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Private Equity Portfolio Performance As of March 31, 2018

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Private Equity Portfolio Performance As of March 31, 2018 California State Teachers' Retirement System Private Equity Portfolio Performance As of March 31, 2018 CalSTRS Since Capital Capital Capital Inception Description VY Committed Contributed Distributed IRR* ACON Equity Partners III, L.P. 2012 70,000,000 53,754,160 5,702,519 5.75 ACON Equity Partners IV, LP 2016 50,000,000 11,322,965 2,856,389 (41.99) Acon-Bastion Partners II, L.P. 2006 40,000,000 37,183,693 63,449,683 13.21 Advent Central & Eastern Europe IV LP 2008 100,024,323 78,087,390 48,559,263 (9.14) Advent International GPE VI LP 2008 271,014,851 271,014,851 427,289,807 16.27 Advent International GPE VIII-D L.P. 2016 150,000,000 73,725,000 0 5.38 Affinity Asia Pacific Fund III, L.P. 2007 150,000,000 141,505,804 175,604,729 10.73 Affinity Asia Pacific Fund V (NO.2) L.P. 2018 200,000,000 0 0 0.00 AG Capital Recovery Partners V, L.P. 2006 50,000,000 46,750,000 52,756,982 2.86 AG Capital Recovery Partners VI, L.P. 2008 100,000,000 100,000,000 142,032,622 7.41 AG Capital Recovery Partners VII, L.P. 2010 164,208,774 164,208,982 196,496,609 5.08 Alchemy Plan (Estrellita) L.P. 2002 259,509,125 259,515,793 301,963,646 3.50 Alchemy Special Opportunities Fund III 2014 56,253,693 34,630,998 5,715,068 9.56 Alchemy Special Opportunities Fund IV L.P. 2018 94,688,997 0 0 0.00 AlpInvest C Fund, L.P. 2018 100,000,000 36,228,888 0 (0.84) AlpInvest Co-Investment Fund (Onshore) VII, L.P. 2017 150,000,000 15,830,007 1,338 (1.70) Alta Communications IX, L.P. 2003 40,000,000 38,000,000 28,228,368 (3.03) Alta V Limited Partnership 1992 20,000,000 20,000,000 45,540,989 24.53 Apax Europe V 2001 115,649,884 115,617,147 248,668,795 36.06 Apax Europe VI - A, L.P. 2005 314,889,368 308,387,154 558,079,723 12.92 Apax Europe VII 2007 524,100,834 518,532,420 582,729,053 4.82 APAX Excelsior VI, L.P. 2000 100,000,000 98,422,784 162,486,894 11.81 Apax IX USD L.P. 2017 300,000,000 132,834,410 1,493,405 13.30 Apollo Investment Fund IX, L.P. 2018 300,000,000 0 0 0.00 Apollo Investment Fund VI, L.P. 2006 250,000,000 239,549,952 350,315,562 8.83 Apollo Investment Fund VII, L.P. 2008 350,000,000 300,308,679 531,521,603 23.38 ARCH Venture Fund VI, L.P. 2004 30,000,000 30,005,018 21,214,924 1.04 Ares Capital Europe II (D), L.P. 2013 50,000,000 41,203,083 20,253,807 7.53 Ares Corporate Opportunities Fund IV, L.P. 2012 150,000,000 125,255,774 55,260,619 15.11 Ares Corporate Opportunities Fund V, L.P. 2017 300,000,000 87,807,065 0 (8.51) Ares Euro Credit Strat Fund (C), L.P.-MA 2013 49,579,849 28,669,335 9,865,319 6.07 Arsenal Capital Partners IV 2016 83,000,000 34,708,454 88,968 12.23 Ascent Capital Holdings, LLC 2007 60,000,000 60,618,407 14,292,535 (11.00) ASF VII B L.P. 2015 250,000,000 75,507,003 1,191,655 20.89 Asper Renewable Power Partners 2 A L.P. 2010 62,888,483 51,522,204 9,854,325 (4.51) Asper Renewable Power Partners L.P. 2006 60,948,495 59,162,080 46,772,548 (4.47) Atria Private Equity Fund III FC PR 2007 39,572,538 26,611,155 16,639,355 (7.03) Avenue Special Situations Fund V, LP 2007 250,000,000 250,486,693 333,584,249 11.11 Bain Capital Asia Fund II, LP 2012 75,000,000 56,756,529 59,342,463 25.86 Bain Capital Asia Fund III, L.P. 2016 125,000,000 79,687,500 32,359,151 81.16 Bain Capital Asia Fund, L.P. 2007 25,000,000 23,974,820 33,149,107 7.56 Bain Capital Fund IX, L.P. 2006 100,000,000 97,500,000 135,160,325 6.45 Bain Capital Fund X, LP 2008 400,000,000 390,545,866 494,959,590 9.74 Bain Capital IX Coinvestment Fund, LP 2006 50,000,000 49,300,000 76,937,508 10.16 Bain Capital X Coinvestment Fund, LP 2008 14,000,000 12,250,000 12,009,879 3.39 BC European Capital IX 2011 259,346,002 258,222,161 154,387,742 12.88 BC European Capital VIII, L.P. 2005 607,873,468 582,415,564 685,435,019 4.60 BC European Capital X-8 LP 2017 304,315,051 70,867,186 0 (4.90) BC Partners VII, L.P. 2000 323,079,349 323,203,189 822,215,324 23.92 Blackstone - GSO Capital Solutions LP 2009 250,000,000 225,345,916 292,983,711 10.73 Blackstone Capital Partners IV, L.P. 2003 200,000,000 182,701,235 493,011,764 35.97 Blackstone Capital Partners V L.P. 2006 1,600,000,000 1,577,531,296 2,506,406,554 8.37 Blackstone Capital Partners VI, L.P. 2011 300,000,000 273,373,023 128,725,033 14.18 Blackstone Capital Partners VII L.P. 2016 450,000,000 116,489,515 6,476,359 16.31 Blackstone Communications Partners I, LP 2000 250,000,000 250,293,431 310,940,617 6.56 Blackstone Core Equity Partners CA - L.P. 2017 500,000,000 144,616,807 0 2.91 Blackstone Energy Partners II L.P. 2015 100,000,000 48,202,070 957,521 11.17 Blackstone Tactical Opportunities Fund - S L.P. 2017 250,000,000 205,691,773 20,397,734 17.95 Blue Run Ventures IV, L.P. 2008 23,595,506 22,651,685 50,185,193 29.01 Blue Run Ventures V, LP 2014 19,005,882 13,874,294 0 (0.33) *The limited partnership record keeping, including the internal rate of return or IRR, is maintained internally by CalSTRS for each limited partnership. The CalSTRS’ 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 chracteristics 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. 1 California State Teachers' Retirement System Private Equity Portfolio Performance As of March 31, 2018 CalSTRS Since Capital Capital Capital Inception Description VY Committed Contributed Distributed IRR* Blue Run Ventures, L.P. 2005 31,415,730 31,101,573 40,316,345 5.55 BRV Opportunities Fund, L.P. 2015 2,710,843 2,006,024 282,015 9.66 BRV VI, L.P. 2017 16,807,229 3,361,446 0 (9.77) CalSTRS California Impact Fund, LLC 2003 75,000,000 63,008,681 50,431,914 0.26 CalSTRS Lower Middle Market Fund III, LLC 2007 200,000,000 180,258,012 147,796,238 7.97 CalSTRS Lower Middle Market Fund IV, LLC 2011 200,000,000 167,319,362 83,460,335 14.62 CalSTRS Lower Middle Market Fund V, L.P. 2014 100,000,000 52,520,394 3,048,209 10.72 CalSTRS Lower Middle Market Fund VI, L.P. 2018 250,000,000 0 0 0.00 CalSTRS New&Next Gen. Manager Fund II 2008 200,000,000 132,073,738 67,326,734 9.10 CalSTRS New&Next Gen. Manager Fund III 2012 250,000,000 134,117,358 7,920,792 8.71 CalSTRS New&Next Generation Manager Fund 2005 100,000,000 74,225,656 90,793,589 8.77 CalSTRS New&Next Generation Manager Fund IV, L.P. 2017 250,000,000 13,861,386 0 (50.05) Capital Partners III, L.P. 2014 22,500,000 20,850,503 1,453,547 3.14 Capital Partners IV, L.P. 2017 25,000,000 3,462,500 0 16.47 Carlyle Asia Partners V, L.P. 2018 250,000,000 0 0 0.00 Carlyle Europe Partners III, L.P. 2007 523,545,277 515,362,960 822,126,070 11.45 Carlyle Europe Partners IV, L.P. 2015 173,363,701 98,773,580 8,169,440 18.34 Carlyle Partners IV, L.P. 2005 100,000,000 91,995,351 190,493,710 12.96 Carlyle Partners V, L.P.
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