CalSTRS looks to Altius Associates

15 July 2002

Tweet
Facebook
LinkedIn
Google plus
Send to

The California State Teachersâ€™ Retirement System has selected Altius Associates Limited as its advisor for international alternative investment partnerships. Altius Associates, with offices in London, Copenhagen and Richmond, Virginia, will recommend non-US partnerships, perform due diligence and assist and advise CalSTRS staff on those investment opportunities. Altius Associates was selected through a competitive process necessary due to the expiration of the current general alternative investment portfolio consultant contract with Pathway Capital Management, LLC. Advisors to recommend US partnerships will be selected through a competitive process to begin later this summer.

CalSTRSâ€™ international alternative investment portfolio can contain investments in Canada, the UK and Continental Europe. Market value is currently $585m with committed values of $1.4bn. The total alternative investment portfolio has a market value of $4.4bn with committed values of $8.8bn within CalSTRSâ€™ $100bn investment portfolio. The alternative investment portfolio has generated a 20.4% compounded annual rate of return since its inception in 1988. Last October, the CalSTRS investment committee increased the alternative investment asset allocation from 5% to 8%. Projections estimate it will grow to $11bn by 2006, with the international portion expected to reach $1.7bn. CalSTRS administers retirement, disability and survivor benefits for Californiaâ€™s public school educators in grades kindergarten through community college, serving approximately 687,000 members and benefit recipients.