California Teachers' Retirement System

Private Equity Portfolio Performance

September 30, 2010

Description

Vintage
Year

Total
Acon-Bastion Partners II, L.P.
Advent Central & Eastern Europe IV, LP
Advent International GPE VI, L.P.
Affinity Asia Pacific Fund Ill, LP
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 Opps. Feeder Fund, L.P.
Alta Communications IX, L.P.
Alta Communications VI, L.P.
Alta Communications VII, 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, LP
ARCH Venture Fund VI, L.P.
AtriA Private Equity Fund Ill, FCPR
Austin Ventures V, L.P.
Austin Ventures VI, LP
Avenue Special Situations Fund V, LP
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
Bain Capital Asia Fund, L.P.
BC European Capital VIII, L.P.
BC Partners VII, L.P.
BCI Growth IV, L.P.
Blackstone Capital Partners 11
Blackstone Capital Partners III
Blackstone Capital Partners IV
Blackstone Capital Partners V, L.P.
Blackstone Capital Partners VI, L.P.
Blackstone Capital Partners, 11 L.P.-2nd
Blackstone Communications I
Blackstone - GSO Capital Solutions LP
Blue Run Ventures IV, L.P.
Blue Run Ventures, L.P.
Boston Ventures V, L.P.
CalSTRSIB of A Capital Access FUnd III
CalSTRSIB of A Capital Access Partners
CalSTRSIBOAlML Cap Access LLC Fund IV
CalSTRS New&Next Gen. Manager Fund 11
CalSTRS New&Next Generation Manager Fund
Candover 1997 Fund, L.P.
Carlyle Europe Partners III, L.P.
Carlyle Partners IV, L.P.

2006
2008
2008
2006
2003
2005
2008
2009
2002
2006
2002
1996
1998
2000
1992
2001
2004
2007
2000
2005
2008
2003
2006
1997
1998
2007
2007
2006
2007
2006
2007
2005
2000
1996
1993
1997
2001
2005
2008
1999
2000
2009
2008
2005
1996
2006
2003
2010
2008
2005
1998
2007
2005

Capital
Committed

Capital
Contributed

Capital
Distributed

CalSTRS
Since
Inception
IRR'

36,826,926,788.31

27,485,445,554.39

17,174,837,093.28

12.57

40,000,000.00
104,112,214.38
277,082,560.32
150,000,000.00
33,958,976.00
50,000,000.00
100,000,000.00
164,208,774.00
258,969,376.80
80,045,114.75
40,000,000.00
20,000,000.00
30,000,000.00
45,000,000.00
20,000,000.00
115,649,883.55
314,700,498.33
526,761,752.38
100,000,000.00
250,000,000.00
350,000,000.00
30,000,000.00
42,501,760.84
15,000,000.00
22,000,000.00
250,000,000.00
50,000,000.00
100,000,000.00
400,000,000.00
50,000,000.00
25,000,000.00
610,670,265.43
323,203,188.55
25,000,000.00
81,834,000.00
323,945,000.00
215,000,000.00
1,738,000,000.00
322,100,000.00
9,294,000.00
275,000,000.00
222,026,942.00
23,595,506.00
31,415,730.00
90,000,000.00
200,000,000.00
75,000,000.00
100,000,000.00
216,947,782.00
105,645,634.00
132,928,444.09
527,537,147.42
100,000,000.00

25,154,779.00
28,855,522.51
99,606,461.58
71,859,335.48
33,958,976.00
46,750,000.00
100,000,000.00
114,946,140.00
256,956,824.90
59,646,405.83
37,300,000.00
20,000,000.00
30,000,000.00
44,100,000.00
20,000,000.00
115,649,883.54
285,689,982.02
327,032,881.25
98,422,784.00
219,228,969.01
147,127,556.00
25,800,000.01
22,261,282.09
15,000,000.00
21,793,750.00
250,000,000.00
7,000,000.00
97,250,000.00
157,000,000.00
48,500,000.00
15,875,000.00
495,174,281.16
323,203,188.54
25,000,021.49
76,019,461.00
304,935,746.00
172,723,002.00
1,432,095,860.00
0.00
8,689,524.00
247,636,699.00
67,787,439.00
7,078,651.35
26,075,056.11
86,827,726.54
75,636,417.45
51,066,580.68
0.00
32,418,979.60
58,987,417.98
122,869,340.85
267,928,013.95
95,782,469.00

210,589.00
0.00
5,544,800.00
1,702,075.97
72,499,786.00
18,050,000.00
0.00
0.00
153,206,291.61
13,708,375.43
7,420,309.00
22,212,714.11
25,468,102.00
25,906,951.00
45,540,989.12
216,195,097.48
216,368,101.88
0.00
126,069,434.00
14,130,701.00
9,031,040.00
1,059,618.00
0.00
28,725,052.11
10,104,034.42
7,305,403.00
0.00
3,501,317.00
14,122,371.00
8,706,962.00
0.00
26,735,791.91
607,513,475.88
14,974,171.61
164,434,710.00
455,657,339.91
277,819,329.52
110,240,538.00
0.00
17,728,072.00
211,251,546.00
2,856,813.00
1,606,341.47
3,456,005.22
93,621,709.58
648,848.60
2,244,735.17
0.00
0.00
1,625.00
219,529,259.28
8,821,596.37
29,960,424.00

12.19
(28.73)
(0.42)
(6.78)
28.22
2.07
8.42
0.57
0.84
5.84
(5.55)
4.97
(1.09)
(7.07)
24.54
37.08
12.71
(0.56)
12.13
6.61
19.47
15.76
(21.39)
31.20
(7.22)
10.27
(19.62)
(5.65)
(8.40)
(1.17)
0.35
8.92
24.66
(5.10)
33.90
13.15
39.16
(0.25)
NIA
44.39
7.79
26.03
15.39
4.19
3.06
(6.39)
(7.16)
NIA
(23.26)
1.11
16.51
(20.84)
8.12

* The limited partnership record keeping, including the internal rate of return or IRR, is maintained internally by CalSTRS for each

limited partnership. The CaISTRS' 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 actuallRR 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 Teachers' Retirement System

Private Equity Portfolio Performance
September 30,2010

Description

Carlyle Partners V, L.P.

Carlyle/Riverstone Renew Energy Infrast
CVI Global Value Fund, LP
Centerbridge Capital Partners, L.P.
Centerbridge Special Credit Partners
Cerberus Institutional (INTL) Series 1
Cerberus Institutional (Series Four) LP
Cerberus Institutional (Series Three)
CGW Southeast Partners IV
Charterhouse Equity Partners II, L.P.
Charterhouse Capital VIII, L.P.
Chisholm Partners IV, L.P.
Clayton, Dubilier & Rice Fund VII, L.P.
Clearstone Venture Partners III-A, L.P.
Cartee Group Fund III, L.P.
Cartee Group Fund IV, L.P.
Craton Equity Investors I, L.P.
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, LP
CVC Capital Partners Asia Pacific II, LP
CVC Capital Partners Asia Pacific III LP
Cypress Merchant Banking Partners II LP
DCM IV, L.P.
ECI9AL.P.
EnCap Energy Capital Fund VI, L.P.
EnCap Energy Capital Fund VII, L.P.
Energy Capital Partners I
Energy Capital Partners II-A
Energy Spectrum Partners IV, L.P.
FCO MA II LP
First Reserve Fund IX, L.P.
First Reserve Fund VIII, L.P.
First Reserve Fund X, L.P.
First Reserve Fund XI, L.P.
First Reserve Fund XII, L.P.
Fondlnvest VI
Fortress Credit Opportunities Fund II(A)
FountainVest China Growth Capital Fund
Frazier Healthcare Ventures V, L.P.
FS Equity Partners III, L.P.
FS Equity Partners IV, L.P.
FS Equity Partners V, L.P.
Genstar Capital Partners V
Giza Venture Fund IV
Giza Venture Fund V
Gores Capital Partners II, L.P.
Golder, Thoma, Cressey & Rauner Fund IV
Golder, Thoma, Cressey & Rauner Fund V
GSO Capital Opportunities Fund, LP
Hellman & Friedman Capital Partners V
Hellman & Friedman Capital Partners VI

Vintage
Year

2007
2006
2007
2006
2009
2008
2007
2003
1999
1994
2006
1999
2004
2004
2000
2006
2006
1998
2001
2005
1996
2006
2008
2005
2008
1999
2004
2008
2006
2007
2006
2009
2004
2010
2001
1998
2003
2006
2008
2002
2010
2008
2004
1993
1998
2003
2007
2005
2007
2007
1994
1997
2006
2004
2006

Capital
Committed

Capital
Contributed

Capital
Distributed

500,000,000.00
50,000,000.00
196,000,000.00
150,000,000.00
250,000,000.00
151,410,000.00
500,000,000.00
100,000,000.00
40,000,000.00
46,636,000.00
137,312,311.73
29,500,000.00
100,000,000.00
35,000,000.00
30,000,000.00
58,641,176.00
30,000,000.00
300,000,000.00
200,000,000.00
393,685,822.70
40,000,000.00
521,033,805.41
432,992,108.44
100,000,000.00
200,000,000.00
278,125,000.00
15,000,000.00
15,763,332.01
150,000,000.00
250,000,000.00
220,000,000.00
100,000,000.00
50,000,000.00
195,000,000.00
120,000,000.00
100,000,000.00
200,000,000.00
800,000,000.00
800,000,000.00
29,648,766.69
5,000,000.00
50,000,000.00
47,473,830.00
60,000,000.00
87,500,000.00
95,000,000.00
70,000,000.00
20,000,000.00
12,400,000.00
100,000,000.00
35,000,000.00
40,000,000.00
100,000,000.00
100,000,000.00
200,000,000.00

227,880,310.00
48,271,084.98
186,200,000.00
135,592,150.13
193,750,000.00
34,067,250.00
412,500,000.00
81,000,000.00
34,831,657.85
44,612,691.27
109,195,763.36
28,979,351.60
91,088,379.00
32,200,000.00
28,231,244.00
45,228,802.00
18,467,388.00
279,309,072.37
192,010,550.91
344,310,141.27
39,292,286.90
428,435,161.71
158,951,255.02
93,595,554.87
87,962,897.21
260,887,259.47
14,250,000.00
478,064.80
123,104,512.02
129,742,056.85
168,154,632.00
21,389,209.00
51,318,768.15
57,051,608.94
120,000,000.04
104,430,102.00
200,000,000.00
713,306,334.00
345,831,747.00
28,300,547.66
2,536,268.90
13,154,292.41
39,213,383.38
64,217,941.00
87,196,452.00
72,692,722.00
49,658,030.85
16,700,000.00
3,720,000.00
71,411,560.59
35,000,000.00
40,000,000.00
71,209,908.00
88,427,593.00
147,970,441.00

382,979.00
0.00
3,236,357.45
19,234,072.00
0.00
0.00
0.00
60,487,904.49
52,107,825.10
95,348,501.38
0.00
11,707,020.78
1,287,108.00
0.00
44,825,614.00
0.00
76,424.00
591,791,582.82
456,360,366.56
148,228,598.66
97,903,249.36
10,963,504.52
3,518,338.79
19,319,659.97
388,384.87
162,327,459.62
3,500,009.94
0.00
55,006,658.12
16,385,731.71
86,908,759.00
508,604.00
24,921,001.62
0.00
360,354,096.72
203,193,798.80
248,534,597.00
27,436,639.00
31,828,497.00
40,427,202.66
0.00
0.00
7,272,590.71
134,010,729.60
140,716,856.33
22,112,878.00
512,677.76
2,243,475.00
0.00
10,510,624.90
73,618,921.00
71,985,605.65
17,103,004.00
105,658,287.00
7,128,116.00

CalSTRS
Since
Inception
IRR*
0.41
(11.89)
1.79
17.26
36.76
7.99
6.51
13.72
8.70
27.25
(7.60)
(0.41)
3.70
(0.23)
23.39
4.17
(8.49)
18.98
42.11
10.15
23.25
0.60
9.13
(5.56)
(11.09)
(5.17)
6.59
(100.00)
20.37
11.66
6.64
29.56
10.46
17.37
48.29
15.79
37.15
(5.52)
(22.46)
24.10
7.89
9.03
(0.45)
15.15
12.72
15.48
0.58
(6.81 )
(18.29)
11.22
24.95
11.02
13.24
28.67
6.95

* The limited partnership record keeping, including the internal rate of return or IRR, is maintained internally by CalSTRS for each

limited partnership. The CaISTRS' 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 actuallRR 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 Teachers' Retirement System

Private Equity Portfolio Performance
September 30,2010

Description
Hellman & Friedman Capital Partners VII
Hg Renewable Power Partners, LP.
Hony Capital Fund 2008, LP
Huntsman Gay Capital Partners Fund, LP
ICV Partners II, L.P.
InnoCalll, L.P.
Institutional Venture Partners XII, L.P.
InterWest Partners IX
Interwest Partners V
Interwest Partners VI
InlerWest Partners VIII
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 V, L.P.
J.H. Whitney VI, L.P.
JMI Equity Fund V, L.P.
JMI Equity Fund VI, L.P.
JMI Equity Fund VII, L.P.
Kelso Investment Associates VI, LP.
KKR 1987 Fund - 2nd
KKR 1996 - 2nd
KKR 1996 Fund
KKR 2006 Fund
MIC Venture Partners IV, L.P.
MIC Venture Partners V, L.P.
Madison Dearborn Capital Partners II LP
Madison Dearborn Capital Partners III LP
Madison Dearborn Capital Partners IV, LP
MatiinPatterson Global Opps. Plnrs. III
Media Communications Partners III, LP.
Mezzanine Lending Associates III, LP.
Nautic Partners V, L.P.
Navis Asia Fund IV, L.P.
Navis Asia Fund V, LP.
New Enterprise Associates 8A, LP.
New Enterprise Associates IX, LP.
New Enterprise Associates VI, LP.
New Enterprise Associates VII, L.P.
New Enterprise Associates VIII, LP.
New Enterprise Associates X, L.P.
New Enterprise Associates XI, LP.
New Enterprise Associates XII, LP.
New Enterprise Associates XIII, L.P.
Newbridge Asia IV, L.P.
NGEN II, LP
Nogales Investors Fund I, LP
Nogales Investors Fund II, LP.
Oak Investment Partners XI, LP.
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.

Vintage
Year

2009
2006
2008
2008
2006
2000
2007
2004
1993
1997
2000
2004
2006
2003
1999
2001
2005
2005
2007
2010
1998
1999
1999
1997
2006
1999
2000
1997
1999
2001
2007
1996
1989
2000
2005
2007
2001
1999
1993
1996
1998
2000
2003
2006
2009
2005
2005
2003
2006
2004
1997
2002
2004
2005
2007

Capital
Committed

Capital
Contributed

Capital
Distributed

100,000,000.00
61,354,883.55
50,000,000.00
100,000,000.00
25,000,000.00
15,000,000.00
50,000,000.00
40,000,000.00
15,000,000.00
15,000,000.00
75,000,000.00
34,383,403.69
175,000,000.00
43,096,806.66
100,000,000.00
200,000,000.00
75,000,000.00
30,000,000.00
50,000,000.00
50,000,000.00
150,000,000.00
45,412,852.00
25,361,000.00
322,190,000.00
332,000,000.00
25,000,000.00
75,000,000.00
60,000,000.00
300,000,000.00
300,000,000.00
250,000,000.00
30,000,000.00
50,000,000.00
200,000,000.00
30,000,000.00
100,000,000.00
25,000,000.00
60,000,000.00
35,000,000.00
40,000,000.00
50,000,000.00
200,000,000.00
75,000,000.00
160,000,000.00
65, 000, 000. 00
150,000,000.00
15,000,000.00
25,000,000.00
30,000,000.00
75,000,000.00
25,000,000.00
100,000,000.00
50,000,000.00
50,000,000.00
115,640,000.00

0.00
56,077,074.95
13,070,606.62
38,631,055.87
12,976,960.95
14,177,419.00
35,000,000.00
30,000,000.00
15,000,000.00
15,000,000.00
75,000,000.00
29,339,133.94
84,476,960.40
43,096,806.66
85,289,686.46
200,787,159.00
66,542,987.00
27,685,000.00
35,200,000.00
0.00
127,434,263.00
45,416,150.00
24,423,298.00
318,824,248.00
231,457,632.00
23,125,000.00
74,597,584.00
60,296,057.47
300,746,910.39
301,533,233.96
179,999,722.80
28,500,000.00
39,982,987.29
192,605,138.66
30,244,589.24
92,800,000.00
25,000,000.00
58,800,000.00
35,000,000.00
40,000,000.00
50,000,000.00
195,000,000.00
69,375,000.00
120,000,000.00
14,950, 000. 00
140,748,581.00
12,215,033.59
27,314,079.09
9,332,239.92
75,000,000.00
25,000,821.91
48,610,585.68
50,000,000.00
50,000,000.00
115,640,000.00

0.00
4,772,248.29
0.00
1,573,433.91
179,722.13
4,163,979.00
8,809,800.00
2,213,074.50
66,004,750.29
42,385,464.84
23,971,614.76
2,155,084.49
0.00
17,821,035.89
30,121,674.00
376,224,012.19
12,332,054.00
22,885,984.00
0.00
0.00
174,309,510.00
49,927,420.00
42,910,828.00
521,972,205.00
23,778,129.00
5,010,892.00
64,616,519.00
140,181,137.15
423,372,663.82
272,888,279.15
20,633,667.01
45,244,892.00
139,410,315.03
212,922,999.91
6,614,846.12
33,350.52
8,108,132.00
13,273,851.23
277,544,707.85
131,331,138.48
70,279,014.90
138,643,291.88
36,220,443.37
10,941,341.00
1,563,285.00
108,489,061.00
728,229.74
10,555,867.59
11,790.33
18,137,343.04
37,624,249.71
124,204,926.95
67,508,233.00
32,619,099.00
35,507,417.00

CalSTRS
Since
Inception
IRR*
NIA
(6.85)
(38.47)
(9.48)
4.56
(17.35)
29.62
(3.56)
62.32
48.91
(4.88)
(20.12)
(5.21 )
3.65
(11.92)
23.41
4.23
21.18
1.99
NIA
9.27
3.50
18.76
13.04
1.14
(5.53)
7.50
22.02
8.41
14.66
(14.40)
10.09
16.40
15.48
4.98
10.88
(3.98)
(7.94)
65.50
63.71
31.29
2.26
9.24
2.23
(1.97)
21.45
(21.18)
(21.22)
(9.71)
0.08
8.42
43.91
14.08
8.66
6.01

" The limited partnership record keeping, including the internal rate of return or IRR, is maintained internally by CalSTRS for each
limited partnership. The CaISTRS' 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 actuallRR 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 Teachers' Retirement System

Private Equity Portfolio Performance
September 30, 201O

Description

OCM Opportunities Fund Vllb, L.P.

Olympus Growth Fund V, L.P.
Onex Partners II, LP
Onex Partners III, LP
Onex Partners LP
OrbiMed Private Investments IV, L.P.
Palladium Equity Partners III
Paul Capital Partners VIII-B, L.P.
Permira Europe II
Permira Europe III
Permira IV
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
RiverstonelCarlyle 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, L.P.
Sofinnova Venture Partners VI
Sofinnova Venture Partners VII
Spectrum Equity Investors III, L.P.
Spectrum Equity Investors IV, L.P.
Spectrum Equity Investors V, LP
Spectrum Equity Investors VI, L.P.
Stonington Capital Apprec 1994 Fund LP
Summit Accelerator Fund, L.P.
Summit Partners Europe PE Fund
Summit Partners Private Equity VII-A, LP
Summit Partners Venture Capital II-A, LP
Summit Subordinated Debt Fund I, L.P.
Summit Subordinated Debt Fund II, L.P.
Summit Subordinated Debt Fund III, L.P.
Summit Subordinated Debt Fund IV, L.P.
Summit Ventures III, L.P.
Summit Ventures IV, L.P.
Summit Ventures V, L.P.
Summit Ventures VI-A, L.P.
Syndicated Communications Vent. Part. V
TA I Advent VIII, L.P.
TA IX, L.P.
TA Subordinated Debt Fund II, LP
TA Subordinated Debt Fund III, L.P.
TAX, LP
TAXI, L.P.
TCVV, L.P.
TCVVI, L.P.
TCVVII, L.P.
The Resolute Fund II, L.P.
The Resolute Fund, L. P.
Thomas H. Lee Equity Partners V, L.P.

Vintage
Year

2007
2007
2006
2008
2004
2010
2006
2004
2000
2003
2006
1995
2006
2004
2005
2007
2005
2008
2005
2007
2008
2007
2004
2003
2006
1999
2000
2005
2010
1995
1999
2008
2005
2005
1994
1997
2003
2008
1992
1995
1998
2001
2007
1997
2000
2006
2009
2006
2009
2004
2005
2007
2007
2002
2001

Capital
Committed

Capital
Contributed

Capital
Distributed

300,000,000.00
75,000,000.00
150,000,000.00
175,000,000.00
100,000,000.00
40,000,000.00
90,000,000.00
50,000,000.00
310,169,278.99
392,143,707.13
968,600,077.41
20,221,808.47
10,000,000.00
25,016,853.00
350,000,000.00
700,000,000.00
100,000,000.00
300,000,000.00
75,000,000.00
300,000,000.00
250,000,000.00
22,500,000.00
21,000,000.00
25,000,000.00
30,000,000.00
65,000,000.00
150,000,000.00
101,839,889.00
70,000,000.00
92,241,000.00
10,000,000.00
67,026,131.97
100,000,000.00
15,000,000.00
10,000,000.00
20,000,000.00
30,000,000.00
40,000,000.00
15,000,000.00
30,000,000.00
45,000,000.00
73,000,000.00
20,000,000.00
10,000,000.00
50,000,000.00
42,500,000.00
20,000,000.00
110,000,000.00
80,000,000.00
50,000,000.00
70,000,000.00
200,000,000.00
350,000,000.00
100,000,000.00
400,000,000.00

270,000,000.00
29,325,561.00
131,846,008.00
50,420,555.00
94,003,307.00
4,080,000.00
48,159,759.38
46,963,752.97
310,169,278.99
392,143,707.12
678,961,961.70
20,270,947.58
7,130,451.73
21,264,325.87
319,291,171.00
487,340,384.00
75,307,891.00
131,317,414.93
75,000,000.00
300,000,000.00
175,000,000.00
9,000,000.00
17,850,000.00
23,250,000.00
17,100,000.00
64,675,000.00
145,500,000.00
93,947,297.62
0.00
85,846,720.96
9,873,886.88
13,442,002.15
68,000,000.00
9,975,000.00
9,000,000.00
18,000,000.00
28,500,000.00
4,600,000.00
13,500,000.00
29,100,000.00
43,425,000.00
73,817,096.46
13,051,868.00
9,800,000.00
48,585,000.00
33,893,750.00
0.00
107,426,550.00
3,200,000.00
45,735,000.00
58,135,000.00
52,060,000.00
117,072,258.00
93,589,064.00
414,521,399.00

0.00
252,009.00
16,922,238.00
4,105.00
139,912,508.00
0.00
4,605,605.22
30,235,469.35
534,099,507.76
486,379,847.04
0.00
11,819,892.95
0.00
4,417,087.76
16,172,829.00
953,585.00
9,965,372.00
931,040.43
11,521,247.71
3,381,814.15
38,601,622.88
0.00
3,981,820.43
680,697.37
0.00
52,411,800.08
145,710,698.25
8,422,044.99
0.00
63,980,375.80
12,519,036.95
0.00
9,491,734.00
3,296,031.00
15,709,405.33
37,492,870.88
15,979,399.00
0.00
48,707,972.1.4
219,426,906.80
58,310,189.39
62,540,046.12
147,172.00
22,301,864.03
84,870,719.79
11,050,000.00
0.00
23,276,550.00
0.00
32,619,308.28
19,578,381.05
0.00
3,031,908.00
44,054,130.00
442,724,565.00

CalSTRS
Since
Inception
IRR'
22.58
15.04
7.22
(35.87)
40.60
(11.86)
7.84
9.81
24.25
29.65
(11.81)
(15.11)
(11.04)
(11.18)
3.16
(0.78)
7.84
5.03
(0.37)
(6.25)
21.10
3.34
4.17
(4.99)
(2.21 )
0.73
6.88
10.31
NIA
(1.31)
7.65
15.99
1.30
8.66
30.58
55.85
8.46
6.09
61.66
103.77
7.93
12.45
(15.98)
23.33
20.97
6.03
NIA
(2.33)
(3.44)
9.71
5.81
(8.10)
(1.58)
15.78
12.71

* The limited partnership record keeping, including the internal rate of return or IRR, is maintained internally by CalSTRS for each
limited partnership. The CaISTRS' 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 Teachers' Retirement System

Private Equity Portfolio Performance

September 30,2010
CalSTRS

Description

Thoma Cressey Fund VI, L.P.

Thoma Cressey Fund VII, L.P.
TPG Asia V, L.P.
T3 Partners I, L.P.
TAC2007, LP
TPG Financial Partners, 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.
USRG Power and Bioluels Fund II, L.P.
VantagePoint Venture Partners III
VantagePoint Venture Partners IV
VantagePoint CleanTech Partners, L.P.

VantagePoint Venture Partners 2006 (0)

Vestar Capilal Partners IV, L.P.
Vestar Capital Partners V, L.P.
Warburg, Pincus Investors, L.P.
Warburg, Pincus Ventures, L.P.

WCAS Capital Partners IV, L.P.

Welsh,
Welsh,
Welsh,
Welsh,
Welsh,

Carson,
Carson,
Carson,
Carson,
Carson,

Anderson
Anderson
Anderson
Anderson
Anderson

&
&
&
&
&

Stowe II
Stowe III
Stowe IX, L.P.
Stowe VI
Stowe VII

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 Inilialives Fund II LP

Vintage
Year

1998
2001
2007
2000
2007
2008
2000
2003
2006
2008
2006
2007
1999
2000
2006
2005
1999
2005
1989
1994
2004
1990
1997
2000
1993
1995
1998
2005
2008
2003
2009

Capital

Capital

Capital

Committed

Contributed

Distributed

58,140,000.00
99,999,998.95
57,600,859.00
74,369,728.00
157,132,668.00
157,613,431.00
255,738,443.00
324,796,266.00
860,747,035.00
132,948,791.00
49,892,091.74
42,402,819.00
45,000,000.00
150,000,000.00
11,408,823.39
50,000,000.00
96,687,169.04
127,581,401.74
100,000,000.00
110,000,000.00
115,500,000.00
30,000,000.00
100,000,000.00
384,000,000.00
50,000,000.00
150,000,000.00
300,000,000.00
281,846,163.00
73,709,286.00
130,251,817.90
15,267,549.00

45,676,488.01
123,724,395.72
10,002,808.00
287,539,042.00
79,196,158.00
21,567,078.00
563,120,963.00
217,677,353.00
52,608,696.92
445,731.00
13,190,936.93
0.00
15,292,261.89
41,092,186.30
1,299,904.24
3,144,010.91
115,650,000.59
10,149,681.03
236,353,036.25
571,896,102.17
24,463,733.00
41,614,615.63
155,685,914.97
420,679,706.50
101,667,678.25
320,830,270.52
281,469,484.91
14,457,226.00
0.00
1,850,452.00
0.00

60,000,000.00
100,000,000.00
180,000,000.00
100,000,000.00
192,796,006.00
239,036,536.00
300,000,000.00
350,000,000.00
1,000,000,000.00
450,000,000.00
67,968,085.64
60,000,000.00
45,000,000.00
150,000,000.00
15,211,765.00
100,000,000.00
100,000,000.00
150,000,000.00
100,000,000.00
110,000,000.00
150,000,000.00
30,000,000.00
100,000,000.00
400,000,000.00
50,000,000.00
150,000,000.00
300,000,000.00
323,960,000.00
250,000,000.00
150,000,000.00
50,000,000.00

Since
Inception
IRR*

(0.94)
23.10
3.52
29.33
1.29
(11.40)
24.63
13.94
(8.07)
(13.77)
15.32
14.81
(11.50)
(0.80)
14.50
(6.32)
14.51
5.71
14.85
49.15
5.00
10.27
13.21
11.03
13.86
17.58
2.32
(1.07)
(27.66)
(3.46)
(40.77)

* The limited partnership record keeping, including the internal rate of return or IRR, is maintained internally by CalSTRS for each
limited partnership. The CaISTRS' 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 actuallRR 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.