With more VC-backed start-ups choosing to stay private longer, liquidity to fuel recruitment and retention is in short supply. A new partnership between NewView Capital and Carta aims to make company-sponsored tenders easier to execute.
LPs in the firm’s earlier funds include California Public Employees’ Retirement System, Children’s Hospital Corporation Pension Plan, Adams Street Partners and Kaiser Permanente Washington Defined Benefit Plan.
LPs in past funds include San Francisco Employees Retirement System, Denver Employees Retirement Plan, State of Wisconsin Investment Board, University of Hawaii Foundation and UPMC Master Trust.
Fund II is nearing its €80m fundraising target having now raised at least €70m from LPs such as Elo Mutual Pension Insurance Company and Valio Pension Fund.
Among the LPs that have signed on to the new vehicles are New Mexico State Investment Council and San Mateo County Employees' Retirement Association.
Gordian will focus on LP-led deals and will opportunistically look at GP-leds, especially in venture, says founder Yangge Seaman.
The Chicago-based firm closed on $200m for its sophomore fund, with LPs including state retirement funds, funds of funds, endowments and large family offices.
While the firm's venture capital and growth equity team favors re-ups with existing fund relationships, it spends a disproportionate amount of time with new managers to learn what's emerging in the market.
Venture is lifting returns in the $41bn San Francisco pension’s private equity program, but staff stress narrowness of recovery.
The $23bn public pension is mulling commitments to two funds from Capricorn Investment Group and two funds from JSL Health Capital.