California State Teachers' Retirement System

Private Equity Portfolio Performance

As of September 30, 2008

CalSTRS
Since
Capital Inception
Description Capital Committed Contributed Capital Distributed IRR*

Bain Capital Fund X, L.P. 400,000,000.00 96,000,000.00 0.00 (6.11)

Bain Capital IX Coinvest Fund, LP 50,000,000.00 48,500,000.00 6,583,037.00 (9.36)
BC Partners 950,015,163.91 575,816,341.28 502,656,400.13 21.02
BC European Capital VIII, L.P. 626,811,975.37 252,613,152.74 0.00 (10.51)
BC Partners VII, L.P. 323,203,188.55 323,203,188.54 502,656,400.13 24.44
BCI Partners 25,000,000.00 25,000,021.49 14,974,171.61 (1.97)
BCI Growth IV, L.P. 25,000,000.00 25,000,021.49 14,974,171.61 (1.97)
Blackstone Group 2,914,073,000.00 1,935,319,453.00 1,137,718,515.43 15.19
Blackstone Capital Partners II 81,834,000.00 75,984,147.00 164,087,542.00 33.93
Blackstone Capital Partners III 323,945,000.00 322,235,805.00 470,623,975.91 13.78
Blackstone Capital Partners IV 215,000,000.00 169,801,965.00 235,166,166.52 43.43
Blackstone Capital Partners V, L.P. 1,738,000,000.00 1,121,376,992.00 41,977,562.00 (6.26)
Blackstone Capital Partners VI, L.P. 271,000,000.00 0.00 0.00 N/A
Blackstone Capital Partners, II L.P.-2nd 9,294,000.00 8,684,064.00 17,674,393.00 44.50
Blackstone Communications I 275,000,000.00 237,236,480.00 208,188,876.00 11.50
BlueRun 75,000,000.00 20,893,482.74 150,000.00 24.20
Blue Run Ventures IV, L.P. 35,000,000.00 1,415,730.00 0.00 (11.01)
Blue Run Ventures, L.P. 40,000,000.00 19,477,752.74 150,000.00 24.62
Boston Ventures 90,000,000.00 86,638,369.71 92,496,709.58 5.25
Boston Ventures V, L.P. 90,000,000.00 86,638,369.71 92,496,709.58 5.25
CalSTRS/B of A Capital Access 275,000,000.00 65,347,299.78 1,803,638.01 (17.61)
CalSTRS/B of A Capital Access Fund III 200,000,000.00 25,544,255.68 0.00 (33.27)
CalSTRS/B of A Capital Access Partners 75,000,000.00 39,803,044.10 1,803,638.01 (12.76)
Candover 133,972,444.55 122,869,340.85 219,478,730.63 16.55
Candover 1997 Fund, L.P. 133,972,444.55 122,869,340.85 219,478,730.63 16.55
Carlye/Riverstone 50,000,000.00 32,491,102.92 73,028.64 (4.22)
Carlyle/Riverstone Renew Energy Infrast 50,000,000.00 32,491,102.92 73,028.64 (4.22)
Carlyle Europe 543,358,236.60 164,218,360.12 0.00 (28.35)
Carlyle Europe Partners III, L.P. 543,358,236.60 164,218,360.12 0.00 (28.35)
Carlyle Group 600,000,000.00 237,653,200.00 4,382,837.00 (3.06)
Carlyle Partners IV, L.P. 100,000,000.00 93,737,508.00 4,242,169.00 4.07
Carlyle Partners V, L.P. 500,000,000.00 143,915,692.00 140,668.00 (14.53)
CarVal Investors 196,000,000.00 186,200,000.00 3,236,357.45 2.83
CVI Global Value Fund, LP 196,000,000.00 186,200,000.00 3,236,357.45 2.83
Centerbridge Capital 150,000,000.00 73,299,519.13 185,658.00 (26.34)
Centerbridge Capital Partners, L.P. 150,000,000.00 73,299,519.13 185,658.00 (26.34)
Cerberus 722,250,000.00 346,145,296.54 30,017,674.50 1.86
Cerberus Institutional (INTL) Series 1 122,250,000.00 4,870,000.00 0.00 (1.43)
Cerberus Institutional (Series Four) LP 500,000,000.00 277,500,000.00 0.00 (17.84)
Cerberus Institutional (Series Three) 100,000,000.00 63,775,296.54 30,017,674.50 21.04
CGW Southeast Partners 40,000,000.00 34,831,657.85 38,147,111.93 7.93
CGW Southeast Partners IV 40,000,000.00 34,831,657.85 38,147,111.93 7.93
Charterhouse Group 46,636,000.00 44,612,691.27 95,348,501.38 27.26
Charterhouse Equity Partners II, L.P. 46,636,000.00 44,612,691.27 95,348,501.38 27.26
Charterhouse Capital Partners 138,151,895.13 102,225,309.99 0.00 (17.89)
Charterhouse Capital VIII, L.P. 138,151,895.13 102,225,309.99 0.00 (17.89)
Clayton, Dublier, and Rice 100,000,000.00 82,892,196.00 5,813,259.00 4.38

* 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 reporting and valuations are made using FASB 157 as a guideline, 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. 2
 California State Teachers' Retirement System
Private Equity Portfolio Performance
As of September 30, 2008

CalSTRS
Since
Capital Inception
Description Capital Committed Contributed Capital Distributed IRR*

Clayton, Dubilier & Rice Fund VII, L.P. 100,000,000.00 82,892,196.00 5,813,259.00 4.38
Clearstone Venture Partners 35,000,000.00 25,900,000.00 0.00 0.27
Clearstone Venture Partners III-A, L.P. 35,000,000.00 25,900,000.00 0.00 0.27
Cornerstone Equity Investors 40,000,000.00 40,000,000.00 62,270,119.00 8.60
Cornerstone Equity Investors IV L.P. 40,000,000.00 40,000,000.00 62,270,119.00 8.60
Cortec Group 88,641,176.00 55,127,803.00 43,915,352.00 17.10
Cortec Group Fund III, L.P. 30,000,000.00 27,936,684.00 43,915,352.00 22.31
Cortec Group Fund IV, L.P. 58,641,176.00 27,191,119.00 0.00 (8.71)
Craton Equity Partners 30,000,000.00 3,785,464.00 76,424.00 (31.75)
Craton Equity Investors I, L.P. 30,000,000.00 3,785,464.00 76,424.00 (31.75)
CVC Capital Partners 1,910,169,668.48 1,193,897,545.37 1,253,716,378.39 23.14
CVC European Equity Partners II L.P. 300,000,000.00 275,712,643.07 588,849,922.56 19.20
CVC European Equity Partners III L.P. 200,000,000.00 186,057,048.43 426,938,683.50 43.65
CVC European Equity Partners IV L.P. 394,997,284.26 337,774,516.33 136,401,094.72 27.98
CVC European Equity Partners L.P. 40,000,000.00 39,327,258.20 97,623,840.30 23.52
CVC European Equity Partners Tandem Fund 529,136,368.57 286,930,085.14 3,902,837.31 (11.44)
CVC European Equity Partners V, LP 446,036,015.65 68,095,994.20 0.00 (16.50)
CVC Capital Partners Asia Pacific 300,000,000.00 134,978,176.00 11,992,292.86 (9.89)
CVC Capital Partners Asia Pacific II, LP 100,000,000.00 89,492,126.45 11,992,292.86 (3.51)
CVC Capital Partners Asia Pacific III LP 200,000,000.00 45,486,049.55 0.00 (27.86)
DCM 15,000,000.00 14,250,000.00 1,500,000.00 6.74
DCM IV, L.P. 15,000,000.00 14,250,000.00 1,500,000.00 6.74
ECI 16,234,191.81 14,451,743.23 46,122,870.37 35.34
ECI 5 16,234,191.81 14,451,743.23 46,122,870.37 35.34
EnCap Energy Capital 400,000,000.00 112,956,830.00 9,777,163.57 17.46
EnCap Energy Capital Fund VI, L.P. 150,000,000.00 66,414,030.68 6,691,854.16 20.65
EnCap Energy Capital Fund VII, L.P. 250,000,000.00 46,542,799.32 3,085,309.41 4.47
Energy Capital Partners 250,000,000.00 80,729,650.00 0.00 8.10
Energy Capital Partners I 250,000,000.00 80,729,650.00 0.00 8.10
Energy Spectrum 50,000,000.00 46,814,602.10 23,735,183.29 22.11
Energy Spectrum Partners IV, L.P. 50,000,000.00 46,814,602.10 23,735,183.29 22.11
First Reserve 2,070,000,000.00 1,240,337,659.06 889,821,658.49 25.43
First Reserve Fund IX, L.P. 120,000,000.00 117,546,488.06 356,520,705.74 48.31
First Reserve Fund VI, L.P. 25,000,000.00 25,000,000.00 70,490,539.38 26.01
First Reserve Fund VII, L.P. 25,000,000.00 25,258,614.00 37,623,428.57 10.20
First Reserve Fund VIII, L.P. 100,000,000.00 104,430,102.00 202,003,016.80 15.82
First Reserve Fund X, L.P. 200,000,000.00 198,305,673.00 223,183,968.00 49.63
First Reserve Fund XI, L.P. 800,000,000.00 589,622,673.00 0.00 5.92
First Reserve Fund XII, L.P. 800,000,000.00 180,174,109.00 0.00 (2.45)
FondInvest 29,893,898.17 26,302,727.24 31,856,526.70 29.91
FondInvest VI 29,893,898.17 26,302,727.24 31,856,526.70 29.91
FountainVest 50,000,000.00 782,876.71 0.00 (100.00)
FountainVest China Growth Capital Fund 50,000,000.00 782,876.71 0.00 (100.00)
Frazier Healthcare 47,473,830.00 30,050,934.19 4,339,175.85 0.93
Frazier Healthcare Ventures V, L.P. 47,473,830.00 30,050,934.19 4,339,175.85 0.93
Freeman Spogli & Co. 242,500,000.00 221,205,600.00 295,942,881.93 13.95
FS Equity Partners III, L.P. 60,000,000.00 64,217,941.00 133,926,454.60 15.15

* 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 reporting and valuations are made using FASB 157 as a guideline, 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. 3
 California State Teachers' Retirement System
Private Equity Portfolio Performance
As of September 30, 2008

CalSTRS
Since
Capital Inception
Description Capital Committed Contributed Capital Distributed IRR*

FS Equity Partners IV, L.P. 87,500,000.00 87,120,368.00 140,440,020.33 12.56

FS Equity Partners V, L.P. 95,000,000.00 69,867,291.00 21,576,407.00 13.05
Genstar 70,000,000.00 24,859,712.82 0.00 (4.56)
Genstar Capital Partners V 70,000,000.00 24,859,712.82 0.00 (4.56)
Giza 45,000,000.00 15,248,813.00 810,033.00 6.05
Giza Venture Fund IV 20,000,000.00 14,573,813.00 810,033.00 6.48
Giza Venture Fund V 25,000,000.00 675,000.00 0.00 (15.50)
Gores Capital Partners 100,000,000.00 50,000,000.00 0.00 (17.49)
Gores Capital Partners II, L.P. 100,000,000.00 50,000,000.00 0.00 (17.49)
GSO 100,000,000.00 40,872,730.00 0.00 4.69
GSO Capital Opportunities Fund, LP 100,000,000.00 40,872,730.00 0.00 4.69
GTCR 79,634,000.00 79,633,908.00 173,072,967.39 24.78
Golder, Thoma, Cressey & Rauner Fund III - 2nd 4,634,000.00 4,633,908.00 27,833,161.74 57.90
Golder, Thoma, Cressey & Rauner Fund IV 35,000,000.00 35,000,000.00 73,618,921.00 24.94
Golder, Thoma, Cressey & Rauner Fund V 40,000,000.00 40,000,000.00 71,620,884.65 11.34
Hellman & Friedman Capital Partners 350,000,000.00 210,842,386.00 81,334,508.00 25.45
Hellman & Friedman Capital Partners V 100,000,000.00 87,083,844.00 78,941,980.00 36.35
Hellman & Friedman Capital Partners VI 250,000,000.00 123,758,542.00 2,392,528.00 (4.61)
Hg Renewable 62,589,885.96 18,085,905.52 402,359.37 (15.04)
Hg Renewable Power Partners, L.P. 62,589,885.96 18,085,905.52 402,359.37 (15.04)
Hony Capital 50,000,000.00 2,816,295.88 0.00 (15.75)
Hony Capital Fund 2008, LP 50,000,000.00 2,816,295.88 0.00 (15.75)
Huntsman Gay Capital 100,000,000.00 10,993,162.22 33,341.18 (74.25)
Huntsman Gay Capital Partners Fund, LP 100,000,000.00 10,993,162.22 33,341.18 (74.25)
ICV Capital Partners 25,000,000.00 9,425,066.51 4,640.51 (19.52)
ICV Partners II, L.P. 25,000,000.00 9,425,066.51 4,640.51 (19.52)
Innocal 15,000,000.00 13,540,830.00 4,163,979.00 (16.13)
InnoCal II, L.P. 15,000,000.00 13,540,830.00 4,163,979.00 (16.13)
Institutional Venture Partners 50,000,000.00 15,000,000.00 0.00 (27.50)
Institutional Venture Partners XII, L.P. 50,000,000.00 15,000,000.00 0.00 (27.50)
Interwest Partners 155,000,000.00 131,500,000.00 143,645,912.72 27.34
Interwest Partners IV 10,000,000.00 10,000,000.00 17,071,008.33 11.10
InterWest Partners IX 40,000,000.00 24,000,000.00 2,213,074.50 (10.36)
Interwest Partners V 15,000,000.00 15,000,000.00 66,004,750.29 62.32
Interwest Partners VI 15,000,000.00 15,000,000.00 42,385,464.84 48.95
InterWest Partners VIII 75,000,000.00 67,500,000.00 15,971,614.76 (1.61)
Invesco 305,645,634.00 44,553,288.67 1,625.00 (7.24)
CalSTRS New&Next Gen. Manager Fund II 200,000,000.00 8,612,048.91 0.00 (33.59)
CalSTRS New&Next Generation Manager Fund 105,645,634.00 35,941,239.76 1,625.00 (4.00)
Investitori Associati 34,732,966.77 23,614,275.98 1,284,035.92 (1.51)
Investitori Associati IV 34,732,966.77 23,614,275.98 1,284,035.92 (1.51)
Irving Place Captial 175,000,000.00 65,951,595.15 0.00 (5.69)
Irving Place Capital Partners III, L.P. 175,000,000.00 65,951,595.15 0.00 (5.69)
Italian Private Equity Fund 37,913,592.12 24,107,008.83 7,172,123.49 10.95
Italian Private Equity Fund IV L.P. 37,913,592.12 24,107,008.83 7,172,123.49 10.95
J.H. Whitney & Co. 392,288,000.00 346,765,390.46 411,028,109.82 13.22
J.H. Whitney IV, L.P. 100,000,000.00 85,289,686.46 26,826,444.00 (13.63)

* 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 reporting and valuations are made using FASB 157 as a guideline, 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. 4
 California State Teachers' Retirement System
Private Equity Portfolio Performance
As of September 30, 2008

CalSTRS
Since
Capital Inception
Description Capital Committed Contributed Capital Distributed IRR*

J.H. Whitney V, L.P. 200,000,000.00 195,005,052.00 331,994,166.19 25.78

J.H. Whitney VI, L.P. 75,000,000.00 49,831,400.00 13,142,585.00 10.94
Whitney 1990 Equity Fund 17,288,000.00 16,639,252.00 39,064,914.63 21.00
JMI Equity 80,000,000.00 43,915,000.00 16,221,260.00 16.38
JMI Equity Fund V, L.P. 30,000,000.00 25,465,000.00 16,221,260.00 23.56
JMI Equity Fund VI, L.P. 50,000,000.00 18,450,000.00 0.00 (16.82)
Kelso & Company 206,019,000.00 183,046,041.00 342,031,029.00 19.35
Kelso Investment Associates V, L.P. 56,019,000.00 55,611,778.00 180,763,222.00 25.79
Kelso Investment Associates VI, L.P. 150,000,000.00 127,434,263.00 161,267,807.00 9.36
KKR & Co. 692,963,852.00 614,243,211.00 611,119,455.00 11.34
KKR 1987 Fund - 2nd 45,412,852.00 45,416,150.00 49,857,574.00 3.39
KKR 1996 - 2nd 25,361,000.00 24,390,894.00 41,934,118.00 18.82
KKR 1996 Fund 322,190,000.00 318,435,374.00 510,256,999.00 13.01
KKR 2006 Fund 300,000,000.00 226,000,793.00 9,070,764.00 (7.83)
M/C Venture Partners 100,000,000.00 96,410,084.00 37,015,264.00 5.06
M/C Venture Partners IV, L.P. 25,000,000.00 23,125,000.00 5,010,892.00 (4.60)
M/C Venture Partners V, L.P. 75,000,000.00 73,285,084.00 32,004,372.00 9.22
Madison Dearborn Partners 710,000,000.00 686,134,182.74 923,771,350.71 16.67
Madison Dearborn Capital Partners II LP 60,000,000.00 60,296,057.47 136,444,108.08 22.05
Madison Dearborn Capital Partners III LP 300,000,000.00 297,265,297.39 415,675,405.01 9.15
Madison Dearborn Capital Partners IV, LP 300,000,000.00 280,226,508.96 208,749,998.37 19.87
Madison Dearborn Capital Partners, L.P. 50,000,000.00 48,346,318.92 162,901,839.25 28.05
MatlinPatterson 250,000,000.00 106,276,338.07 0.00 0.84
MatlinPatterson Global Opps. Ptnrs. III 250,000,000.00 106,276,338.07 0.00 0.84
Media Communications 60,000,000.00 58,500,000.00 177,211,465.21 34.52
Media Communications Partners II, L.P. 30,000,000.00 30,000,000.00 134,235,003.21 38.85
Media Communications Partners III, L.P. 30,000,000.00 28,500,000.00 42,976,462.00 10.53
Mezzanine Lending Associates 50,000,000.00 39,881,188.18 138,471,124.62 16.48
Mezzanine Lending Associates III, L.P. 50,000,000.00 39,881,188.18 138,471,124.62 16.48
Nautic 229,500,000.00 213,792,095.04 187,433,378.88 11.49
Chisholm Partners IV, L.P. 29,500,000.00 28,411,105.19 9,042,840.16 (4.34)
Nautic Partners V, L.P. 200,000,000.00 185,380,989.85 178,390,538.72 15.85
Navis Capital Partners 130,000,000.00 80,966,649.48 3,536,241.63 8.76
Navis Asia Fund IV, L.P. 30,000,000.00 30,000,000.00 3,536,241.63 22.79
Navis Asia Fund V, L.P. 100,000,000.00 50,966,649.48 0.00 (16.63)
Newbridge Capital 150,000,000.00 137,554,051.00 16,425,025.00 10.26
Newbridge Asia IV, L.P. 150,000,000.00 137,554,051.00 16,425,025.00 10.26
New Enterprise Associates 670,000,000.00 572,050,000.00 693,312,385.74 39.93
New Enterprise Associates 8A, L.P. 25,000,000.00 25,000,000.00 4,686,132.00 (2.66)
New Enterprise Associates IX, L.P. 60,000,000.00 58,800,000.00 9,952,015.23 (10.07)
New Enterprise Associates V 25,000,000.00 25,000,000.00 69,935,151.50 31.54
New Enterprise Associates VI, L.P. 35,000,000.00 35,000,000.00 277,544,707.85 65.50
New Enterprise Associates VII, L.P. 40,000,000.00 40,000,000.00 128,998,104.66 63.75
New Enterprise Associates VIII, L.P. 50,000,000.00 50,000,000.00 65,300,873.90 32.61
New Enterprise Associates X, L.P. 200,000,000.00 193,000,000.00 104,857,763.23 3.24
New Enterprise Associates XI, L.P. 75,000,000.00 65,250,000.00 24,272,943.37 13.11
New Enterprise Associates XII, L.P. 160,000,000.00 80,000,000.00 7,764,694.00 6.59

* 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 reporting and valuations are made using FASB 157 as a guideline, 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. 5
 California State Teachers' Retirement System
Private Equity Portfolio Performance
As of September 30, 2008

CalSTRS
Since
Capital Inception
Description Capital Committed Contributed Capital Distributed IRR*

NGEN 15,000,000.00 7,767,748.72 389,924.39 7.24

NGEN Enabling Technologies Fund II, L.P. 15,000,000.00 7,767,748.72 389,924.39 7.24
Nogales 55,000,000.00 28,239,489.28 9,426,406.63 (13.19)
Nogales Investors Fund I, LP 25,000,000.00 24,963,050.22 9,414,616.30 (10.57)
Nogales Investors Fund II, L.P. 30,000,000.00 3,276,439.06 11,790.33 (84.07)
Oak Investment Partners 75,000,000.00 75,000,000.00 15,751,229.04 0.93
Oak Investment Partners XI, L.P. 75,000,000.00 75,000,000.00 15,751,229.04 0.93
Oaktree Capital Management 640,640,000.00 379,188,393.89 226,029,811.96 17.36
OCM Opportunities Fund II, L.P. 25,000,000.00 24,937,808.21 37,284,799.01 8.39
OCM Opportunities Fund IVb, L.P. 100,000,000.00 48,610,585.68 124,085,418.95 43.93
OCM Opportunities Fund V, L.P. 50,000,000.00 50,000,000.00 63,734,114.00 16.06
OCM Opportunities Fund VI, L.P. 50,000,000.00 50,000,000.00 111,233.00 9.38
OCM Opportunities Fund VII, L.P. 115,640,000.00 115,640,000.00 814,247.00 (11.16)
OCM Opportunities Fund VIIb, L.P. 300,000,000.00 90,000,000.00 0.00 (27.20)
Olympus 82,500,000.00 9,594,374.00 0.00 (24.26)
Olympus Growth Fund V, L.P. 82,500,000.00 9,594,374.00 0.00 (24.26)
Onex Partners 425,000,000.00 218,558,418.00 113,828,996.00 33.39
Onex Partners II, LP 150,000,000.00 125,565,190.00 5,484,397.00 (1.06)
Onex Partners III, LP 175,000,000.00 0.00 0.00 N/A
Onex Partners LP 100,000,000.00 92,993,228.00 108,344,599.00 48.07
Palladium 90,000,000.00 27,397,604.20 2,363,633.38 (13.26)
Palladium Equity Partners III 90,000,000.00 27,397,604.20 2,363,633.38 (13.26)
Paul Capital Partners 50,000,000.00 41,393,725.70 17,532,337.74 15.51
Paul Capital Partners VIII-B, L.P. 50,000,000.00 41,393,725.70 17,532,337.74 15.51
Permira 1,682,892,803.89 1,135,637,941.75 934,147,950.58 18.93
Permira Europe II 313,869,101.02 310,169,278.99 534,099,507.76 24.44
Permira Europe III 383,353,376.44 365,758,530.94 400,048,442.82 34.57
Permira IV 985,670,326.44 459,710,131.82 0.00 (35.93)
Phildrew Ventures 20,221,808.47 20,243,846.49 11,701,039.33 (15.72)
Phildrew Ventures Fourth Fund B 20,221,808.47 20,243,846.49 11,701,039.33 (15.72)
Pond Ventures 10,000,000.00 5,522,821.16 0.00 (5.30)
Pond Ventures III, L.P. 10,000,000.00 5,522,821.16 0.00 (5.30)
Prism Venture Partners 25,016,853.00 15,510,449.45 2,867,611.49 1.08
Prism Venture Partners V, L.P. 25,016,853.00 15,510,449.45 2,867,611.49 1.08
Providence Equity Partners 1,050,000,000.00 637,262,703.00 4,607,162.00 (1.52)
Providence Equity Partners V L.P. 350,000,000.00 317,996,632.00 2,011,187.00 4.05
Providence Equity Partners VI, L.P. 700,000,000.00 319,266,071.00 2,595,975.00 (16.38)
Quadrangle Capital Partners 100,000,000.00 68,057,515.00 6,605,539.00 8.87
Quadrangle Capital Partners II 100,000,000.00 68,057,515.00 6,605,539.00 8.87
Riverstone/Carlyle 300,000,000.00 31,822,972.35 0.00 (4.76)
Riverstone/Carlyle Renew & Alt Energy II 300,000,000.00 31,822,972.35 0.00 (4.76)
Sankaty Advisors 625,000,000.00 450,000,000.00 9,359,622.61 (5.10)
Sankaty Credit Opportunities II, L.P. 75,000,000.00 75,000,000.00 5,977,808.46 2.30
Sankaty Credit Opportunities III, L.P. 300,000,000.00 300,000,000.00 3,381,814.15 (10.06)
Sankaty Credit Opportunities IV, L.P. 250,000,000.00 75,000,000.00 0.00 (1.09)
Shasta Ventures 43,500,000.00 19,126,638.00 1,981,820.43 (1.21)
Shasta Ventures II, L.P. 22,500,000.00 3,375,000.00 0.00 (11.55)

* 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 reporting and valuations are made using FASB 157 as a guideline, 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. 6
 California State Teachers' Retirement System
Private Equity Portfolio Performance
As of September 30, 2008

CalSTRS
Since
Capital Inception
Description Capital Committed Contributed Capital Distributed IRR*

Shasta Ventures, L.P. 21,000,000.00 15,751,638.00 1,981,820.43 (0.18)

Sofinnova Ventures 55,000,000.00 28,250,000.00 680,697.37 (2.59)
Sofinnova Venture Partners VI 25,000,000.00 19,250,000.00 680,697.37 0.80
Sofinnova Venture Partners VII 30,000,000.00 9,000,000.00 0.00 (21.67)
Spectrum Equity Investors 365,000,000.00 283,754,319.80 170,542,118.69 6.70
Spectrum Equity Investors III, L.P. 65,000,000.00 64,675,000.00 51,100,923.90 (2.71)
Spectrum Equity Investors IV, L.P. 150,000,000.00 145,500,000.00 119,441,194.79 8.62
Spectrum Equity Investors V, LP 150,000,000.00 73,579,319.80 0.00 17.72
Stonington Partners 92,241,000.00 85,665,530.66 35,708,837.86 (1.77)
Stonington Capital Apprec 1994 Fund LP 92,241,000.00 85,665,530.66 35,708,837.86 (1.77)
Summit Partners 458,232,511.76 271,664,108.78 454,513,008.67 65.90
Summit Accelerator Fund, L.P. 10,000,000.00 9,622,012.32 8,995,622.39 5.67
Summit Partners Europe PE Fund 70,232,511.76 0.00 0.00 N/A
Summit Partners Private Equity VII-A, LP 100,000,000.00 45,500,000.00 2,227,774.00 (9.22)
Summit Partners Venture Capital II-A, LP 15,000,000.00 5,850,000.00 0.00 (1.61)
Summit Subordinated Debt Fund I, L.P. 10,000,000.00 9,000,000.00 15,709,405.33 30.59
Summit Subordinated Debt Fund II, L.P. 20,000,000.00 18,000,000.00 36,957,366.88 55.91
Summit Subordinated Debt Fund III, L.P. 30,000,000.00 23,850,000.00 11,188,023.00 7.54
Summit Subordinated Debt Fund IV, L.P. 40,000,000.00 0.00 0.00 N/A
Summit Ventures III, L.P. 15,000,000.00 13,500,000.00 48,707,972.14 61.66
Summit Ventures IV, L.P. 30,000,000.00 29,100,000.00 219,299,318.80 103.78
Summit Ventures V, L.P. 45,000,000.00 43,425,000.00 57,645,497.39 8.67
Summit Ventures VI-A, L.P. 73,000,000.00 73,817,096.46 53,782,028.74 15.38
Syncom 20,000,000.00 6,392,890.00 147,172.00 (27.78)
Syndicated Communications Vent. Part. V 20,000,000.00 6,392,890.00 147,172.00 (27.78)
TA Associates 212,500,000.00 162,435,000.00 97,907,181.87 15.79
TA / Advent VIII, L.P. 10,000,000.00 9,800,000.00 21,424,361.87 23.32
TA IX, L.P. 50,000,000.00 48,585,000.00 60,045,320.00 21.68
TA Subordinated Debt Fund II, LP 42,500,000.00 22,100,000.00 4,887,500.00 6.32
TA X, LP 110,000,000.00 81,950,000.00 11,550,000.00 (12.82)
Technology Crossover Ventures 320,000,000.00 94,118,000.00 38,817,213.28 10.95
TCV V, L.P. 50,000,000.00 43,760,000.00 23,526,715.28 13.15
TCV VI, L.P. 70,000,000.00 50,358,000.00 15,290,498.00 4.88
TCV VII, L.P. 200,000,000.00 0.00 0.00 N/A
Texas Pacific Group 3,100,000,000.00 1,758,631,097.93 987,679,424.93 17.48
T3 Partners I, L.P. 100,000,000.00 76,943,280.00 274,241,462.00 29.47
TAC 2007, LP 150,000,000.00 84,763,636.00 0.00 (30.96)
TPG Asia V, L.P. 200,000,000.00 32,555,504.00 229,995.00 (46.20)
TPG Financial Partners, L.P. 500,000,000.00 129,780,349.00 594,985.00 (44.65)
TPG Partners III, L.P. 300,000,000.00 267,254,554.00 535,435,003.00 25.48
TPG Partners IV, L.P. 350,000,000.00 330,991,033.93 172,007,198.93 20.55
TPG Partners V, L.P. 1,000,000,000.00 810,263,104.00 5,170,781.00 (13.70)
TPG Partners VI, L.P. 500,000,000.00 26,079,637.00 0.00 (65.82)
The Cypress Group 278,125,000.00 253,177,039.14 151,511,882.22 (1.64)
Cypress Merchant Banking Partners II LP 278,125,000.00 253,177,039.14 151,511,882.22 (1.64)
The Resolute Fund 450,000,000.00 173,259,566.00 30,611,017.00 6.51
The Resolute Fund II, L.P. 350,000,000.00 83,426,813.00 1,586,230.00 (17.80)
The Resolute Fund, L.P. 100,000,000.00 89,832,753.00 29,024,787.00 11.82

* 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 reporting and valuations are made using FASB 157 as a guideline, 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. 7
 California State Teachers' Retirement System
Private Equity Portfolio Performance
As of September 30, 2008

CalSTRS
Since
Capital Inception
Description Capital Committed Contributed Capital Distributed IRR*

THL Equity Advisors 672,496,424.00 596,653,928.00 606,686,215.94 10.20

Thomas H. Lee Equity Fund IV, L.P - 2nd 2,047,424.00 1,759,530.00 1,541,950.82 (3.49)
Thomas H. Lee Equity Partners III, L.P. 106,728,000.00 72,353,805.00 137,210,272.66 31.50
Thomas H. Lee Equity Partners IV, L.P. 163,721,000.00 135,101,803.00 117,060,400.46 (2.53)
Thomas H. Lee Equity Partners V, L.P. 400,000,000.00 387,438,790.00 350,873,592.00 13.69
Thoma Cressey Bravo 160,000,000.00 158,139,998.95 122,252,170.73 6.68
Thoma Cressey Fund VI, L.P. 60,000,000.00 58,140,000.00 27,076,493.01 (4.01)
Thoma Cressey Fund VII, L.P. 100,000,000.00 99,999,998.95 95,175,677.72 25.09
Triton 68,792,567.72 41,120,820.44 4,539,649.10 0.11
Triton Fund II L.P. 68,792,567.72 41,120,820.44 4,539,649.10 0.11
US Renewables Group 60,000,000.00 20,133,980.00 0.00 (9.96)
USRG Power and Biofuels Fund II, L.P. 60,000,000.00 20,133,980.00 0.00 (9.96)
VantagePoint Venture Partners 317,500,000.00 228,366,470.48 53,383,253.09 1.38
VantagePoint Venture Partners III 45,000,000.00 45,000,000.00 15,292,261.89 (7.34)
VantagePoint Venture Partners IV 150,000,000.00 150,000,000.00 38,090,991.20 4.27
VantagePoint CleanTech Partners, L.P. 22,500,000.00 8,366,470.48 0.00 20.23
VantagePoint Venture Partners 2006 (Q) 100,000,000.00 25,000,000.00 0.00 (7.27)
Vestar Capital Partners 250,000,000.00 206,644,097.51 107,523,922.83 12.31
Vestar Capital Partners IV, L.P. 100,000,000.00 95,354,421.97 99,045,341.14 14.60
Vestar Capital Partners V, L.P. 150,000,000.00 111,289,675.54 8,478,581.69 4.01
Warburg, Pincus & Co. 210,000,000.00 210,000,000.00 808,249,138.42 24.81
Warburg, Pincus Investors, L.P. 100,000,000.00 100,000,000.00 236,353,036.25 14.85
Warburg, Pincus Ventures, L.P. 110,000,000.00 110,000,000.00 571,896,102.17 49.16
Welsh, Carson, Anderson & Stowe 1,783,960,000.00 1,379,210,442.00 1,371,859,780.97 12.49
WCAS Capital Partners IV, L.P. 150,000,000.00 93,000,000.00 15,556,771.00 11.37
Welsh, Carson, Anderson & Stowe II 30,000,000.00 30,000,000.00 41,341,048.63 10.38
Welsh, Carson, Anderson & Stowe III 100,000,000.00 100,000,000.00 153,497,367.97 14.12
Welsh, Carson, Anderson & Stowe IX, L.P. 400,000,000.00 380,000,000.00 396,884,636.09 15.06
Welsh, Carson, Anderson & Stowe V, L.P 30,000,000.00 30,000,000.00 105,208,166.35 33.15
Welsh, Carson, Anderson & Stowe VI 50,000,000.00 50,000,000.00 99,757,825.25 13.88
Welsh, Carson, Anderson & Stowe VII 150,000,000.00 150,000,000.00 316,927,801.77 17.64
Welsh, Carson, Anderson & Stowe VIII, LP 300,000,000.00 300,000,000.00 242,686,163.91 2.13
Welsh, Carson, Anderson & Stowe X, L.P. 323,960,000.00 246,210,442.00 0.00 4.11
Welsh, Carson, Anderson & Stowe XI, L.P. 250,000,000.00 0.00 0.00 N/A
Yucaipa 150,000,000.00 140,106,600.25 10,926,013.35 (2.86)
Yucaipa Corporate Initiative Fund 150,000,000.00 140,106,600.25 10,926,013.35 (2.86)

* 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 reporting and valuations are made using FASB 157 as a guideline, 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. 8