California State Teachers' Retirement System

Private Equity Portfolio Performance

As of March 31, 2014

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.
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
Alchemy Special Opps. Feeder Fund, L.P.
Alta Communications IX, L.P.
Alta Communications VIII, 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.
BCI Growth IV, 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 Communications Partners I, LP
Blue Run Ventures IV, L.P.
Blue Run Ventures, L.P.
Boston Ventures V, L.P.
CalSTRS New&Next Gen. Manager Fund II

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

Capital
Committed

Capital
Contributed

Capital
Distributed

CalSTRS
Since
Inception
IRR*

40,563,497,470

32,421,776,641

27,672,361,736

11.54

70,000,000
40,000,000
104,181,103
273,454,678
150,000,000
33,958,976
50,000,000
100,000,000
164,208,774
259,556,619
66,686,006
81,227,631
40,000,000
45,000,000
20,000,000
115,649,884
315,673,805
525,868,938
100,000,000
250,000,000
350,000,000
30,000,000
50,000,000
150,000,000
53,186,236
42,498,104
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
285,232,069
612,807,045
323,203,189
25,000,000
250,000,000
215,000,000
1,738,000,000
322,100,000
275,000,000
23,595,506
31,415,730
90,000,000
216,947,782

36,131,275
36,615,642
77,201,869
259,431,725
133,742,903
33,958,976
46,750,000
100,000,000
164,208,772
259,366,039
0
59,646,406
38,000,000
44,100,000
20,000,000
115,649,884
308,387,007
521,940,927
98,422,784
239,549,952
270,996,941
30,000,000
19,009,011
35,213,242
23,374,786
26,512,628
15,000,000
22,000,000
250,000,000
25,875,000
23,812,500
12,250,000
97,250,000
386,000,000
48,750,000
137,019,224
574,974,094
323,203,189
25,000,021
201,605,364
182,070,133
1,553,867,757
121,091,895
250,293,431
19,112,359
30,316,180
86,872,281
119,864,663

601,911
42,284,275
1,398,096
137,267,477
38,971,617
74,968,973
45,311,502
103,300,803
86,328,248
200,431,655
0
87,206,551
16,275,133
29,113,791
45,540,989
239,448,864
297,261,067
117,922,540
159,771,832
218,155,863
341,595,755
6,120,144
257,567
0
0
3,330,473
28,918,232
11,953,197
330,060,553
0
10,347,845
2,259,362
86,053,767
81,069,154
53,539,312
2,335,518
401,378,866
822,215,324
15,212,873
96,926,968
411,140,276
841,409,200
9,931,915
277,048,208
8,944,706
25,986,704
98,012,673
4,950,495

2.29
11.90
(7.36)
18.53
13.52
28.14
4.02
8.31
8.15
1.96
N/A
9.59
(3.51)
(6.21)
24.53
36.09
14.19
5.94
11.85
10.83
27.01
2.62
7.36
(7.50)
11.03
(6.19)
31.17
(7.34)
11.20
17.08
6.96
3.14
6.62
5.88
11.23
10.72
5.61
23.93
(8.07)
17.41
36.81
7.75
17.34
5.92
30.56
6.78
2.60
7.19

* 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 March 31, 2014

Description
CalSTRS New&Next Gen. Manager Fund III
CalSTRS New&Next Generation Manager Fund
CalSTRS/B of A Capital Access Fund III
CalSTRS/B of A Capital Access Partners
CalSTRS/BOA/ML Cap Access LLC Fund IV
Carlyle Europe Partners III, 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.
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 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 III, L.P.
Cortec Group Fund IV, L.P.
Cortec Group Fund V, 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 Global Value Fund, LP
Cypress Merchant Banking Partners II LP
DCM IV, 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 VIII Co-Investors
Energy Capital Partners I

Vintage
Year
2012
2005
2006
2003
2010
2007
2005
2007
2013
2006
2012
2014
2011
2006
2009
2012
2008
2007
2003
1999
2006
1999
2014
2004
2004
2012
2000
2006
2011
2006
2012
2005
2008
2013
1998
2001
2005
1996
2006
2008
2007
1999
2004
2009
2013
2006
2007
2010
2011
2006

Capital
Committed
269,542,578
105,645,634
200,000,000
75,000,000
200,000,000
527,016,774
100,000,000
500,000,000
250,000,000
50,000,000
50,000,000
100,000,000
225,000,000
150,000,000
250,000,000
250,000,000
151,410,000
500,000,000
100,000,000
40,000,000
137,458,760
29,500,000
200,000,000
100,000,000
35,000,000
100,000,000
30,000,000
58,641,176
60,000,000
30,000,000
15,200,000
100,000,000
200,000,000
125,000,000
300,000,000
200,000,000
394,226,093
40,000,000
524,000,546
432,143,001
196,000,000
278,125,000
15,000,000
16,273,555
150,000,000
150,000,000
250,000,000
200,000,000
50,000,000
220,000,000

Capital
Contributed
26,697,415
73,225,785
154,402,665
60,768,625
67,209,431
502,571,055
96,754,803
443,302,885
11,402,315
49,681,485
46,249,341
15,833,920
149,918,328
139,096,306
163,389,265
181,250,000
124,767,651
461,721,438
63,775,341
34,831,658
120,165,641
28,981,412
0
91,739,097
32,200,000
34,316,943
26,696,356
52,142,207
35,885,028
29,946,760
8,519,718
95,000,841
157,977,809
0
279,114,219
192,010,551
348,987,360
39,292,287
438,642,497
300,943,928
186,200,000
261,571,696
15,000,000
11,098,071
23,251,722
148,641,929
222,819,050
128,960,485
36,460,565
198,253,961

Capital
Distributed
0
21,486,656
35,672,948
23,809,278
1,610,365
202,264,848
152,250,718
227,670,083
0
4,535,974
0
0
2,585,522
213,153,486
178,466,491
0
3,103,114
300,201,138
101,333,365
52,536,993
64,317,690
30,162,217
0
92,700,359
374,945
4,244,377
58,899,875
49,784,606
0
155,053
329
32,730,225
85,052,137
0
647,451,184
551,898,623
539,562,462
97,903,249
310,839,076
106,376,979
177,988,215
218,407,248
9,445,149
0
0
253,900,471
258,302,594
11,363,192
0
68,988,281

* 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*
(23.26)
7.18
4.81
0.92
7.27
9.22
13.29
13.94
(41.47)
(24.08)
33.23
(2.17)
8.68
21.26
15.27
13.19
7.96
7.96
12.73
8.26
(0.20)
0.69
N/A
10.41
6.84
34.45
22.24
9.90
9.37
(16.21)
(4.95)
(7.62)
14.39
N/A
18.91
40.63
17.20
22.91
7.35
10.70
6.68
(0.89)
5.01
26.59
(6.20)
24.44
18.62
12.77
20.84
(1.80)

California State Teachers' Retirement System

Private Equity Portfolio Performance
As of March 31, 2014

Description
Energy Capital Partners II-A
Energy Capital Partners III-A, LP
Energy Spectrum Partners IV, L.P.
Energy Spectrum Partners VI, L.P.
Equistone Partners Europe Fund IV "F" LP
FCO MA II LP
FCO MA III, L.P. PE
First Reserve Fund X, L.P.
First Reserve Fund XI, L.P.
First Reserve Fund XII, L.P.
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.
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.
Giza Venture Fund IV
Giza Venture Fund V
Golder, Thoma, Cressey & Rauner Fund IV
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
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.
JMI Equity Fund V, L.P.

Vintage
Year
2009
2013
2004
2011
2012
2010
2012
2003
2006
2008
2002
2002
2010
2012
2008
2010
2004
1998
2003
2007
2011
2005
2007
1994
2007
2012
2011
2006
2012
2004
2006
2011
2010
2006
2013
2008
2011
2008
2006
2013
2000
2007
2004
2000
2004
2006
2003
1999
2005
2005

Capital
Committed
100,000,000
200,000,000
50,000,000
75,000,000
67,478,106
195,000,000
200,000,000
200,000,000
800,000,000
800,000,000
29,583,362
78,291
5,000,000
45,000,000
50,000,000
75,000,000
47,473,830
87,500,000
95,000,000
70,000,000
60,000,000
20,000,000
12,400,000
35,000,000
100,000,000
30,000,000
250,000,000
100,000,000
125,000,000
100,000,000
200,000,000
100,000,000
67,621,455
61,455,022
83,162,307
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
34,295,243
175,000,000
42,628,756
100,000,000
75,000,000
30,000,000

Capital
Contributed
76,349,398
0
51,318,768
32,393,551
38,421,312
94,704,125
78,708,196
200,000,000
806,101,221
708,267,038
28,225,787
74,761
2,702,952
7,108,910
39,774,681
50,062,500
46,880,407
87,227,940
76,303,871
69,487,364
42,000,000
19,600,000
11,408,000
35,000,000
90,096,600
10,450,024
54,426,088
93,542,179
0
89,858,918
190,348,118
58,826,239
32,209,886
57,742,839
11,323,091
45,600,343
23,926,991
90,269,510
22,667,256
10,950,694
15,000,001
50,000,000
36,000,000
75,000,000
33,160,030
128,498,704
38,005,235
85,289,686
74,630,546
30,000,000

Capital
Distributed
15,696,770
0
86,100,390
0
589,541
38,119,140
126,078
352,284,882
397,944,503
180,712,412
49,598,187
1,156,511
1,621,642
0
0
929,876
54,008,923
149,210,976
133,433,554
44,804,990
290,885
3,382,501
12,042,767
73,863,155
71,154,309
0
19,083,820
118,797,392
0
221,105,295
178,148,625
4,771,328
191,166
40,566,350
0
4,426,172
0
82,672,985
11,775,680
42,842
4,163,979
72,197,947
24,138,528
32,271,615
12,869,339
11,593,415
26,503,839
30,634,495
31,366,457
128,392,362

* 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*
21.35
N/A
14.85
2.40
25.55
21.18
15.22
30.64
1.88
3.92
23.20
64.49
20.23
9.97
7.39
18.09
10.83
12.87
16.31
11.19
9.68
(9.76)
32.67
24.95
10.98
11.93
24.29
18.44
N/A
27.66
12.52
8.44
(30.01)
(2.10)
(6.98)
5.57
0.36
19.83
11.00
(20.65)
(16.29)
31.92
9.09
(4.62)
(9.36)
4.04
(4.54)
(11.12)
6.27
38.38

California State Teachers' Retirement System

Private Equity Portfolio Performance
As of March 31, 2014

Description
JMI Equity Fund VI, L.P.
JMI Equity Fund VII, L.P.
KKR 2006 Fund
KKR North America Fund XI
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.
New Enterprise Associates 14, LP
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.
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 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.
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

Vintage
Year
2007
2010
2006
2013
2000
2014
2001
2007
2000
2005
2007
2012
1999
1993
1996
2001
1998
2000
2003
2006
2009
2005
2005
2003
2006
2004
2011
1997
2002
2004
2005
2007
2007
2007
2013
2011
2004
2006
2008
2013
2010
2013
2011
2006
2012
2004
2013
2000
2003
2006

Capital
Committed
50,000,000
50,000,000
332,000,000
170,000,000
75,000,000
100,000,000
300,000,000
250,000,000
200,000,000
30,000,000
100,000,000
160,000,000
60,000,000
35,000,000
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
25,000,000
100,000,000
50,000,000
50,000,000
115,640,000
300,000,000
75,000,000
250,000,000
28,090,818
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
393,203,592
964,131,689

Capital
Contributed
48,900,000
34,000,000
295,736,420
64,690,307
74,597,584
0
301,958,775
217,344,085
192,548,399
30,244,589
98,338,138
66,400,000
58,800,000
35,000,000
40,000,000
25,000,000
50,000,000
197,000,000
73,500,000
157,600,000
55,250,000
142,073,521
14,431,626
27,678,479
10,603,275
75,000,000
29,250,000
25,000,822
48,610,586
50,000,000
50,000,000
115,640,000
230,783,818
58,790,133
14,680,503
10,570,881
94,878,525
133,146,584
155,797,733
0
26,200,000
820,000
55,795,474
75,830,785
9,267,117
49,246,837
6,069,643
310,169,279
393,203,592
948,104,454

Capital
Distributed
25,326,137
6,484,615
177,845,366
0
115,575,612
0
526,928,370
111,463,925
369,300,173
38,616,843
30,773,598
3,289,087
19,554,578
280,487,494
135,468,287
14,617,503
76,834,556
177,591,215
128,374,436
108,520,725
23,815,995
206,364,106
838,326
12,152,324
11,790
29,255,344
0
37,770,911
124,240,777
78,075,766
72,272,195
135,736,295
371,814,112
21,570,575
0
270,533
218,174,232
191,231,224
18,083,462
0
6,921,252
0
4,737,465
64,509,165
952,421
48,375,738
0
587,844,237
532,486,256
557,527,826

* 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*
8.12
0.01
7.01
2.35
8.32
N/A
14.38
7.46
17.05
7.82
10.01
11.05
(6.44)
65.50
63.71
(3.00)
30.79
3.61
15.21
9.92
19.67
17.90
(58.85)
(9.44)
(2.70)
(2.07)
10.94
8.45
43.92
14.18
8.98
8.18
17.96
16.45
(4.95)
7.54
38.38
14.39
9.05
N/A
68.36
(26.36)
12.87
20.42
(2.14)
9.06
(31.62)
23.46
24.85
8.51

California State Teachers' Retirement System

Private Equity Portfolio Performance
As of March 31, 2014

Description
Permira V, L.P.
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.
Strategic Investors Fund V-B, LP
Strategic Investors Fund VI-A, 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
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
T3 Partners I, 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.
Thoma Bravo Fund X, L.P.
Thoma Bravo Special Opps Fund I, L.P.
Thoma Cressey Fund VI, L.P.

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

Capital
Committed
309,690,361
20,221,808
10,000,000
25,016,853
350,000,000
700,000,000
100,000,000
300,000,000
75,000,000
300,000,000
250,000,000
22,500,000
26,500,000
21,000,000
25,000,000
30,000,000
30,000,000
65,000,000
150,000,000
101,839,889
70,000,000
43,711,765
45,000,000
10,000,000
66,559,021
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
100,000,000
50,000,000
42,500,000
20,000,000
110,000,000
80,000,000
50,000,000
70,000,000
200,000,000
350,000,000
100,000,000
100,000,000
31,400,000
60,000,000

Capital
Contributed
21,291,639
20,270,948
8,913,323
25,016,853
319,927,256
623,685,103
82,563,242
239,084,510
75,000,000
300,000,000
237,500,000
20,250,000
15,900,000
21,000,000
25,000,000
26,700,000
11,700,000
64,675,000
145,500,000
95,474,896
50,225,000
18,249,662
2,035,204
9,873,887
32,791,907
34,000,000
100,000,000
14,775,000
10,600,000
18,000,000
28,500,000
31,400,000
29,100,000
43,425,000
73,817,096
18,992,163
74,369,728
48,585,000
36,975,000
15,150,000
107,426,550
49,000,000
49,520,000
69,671,000
189,920,000
307,435,263
95,079,135
49,464,416
4,209,203
58,140,000

Capital
Distributed
0
11,819,893
3,629,542
9,611,452
242,758,822
277,977,738
56,470,584
74,662,302
71,264,953
189,767,817
265,226,403
14,400,000
0
9,111,629
10,411,950
21,374,412
2,409,308
71,522,934
193,423,457
165,567,824
0
22,974
0
15,714,515
16,247,396
0
38,965,597
14,858,669
0
39,424,913
30,274,240
12,346,445
220,162,748
59,775,806
136,470,789
147,172
287,539,042
114,273,659
36,125,000
6,450,000
73,326,550
8,000,000
63,867,260
89,555,905
119,349,195
57,274,896
199,916,804
16,956,044
3,228,190
58,905,633

* 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*
(21.38)
(14.68)
(0.03)
(5.69)
3.85
5.41
6.73
7.15
3.64
1.26
12.74
22.93
(8.16)
9.19
0.03
17.09
36.87
2.35
7.41
17.93
16.81
8.68
(0.51)
9.78
8.94
27.73
7.69
21.06
(1.32)
55.85
8.60
8.37
103.77
8.05
15.06
(17.28)
29.32
21.80
6.67
13.13
5.25
17.07
11.28
14.16
19.81
10.10
16.65
36.95
69.44
0.40

California State Teachers' Retirement System

Private Equity Portfolio Performance
As of March 31, 2014

Description
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 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.
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.
Yucaipa Corporate Initiative Fund
Yucaipa Corporate Initiatives Fund II LP

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

Capital
Committed
100,000,000
422,156,647
180,000,000
239,036,536
125,000,000
35,438,698
125,000,000
300,000,000
350,000,000
1,000,000,000
450,000,000
67,699,290
68,506,785
60,000,000
45,000,000
150,000,000
15,211,765
100,000,000
100,000,000
150,000,000
150,000,000
100,000,000
400,000,000
50,000,000
300,000,000
323,961,111
250,000,000
150,000,000
50,000,000

Capital
Contributed
99,999,999
418,624,001
164,664,058
173,886,145
54,130,547
24,241,090
1,010,878
255,472,950
324,101,605
883,062,874
352,316,261
66,372,157
7,293,906
57,469,559
45,000,000
150,000,000
14,146,941
90,000,000
97,470,858
148,805,662
145,500,000
100,000,000
396,000,000
50,000,000
300,000,000
317,481,885
214,648,467
130,251,818
45,037,564

Capital
Distributed
191,618,291
645,092,087
42,245,300
120,084,301
332,829
82,344
744
636,908,773
555,886,473
351,677,097
103,824,103
101,552,126
214,397
8,943,605
16,325,749
110,108,320
7,731,638
4,849,502
160,148,716
44,503,117
107,995,407
163,605,979
578,434,886
102,951,014
382,018,755
215,982,008
61,791,841
22,725,757
5,175,857

* 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*
23.76
13.79
2.19
(0.19)
16.03
21.94
(63.67)
24.47
16.21
3.67
10.39
19.33
(6.70)
(5.00)
(13.21)
0.69
2.92
(12.32)
13.52
3.47
6.18
12.94
10.59
13.85
2.98
6.96
14.05
(3.19)
(7.51)