DFX Intelligence

Allocator Intelligence

California State Teachers' Retirement System

State retirement system· West Sacramento, Californiacalstrs.com

State retirement system, based in West Sacramento, California, reporting $373B in assets, for 1,040,000 participants.

Composed from this allocator's classification, location and filed figures.

Assets
$373B
Private allocation
35.0%
Fund commitments
476
Managers
115
Contact decision makersView relationships
More
Ask DFX about this allocatorInvestment staff
Open searches (2)Plans backing its top managerSimilar plans, same strategyCommitments (476)Allocation policyConsultants
As of · the latest dated event for this allocator; each figure carries its own filing or report date

What may matter next

A pattern DFX replayed against history, using only what was known on each date, points at this record. The rate belongs to the pattern, not to this entity; what already happened is below.

Allocators · Re-upWindow to Sep 2027

California State Teachers' Retirement System

Emerging

Watch for: commits to the successor fund by Sep 2027.

What DFX sees in the record
  • DerivedCalifornia State Teachers' Retirement System• h•••• O•• H• F• P••••••• V• L• a•• t•• m•••••••• n••• f••• i• t••• s•••••• O•• H•••• P••••••• V•• L•••• i• o••• •••••••••
  • DerivedN• c••••••••• t• t•• n•• f••• a•••••• o• t•• p••••• f•••••• y•••
Why it matters

This allocator committed to the prior fund of a series that now has a successor fund. Existing LPs are the first calls in any raise, so this is the re-up list for the GP, and for a competing GP it shows whose capital may be in play.

Who this is for

GPs raising a successor fund, placement agents, and competing GPs in the same strategy.

Can you reach them

Decision maker identified; on file: LinkedIn.

Read with care: the rate belongs to the pattern, not to this one; it is not a forecast.

How the pattern measured, and every other entity on it: re-up prospects.
Allocators · Re-upWindow to Sep 2027

California State Teachers' Retirement System

Emerging

Watch for: commits to the successor fund by Sep 2027.

What DFX sees in the record
  • DerivedCalifornia State Teachers' Retirement System• h•••• N•• E••••••••• A••••••••• 1• a•• t•• m•••••••• n••• f••• i• t••• s•••••• N•• E••••••••• A••••••••• 1•• L•••• i• o••• •••••••••
  • DerivedN• c••••••••• t• t•• n•• f••• a•••••• o• t•• p••••• f•••••• y•••

Why it matters, who it is for and how to reach them: as on the card above.

Read with care: the rate belongs to the pattern, not to this one; it is not a forecast.

How the pattern measured, and every other entity on it: re-up prospects.
Allocators · Re-upWindow to Sep 2027

California State Teachers' Retirement System

Emerging

Watch for: commits to the successor fund by Sep 2027.

What DFX sees in the record
  • DerivedCalifornia State Teachers' Retirement System• h•••• S•••• C•••••• F••• V••• a•• t•• m•••••••• n••• f••• i• t••• s•••••• S•••• C•••••• I•• L•••• i• o••• •••••••••
  • DerivedN• c••••••••• t• t•• n•• f••• a•••••• o• t•• p••••• f•••••• y•••

Why it matters, who it is for and how to reach them: as on the card above.

Read with care: the rate belongs to the pattern, not to this one; it is not a forecast.

How the pattern measured, and every other entity on it: re-up prospects.

What matters now

  1. 6
    re-up prospects

    6 re-up prospects were flagged in the last twelve months: managers it backed raising a successor fund.

    Managers it already backs are raising again; a re-up decision is coming.

    Inferencea successor fund observed for a manager the plan backsRe-up prospects →

18 more people, 57 more managers, 474 more commitments and 491 more dated events

Every figure, date and source on this page is shown. The names behind them, and every related record, open with the complete profile.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

People to know

View all people
  • Scott Chan
    Chief Investment Officer
    Why: Chief investment officer: owns the allocation decision
    No route on file yet

Capital path

who backs this record, through what, into what; each name opens its own path
Who decides
All 21
California State Teachers' Retirement System
Funds committed to
All 169
Managers
All 60

Relationship network

493 connected entities200 observed commitments45 repeat counterparties$60B disclosed commitments (200 commitments)commitments 2025

From board minutes, annual reports, Form 5500 filings and public records of commitments, consultants and staff in the allocator graph. Commitment amounts are those the allocator disclosed; many are not printed, and none is estimated.

Some relationships on this record are counted rather than named here. They open with the full profile.

Click any name or line for the commitments and sources behind it. Line weight is commitments together; dashed lines are inferred.

What stands out
Reading the network
  • Sponsor
  • Fund or vehicle
  • Service provider
  • Organization
  • Person

Managers, funds and consultants are read from the commitments: three or more is a strong observed relationship, two a repeat counterparty. No consultant link is marked current on the source, so none is labelled current or former here. Related plans, people and plan service providers are ordered by what the filing shows.

Darker lines were active in the last 24 months or are current; lighter lines are older or undated.

Size, funding, policy and commitments, with their basesState retirement systemShow
State retirement system
Assets
$373B
Fiduciary net position, Jun 30, 2025 reported
Funded
not on record
not filed
Private markets target
35.0%
policy Jun 30, 2025
Commitments
476
115 managers on Schedule C
Divisions and programs: Calstrs Cash Balance Benefit Program
Allocation policy
ACFR, as of Jun 30, 2025
Asset class (as printed)BucketTargetRangeActualGapBasis
Cash/LiquidityCash2.0%0% to 5%2.8%+0.8reported calstrs.com
Fixed IncomeFixed income13.0%8% to 18%12.0%-1.0reported calstrs.com
Risk Mitigating StrategiesHedge / diversifiers10.0%5% to 15%7.3%-2.7reported calstrs.com
Strategic OverlayHedge / diversifiers0.0%0.1%+0.1reported calstrs.com
Collaborative StrategiesOther0.0%0% to 5%1.8%+1.8reported calstrs.com
Private EquityPrivate equity14.0%9% to 19%15.1%+1.1reported calstrs.com
Public EquityPublic equity40.0%32% to 48%41.2%+1.2reported calstrs.com
Inflation SensitiveReal assets6.0%1% to 11%6.9%+0.9reported calstrs.com
Real EstateReal estate15.0%10% to 20%12.8%-2.2reported calstrs.com
Policy periods on the tape: Jun 30, 2025 (ACFR), Jun 30, 2024 (ACFR). Target changes between periods are on the what changed list.
Consultants and advisers
No adviser relationship is on the tape for this allocator. Public systems name theirs in the ACFR; plans list them on Schedule C.
Decision makers
who to call first about an allocation, and why; then everyone else by function
  • Scott Chan · Chief Investment Officer
    Why this person: Chief investment officer: owns the allocation decision; Named with investment responsibility; Confirmed current by a second source 2026-10-01
Who else at this allocator · 1 person, grouped by function
Board, advisers and operating partners (1)
  • Denise Bradford · Board Chair, K–12 Classroom Teacher
    Why this person: Board member

Ranked by the role the firm or its filing states, a route on file and deals led. Every reason is read from the record, never inferred. Routes are published by the person or the firm (their bio, the team page or a filing) and are revealed on a plan; data bought from a provider is never shown, and a route printed at a firm the person has since left is held back.

People
21 roles
Chief investment officer
Scott Chan
Chief Investment Officer (Jun 30, 2025) calstrs.com
SCOTT CHAN LISA BLATNIK JULIE UNDERWOOD BRIAN J. BARTOW Chief Investment Officer
Scott Chan
Chief Investment Officer (Sep 30, 2026) calstrs.com
at CalSTRS, the largest educator-only pension fund in the world. Read more » Scott Chan Position: Chief Investment Officer Scott Chan has been the chief investment officer of CalSTRS since July 2024.

+18 more people on the investment staff and board

Every name, title and published role at this allocator, with the page it was read from.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Manager roster
60 managers on the commitment tape
From the plan’s own commitment disclosures

+57 more managers received commitments

Every name, record and relationship behind this count, with the source on each.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

What changed
496 events
  • Sep 24, 2026re up prospect resolvedreport dateinference
    Re-up prospect for Blackstone Life Sciences VI - B L.P.: condition no longer holds; not judged
    with Blackstone Life Sciences Advisors L.L.C.no URL
  • Sep 23, 2026re up prospect resolvedreport dateinference
    Re-up prospect for Spark Capital Growth Fund VI-A, L.P.: condition no longer holds; not judged
    with Spark Capitalno URL
  • Sep 23, 2026Re-up prospectreport dateinference
    California State Teachers' Retirement System holds ARCH Venture Fund VI, L.P. ($30M); the manager is raising: ARCH Venture Fund XIV, L.P. (fundraising, seen 2026-09-23); no commitment to it on the graph; 7 fund(s) of the series between them not held either
    with Arch Venture Partnersno URL
  • Sep 23, 2026re up prospect resolvedreport dateinference
    Re-up prospect for Spark Capital Growth Fund VI, L.P.: condition no longer holds; not judged
    with Spark Capitalno URL
  • Sep 23, 2026re up prospect resolvedreport dateinference
    Re-up prospect for Francisco Partners VIII, L.P.: condition no longer holds; not judged
    with Francisco Partnersno URL

+491 more dated events

Every name, record and relationship behind this count, with the source on each.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Board record: approvals, recommendations, searches, terminations and re-up prospects for this system.
Commitments
477 rows, 0 dated closings
DateFundManagerBucketAmountVintageStatusSource
as of Jun 30, 2025Blackstone Capital Partners V L.P.Blackstone Management Partners L.L.C.Private equity$1.6B2006Disclosed holdingcalstrs.com
as of Jun 30, 2025TPG Partners V, L.P.TPG Global Advisors, LLCPrivate equity$1.0B2006Disclosed holdingcalstrs.com
as of Jun 30, 2025AlpInvest C Fund II LPAlpinvest US Holdings, LLCPrivate equity$1.0B2021Disclosed holdingcalstrs.com

+474 more commitments

Every fund and manager this allocator committed to, with the amount, date and source on each.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Size and funding
40 readings
Total assets
$379B Jun 30, 2024 derived Census ASPP
$347B (2023-06) · $330B (2022-06)
Fiduciary net position
$373B Jun 30, 2025 reported ACFR
$341M (2024-06) · $300B (2022-06)
Long-term investments
$378B Jun 30, 2024 reported Census ASPP
$330B (2022-06)
Total pension liability
$408B Jun 30, 2024 derived Census ASPP
$69B (2022-06)
Discount rate
7.10% Jun 30, 2024 reported Census ASPP
7.10% (2022-06)
Participants
1,040,000 Jun 30, 2024 derived Census ASPP
1,002,000 (2022-06)
Active members
467,000 Jun 30, 2024 derived Census ASPP
449,000 (2022-06)
Beneficiaries
333,000 Jun 30, 2024 reported Census ASPP
326,000 (2022-06)
Benefits paid
$19B Jun 30, 2024 reported Census ASPP
$17B (2022-06)
Investment expense
$462M Jun 30, 2024 reported Census ASPP
$494M (2022-06)
Provenance
Identifiers: Census PID6 225913
Cross-graph: private equity LP tape (cited), venture LP tape (cited)
First observed Sep 15, 2026, last observed Oct 1, 2026. Classification confirmed. Every row above carries its source; a reported figure is the subject’s own, a derived one is arithmetic on reported figures, an estimated one is a model or a survey imputation and is never summed into a headline.

Not yet on record: funded ratio.

Across the graphs

California State Teachers' Retirement System is the same institution as 1 record in Venture Capital.

Venture Capital1

The joined record opens with the product, beside every other relationship on this page.

Checking your plan…

Capital chain

California State Teachers' Retirement System sits on 1432 traced paths of capital across the graphs.

Allocator to PE fund to manager to companyAllocator to credit manager to facility to borrowerConsultant to allocator to manager

DFX traced 1,432 paths of capital through this record

Every record on each path, what it committed or lent, and as of when.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.

Checking your plan…

Record history

499 dated events on the change ledger, latest event first
  • Re up prospect resolved
    2026-09-24
  • Re up prospect resolved
    2026-09-23
  • Re up prospect
    2026-09-23

+496 more changes on this record's ledger

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The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.

›Connections

every published relationship on the graph

+536 connections on the graph

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.