Scott Chan

And these areas have consistently beat the markets. We take a little bit of active risk, sort of enhanced active is what we call it. And some fixed income, call it 30 basis points a year, we generate an alpha. In global equity, that's become more significant. It's around 50 basis points a year or so.

But in the private markets, we don't think we have the capacity to build our own internal, for example, Blackstone or Apollo or Carlisle, fill in the blank. And so what we try to do is become the global partner of choice.

But in the private markets, we don't think we have the capacity to build our own internal, for example, Blackstone or Apollo or Carlisle, fill in the blank. And so what we try to do is become the global partner of choice.

But in the private markets, we don't think we have the capacity to build our own internal, for example, Blackstone or Apollo or Carlisle, fill in the blank. And so what we try to do is become the global partner of choice.

And so that's a defining characteristic of our cloud model is trying to become a global partner of choice. You might ask yourself, well, why is that important? Because we strive, David, to be one of the top three calls for any of our partners. If we do, then we're going to be successful in accessing the best transactions globally.

And so that's a defining characteristic of our cloud model is trying to become a global partner of choice. You might ask yourself, well, why is that important? Because we strive, David, to be one of the top three calls for any of our partners. If we do, then we're going to be successful in accessing the best transactions globally.

And so that's a defining characteristic of our cloud model is trying to become a global partner of choice. You might ask yourself, well, why is that important? Because we strive, David, to be one of the top three calls for any of our partners. If we do, then we're going to be successful in accessing the best transactions globally.

So you can think about it'd be easy for us at 350 billion or so in assets on our management to be a one way street where all these asset managers, they come to us on the private market side or the alternative side. And we say yes or no to invest in any of their funds as an LP. But because we have 350 billion in capital invest, I want to transform that traditional dynamic.

So you can think about it'd be easy for us at 350 billion or so in assets on our management to be a one way street where all these asset managers, they come to us on the private market side or the alternative side. And we say yes or no to invest in any of their funds as an LP. But because we have 350 billion in capital invest, I want to transform that traditional dynamic.

So you can think about it'd be easy for us at 350 billion or so in assets on our management to be a one way street where all these asset managers, they come to us on the private market side or the alternative side. And we say yes or no to invest in any of their funds as an LP. But because we have 350 billion in capital invest, I want to transform that traditional dynamic.

And so it's important for us to do this because, number one, the best investors in the world, they can also select their partners, right? They have a certain amount of capacity. And particularly when it comes to the subset of their best transactions, how can we access that?

And so it's important for us to do this because, number one, the best investors in the world, they can also select their partners, right? They have a certain amount of capacity. And particularly when it comes to the subset of their best transactions, how can we access that?

And so it's important for us to do this because, number one, the best investors in the world, they can also select their partners, right? They have a certain amount of capacity. And particularly when it comes to the subset of their best transactions, how can we access that?

Number two, it's by putting the best of CalSTRS ideas with the best of our partners' ideas and leveraging that, we find that we can create a lot more value for our over 1 million teachers. And so that's kind of one element of it is becoming the global partner of choice. I think that would be the second kind of main point for the cloud model.

Number two, it's by putting the best of CalSTRS ideas with the best of our partners' ideas and leveraging that, we find that we can create a lot more value for our over 1 million teachers. And so that's kind of one element of it is becoming the global partner of choice. I think that would be the second kind of main point for the cloud model.

Number two, it's by putting the best of CalSTRS ideas with the best of our partners' ideas and leveraging that, we find that we can create a lot more value for our over 1 million teachers. And so that's kind of one element of it is becoming the global partner of choice. I think that would be the second kind of main point for the cloud model.

If you think about the essence, the core things that we're trying to achieve is we're trying to provide a value proposition for our partners too. So, you know, number one, I want to be known, I want CalSTRS to be known as having the trusted relationships and expertise that all our partners need. we can help you and together we can solve the complex financing needs of the world.

If you think about the essence, the core things that we're trying to achieve is we're trying to provide a value proposition for our partners too. So, you know, number one, I want to be known, I want CalSTRS to be known as having the trusted relationships and expertise that all our partners need. we can help you and together we can solve the complex financing needs of the world.

If you think about the essence, the core things that we're trying to achieve is we're trying to provide a value proposition for our partners too. So, you know, number one, I want to be known, I want CalSTRS to be known as having the trusted relationships and expertise that all our partners need. we can help you and together we can solve the complex financing needs of the world.

So my staff needs to be the forefront of the minds of our partners. We need to sort of mirror them in our expertise too. And I think we've been able to show that or demonstrate that. Number two, we need to be nimble and dynamic in the marketplace as well. So if a decision needs to be made, And this doesn't happen often, but if it needs to be made same day, we have to match that capability.