Justin Mitchell
The software-focused firm has raised its target amid a market environment amenable to the tech sector.
During a January presentation to CalSTRS, Lee trumpeted the 'sheer scale and the potential' of China's booming economy for investors.
If approved, the investments will be sourced through the $283bn pension's private equity co-investment program.
The pension system has been steadily growing its co-investment and secondaries program over the last year, and plans to do more in the future.
The firm said its focus on 'targeted transactions' as opposed to buying large LP portfolios will work to its advantage in the current market.
The pension wants to use a benchmark that will compare its PE portfolio to other PE returns as opposed to the public markets.
Coulter said the industry can be resistant to innovation, but that increased LP sophistication and an influx of new talent had allowed it to flourish.
The $82bn public employees' retirement fund is a bit overweight in private equity, but plans to maintain its commitment pace and take other actions to get the portfolio right-sized.
The regulations include a proposal to streamline the commitment process, which drew concerns from at least one council member.
Michael McGirr takes over the program just as its target is being raised and more commitments are planned for 2021.
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