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 […]
Funds from LLR Partners and Technology Crossover Ventures lead a mid-decade venture-fund portfolio that has chalked up a generally poor performance at Colorado Public Employees’ Retirement Association. The portfolio of a dozen funds with 2003 to 2005 vintages is divided equally between those above and below water. LLR’s $360 million second fund from 2004 is […]
After a strong run, 1-year returns for venture capital went negative in the second quarter as a slow period for exits hurt portfolio liquidity. One-year returns for the U.S. industry fell to -1.39 percent from 4.78 percent in the first quarter of the year, according to Cambridge Associates. It was the fourth consecutive quarterly decline […]