Investment pools
California State Teachers' Retirement System
Teachers’ Retirement Fund
Allocation as of · Allocation report ↗
Net market value$417.7B
Allocation rows within range8 / 8
Where the fund is invested
Select a band to explore its allocation.
Total fund$417.7B
Allocation by sleeve
Dot shows actual weight. Tick shows target. Negative distance indicates a policy-range breach.
September 2026 actuals and current bands use the CalSTRS published investment portfolio. Sub-sleeves and manager disclosures use their own report dates and bases.
| Sleeve | Market value | Actual | Target | Vs target | Policy range | Above min. | Below max. |
|---|---|---|---|---|---|---|---|
| Public Equity | $178.56B | 42.75% | 39% | +3.75 pp | 31% to 47% | +11.75 pp | +4.25 pp |
| Fixed Income | $50.24B | 12.03% | 13% | −0.97 pp | 8% to 18% | +4.03 pp | +5.97 pp |
| Real Estate | $50.56B | 12.1% | 15% | −2.9 pp | 10% to 20% | +2.1 pp | +7.9 pp |
| Private Equity | $57.51B | 13.77% | 14% | −0.23 pp | 9% to 19% | +4.77 pp | +5.23 pp |
| Risk Mitigating Strategies | $38.38B | 9.19% | 10% | −0.81 pp | 5% to 15% | +4.19 pp | +5.81 pp |
| Inflation Sensitive | $30.16B | 7.22% | 7% | +0.22 pp | 2% to 12% | +5.22 pp | +4.78 pp |
| Cash / Liquidity | $2.88B | 0.69% | 2% | −1.31 pp | 0% to 5% | +0.69 pp | +4.31 pp |
| Collaborative Strategies | $8.82B | 2.11% | 0% | +2.11 pp | 0% to 5% | +2.11 pp | +2.89 pp |
| Strategic Overlay | $594.0M | 0.14% | 0% | +0.14 pp | — | — | — |
Rebalancing policy and actions
- The Investment Committee delegates authority to the CIO to rebalance within allowable ranges and to bring the portfolio back into range. Rebalancing timing considers market conditions, costs and the total portfolio.
- The November Investment Committee packet schedules Step 4 for January 1, 2027, when the Public Equity target goes to 38% and Fixed Income to 14%.
- Public Equity cash raised
The Global Equity semiannual report says it raised $4 billion in cash for the total fund in the first half of 2026.
Source ↗ - Fixed Income risk allocation
The Fixed Income semiannual report says the Total Fund allocated $1 billion of additional risk exposure to Fixed Income in the first half of 2026.
Source ↗
Rebalancing and policy disclosures are shown with their reporting dates.
Managers by sleeve
Reported roster as of · Manager roster ↗. The sleeve breakdowns come from dated CalSTRS reports. The named manager list combines selected fiscal 2025 mandate amounts and disclosed 2026 commitments. Commitments describe transactions and are separate from portfolio balances.
Public Equity7 roster entries
Sub-sleeves and exposures
- United States Regional exposure · Source ↗Estimated from June Global Equity AUM · $112.53B · 62.55% of sleeve ·
- Non-U.S. Developed Regional exposure · Source ↗Estimated from June Global Equity AUM · $45.12B · 25.08% of sleeve ·
- Emerging Markets Regional exposure · Source ↗Estimated from June Global Equity AUM · $22.25B · 12.37% of sleeve ·
- Internally managed Management split · alternate view · Source ↗Estimated from June Global Equity AUM · $145.72B · 81% of sleeve ·
- Externally managed Management split · alternate view · Source ↗Estimated from June Global Equity AUM · $34.18B · 19% of sleeve ·
Reported roster
- ABS Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $242.0M · 0.16% of FY2025 sleeve AUM, calculated ·
- Baille Gifford Overseas, LTD Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $2.11B · 1.39% of FY2025 sleeve AUM, calculated ·
- Bivium Capital Partners Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $449.0M · 0.3% of FY2025 sleeve AUM, calculated ·
- Leading Edge Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $502.0M · 0.33% of FY2025 sleeve AUM, calculated ·
- Mondrian Investments Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $2.92B · 1.92% of FY2025 sleeve AUM, calculated ·
- Westwood Global Investments, LLC Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $255.0M · 0.17% of FY2025 sleeve AUM, calculated ·
- Xponance Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $1.03B · 0.68% of FY2025 sleeve AUM, calculated ·
Fixed Income1 roster entries
Sub-sleeves and exposures
- Government Sector exposure · Source ↗Estimated from June Fixed Income AUM · $18.48B · 36.17% of sleeve ·
- Investment Grade Credit Sector exposure · Source ↗Estimated from June Fixed Income AUM · $11.3B · 22.12% of sleeve ·
- MBS Sector exposure · Source ↗Estimated from June Fixed Income AUM · $9.41B · 18.41% of sleeve ·
- CMBS Sector exposure · Source ↗Estimated from June Fixed Income AUM · $925.0M · 1.81% of sleeve ·
- ABS Sector exposure · Source ↗Estimated from June Fixed Income AUM · $56.0M · 0.11% of sleeve ·
- High Yield Sector exposure · Source ↗Estimated from June Fixed Income AUM · $2.37B · 4.64% of sleeve ·
- Bank Loans Sector exposure · Source ↗Estimated from June Fixed Income AUM · $1.18B · 2.3% of sleeve ·
- Emerging Markets Sector exposure · Source ↗Estimated from June Fixed Income AUM · $802.0M · 1.57% of sleeve ·
- Private Credit Sector exposure · Source ↗Estimated from June Fixed Income AUM · $5.47B · 10.71% of sleeve ·
- Other Sector exposure · Source ↗Estimated from June Fixed Income AUM · $1.1B · 2.16% of sleeve ·
Reported roster
- LM Capital Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $642.0M · 1.46% of FY2025 sleeve AUM, calculated ·
Real Estate25 roster entries
Sub-sleeves and exposures
- Core Risk profile · Source ↗Estimated from March Real Estate NAV · $28.78B · 58.3% of sleeve ·
- Value Add Risk profile · Source ↗Estimated from March Real Estate NAV · $9.38B · 19% of sleeve ·
- Opportunistic Risk profile · Source ↗Estimated from March Real Estate NAV · $11.06B · 22.4% of sleeve ·
- Legacy Risk profile · Source ↗Estimated from March Real Estate NAV · $148.0M · 0.3% of sleeve ·
Reported roster
- Belay Investment Group Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $310.0M · 0.66% of FY2025 sleeve AUM, calculated ·
- BlackChamber Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $0B · 0% of FY2025 sleeve AUM, calculated ·
- GTIS Partners Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $446.0M · 0.95% of FY2025 sleeve AUM, calculated ·
- IDS Real Estate Group Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $900.0M · 1.91% of FY2025 sleeve AUM, calculated ·
- Jair Lynch Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $283.0M · 0.6% of FY2025 sleeve AUM, calculated ·
- Kildare Partners US, LLC Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $150.0M · 0.32% of FY2025 sleeve AUM, calculated ·
- Pacific Coast Capital Partners, LLC Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $3.2B · 6.81% of FY2025 sleeve AUM, calculated ·
- Primestor Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $23.0M · 0.05% of FY2025 sleeve AUM, calculated ·
- Silverpeak Real Estate Partners L.P. Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $0.5M · 0% of FY2025 sleeve AUM, calculated ·
- TCI Fund Management Limited Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $88.0M · 0.19% of FY2025 sleeve AUM, calculated ·
- CBRE Asia Value-Add Partners VII Real Estate investment · First-half 2026 investment activity · Source ↗Commitment · $200.0M ·
- BCal II, LLC Real Estate investment · First-half 2026 investment activity · Source ↗Commitment · $206.0M ·
- CBCal Real Estate investment · First-half 2026 investment activity · Source ↗Commitment · $368.0M ·
- REIT Program Real Estate investment · First-half 2026 investment activity · Source ↗Commitment · $500.0M ·
- Project Longhorn Real Estate investment · First-half 2026 investment activity · Source ↗Commitment · $196.0M ·
- Starwood CMA Real Estate investment · First-half 2026 investment activity · Source ↗Commitment · $350.0M ·
- GID Commercial Real Estate Credit Fund Real Estate investment · First-half 2026 investment activity · Source ↗Commitment · $200.0M ·
- FidCal, LLC Real Estate investment · First-half 2026 investment activity · Source ↗Commitment · $300.0M ·
- PAG Loan Fund VI Real Estate investment · First-half 2026 investment activity · Source ↗Commitment · $200.0M ·
- CBRE Separate Account — Office Real Estate investment · First-half 2026 investment activity · Source ↗Commitment · $451.0M ·
- BlackRock Separate Account Real Estate investment · First-half 2026 investment activity · Source ↗Commitment · $682.0M ·
- CrossHarbor CMA Real Estate investment · First-half 2026 investment activity · Source ↗Commitment · $400.0M ·
- Belay Ventures Fund IV & Co-invest Real Estate investment · First-half 2026 investment activity · Source ↗Commitment · $300.0M ·
- PacificCal Debt V Real Estate investment · First-half 2026 investment activity · Source ↗Commitment · $200.0M ·
- CBRE Separate Account — Industrial Real Estate investment · First-half 2026 investment activity · Source ↗Commitment · $500.0M ·
Private Equity36 roster entries
Sub-sleeves and exposures
- Buyouts Semiannual consultant strategy breakdown · Source ↗NAV · $43.92B · 74.8% of sleeve ·
- Venture Capital Semiannual consultant strategy breakdown · Source ↗NAV · $5.47B · 9.3% of sleeve ·
- Debt Related Semiannual consultant strategy breakdown · Source ↗NAV · $3.73B · 6.4% of sleeve ·
- Longer-Term Strategy Semiannual consultant strategy breakdown · Source ↗NAV · $1.64B · 2.8% of sleeve ·
- Special Mandates Semiannual consultant strategy breakdown · Source ↗NAV · $2.41B · 4.1% of sleeve ·
- Multi-Strategy Semiannual consultant strategy breakdown · Source ↗NAV · $1.51B · 2.6% of sleeve ·
Reported roster
- ACON Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $84.0M · 0.15% of FY2025 sleeve AUM, calculated ·
- Advent International Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $1.24B · 2.21% of FY2025 sleeve AUM, calculated ·
- Ardian Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $902.0M · 1.61% of FY2025 sleeve AUM, calculated ·
- Cinven Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $194.0M · 0.35% of FY2025 sleeve AUM, calculated ·
- Francisco Partners Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $1.67B · 2.98% of FY2025 sleeve AUM, calculated ·
- HG Capital Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $887.0M · 1.58% of FY2025 sleeve AUM, calculated ·
- ICV Partners Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $59.0M · 0.11% of FY2025 sleeve AUM, calculated ·
- Institutional Venture Partners Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $183.0M · 0.33% of FY2025 sleeve AUM, calculated ·
- M2 Private Equity Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $316.0M · 0.56% of FY2025 sleeve AUM, calculated ·
- MBK Management, Inc. Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $620.0M · 1.11% of FY2025 sleeve AUM, calculated ·
- Oak HC/FT Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $276.0M · 0.49% of FY2025 sleeve AUM, calculated ·
- Oak Investment Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $60.0M · 0.11% of FY2025 sleeve AUM, calculated ·
- Palladium Equity Partners Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $175.0M · 0.31% of FY2025 sleeve AUM, calculated ·
- Reverence Capital Partners Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $48.0M · 0.09% of FY2025 sleeve AUM, calculated ·
- Riverwood Capital Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $265.0M · 0.47% of FY2025 sleeve AUM, calculated ·
- Siris Capital Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $112.0M · 0.2% of FY2025 sleeve AUM, calculated ·
- Sofinnova Ventures Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $23.0M · 0.04% of FY2025 sleeve AUM, calculated ·
- Tiger Iron Capital Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $289.0M · 0.52% of FY2025 sleeve AUM, calculated ·
- Valor Equity Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $227.0M · 0.41% of FY2025 sleeve AUM, calculated ·
- VantagePoint Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $15.0M · 0.03% of FY2025 sleeve AUM, calculated ·
- Vista Equity Partners Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $197.0M · 0.35% of FY2025 sleeve AUM, calculated ·
- Vivo Capital Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $131.0M · 0.23% of FY2025 sleeve AUM, calculated ·
- Francisco Partners VIII New PE commitment · New commitment · 2026-02 · Source ↗Commitment · $400.0M · 0.68% of PE NAV at investment ·
- Francisco Partners Agility IV New PE commitment · New commitment · 2026-02 · Source ↗Commitment · $150.0M · 0.26% of PE NAV at investment ·
- CapVest VI New PE commitment · New commitment · 2026-04 · Source ↗Commitment · $205.0M · 0.35% of PE NAV at investment ·
- Emerging Venture Managers VII Follow-on New PE commitment · New commitment · 2026-04 · Source ↗Commitment · $125.0M · 0.21% of PE NAV at investment ·
- Permira IX New PE commitment · New commitment · 2026-04 · Source ↗Commitment · $350.0M · 0.6% of PE NAV at investment ·
- Lone Star XIII New PE commitment · New commitment · 2026-04 · Source ↗Commitment · $400.0M · 0.68% of PE NAV at investment ·
- Tiger Global PIP XVII New PE commitment · New commitment · 2026-04 · Source ↗Commitment · $100.0M · 0.17% of PE NAV at investment ·
- Spark Capital IX New PE commitment · New commitment · 2026-04 · Source ↗Commitment · $30.0M · 0.05% of PE NAV at investment ·
- Spark Capital Growth VI New PE commitment · New commitment · 2026-04 · Source ↗Commitment · $70.0M · 0.12% of PE NAV at investment ·
- Blackstone Energy V New PE commitment · New commitment · 2026-05 · Source ↗Commitment · $300.0M · 0.51% of PE NAV at investment ·
- Pinegrove SIF XII - Early New PE commitment · New commitment · 2026-05 · Source ↗Commitment · $50.0M · 0.09% of PE NAV at investment ·
- Pinegrove SIF XII - Scale New PE commitment · New commitment · 2026-05 · Source ↗Commitment · $50.0M · 0.09% of PE NAV at investment ·
- Apollo Fund XI New PE commitment · New commitment · 2026-06 · Source ↗Commitment · $400.0M · 0.68% of PE NAV at investment ·
- ICG Europe IX New PE commitment · New commitment · 2026-06 · Source ↗Commitment · $115.0M · 0.2% of PE NAV at investment ·
Risk Mitigating StrategiesAllocation line
Sub-sleeves and exposures
- Defenders Reported allocation · Source ↗61% of sleeve ·
- Diversifiers Reported allocation · Source ↗39% of sleeve ·
- Long Duration U.S. Treasuries Reported strategy · Source ↗
- Trend Following Reported strategy · Source ↗
- Global Macro Reported strategy · Source ↗
- Systematic Risk Premia Reported strategy · Source ↗
Inflation Sensitive2 roster entries
Sub-sleeves and exposures
- U.S. TIPS Reported allocation · Source ↗Market value · $4.81B · 16.48% of June sleeve, calculated ·
- Commodities Reported allocation · Source ↗Market value · $4.96B · 16.98% of June sleeve, calculated ·
- Infrastructure Reported allocation · Source ↗Market value · $17.75B · 60.8% of June sleeve, calculated ·
- Agriculture & Timber Reported allocation · Source ↗Market value · $837.7M · 2.87% of June sleeve, calculated ·
- Credit Reported allocation · Source ↗Market value · $841.3M · 2.88% of June sleeve, calculated ·
Reported roster
- ACM Management Company, LLC Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $100.0M · 0.4% of FY2025 sleeve AUM, calculated ·
- Arjun Infrastructure Partners Disclosed external manager · Fiscal-year reported amount · Source ↗Amount managed during FY2025 · $350.0M · 1.4% of FY2025 sleeve AUM, calculated ·