With all the rolling over that’s going on, I’m starting to feel like I’m watching a dog show-not the venture capital industry. CalPERS, the nation’s largest pension fund, plans to publish on April 30 the IRRs of individual funds held by Grove Street, which manages part of its money. And CalPERS wasn’t even under pressure to do so.
The media will soon be able to see the returns of all 250 funds that CalPERS has invested in. That’s good for my brethren and me, but I fail to see how it’s good for the private equity world. And for all the threats by best-of-breed venture funds that they would punish public pension managers that reveal IRRs, none has cracked the whip.
Sequoia was in a perfect position to do so when it closed its 11th fund in March. It just so happened that the University of Michigan, one of its longtime investors, had