Funds from Technology Crossover Ventures and Spark Capital lead a portfolio of mid-decade investments at Los Angeles City Employees’ Retirement System. But don’t sound the trumpets. The portfolio overall reflects a difficult period for venture returns, and its performance doesn’t leave much to crow about. Only one of the dozen funds with vintages of 2004 […]
Funds from OrbiMed Advisors, GGV Capital and Shasta Ventures lead a portfolio of recently minted venture funds at the California State Teachers’ Retirement System. It’s worth noting that all three funds improved mightily in the 12 months ending in March, a period when venture valuations were under pressure. The portfolio of 18 CalSTRS holdings with […]
California Public Employees’ Retirement System slashed its interim allocation for private equity to 8 percent from 10 percent, spokesman Brad Pacheco said in an email. The adjustment did not involve changes to CalPERS’s long-term strategic allocation to PE, which stands at 12 percent. The adjustment to its interim allocation will not bear on the retirement system’s […]
Returns retreated early this year in a late-decade portfolio of venture funds at the California State Teachers’ Retirement System. Three-quarters of the funds with vintages of 2006 to 2011 saw their IRRs drop in the year ended in March, with funds from OrbiMed Advisors, Sofinnova Ventures and GGV Capital showing the greatest retrenchment. At the […]
Longtime limited partner Janet Kruzel is retiring from Washington State Investment Board at year’s end, spokesman Chris Phillips confirmed. Kruzel was assistant senior investment officer on the eight-member private equity team. The team is led by Senior Investment Officer Tom Ruggels. WSIB Chief Investment Officer Gary Bruebaker said the system will start recruiting for an investment officer […]
Andy Hayes, a private equity investment officer with the Oregon State Treasury, is leaving the system for the private sector, James Sinks, a spokesman for the Treasury, confirmed. Hayes is taking a role at placement agency FIRSTavenue, a source said. He will start at the placement agency at the beginning of the year as a principal, said Ayesha […]
Mid-decade venture returns retreated through the first quarter of this year in an early-stage-focused portfolio at California State Teachers’ Retirement System. Eleven of the 14 funds with vintages of 2004 and 2005 saw their IRRs decline during the 12 months ended in March, according to a recent performance report. The three that did improve all […]
A pair of funds from Longitude Capital has taken the top spots in a late-decade venture portfolio at Colorado Public Employees’ Retirement Association. The funds, one from 2008 and the other vintage 2013, reflect the upswing life-sciences investing has seen in recent years. Both saw significant improvement in the 24 months ended in December 2015. The […]
The past couple years have brought big changes to the seed market. The number of seed deals is down, the number of funds is up, and both round sizes and ownership targets have spiked. It is a recipe for added competition, which is exactly what is taking place. For Michael Kim at Cendana Capital, the […]
Florida’s State Board of Administration is shopping a portfolio of venture capital and private equity stakes with an overall net asset value of about $1.1 billion, according to four people with knowledge of the process. The funds that are included in the portfolio are unclear, but sources described them as high-quality. Because of that quality, pricing […]
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