State Street Global Exchange today announced that California State Teachers Retirement System (CalSTRS) has chosen the GX Private Equity Index as its Private Equity Investment Policy Benchmark. CalSTRS is the nation’s second largest public pension fund with assets totaling approximately $189.1 billion as of June 30, 2014. CalSTRS has $21.8 billion in private equity assets, or about 11.5 percent of their total portfolio 1. CalSTRS has been using the GX Private Equity Index as an additional performance benchmark for market research and performance evaluation since 2007.
“After seeking a better private equity benchmark for years, we have decided that State Street’s Private Equity benchmark has achieved enough mass and history to replace our own internal index,” said CalSTRS Chief Investment Officer Christopher Ailman.
The GX Private Equity Index is an industry recognized benchmark for comparative analysis of private equity performance and includes a comprehensive data set dating back nearly three decades. The index is based on directly-sourced limited partnership data, which represents over $2 trillion of private equity investments and includes more than 2,300 funds, as of March 31, 2014. The index contains a full suite of metrics designed to provide investors with well-defined performance parameters.
“We’re collaborating with our clients to build and enhance solutions that can address some of the biggest challenges in utilizing data for actionable insights,” said Jeff Conway, executive vice president and head of State Street Global Exchange. “By partnering with us, our clients can help gain a clearer line of sight into their investment horizons and turn information into strategies and the Private Equity Index is a prime example of that.”About State Street Corporation State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $28.4 trillion in assets under custody and administration and $2.48 trillion* in assets under management as of June 30, 2014, State Street operates in more than 100 geographic markets worldwide, including the US, Canada, Europe, the Middle East and Asia. For more information, visit State Street’s web site at www.statestreet.com. * Assets under management include the assets of the SPDR® Gold ETF (approximately $33 billion as of June 30, 2014), for which State Street Global Markets, LLC, an affiliate of SSgA, serves as the distribution agent.