California State Teachers' Retirement System
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from 1 of 1 portfolio companiesCleantech ×1Climate Tech ×1Energy ×1Impact & Social Good ×1
HQs:United States×1
Investments · 1 tracked
founders shown can be your intro pathGenerate Capitalgeneratecapital.com
Generate Capital is a sustainable infrastructure investment and operating platform that provides capital and expertise for developers, businesses, and communities to invest in and operate sustainable assets across power, mobility, waste, green digital, water, agriculture, and industrial decarbonization sectors.
CleantechClimate TechEnergyImpact & Social GoodSan Francisco, US
Scott Jacobs(Executive Officer, Director)Jigar Shah(Executive Officer, Director)Matan Friedman(Executive Officer, Director)Marcus Frampton(Director)Jeff Colin(Director)Josh Green(Director)
Co-investorsACTIVATE CAPITAL PARTNERSBlue Haven InitiativeBroadscaleCeniarthThirdstream Partners
Portfolio news
latest coverage across their companiesGenerate Capital accelerates organics-to-energy expansion - Resource Recycling
Generate Capital · resource-recycling.com · Dec 8, 2025
Fund commitments · as a limited partner · 533
as of Dec 2025Private-fund positions this organization discloses in its own public filings and reports — $81.7B committed, $112.1B reported NAV. Returns are this LP's own position, net of fees.
| Fund | Manager | Vintage | Committed | NAV | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|---|---|
| Blackstone Capital Partners V LP | The Blackstone Group | 2006 | $1.6B | $3.7M | 8.4% | 1.71x | 1.71x |
| AlpInvest C Fund II LP | Carlyle Group | 2021 | $1B | $1.1B | 17.6% | 1.47x | 0.07x |
| TPG Partners V LP | TPG | 2006 | $1B | — | 4.8% | 1.44x | 1.44x |
| Permira IV, L.P. | Permira | 2006 | $821.7M | $212M | 9.0% | 1.77x | 1.55x |
| First Reserve Fund XI LP | First Reserve Corporation | 2006 | $800M | — | -8.9% | 0.64x | 0.64x |
| First Reserve Fund XII LP | First Reserve Corporation | 2008 | $800M | $808.9K | -16.8% | 0.48x | 0.48x |
| Blackstone Capital Partners VIII LP | The Blackstone Group | 2021 | $750M | $727.1M | 10.4% | 1.28x | 0.21x |
| AlpInvest C Fund, L.P. | Carlyle Group | 2018 | $725M | $956.3M | 14.9% | 1.83x | 0.60x |
| Providence Equity Partners VI | Providence | 2007 | $700M | $2.5M | 5.9% | 1.49x | 1.49x |
| Hellman & Friedman Partners X | Hellman & Friedman | 2021 | $600M | $576.4M | 6.0% | 1.16x | 0.14x |
| BC European Capital VIII, L.P. | BC Partners | 2005 | $528.2M | $292.3K | 4.5% | 1.24x | 1.24x |
| Permira VII LP 1 | Permira | — | $528.2M | $603.6M | 8.8% | 1.37x | 0.17x |
| ASF VIII B | ASF | 2018 | $500M | $406.1M | 13.7% | 1.41x | 0.39x |
| Blackstone Core Equity Partners - NC LP | The Blackstone Group | 2017 | $500M | $769M | 15.9% | 2.15x | 0.58x |
| Blackstone Partners IX, L.P. | The Blackstone Group | 2025 | $500M | $26.5M | -8.7% | 0.91x | — |
| Carlyle Partners V, L.P. | Carlyle Group | 2007 | $500M | $13.2M | 13.5% | 1.95x | 1.92x |
| Carlyle Partners VII LP | Carlyle Group | 2018 | $500M | $557M | 8.3% | 1.39x | 0.35x |
| Cerberus Institutional (Series Four) LP | Cerberus | 2007 | $500M | $1.4M | 9.2% | 1.85x | 1.85x |
| Strategic Partners VIII | Strategic | 2018 | $500M | $313.7M | 21.6% | 1.58x | 0.84x |
| CVC Capital Partners VIII-A LP | CVC Capital Partners | 2021 | $469.5M | $503.6M | 9.8% | 1.24x | 0.02x |
| Blackstone Capital Partners VII LP | The Blackstone Group | 2016 | $450M | $377.6M | 13.1% | 1.73x | 0.96x |
| Hellman & Friedman Capital Partners IX | Hellman & Friedman | 2019 | $450M | $754.1M | 14.0% | 1.72x | 0.14x |
| Summit Prtnrs Growth Eqty XI A | Summit Partners | 2022 | $450M | $219.5M | 2.0% | 1.03x | 0.01x |
| TPG Partners VI | TPG | 2008 | $450M | $3.9M | 9.4% | 1.56x | 1.55x |
| Apax Europe VII | Apax | 2007 | $446.1M | $2M | 4.3% | 1.27x | 1.27x |
| Carlyle Europe Partners III, L.P. | Carlyle Group | 2012 | $446.1M | $2.3M | 11.1% | 1.68x | 1.68x |
| Blackstone Core Equity Partners II LP | The Blackstone Group | 2021 | $425M | $245.6M | 14.1% | 1.40x | 0.12x |
| CVC European Equity Partners Tandem Fund | CVC | 2007 | $401.9M | — | 6.8% | 1.37x | 1.37x |
| Bain Capital Fund X, L.P. | Bain Capital | 2007 | $400M | $36.9M | 8.8% | 1.60x | 1.51x |
| FCO V Expansion Tranche | FCO MA | 2020 | $400M | $324.9M | 10.5% | 1.20x | 0.30x |
| TA XIV-A | TA Associates | 2021 | $400M | $435.8M | 7.9% | 1.20x | 0.08x |
| CVC Capital Partners IX (A) | CVC Capital Partners | 2023 | $375.6M | $56.1M | 13.5% | 1.14x | 0.02x |
| Blackstone Tactical Opportunities Fund II-S L.P. | The Blackstone Group | 2018 | $375M | $268.1M | 14.2% | 1.48x | 0.75x |
| CVC European Equity Partners V, L.P. | CVC | 2008 | $369.8M | $10.8M | 16.5% | 2.25x | 2.22x |
| Permira VIII 1 SCSp | Permira | 2023 | $363.9M | $201.7M | 17.4% | 1.26x | 0.03x |
| BC Partners VII, L.P. | BC Partners | 2000 | $352.2M | $2.2M | 23.9% | 2.55x | 2.54x |
| CVC European Equity Partners IV | CVC | 2005 | $352.2M | $316.9K | 16.8% | 2.01x | 2.01x |
| Permira Europe II | Permira | 2000 | $352.2M | — | 23.5% | 1.99x | 1.99x |
| Permira Europe III | Permira | 2003 | $352.2M | $213.1K | 24.1% | 1.66x | 1.66x |
| Permira VI L.P. 1 | Permira | 2017 | $352.2M | $307.3M | 14.9% | 2.00x | 1.06x |
| Apollo Investment Fund VII LP | Apollo | 2008 | $350M | — | 22.5% | 2.06x | 2.06x |
| Clayton Dubilier Rice XI LP | Clayton Dubilier & Rice | 2021 | $350M | $339M | 4.8% | 1.14x | 0.03x |
| Clayton, Dubilier & Rice Fund XII | Clayton Dubilier & Rice | 2023 | $350M | $166.6M | 37.2% | 1.30x | 0.10x |
| Olympus Growth Fund VII | Olympus Partners | 2017 | $350M | $391.8M | 26.4% | 2.04x | 1.00x |
| Providence Equity Partners V | Providence | 2004 | $350M | — | 3.0% | 1.24x | 1.24x |
| The Resolute Fund II, L.P. | Resolute | 2007 | $350M | — | 8.3% | 1.54x | 1.54x |
| TPG Partners IV, L.P. | TPG | 2003 | $350M | $757.4K | 15.2% | 2.10x | 2.09x |
| Advent International GPE IX | Advent International | 2019 | $300M | $392.1M | 14.8% | 1.66x | 0.29x |
| Advent International GPE X | Advent International | 2022 | $300M | $208.8M | 18.7% | 1.34x | — |
| Apax IX USD, L.P. | Apax | 2016 | $300M | $185.3M | 17.8% | 1.91x | 1.34x |
| Apollo Investment Fund IX | Apollo | 2018 | $300M | $281.8M | 15.4% | 1.51x | 0.57x |
| Apollo Investment Fund X | Apollo | 2022 | $300M | $134.5M | 19.1% | 1.19x | 0.20x |
| Ares Corporate Opportunities Fund V LP | Ares | 2017 | $300M | $260.7M | 6.0% | 1.30x | 0.52x |
| Blackstone Capital Partners VI | The Blackstone Group | 2011 | $300M | $69M | 12.4% | 1.93x | 1.69x |
| EnCap Energy Capital Fund XI | EnCap Energy Capital | 2016 | $300M | $193.8M | 21.3% | 1.94x | 1.30x |
| Francisco Partners VI LP | Francisco Partners | 2021 | $300M | $375.9M | 14.1% | 1.46x | 0.17x |
| Francisco Partners VII A L.P. | Francisco Partners | 2023 | $300M | $100M | 13.7% | 1.07x | — |
| GI Partners Fund VI, L.P. | GI Partners | 2021 | $300M | $303.3M | 9.5% | 1.30x | — |
| KKR 2006 Fund, L.P. | Kohlberg Kravis Roberts | 2006 | $300M | — | 8.3% | 1.78x | 1.78x |
| KKR Americas XII | Kohlberg Kravis Roberts | 2016 | $300M | $381.9M | 19.4% | 2.16x | 0.91x |
| KKR Asian Fund IV | Kohlberg Kravis Roberts | 2020 | $300M | $266M | 19.2% | 1.54x | 0.20x |
| Madison Dearborn Capital Partners IV, L.P. | Madison Dearborn Partners | 2000 | $300M | $9.5M | 14.0% | 1.90x | 1.87x |
| New Enterprise Associates 16 | New Enterprise Associates (NEA) | 2017 | $300M | $309.5M | 8.2% | 1.52x | 0.42x |
| OCM Opportunities Fund VIIb | Oaktree | 2008 | $300M | — | 16.4% | 1.86x | 1.86x |
| Riverstone/Carlyle Renewable and Alternative Energy Fund II, L.P. | Riverstone/Carlyle Global Energy & Power | 2008 | $300M | $2.3M | 2.0% | 1.13x | 1.12x |
| Sankaty Credit Opportunities III, LP | Sankaty | 2007 | $300M | $156.3K | 2.4% | 1.18x | 1.18x |
| Summit Partners Growth Equity Fund X-A | Summit Partners | 2019 | $300M | $339.3M | 12.8% | 1.48x | 0.33x |
| TA Associates XV LP | TA Associates | 2025 | $300M | $31.3M | -13.1% | 0.87x | — |
| Thoma Bravo Fund XIII | Thoma Bravo | 2018 | $300M | $356.5M | 22.6% | 1.98x | 1.01x |
| Thoma Bravo Fund XV | Thoma Bravo | 2022 | $300M | $345.2M | 15.0% | 1.38x | 0.04x |
| THOMA BRAVO XIV LP | Thoma Bravo | 2020 | $300M | $300.5M | 6.8% | 1.25x | 0.32x |
| Trident IX, L.P. | Trident | 2022 | $300M | $313.8M | 18.3% | 1.30x | 0.12x |
| Apax Europe VI-A | Apax | — | $293.5M | $11M | 12.7% | 2.03x | 1.99x |
| BC European Capital X-8 LP | BC Partners | 2017 | $293.5M | $224.1M | 10.9% | 1.74x | 0.94x |
| CVC Capital Partners VII-A LP | CVC Capital Partners | 2018 | $293.5M | $384.8M | 20.9% | 2.12x | 0.83x |
| TA XIII-A | TA Associates | 2019 | $280M | $342.4M | 22.4% | 1.90x | 0.75x |
| KKR North America Fund XIII | Kohlberg Kravis Roberts | 2021 | $275M | $284.4M | 10.8% | 1.20x | 0.02x |
| Permira V LP | Permira | 2014 | $264.1M | $71.6M | 20.6% | 2.76x | 2.50x |
| AlpInvest Co-Investment Fund (Onshore) VIII, L.P. | Carlyle Group | 2021 | $250M | $310.2M | 11.1% | 1.32x | 0.01x |
| Apax X USD | Apax | 2019 | $250M | $282.7M | 9.9% | 1.31x | 0.17x |
| Apollo Hybrid Value Fund II LP | Apollo | 2021 | $250M | $244.2M | 11.3% | 1.22x | 0.20x |
| Apollo Investment Fund VI LP | Apollo | 2006 | $250M | $4.3M | 8.6% | 1.68x | 1.67x |
| ASF IX B | ASF | 2023 | $250M | $86.4M | 27.0% | 1.21x | 0.08x |
| ASF VII B | ASF | 2015 | $250M | $91.8M | 13.1% | 1.54x | 1.07x |
| Blackstone Capital Partners Asia II, L.P. | The Blackstone Group | 2022 | $250M | $141.8M | 40.0% | 1.75x | 0.28x |
| Blackstone Capital Partners IX | The Blackstone Group | 2022 | $250M | — | — | — | — |
| Blackstone Communications Partners I L.P. | The Blackstone Group | 2000 | $250M | $46.2K | 6.5% | 1.25x | 1.25x |
| Blackstone Energy Partners III, L.P. | The Blackstone Group | 2020 | $250M | $267.1M | 25.5% | 1.74x | 0.54x |
| Blackstone GSO Capital Solutions Fund LP | The Blackstone Group | 2009 | $250M | — | 9.4% | 1.34x | 1.34x |
| Blackstone Tactical Opportunities Fund - S L.P. | The Blackstone Group | 2017 | $250M | $14.8M | 9.8% | 1.40x | 1.33x |
| Carlyle Asia Partners V | Carlyle Group | 2018 | $250M | $234.3M | 8.0% | 1.21x | 0.39x |
| Carlyle Partners VI, L.P. | Carlyle Group | 2013 | $250M | $52.9M | 13.4% | 1.87x | 1.66x |
| Centerbridge Capital Partners III, L.P. | Centerbridge Partners, L.P. | 2014 | $250M | $160.1M | 14.1% | 1.58x | 1.11x |
| Centerbridge Special Credit Partners II, L.P. | Centerbridge Partners, L.P. | 2012 | $250M | $228.6K | 1.3% | 1.06x | 1.05x |
| Centerbridge Special Credit Partners, LP | Centerbridge Partners, L.P. | 2009 | $250M | — | 13.8% | 1.94x | 1.94x |
| Clayton, Dubilier & Rice Fund X, L.P. | Clayton Dubilier & Rice | 2018 | $250M | $218.2M | 30.4% | 2.27x | 1.51x |
| Cypress Merchant Banking Partners II, LP | Cypress Realty | 1999 | $250M | — | -0.5% | 0.97x | 0.97x |
| EnCap Energy Capital Fund VII, L.P. | EnCap Energy Capital | 2007 | $250M | — | 14.3% | 1.36x | 1.36x |
| GI Partners Fund V, L.P. | GI Partners | 2018 | $250M | $314.8M | 15.4% | 1.75x | 0.66x |
| GSO Capital Opportunities Fund II | The Blackstone Group | 2011 | $250M | $6M | 10.3% | 1.34x | 1.31x |
Largest 100 of 533 disclosed positions. Source: CalSTRS Private Equity Portfolio Performance FY2025. TVPI = total value / paid-in; DPI = distributions / paid-in.
Media · Podcasts & interviews
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CalSTRS Regular Meeting - May 28, 2026
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CalSTRS Investment Committee - May 27, 2026
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CalSTRS Board Governance Committee - May 28, 2026
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CalSTRS Employer Advisory Committee - May 2026
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