.P.
OrbiMed Private Investments IV, L.P.
OrbiMed Private Investments V, LP
PAG Asia I LP
Palladium Equity Partners III, L.P.
Palladium Equity Partners IV, L.P.
Paul Capital Partners VIII-B, L.P.
Peak Rock Capital Fund LP
Permira Europe II
Permira Europe III
Permira IV
Permira V, L.P.
Phildrew Ventures Fourth Fund B

Vintage Yr
2005
2007
2010
2014
2006
2013
2014
2000
2014
2001
2007
2000
2005
2007
2015
2012
2015
1999
1996
2001
1998
2000
2003
2006
2009
2005
2005
2003
2006
2004
2011
2002
2004
2005
2007
2007
2007
2013
2011
2004
2006
2008
2013
2010
2013
2011
2006
2012
2004
2013
2000
2003
2006
2013
1995

Capital Committed
30,000,000
50,000,000
50,000,000
100,000,000
332,000,000
170,000,000
75,000,000
75,000,000
100,000,000
300,000,000
250,000,000
200,000,000
30,000,000
100,000,000
35,000,000
160,000,000
195,000,000
60,000,000
40,000,000
25,000,000
50,000,000
200,000,000
75,000,000
160,000,000
65,000,000
150,000,000
15,000,000
25,000,000
30,000,000
75,000,000
75,000,000
100,000,000
50,000,000
50,000,000
115,640,000
300,000,000
75,000,000
250,000,000
26,724,081
100,000,000
150,000,000
175,000,000
200,000,000
40,000,000
40,000,000
125,000,000
90,000,000
90,000,000
50,000,000
50,000,000
310,169,279
398,115,773
951,504,027
267,648,178
20,221,808

Capital Contributed
30,000,000
48,900,000
47,500,000
0
308,487,453
81,127,608
17,626,654
74,597,584
17,784,270
301,958,775
234,928,768
192,603,815
30,244,589
98,338,138
2,625,000
128,800,000
39,000,000
58,800,000
40,000,000
25,000,000
50,000,000
197,000,000
75,000,000
157,600,000
61,425,000
140,429,627
14,431,626
27,678,479
10,805,462
75,000,000
55,783,454
48,610,586
50,000,000
50,000,000
115,640,000
230,783,818
68,522,661
39,888,874
21,209,861
95,028,764
133,162,295
156,787,994
71,397,561
31,680,000
24,740,000
88,726,693
78,849,075
40,304,810
49,246,837
17,751,995
310,169,279
398,115,773
917,709,643
172,836,730
20,270,948

Capital Distributed
145,927,804
63,825,448
23,157,277
0
249,617,758
2,275,700
32
119,461,975
645,125
547,651,599
126,175,385
393,172,187
40,889,173
79,834,156
0
7,342,367
0
20,460,719
135,468,287
16,534,088
78,039,914
183,983,620
149,870,538
146,138,367
43,278,796
302,355,425
846,254
17,476,171
11,790
33,267,533
0
124,240,777
79,431,018
75,959,839
144,573,900
394,634,156
54,256,169
6,062,977
748,648
271,997,209
240,935,167
74,244,672
573,123
25,122,962
777,406
34,922,097
112,642,054
2,394,387
57,077,003
5,777,186
614,299,139
627,301,602
891,495,294
3,372,088
11,819,893

* The limited partnership record keeping, including the internal rate of return or IRR, is maintained internally by CalSTRS for each
limited partnership. The CalSTRS IRR calculation method may differ from calculation methods used by the General Partner or other
Limited Partners. Differences in IRR calculations can be affected by cash flow timing, the account treatment of carried interest,
partnership management fees, advisory fees, organization fees, other partnership expenses, sale of distributed stock and valuations.
Importantly, there is no industry-standardized method for valuation or reporting, which makes comparisons of these numbers
difficult. Additionally, the purchase of secondary interests makes for unique comparison problems due to the specific pricing and
timing characteristics of the transaction when contrasted with the Limited Partnership Investment. Until a partnership is liquidated,
typically over 10 to 12 years, the IRR is only an interim estimated return. The IRR calculated for partnerships in the first three years
of a partnership life are particularly not meaningful. The actual IRR performance of any limited partnership is not known until the final
liquidation. Finally, please note, none of the information contained herein has been reviewed or approved by the General Partners of
the Funds.

CalSTRS
Since
Inception
IRR*
38.93
11.25
10.68
N/A
7.54
16.53
1.03
8.28
(9.73)
14.48
4.90
17.05
7.31
8.20
42.07
18.34
(1.14)
(6.49)
63.71
(2.58)
30.72
3.77
15.27
9.22
18.87
16.90
(47.33)
(8.04)
(11.10)
(3.22)
9.17
43.91
13.99
8.82
7.51
16.68
16.31
26.61
10.89
38.22
14.21
12.63
(6.92)
38.91
101.47
16.25
18.66
5.04
8.58
29.34
23.52
24.35
7.40
(8.87)
(14.51)

California State Teachers' Retirement System


Private Equity Portfolio Performance
As of September 30, 2015

Description
Pond Ventures III, L.P.
Prism Venture Partners V, L.P.
Providence Equity Partners V, L.P.
Providence Equity Partners VI, L.P.
Quadrangle Capital Partners II, L.P.
Riverstone/Carlyle Renew & Alt Energy II
RRJ Capital Master Fund III, L.P
Sankaty Credit Opportunities II, L.P.
Sankaty Credit Opportunities III, L.P.
Sankaty Credit Opportunities IV, L.P.
Shasta Ventures II, L.P.
Shasta Ventures III, L.P.
Shasta Ventures IV, L.P.
Shasta Ventures, L.P.
Sofinnova Venture Partners IX
Sofinnova Venture Partners VI
Sofinnova Venture Partners VII
Sofinnova Venture Partners VIII, L.P.
Spectrum Equity Investors V, LP
Spectrum Equity Investors VI, L.P.
Spectrum Equity VII, L.P.
SSG Capital Partners III, LP
Strategic Investors Fund V-B, LP
Strategic Investors Fund VI-A, L.P.
Strategic Investors Fund VII-A, L.P.
Summit Accelerator Fund, L.P.
Summit Partners Credit Fund B-2, L.P.
Summit Partners Europe PE Fund
Summit Partners Growth Equity VIII-A
Summit Partners Private Equity VII-A, LP
Summit Partners Venture Capital II-A, LP
Summit Partners Venture Capital III-A
Summit Subordinated Debt Fund II, L.P.
Summit Subordinated Debt Fund III, L.P.
Summit Subordinated Debt Fund IV, L.P.
Summit Ventures IV, L.P.
Summit Ventures V, L.P.
Summit Ventures VI-A, L.P.
Syndicated Communications Vent. Part. V
TA IX, L.P.
TA Subordinated Debt Fund II, L.P.
TA Subordinated Debt Fund III, L.P.
TA X, LP
TA XI, L.P.
TA XII, L.P.
TCV V, L.P.
TCV VI, L.P.
TCV VII, L.P.
The Resolute Fund II, L.P.
The Resolute Fund III
The Resolute Fund, L.P.
Thoma Bravo Fund X, L.P.
Thoma Bravo Fund XI, L.P.
Thoma Bravo Special Opps Fund I, L.P.
Thoma Bravo Special Opps Fund II, L.P.

Vintage Yr
2006
2004
2005
2007
2005
2008
2015
2005
2007
2008
2007
2011
2014
2004
2014
2003
2006
2011
2005
2010
2014
2014
2012
2013
2014
1999
2014
2008
2011
2005
2005
2011
1997
2003
2008
1995
1998
2001
2007
2000
2006
2009
2006
2010
2015
2004
2005
2007
2007
2014
2002
2012
2014
2013
2015

Capital Committed
10,000,000
25,016,853
350,000,000
700,000,000
100,000,000
300,000,000
200,000,000
75,000,000
300,000,000
250,000,000
22,500,000
26,500,000
25,000,000
21,000,000
50,000,000
25,000,000
30,000,000
30,000,000
101,839,889
70,000,000
105,000,000
75,000,000
43,711,765
45,000,000
47,000,000
10,000,000
120,000,000
61,794,106
100,000,000
100,000,000
15,000,000
20,000,000
20,000,000
30,000,000
40,000,000
30,000,000
45,000,000
73,000,000
20,000,000
50,000,000
42,500,000
20,000,000
110,000,000
80,000,000
180,000,000
50,000,000
70,000,000
200,000,000
350,000,000
100,000,000
100,000,000
100,000,000
75,000,000
31,400,000
35,000,000

Capital Contributed
9,060,335
25,016,853
319,876,189
648,363,577
84,960,324
249,060,898
0
75,000,000
300,000,000
237,500,000
21,375,000
23,850,000
6,250,000
21,000,000
12,500,000
25,000,000
29,400,000
24,900,000
95,474,896
64,225,000
17,587,500
19,546,529
30,379,677
24,535,204
5,663,500
9,873,887
18,473,797
47,003,799
65,500,000
100,000,000
14,775,000
18,200,000
18,000,000
28,500,000
37,800,000
29,100,000
43,425,000
73,817,096
19,740,358
48,585,000
36,975,000
15,150,000
107,426,550
73,600,000
0
49,575,000
69,671,000
195,200,000
305,006,730
25,605,093
95,115,495
85,325,615
45,852,055
23,933,699
15,068,279

Capital Distributed
13,867,927
11,611,511
291,774,302
437,470,392
96,520,610
126,369,451
0
86,082,981
266,876,185
297,374,929
14,400,000
0
0
10,111,629
0
10,411,950
38,106,220
15,133,047
183,128,092
35,317,844
0
0
22,974
0
0
16,698,819
0
16,247,396
9,708,787
90,956,401
21,487,626
0
41,232,674
34,997,476
24,682,009
220,162,748
59,775,806
143,105,338
147,172
117,148,659
40,693,750
10,050,000
97,526,550
35,600,000
0
68,990,739
96,676,550
200,870,736
219,508,200
98,828
203,066,240
70,853,692
0
3,228,190
0

* The limited partnership record keeping, including the internal rate of return or IRR, is maintained internally by CalSTRS for each
limited partnership. The CalSTRS IRR calculation method may differ from calculation methods used by the General Partner or other
Limited Partners. Differences in IRR calculations can be affected by cash flow timing, the account treatment of carried interest,
partnership management fees, advisory fees, organization fees, other partnership expenses, sale of distributed stock and valuations.
Importantly, there is no industry-standardized method for valuation or reporting, which makes comparisons of these numbers
difficult. Additionally, the purchase of secondary interests makes for unique comparison problems due to the specific pricing and
timing characteristics of the transaction when contrasted with the Limited Partnership Investment. Until a partnership is liquidated,
typically over 10 to 12 years, the IRR is only an interim estimated return. The IRR calculated for partnerships in the first three years
of a partnership life are particularly not meaningful. The actual IRR performance of any limited partnership is not known until the final
liquidation. Finally, please note, none of the information contained herein has been reviewed or approved by the General Partners of
the Funds.

CalSTRS
Since
Inception
IRR*
13.90
(4.84)
4.34
6.60
6.70
2.85
N/A
3.87
1.70
11.75
22.89
12.02
24.31
6.59
2.38
(6.03)
17.11
34.53
17.69
18.04
(18.29)
(11.69)
19.52
14.64
(10.33)
9.74
14.05
7.31
15.07
11.36
21.06
7.65
55.85
8.47
8.80
103.77
8.05
15.06
(17.91)
21.80
7.16
12.88
5.08
18.57
N/A
11.59
14.47
21.26
9.79
8.80
16.48
32.75
(0.94)
21.62
(0.43)

California State Teachers' Retirement System


Private Equity Portfolio Performance
As of September 30, 2015

Description
Thoma Cressey Fund VI, L.P.
Thoma Cressey Fund VII, L.P.
Thomas H. Lee Equity Partners V, L.P.
TPG Asia V, L.P.
TPG Financial Partners, L.P.
TPG Growth II, LP
TPG Growth III(A), L.P.
TPG Opportunities Partners II, L.P.
TPG Opportunities Partners III (A), L.P.
TPG Partners III, L.P.
TPG Partners IV, L.P.
TPG Partners V, L.P.
TPG Partners VI, L.P.
Triton Fund II L.P.
Triton Fund IV L.P.
USRG Power and Biofuels Fund II, L.P.
Vantage Point Venture Partners III
Vantage Point Venture Partners IV
VantagePoint CleanTech Partners, L.P.
VantagePoint Venture Partners 2006 (Q)
Vestar Capital Partners IV, L.P.
Vestar Capital Partners V, L.P.
Vivo Capital Fund VIII, L.P.
Vivo Capital Surplus Fund VIII, L.P.
WCAS Capital Partners IV, L.P.
Welsh, Carson, Anderson & Stowe III
Welsh, Carson, Anderson & Stowe IX, L.P.
Welsh, Carson, Anderson & Stowe VI
Welsh, Carson, Anderson & Stowe VIII, LP
Welsh, Carson, Anderson & Stowe X, L.P.
Welsh, Carson, Anderson & Stowe XI, L.P.
Welsh, Carson, Anderson & Stowe XII, L.P
Yucaipa Corporate Initiative Fund
Yucaipa Corporate Initiatives Fund II LP

Vintage Yr
1998
2001
2001
2007
2008
2011
2015
2011
2014
2000
2003
2006
2008
2006
2013
2007
1999
2000
2006
2005
1999
2005
2015
2015
2004
1997
2000
1993
1998
2005
2009
2015
2003
2009

Capital Committed
60,000,000
100,000,000
422,156,647
180,000,000
239,036,536
125,000,000
200,000,000
35,438,698
150,000,000
300,000,000
350,000,000
1,000,000,000
450,000,000
67,442,911
59,067,840
60,000,000
45,000,000
150,000,000
15,211,765
100,000,000
100,000,000
150,000,000
40,000,000
6,000,000
150,000,000
100,000,000
400,000,000
50,000,000
300,000,000
323,961,111
250,000,000
150,000,000
150,000,000
50,000,000

Capital Contributed
58,140,000
99,999,999
418,762,096
156,523,786
173,708,595
105,927,834
0
24,241,090
34,380,709
255,472,950
324,101,605
872,064,607
406,338,787
64,418,074
23,328,645
58,383,693
45,000,000
150,000,000
14,603,294
95,000,000
97,470,858
149,535,504
4,894,840
716,586
150,000,000
100,000,000
396,000,000
50,000,000
300,000,000
317,481,885
238,602,139
30,951,462
130,251,818
45,380,786

Capital Distributed
58,905,633
199,838,072
701,150,367
91,218,822
142,866,003
2,845,285
0
17,430,869
22,206
655,530,242
570,026,290
644,507,281
284,628,918
120,718,825
1,164,270
10,827,008
16,325,749
119,416,230
7,731,638
4,849,502
171,633,748
55,213,236
0
0
158,763,847
174,340,918
652,014,049
102,951,014
382,018,755
360,157,561
181,136,540
0
38,105,408
12,969,118

* The limited partnership record keeping, including the internal rate of return or IRR, is maintained internally by CalSTRS for each
limited partnership. The CalSTRS IRR calculation method may differ from calculation methods used by the General Partner or other
Limited Partners. Differences in IRR calculations can be affected by cash flow timing, the account treatment of carried interest,
partnership management fees, advisory fees, organization fees, other partnership expenses, sale of distributed stock and valuations.
Importantly, there is no industry-standardized method for valuation or reporting, which makes comparisons of these numbers
difficult. Additionally, the purchase of secondary interests makes for unique comparison problems due to the specific pricing and
timing characteristics of the transaction when contrasted with the Limited Partnership Investment. Until a partnership is liquidated,
typically over 10 to 12 years, the IRR is only an interim estimated return. The IRR calculated for partnerships in the first three years
of a partnership life are particularly not meaningful. The actual IRR performance of any limited partnership is not known until the final
liquidation. Finally, please note, none of the information contained herein has been reviewed or approved by the General Partners of
the Funds.

CalSTRS
Since
Inception
IRR*
0.26
24.07
13.67
3.46
0.21
34.43
N/A
22.00
(0.14)
24.47
15.78
5.20
12.33
18.57
0.58
(7.17)
(15.29)
(0.58)
(2.88)
(14.03)
13.46
2.76
8.23
10.42
5.34
12.98
10.93
13.85
2.98
8.07
14.36
(5.93)
(4.39)
(3.59)

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