Carlyle AlpInvest and the California State Teachers’ Retirement System (CalSTRS) have announced a partnership aimed at expanding access to climate-related co-investment opportunities. The collaboration is intended to support investments that contribute to a more sustainable global economy, enabling CalSTRS to invest alongside private equity managers in climate solution initiatives beyond its direct investment program.

The partnership will leverage Carlyle AlpInvest’s co-investment platform and CalSTRS’ Sustainable Investment and Stewardship Strategies team. Together, they plan to focus on long-term value creation while advancing CalSTRS’ sustainability objectives.

“We are excited to work with CalSTRS’ Sustainable Investment and Stewardship Strategies team to expand access to co-investment solutions with a focus on climate,” said Todd Ruggini, Partner and Managing Director on the Co-Investments Team at Carlyle AlpInvest. “This effort builds on our long-term relationship with CalSTRS as well as our experience sourcing, underwriting, and executing transactions that meet the evolving needs of large investors.”

Nick Abel, Portfolio Manager of CalSTRS Sustainable Investment and Stewardship Strategies, stated: “Partnering with Carlyle AlpInvest will help add the scale and execution expertise needed to advance our investment objectives. This collaboration aligns with our long-term outlook and mission to provide a secure retirement for California’s public educators and their beneficiaries. The collaboration enhances the way we access opportunities to further position CalSTRS as a global partner of choice and supports our commitment to delivering financial results alongside positive sustainability outcomes.”

The initiative aims to identify climate-related investment opportunities across various themes using an intent-based framework that allows flexibility in addressing a wide range of global prospects.

Maaike van der Schoot, Head of Responsible Investment at Carlyle AlpInvest, commented: “Carlyle AlpInvest is focused on building partnerships with investors that deliver long-term value and supporting their sustainable investment objectives. This effort reflects that focus and builds on our long-standing commitment to responsible investment and helping partners pursue investment strategies that drive positive, strategic outcomes.”

Carlyle AlpInvest manages $97 billion in assets for over 630 investors worldwide as of June 30, 2025. The firm has worked with more than 385 private equity managers globally.

CalSTRS serves over one million members who do not participate in Social Security through their covered service. As of August 31, 2025, it is recognized as the largest educator-only pension fund globally with $374.3 billion in assets under management.