California State Teachers' Retirement SystemPrivate Equity Portfolio PerformanceAs of September 30, 2008
DescriptionCapital CommittedCapitalContributedCapital DistributedCalSTRSSinceInceptionIRR*
Clayton, Dubilier & Rice Fund VII, L.P.100,000,000.0082,892,196.005,813,259.004.38
Clearstone Venture Partners
35,000,000.0025,900,000.000.000.27Clearstone Venture Partners III-A, L.P.35,000,000.0025,900,000.000.000.27
Cornerstone Equity Investors
40,000,000.0040,000,000.0062,270,119.008.60Cornerstone Equity Investors IV L.P.40,000,000.0040,000,000.0062,270,119.008.60
Cortec Group
88,641,176.0055,127,803.0043,915,352.0017.10Cortec Group Fund III, L.P.30,000,000.0027,936,684.0043,915,352.0022.31Cortec Group Fund IV, L.P.58,641,176.0027,191,119.000.00(8.71)
Craton Equity Partners
30,000,000.003,785,464.0076,424.00(31.75)Craton Equity Investors I, L.P.30,000,000.003,785,464.0076,424.00(31.75)
CVC Capital Partners
1,910,169,668.481,193,897,545.371,253,716,378.3923.14CVC European Equity Partners II L.P.300,000,000.00275,712,643.07588,849,922.5619.20CVC European Equity Partners III L.P.200,000,000.00186,057,048.43426,938,683.5043.65CVC European Equity Partners IV L.P.394,997,284.26337,774,516.33136,401,094.7227.98CVC European Equity Partners L.P.40,000,000.0039,327,258.2097,623,840.3023.52CVC European Equity Partners Tandem Fund529,136,368.57286,930,085.143,902,837.31(11.44)CVC European Equity Partners V, LP446,036,015.6568,095,994.200.00(16.50)
CVC Capital Partners Asia Pacific
300,000,000.00134,978,176.0011,992,292.86(9.89)CVC Capital Partners Asia Pacific II, LP100,000,000.0089,492,126.4511,992,292.86(3.51)CVC Capital Partners Asia Pacific III LP200,000,000.0045,486,049.550.00(27.86)
DCM
15,000,000.0014,250,000.001,500,000.006.74DCM IV, L.P.15,000,000.0014,250,000.001,500,000.006.74
ECI
16,234,191.8114,451,743.2346,122,870.3735.34ECI 516,234,191.8114,451,743.2346,122,870.3735.34
EnCap Energy Capital
400,000,000.00112,956,830.009,777,163.5717.46EnCap Energy Capital Fund VI, L.P.150,000,000.0066,414,030.686,691,854.1620.65EnCap Energy Capital Fund VII, L.P.250,000,000.0046,542,799.323,085,309.414.47
Energy Capital Partners
250,000,000.0080,729,650.000.008.10Energy Capital Partners I250,000,000.0080,729,650.000.008.10
Energy Spectrum
50,000,000.0046,814,602.1023,735,183.2922.11Energy Spectrum Partners IV, L.P.50,000,000.0046,814,602.1023,735,183.2922.11
First Reserve
2,070,000,000.001,240,337,659.06889,821,658.4925.43First Reserve Fund IX, L.P.120,000,000.00117,546,488.06356,520,705.7448.31First Reserve Fund VI, L.P.25,000,000.0025,000,000.0070,490,539.3826.01First Reserve Fund VII, L.P.25,000,000.0025,258,614.0037,623,428.5710.20First Reserve Fund VIII, L.P.100,000,000.00104,430,102.00202,003,016.8015.82First Reserve Fund X, L.P.200,000,000.00198,305,673.00223,183,968.0049.63First Reserve Fund XI, L.P.800,000,000.00589,622,673.000.005.92First Reserve Fund XII, L.P.800,000,000.00180,174,109.000.00(2.45)
FondInvest
29,893,898.1726,302,727.2431,856,526.7029.91FondInvest VI29,893,898.1726,302,727.2431,856,526.7029.91
FountainVest
50,000,000.00782,876.710.00(100.00)FountainVest China Growth Capital Fund50,000,000.00782,876.710.00(100.00)
Frazier Healthcare
47,473,830.0030,050,934.194,339,175.850.93Frazier Healthcare Ventures V, L.P.47,473,830.0030,050,934.194,339,175.850.93
Freeman Spogli & Co.
242,500,000.00221,205,600.00295,942,881.9313.95FS Equity Partners III, L.P.60,000,000.0064,217,941.00133,926,454.6015.15
* The limited partnership record keeping, including the internal rate of return or IRR, is maintained internally by CalSTRS for each limitedpartnership. 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 reporting and valuations are made using FASB 157 as a guideline, 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 IRRis only an interim estimated return. The IRR calculated for partnerships in the first three years of a partnership life are particularly notmeaningful. The actual IRR performance of any limited partnership is not known until the final liquidation.
Finally, please note, none of theinformation contained herein has been reviewed or approved by the General Partners of the Funds.
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