April 17 The California State Teachers'
Retirement System (CalSTRS) said on Wednesday it had not seen
details of a plan by Cerberus Capital Management LP fund
managers to bid for gun maker Freedom Group but that it
understood Cerberus had to explore several options.
"CalSTRS appreciates the difficulty Cerberus faces in its
sale and we understand Cerberus may have to consider a wide
variety of options," a CalSTRS spokesman said in an emailed
"However, we have seen no details with respect to a
potential sale to Cerberus principals and therefore, have
nothing to say with regard to this question," the spokesman
CalSTRS had invested $751.4 million with Cerberus by the end
of September 2012, according to its website. With $163.7 billion
in assets under management, CalSTRS is the largest teachers'
fund and the second largest pension fund in the United States.
Cerberus Chief Executive Stephen Feinberg and his partners
may bid for Freedom Group, maker of the Bushmaster rifle, which
was put up for sale after one of its guns was used in a
Connecticut school shooting in December, three sources familiar
with the situation told Reuters on Tuesday.