California State Teachers' Retirement System

Private Equity Portfolio Performance
March 31, 2012

Description

Vintage
Year

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.
Alchemy Plan (Estrellita) L.P.
Alchemy Special Opps. Feeder Fund, L.P.
Alta Communications IX, L.P.
Alta Communications VIII, L.P.
Alta V Limited Partnership
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.
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.
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 Coinvest Fund X, L.P.
Bain Capital Fund IX, L.P.
Bain Capital Fund X, L.P.
Bain Capital IX Coinvest Fund, LP
Bain Capital Asia Fund, L.P.
BC European Capital IX
BC European Capital VIII, L.P.
BC Partners VII, L.P.
BCI Growth IV, L.P.
Blackstone Capital Partners II, L.P.
Blackstone Capital Partners III, L.P.
Blackstone Capital Partners IV, L.P.
Blackstone Capital Partners V, L.P.
Blackstone Capital Partners VI, L.P.
Blackstone Capital Partners, II L.P.-2nd
Blackstone Communications Partners I, LP
Blackstone - GSO Capital Solutions LP
Blue Run Ventures IV, L.P.
Blue Run Ventures, L.P.
Boston Ventures V, L.P.
CalSTRS/B of A Capital Access Fund III
CalSTRS/B of A Capital Access Partners
CalSTRS/BOA/ML Cap Access LLC Fund IV
CalSTRS New&Next Gen. Manager Fund II

2011
2006
2008
2008
2006
2002
2006
2002
2000
1992
2003
2005
2008
2009
2001
2004
2007
2000
2005
2008
2003
2006
1997
1998
2007
2007
2006
2007
2006
2007
2011
2005
2000
1996
1993
1997
2001
2005
2008
1999
2000
2009
2008
2005
1996
2006
2003
2010
2008

Capital Committed

Capital Contributed

Capital
Distributed

CalSTRS
Since
Inception
IRR*

38,521,723,753.95

30,725,783,132.26

21,039,189,215.64

12.35

70,000,000.00
40,000,000.00
103,646,859.39
275,286,707.18
150,000,000.00
258,985,732.44
80,329,252.19
40,000,000.00
45,000,000.00
20,000,000.00
33,958,976.00
50,000,000.00
100,000,000.00
164,208,774.00
115,649,883.55
314,547,653.21
526,237,612.85
100,000,000.00
250,000,000.00
350,000,000.00
30,000,000.00
41,958,201.12
15,000,000.00
22,000,000.00
250,000,000.00
50,000,000.00
100,000,000.00
400,000,000.00
50,000,000.00
25,000,000.00
282,296,827.37
611,613,851.63
323,203,188.55
25,000,000.00
81,834,000.00
323,945,000.00
215,000,000.00
1,738,000,000.00
322,100,000.00
9,294,000.00
275,000,000.00
250,000,000.00
23,595,506.00
31,415,730.00
90,000,000.00
200,000,000.00
75,000,000.00
200,000,000.00
216,947,782.00

0.00
33,974,793.00
57,103,952.02
203,374,918.98
105,850,809.34
258,154,612.44
59,646,405.83
37,600,000.00
44,100,000.00
20,000,000.00
33,958,976.00
46,750,000.00
100,000,000.00
164,208,772.00
115,649,883.54
314,547,653.14
488,284,169.07
98,422,784.00
223,631,433.01
221,516,694.61
28,800,000.01
26,512,627.69
15,000,000.00
22,000,000.00
250,000,000.00
12,250,000.00
97,250,000.00
302,000,000.00
48,500,000.00
23,187,500.00
31,092,970.76
570,264,573.41
323,203,188.54
25,000,021.49
76,029,993.19
305,141,241.39
179,118,342.70
1,539,002,896.41
38,542,496.19
8,691,131.67
249,899,684.90
157,031,016.00
14,865,168.19
28,902,471.84
86,872,281.01
118,739,282.26
57,822,678.19
12,210,656.21
75,517,990.21

0.00
6,541,242.00
0.00
11,381,986.00
35,674,677.77
156,127,959.47
26,038,419.63
11,287,507.00
27,911,226.00
45,540,989.12
74,683,616.00
36,975,000.00
12,056,466.00
0.00
230,369,390.33
239,913,776.28
77,003,568.13
131,749,983.00
32,503,787.00
53,058,761.39
1,215,258.00
0.00
28,918,231.57
11,335,024.14
308,350,668.00
169,578.00
19,409,680.00
35,663,837.00
18,223,733.00
5,716,134.00
243,710.86
219,864,742.10
803,514,181.28
15,212,872.61
170,626,035.57
611,744,743.63
319,305,253.21
182,132,273.73
0.00
18,685,371.43
234,340,639.64
19,083,896.00
3,943,323.19
10,052,556.83
93,621,709.58
4,085,989.28
12,447,986.97
0.00
0.00

N/A
16.61
(25.73)
12.43
11.04
(0.05)
4.75
(4.80)
(5.90)
24.54
28.15
1.97
6.78
1.32
36.34
10.54
6.12
11.79
7.85
21.38
9.27
(9.50)
31.18
(6.37)
11.25
(10.15)
3.68
(0.61)
8.94
4.53
(12.98)
6.85
23.98
(5.44)
33.89
14.54
37.79
2.02
(23.48)
44.38
6.15
13.88
28.49
2.08
2.85
(0.11)
(2.21)
(41.69)
3.64

* 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
March 31, 2012

Description

Vintage
Year

CalSTRS New&Next Generation Manager Fund
Carlyle Europe Partners III, L.P.
Carlyle Partners IV, L.P.
Carlyle Partners V, L.P.
Carlyle/Riverstone Renew Energy Infrast
CVI Global Value Fund, LP
Centerbridge Capital Partners II, 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)
CGW Southeast Partners IV
Charterhouse Capital VIII, L.P.
Chisholm Partners IV, L.P.
Clayton, Dubilier & Rice Fund VII, L.P.
Clearstone Venture Partners III-A, L.P.
Coller International Partners VI, L.P.
Cortec Group Fund III, L.P.
Cortec Group Fund IV, L.P.
Cortec Group Fund V, L.P.
Craton Equity Investors I, L.P.
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.
CVC Capital Partners Asia Pacific II, LP
CVC Capital Partners Asia Pacific III LP
Cypress Merchant Banking Partners II LP
DCM IV, L.P.
ECI 9 A 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 VIII Co-Investors
Energy Capital Partners I
Energy Capital Partners II-A
Energy Spectrum Partners IV, L.P.
Energy Spectrum Partners VI, L.P.
FCO MA II LP
First Reserve Fund X, L.P.
First Reserve Fund XI, L.P.
First Reserve Fund XII, L.P.
FondInvest VI
Fortress Credit Opportunities Fund II(A)
FountainVest China Growth Capital Fund
Francisco Partners III, L.P.
Frazier Healthcare Ventures V, L.P.
FS Equity Partners IV, L.P.

2005
2007
2005
2007
2006
2007
2011
2006
2009
2012
2008
2007
2003
1999
2006
1999
2004
2004
2012
2000
2006
2011
2006
1998
2001
2005
1996
2006
2008
2005
2008
1999
2004
2008
2006
2007
2010
2011
2006
2009
2004
2011
2010
2003
2006
2008
2002
2010
2008
2010
2004
1998

Capital Committed
105,645,634.00
525,610,330.82
100,000,000.00
500,000,000.00
50,000,000.00
196,000,000.00
225,000,000.00
150,000,000.00
250,000,000.00
250,000,000.00
151,410,000.00
500,000,000.00
100,000,000.00
40,000,000.00
136,918,845.85
29,500,000.00
100,000,000.00
35,000,000.00
100,000,000.00
30,000,000.00
58,641,176.00
60,000,000.00
30,000,000.00
300,000,000.00
200,000,000.00
392,604,909.33
40,000,000.00
519,308,657.10
428,025,088.14
100,000,000.00
200,000,000.00
278,125,000.00
15,000,000.00
16,034,658.46
150,000,000.00
250,000,000.00
200,000,000.00
50,000,000.00
220,000,000.00
100,000,000.00
50,000,000.00
75,000,000.00
195,000,000.00
200,000,000.00
800,000,000.00
800,000,000.00
29,615,682.44
5,000,000.00
50,000,000.00
75,000,000.00
47,473,830.00
87,500,000.00

Capital Contributed
70,959,172.79
406,268,953.57
96,229,729.00
322,857,685.00
49,681,484.98
186,200,000.00
59,255,483.00
132,122,464.13
237,500,000.00
25,000,000.00
82,817,051.61
461,721,438.42
81,000,000.00
34,831,657.85
117,984,548.19
28,981,412.23
91,260,942.00
32,200,000.00
0.00
26,693,985.00
50,969,216.00
1,655,400.00
27,787,605.00
279,114,218.58
192,010,550.91
346,900,733.11
39,292,286.90
453,667,961.60
256,313,629.99
94,201,379.59
112,695,493.26
261,260,997.00
14,250,000.00
5,968,831.14
142,809,066.66
194,212,974.07
49,650,692.41
6,700,250.53
212,057,008.00
41,069,181.00
51,318,768.15
9,364,123.63
137,544,420.45
200,000,000.00
770,253,614.00
577,342,794.00
28,300,547.66
4,034,682.27
27,192,719.33
12,750,000.00
46,168,299.50
87,208,814.00

Capital
Distributed
4,654,972.00
18,203,360.27
68,087,994.00
69,545,350.00
4,535,974.00
49,681,889.69
0.00
88,668,720.00
0.00
0.00
0.00
79,927,472.09
86,306,175.46
52,536,992.79
3,223,328.35
28,991,848.90
30,727,698.00
374,944.67
0.00
57,620,272.00
458,999.00
0.00
76,424.00
611,494,638.76
482,703,074.52
274,773,312.50
97,903,249.36
108,876,500.82
17,413,480.22
29,731,612.86
25,090,219.75
185,434,437.38
6,820,148.63
0.00
174,105,657.80
105,899,442.69
46,310.56
0.00
87,854,225.00
1,634,270.00
60,387,167.20
0.00
0.00
271,052,999.00
204,613,213.23
34,734,730.00
46,792,621.85
100,943.23
576,830.00
0.00
30,499,927.18
149,210,976.33

* 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*
6.11
(0.43)
12.96
9.14
(21.72)
3.61
(7.73)
20.97
16.19
(0.01)
(0.68)
6.84
12.84
8.44
(2.25)
0.61
8.75
4.12
N/A
22.40
8.38
(96.42)
(6.04)
18.93
40.94
15.67
23.16
7.12
10.75
(9.47)
2.21
(3.21)
6.47
(16.41)
27.59
24.55
79.05
31.28
(2.56)
11.05
14.73
(11.10)
18.43
31.57
4.77
3.86
24.39
16.94
9.26
(7.27)
8.45
12.93

California State Teachers' Retirement System
Private Equity Portfolio Performance
March 31, 2012

Description
FS Equity Partners V, L.P.
Genstar Capital Partners V, L.P.
GGV Capital IV 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.
Golder, Thoma, Cressey & Rauner Fund IV
Golder, Thoma, Cressey & Rauner Fund V
Hellman & Friedman Capital Partners V LP
Hellman & Friedman Capital Partners VI
Hellman & Friedman Capital Partners VII
Hg Renewable Power Partners 2 A, L.P.
Hg Renewable Power Partners, L.P.
Hony Capital Fund 2008, LP
Hony Capital Fund V, L.P.
Huntsman Gay Capital Partners Fund, LP
ICV Partners II, L.P.
InnoCal II, L.P.
Institutional Venture Partners XII, L.P.
InterWest Partners IX, L.P.
Interwest Partners VI
InterWest Partners VIII, L.P.
Italian Private Equity Fund IV L.P.
Investitori Associati IV
Irving Place Capital Partners III, L.P.
J.H. Whitney IV, L.P.
J.H. Whitney V, L.P.
J.H. Whitney VI, L.P.
JMI Equity Fund V, L.P.
JMI Equity Fund VI, L.P.
JMI Equity Fund VII, L.P.
KKR 1987 Fund - 2nd
KKR 1996 - 2nd
KKR 1996 Fund
KKR 2006 Fund
M/C Venture Partners V, L.P.
Madison Dearborn Capital Partners III LP
Madison Dearborn Capital Partners IV, LP
MatlinPatterson Global Opps. Ptnrs. III
Media Communications Partners III, L.P.
Mezzanine Lending Associates III, L.P.
Nautic Partners V, L.P.
Navis Asia Fund IV, L.P.
Navis Asia Fund V, L.P.
New Enterprise Associates IX, L.P.
New Enterprise Associates VI, L.P.
New Enterprise Associates VII, L.P.
New Enterprise Associates VIII A, L.P.
New Enterprise Associates VIII, L.P.

Vintage
Year
2003
2007
2011
2005
2007
2007
2012
2011
2006
1994
1997
2004
2006
2011
2010
2006
2008
2011
2008
2006
2000
2007
2004
1997
2000
2003
2004
2006
1999
2001
2005
2005
2007
2010
1999
1999
1997
2006
2000
1999
2001
2007
1996
1989
2000
2005
2007
1999
1993
1996
2001
1998

Capital Committed
95,000,000.00
70,000,000.00
60,000,000.00
20,000,000.00
12,400,000.00
100,000,000.00
30,000,000.00
250,000,000.00
100,000,000.00
35,000,000.00
40,000,000.00
100,000,000.00
200,000,000.00
100,000,000.00
66,850,703.95
61,255,233.24
50,000,000.00
75,000,000.00
100,000,000.00
25,000,000.00
15,000,000.00
50,000,000.00
40,000,000.00
15,000,000.00
75,000,000.00
42,454,426.50
34,312,453.89
175,000,000.00
100,000,000.00
200,000,000.00
75,000,000.00
30,000,000.00
50,000,000.00
50,000,000.00
45,412,852.00
25,361,000.00
322,190,000.00
332,000,000.00
75,000,000.00
300,000,000.00
300,000,000.00
250,000,000.00
30,000,000.00
50,000,000.00
200,000,000.00
30,000,000.00
100,000,000.00
60,000,000.00
35,000,000.00
40,000,000.00
25,000,000.00
50,000,000.00

Capital Contributed
76,034,786.00
61,261,396.52
11,999,999.99
18,600,000.00
7,564,000.00
83,293,136.59
0.00
51,848,975.00
92,555,055.00
35,000,000.00
40,000,000.00
89,071,777.00
188,715,130.00
21,051,545.00
14,865,092.80
57,419,249.14
45,208,450.13
953,035.84
83,855,878.49
18,912,923.49
14,721,104.00
47,500,000.00
32,000,000.00
15,000,000.00
75,000,000.00
38,048,978.81
31,110,519.49
125,790,856.47
85,289,686.46
200,950,647.00
73,303,859.00
28,885,000.00
48,900,000.00
19,100,000.00
45,416,150.00
24,430,038.00
318,905,086.00
291,050,735.00
74,597,584.00
300,746,910.39
301,958,774.96
201,888,628.68
28,500,000.00
39,982,987.29
192,502,218.05
30,244,589.24
95,098,044.00
58,800,000.00
35,000,000.00
40,000,000.00
25,000,000.00
50,000,000.00

Capital
Distributed
65,931,155.00
0.00
0.00
3,150,302.00
0.00
51,046,869.90
0.00
451,589.00
41,308,258.00
73,863,155.00
71,985,605.65
137,477,621.00
68,305,110.00
0.00
218,245.81
6,370,119.90
0.00
0.00
16,367,679.38
9,547,945.67
4,163,979.00
24,371,475.00
2,213,074.50
44,438,292.32
25,471,614.76
17,821,035.89
5,606,550.54
0.00
30,121,674.00
390,683,860.19
31,344,729.00
40,351,507.00
0.00
0.00
51,279,061.00
46,302,615.00
562,659,998.00
61,111,310.00
106,343,795.00
449,323,851.14
372,508,061.58
89,511,366.81
45,244,892.00
139,410,315.03
297,913,782.76
24,998,265.59
13,750,581.52
15,603,029.43
280,487,493.85
135,468,287.30
13,977,948.00
76,069,170.90

* 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*
16.29
6.38
(11.01)
(11.52)
(3.71)
11.48
N/A
12.51
16.72
24.95
11.00
28.19
5.58
(10.18)
(18.98)
1.15
6.63
(84.55)
10.39
8.86
(14.48)
38.93
0.74
48.91
(5.69)
(1.00)
(17.57)
0.92
(11.84)
22.91
4.28
30.23
6.71
(6.51)
3.89
18.85
13.16
3.68
8.45
8.49
13.35
1.73
9.96
16.35
16.88
11.19
10.92
(6.95)
65.50
63.71
(2.89)
30.99

California State Teachers' Retirement System
Private Equity Portfolio Performance
March 31, 2012

Description
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 L.P.
OCM Opportunities Fund II, L.P.
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.
ONCAP III LP
Onex Partners I, L.P.
Onex Partners II, L.P.
Onex Partners III, L.P.
OrbiMed Private Investments IV, L.P.
PAG Asia I LP
Palladium Equity Partners III, L.P.
Paul Capital Partners VIII-B, L.P.
Permira Europe II
Permira Europe III
Permira IV
Phildrew Ventures Fourth Fund B
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
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, L.P.
Sofinnova Venture Partners VI
Sofinnova Venture Partners VII
Sofinnova Venture Partners VIII, L.P.
Spectrum Equity Investors III, L.P.
Spectrum Equity Investors IV, L.P.
Spectrum Equity Investors V, LP
Spectrum Equity Investors VI, L.P.
Summit Accelerator Fund, L.P.
Summit Partners Europe PE Fund
Summit Partners Growth Equity VIII-A
Summit Partners Private Equity VII-A, LP

Vintage
Year
2000
2003
2006
2009
2005
2005
2003
2006
2004
2011
1997
2002
2004
2005
2007
2007
2007
2011
2004
2006
2008
2010
2011
2006
2004
2000
2003
2006
1995
2006
2004
2005
2007
2005
2008
2005
2007
2008
2007
2011
2004
2003
2006
2011
1999
2000
2005
2010
1999
2008
2011
2005

Capital Committed
200,000,000.00
75,000,000.00
160,000,000.00
65,000,000.00
150,000,000.00
15,000,000.00
25,000,000.00
30,000,000.00
75,000,000.00
75,000,000.00
25,000,000.00
100,000,000.00
50,000,000.00
50,000,000.00
115,640,000.00
300,000,000.00
75,000,000.00
29,893,435.08
100,000,000.00
150,000,000.00
175,000,000.00
40,000,000.00
125,000,000.00
90,000,000.00
50,000,000.00
310,169,278.99
392,143,707.13
965,391,893.10
20,221,808.47
10,000,000.00
25,016,853.00
350,000,000.00
700,000,000.00
100,000,000.00
300,000,000.00
75,000,000.00
300,000,000.00
250,000,000.00
22,500,000.00
26,500,000.00
21,000,000.00
25,000,000.00
30,000,000.00
30,000,000.00
65,000,000.00
150,000,000.00
101,839,889.00
70,000,000.00
10,000,000.00
66,031,569.86
100,000,000.00
100,000,000.00

Capital Contributed
197,000,000.00
70,500,000.00
140,800,000.00
43,550,000.00
143,255,724.00
13,674,168.59
27,678,479.30
10,283,544.08
75,000,000.00
15,000,000.00
25,000,821.91
48,610,585.68
50,000,000.00
50,000,000.00
115,640,000.00
230,783,818.00
50,793,467.00
6,751,151.82
94,421,210.00
132,893,030.00
81,685,518.00
8,980,000.00
35,095,951.07
71,198,732.80
49,246,836.97
310,169,278.99
392,143,707.12
872,606,588.40
20,270,947.58
7,866,397.44
23,766,011.27
320,352,262.00
583,584,545.00
79,145,252.00
192,077,720.93
75,000,000.00
300,000,000.00
200,000,000.00
16,875,000.00
2,650,000.00
19,950,000.00
23,500,000.00
21,900,000.00
900,000.00
64,675,000.00
145,500,000.00
95,474,895.96
22,925,000.00
9,873,886.88
21,086,702.23
0.00
97,000,000.00

Capital
Distributed
166,856,322.49
52,042,542.42
41,903,673.25
2,486,902.00
120,174,210.00
742,774.74
10,555,867.59
11,790.33
28,262,206.04
0.00
37,757,577.71
124,204,926.95
72,826,310.00
42,007,931.00
70,534,726.00
190,283,818.00
6,066,859.00
454.52
202,239,535.00
102,689,682.00
1,322,862.00
717,467.12
21,226.83
25,861,350.20
40,893,682.74
572,671,157.20
503,717,832.37
117,561,336.23
11,819,892.95
3,303,666.72
5,867,731.52
166,643,619.00
30,737,232.00
26,632,378.00
17,868,119.43
48,345,002.15
10,179,352.39
103,590,597.42
0.00
0.00
6,411,629.23
7,115,661.42
12,577,403.55
0.00
60,763,390.51
184,412,672.99
80,264,377.96
0.00
15,500,354.95
0.00
0.00
19,824,713.00

* 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*
3.27
8.82
15.70
15.48
20.39
(27.66)
(15.96)
1.13
(0.37)
1.61
8.44
43.91
14.04
8.52
7.89
18.02
22.11
(1.66)
39.58
11.81
(3.76)
(14.63)
(19.64)
16.35
9.42
23.40
27.47
5.77
(14.97)
(0.81)
(9.35)
4.08
6.01
7.48
12.83
3.67
(1.46)
15.03
7.99
(9.03)
9.14
(3.88)
20.18
(75.78)
1.47
7.51
13.59
(10.21)
9.51
1.31
N/A
7.93

California State Teachers' Retirement System
Private Equity Portfolio Performance
March 31, 2012

Description
Summit Partners Venture Capital II-A, LP
Summit Partners Venture Capital III-A
Summit Subordinated Debt Fund I, L.P.
Summit Subordinated Debt Fund II, L.P.
Summit Subordinated Debt Fund III, L.P.
Summit Subordinated Debt Fund IV, L.P.
Summit Ventures III, L.P.
Summit Ventures IV, L.P.
Summit Ventures V, L.P.
Summit Ventures VI-A, L.P.
Syndicated Communications Vent. Part. V
TA / Advent VIII, L.P.
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.
TCV V, L.P.
TCV VI, L.P.
TCV VII, L.P.
The Resolute Fund II, L.P.
The Resolute Fund, L.P.
Thomas H. Lee Equity Partners V, L.P.
Thoma Bravo Fund X, L.P.
Thoma Cressey Fund VI, L.P.
Thoma Cressey Fund VII, L.P.
TPG Asia V, L.P.
T3 Partners I, L.P.
TAC 2007, LP
TPG Financial Partners, L.P.
TPG Partners III, L.P.
TPG Partners IV, L.P.
TPG Partners V, L.P.
TPG Partners VI, L.P.
TPG Growth II, LP
TPG Opportunities Partners II, L.P.
Triton Fund II 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.
Warburg, Pincus Ventures, L.P.
WCAS Capital Partners IV, L.P.
Welsh, Carson, Anderson & Stowe II
Welsh, Carson, Anderson & Stowe III
Welsh, Carson, Anderson & Stowe IX, L.P.
Welsh, Carson, Anderson & Stowe VI
Welsh, Carson, Anderson & Stowe VII
Welsh, Carson, Anderson & Stowe VIII, LP

Vintage
Year
2005
2011
1994
1997
2003
2008
1992
1995
1998
2001
2007
1997
2000
2006
2009
2006
2009
2004
2005
2007
2007
2002
2001
2012
1998
2001
2007
2000
2007
2008
2000
2003
2006
2008
2011
2011
2006
2007
1999
2000
2006
2005
1999
2005
1994
2004
1990
1997
2000
1993
1995
1998

Capital Committed
15,000,000.00
20,000,000.00
10,000,000.00
20,000,000.00
30,000,000.00
40,000,000.00
15,000,000.00
30,000,000.00
45,000,000.00
73,000,000.00
20,000,000.00
10,000,000.00
50,000,000.00
42,500,000.00
20,000,000.00
110,000,000.00
80,000,000.00
50,000,000.00
70,000,000.00
200,000,000.00
350,000,000.00
100,000,000.00
400,000,000.00
100,000,000.00
60,000,000.00
100,000,000.00
180,000,000.00
100,000,000.00
192,796,006.00
239,036,536.00
300,000,000.00
350,000,000.00
1,000,000,000.00
450,000,000.00
125,000,000.00
35,438,698.00
67,725,184.14
60,000,000.00
45,000,000.00
150,000,000.00
15,211,765.00
100,000,000.00
100,000,000.00
150,000,000.00
110,000,000.00
150,000,000.00
30,000,000.00
100,000,000.00
400,000,000.00
50,000,000.00
150,000,000.00
300,000,000.00

Capital Contributed
12,600,000.00
0.00
9,000,000.00
18,000,000.00
28,500,000.00
21,400,000.00
13,500,000.00
29,100,000.00
43,425,000.00
73,817,096.46
17,049,070.00
9,800,000.00
48,585,000.00
36,975,000.00
7,900,000.00
107,426,550.00
30,600,000.00
49,170,000.00
67,648,000.00
152,500,000.00
210,201,101.00
94,915,773.00
417,846,936.00
0.00
58,140,000.00
99,999,998.95
138,325,405.00
74,369,728.00
157,132,668.00
174,101,781.00
255,472,950.00
324,692,074.00
854,653,230.00
260,538,168.00
4,982,277.00
4,422,259.00
62,075,169.50
53,938,573.00
45,000,000.00
150,000,000.00
12,929,999.85
70,000,000.00
97,299,172.86
146,477,253.12
110,000,000.00
126,000,000.00
30,000,000.00
100,000,000.00
392,000,000.00
50,000,000.00
150,000,000.00
300,000,000.00

Capital
Distributed
8,379,945.00
0.00
15,709,405.33
38,606,055.88
23,722,326.00
1,579,605.00
48,707,972.14
219,616,363.80
59,166,054.39
85,568,453.12
147,172.00
22,301,864.03
109,148,658.95
28,050,000.00
300,000.00
42,251,550.00
2,000,000.00
39,620,940.04
64,110,084.95
6,194,914.08
21,097,976.00
125,276,019.00
517,972,446.00
0.00
51,076,488.01
150,222,027.72
12,783,226.00
287,539,042.00
103,552,754.00
65,833,549.00
602,415,592.00
339,078,513.00
94,152,376.92
15,450,920.00
0.00
0.00
35,705,354.85
1,175,699.00
16,325,748.98
62,543,639.23
7,731,637.86
3,144,010.91
135,405,182.37
44,485,499.72
572,831,102.17
68,184,478.77
46,788,602.63
159,794,669.97
512,581,407.01
102,770,349.25
324,543,135.52
379,562,218.88

* 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.

CalSTRS
Since
Inception
IRR*
19.89
N/A
30.58
55.85
8.66
8.01
61.66
103.77
8.00
13.88
(20.17)
23.32
21.76
6.59
8.46
2.67
5.65
9.96
11.27
12.59
3.44
16.38
13.08
N/A
(0.06)
23.73
(0.19)
29.32
1.07
(3.86)
24.47
15.20
(4.67)
1.46
(30.21)
(5.16)
19.40
(0.13)
(13.97)
(2.01)
11.87
(3.20)
13.75
2.58
49.15
5.30
10.10
13.11
11.16
13.85
17.58
3.00

California State Teachers' Retirement System
Private Equity Portfolio Performance
March 31, 2012

Description
Welsh, Carson, Anderson & Stowe X, L.P.
Welsh, Carson, Anderson & Stowe XI, L.P.
Yucaipa Corporate Initiative Fund
Yucaipa Corporate Initiatives Fund II LP

Vintage
Year
2005
2008
2003
2009

Capital Committed
323,961,111.00
250,000,000.00
150,000,000.00
50,000,000.00

Capital Contributed
311,002,663.00
127,605,048.00
130,251,817.90
31,487,971.00

Capital
Distributed
58,203,696.00
0.00
6,834,207.00
0.00

* 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*
3.25
7.36
(5.52)
(41.30)

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