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CalSTRS reveals $5.7bn of private equity, real estate commitments, including mammoth new KKR Asian fund

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US pension fund giant CalSTRS has revealed $5.7bn of new fund commitments, including big pledges to the latest KKR and GI Partners funds.

The LP agreed to commit up to $300m to both GI Partners VI and KKR Asian Fund IV according to its latest investment documents.

AltAssets revealed last October that KKR had raised Asia’s biggest-ever buyout fund after pulling in more than $13bn towards the mammoth vehicle – and was still looking for more capital.

The firm was understood to have been eyeing up to $12.5bn for Asian Fund IV – well ahead of the already impressive $9.3bn it gathered for its Asian Fund III in 2017.

But an SEC filing from the firm at the time said it was still accepting new commitments to KKR Asian Fund IV.

Reports last year suggested KKR could raise up to $15bn for the fund.

GI Partners is believed to be eyeing up to $3.25bn for Fund VI. The firm hit a $2.7bn final close for its fifth flagship fund in 2017 and collected $2bn for its 2014 fund.

Sixth Street Partners’ TAO 2020 fund received a $250m commitment, as did Apollo Global’s Hybrid Value II vehicle and Carlyle’s AlpInvest Co-Investment Fund (Onshore) VIII.

CalSTRS also agreed $200m commitments to The Jordan Company’s Resolute Fund IV and TCV XI and $150m to Fortress Credit Opportunities Fund V.

Riverwood Capital Partners III will receive up to $100 from the LP, GGV Capital VIII $72, OrbiMed Private Investments VIII $50m among a swathe of other commitments.

Co-investment activity included $150m to a fintech-focused Blackstone vehicle, $195m to a trio of Summit Partners vehicles and $125m to GI Partners co-investment Saturn Opportunities.

The $3.9bn of private equity commitments and $1.8bn of real estate commitments were all made in the last six months of 2020, the LP said.

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Source: https://www.altassets.net/private-equity-news/by-pe-sector/venturegrowth/calstrs-reveals-5-7bn-of-private-equity-real-estate-commitments-including-mammoth-new-kkr-asian-fund.html

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