The $138.5bn system recently sold huge stakes of its private equity portfolio.
The system is eyeing between $2.5bn and $3.5bn in 2024 commitments.
The nation’s second-largest public pension also approved a plan allowing it to leverage its total fund.
Liquidity from the system’s PE portfolio dropped off over the past two years.
Many public pensions face governance issues when considering continuation fund opportunities.
The system backed off a planned secondary sale after prices came in too low.
He will continue in his CIO role through June 30, 2024 while the CalSTRS board conducts a global search for his successor.
The system joins other large LPs in making commitments to the smaller end of the market.
NEPC recommended San Bernardino commit $575m to private equity over the next two to three years.
The public pension fund is nearing its target allocation.
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