California State Teachers' Retirement System

Overview

Established in 1913, the California State Teachers' Retirement System (CalSTRS) is the largest educator-only pension fund in the world, serving over 1 million members and beneficiaries. CalSTRS administers a hybrid retirement system consisting of traditional defined benefit, cash balance, and defined contribution plans, as well as disability and survivor benefits. The fund's investment portfolio was valued at approximately $389.5 billion as of November 30, 2025. CalSTRS employs a diversified investment strategy across various asset classes, including fixed income, private equity, real estate, venture capital, infrastructure, hedge funds, commodities, and ESG and impact investing. The fund's investment approach spans multiple stages, such as growth, late stage, pre-IPO, buyout, turnaround, and distressed investments. Geographically, CalSTRS invests in a wide range of countries, including the United States, Canada, the United Kingdom, Germany, France, Japan, China, India, Australia, Brazil, Mexico, South Korea, Italy, Spain, the Netherlands, Sweden, Switzerland, Norway, Denmark, and Finland. CalSTRS is governed by a 12-member Teachers' Retirement Board, which sets policies and ensures benefits are paid in accordance with the law. The board comprises active and retired CalSTRS members, public representatives, and ex officio members, including the Director of Finance, State Controller, State Superintendent of Public Instruction, and State Treasurer. The fund's mission is to secure the financial future and sustain the trust of California's educators, emphasizing customer service, leadership, and respect for its members and colleagues.