The California State Teachers’ Retirement System (CalSTRS), a large educator-only pension fund with more than $320 billion in assets, and Sapphire Partners, the fund investing strategy of Sapphire, a specialized technology investment firm, have partnered to invest in emerging managers focused on early-stage venture capital.
As a part of this partnership, Sapphire Partners will assume investment management responsibilities of five CalSTRS “New and Next Generation Manager Funds” existing funds, representing approximately $1.4 billion in assets under management.
Sapphire Partners will also have capital available to continue making commitments to new and emerging venture capital managers.
Sapphire Partners has been an active Limited Partner since 2012, investing in early-stage venture capital (Seed to Series A) funds within the US, Europe and Israel, with, more recently, a focus on identifying managers Sapphire believes may become the “New Elite” in early-stage VC.
Managers may benefit from Sapphire’s industry insights, its experience investing in emerging managers, and its efforts to demystify the “LP Perspective” through OpenLP, a Sapphire-led resource for the VC community. In addition, its broader technology investing platform, featuring a multibillion-dollar direct VC investing strategy, provides managers with market and industry insights from the investment and Portfolio Growth teams and a scaled firmwide infrastructure to tap into where relevant.
Through its underlying managers, Sapphire Partners has indirectly invested in over 3,200 companies since inception. Sapphire Partners looks to partner with managers across their journey as a GP and is focused on adding value beyond its capital commitments through value-add services, industry insights, and its efforts to demystify the ‘LP Perspective’ through the OpenLP initiative.
Sapphire Partners is part of Sapphire, a specialized technology investment firm with approximately $11 billion in assets under management across three distinct strategies. It has team members across Austin, Menlo Park, San Francisco and London.