CalPERS

California Emerging Ventures I, II, III & IV

In 1998, CalPERS conducted a search for an advisor to manage a program to expand our access to venture capital funds. Grove Street Advisors was selected through a competitive process to manage this program called California Emerging Ventures (CEV). Over time, CalPERS expanded this program with CEV II, CEV III and CEV IV and the program's charter was broadened to include the full range of private equity funds.

About Grove Street Advisors
Grove Street Advisors manages customized private equity fund-of-funds for large institutional clients. Each client's program is managed as an individual account that is essentially a dedicated fund-of-funds.

Grove Street Advisors
20 William Street, Suite 230
Wellesley, MA 02481
(781) 263-6100

All of the information on this page is as of September 30, 2013.

Below is fund performance information for Grove Street Advisors.

Note: The figures shown are reported by the general partners. For funds with a vintage year of 2009 or sooner, the investment multiple was noted as N/M, which means Not Meaningful. The term N/A means Not Available. Partnership investments ending with a 1 are using cash adjusted market values.

Fund
Description
Vin-
tage
Year1
Capital
Committed
Cash In Cash Out Cash Out &
Remaining
Value
Net IRR2 Foot-
notes
Invest-
ment
Multiple3
Foot-
notes
(ARCH) Healthcare Focus Fund, L.P. 2001 $30,000,000 $30,000,000 $3,912,870 $6,279,461 (20.1)% 0.20x
2003 Riverside Capital Appreciation Fund, L.P. 2004 12,500,000 12,171,623 21,667,123 24,412,783 17.2 2.00x
5AM Ventures II, L.P. 2007 10,000,000 9,385,000 6,307,952 13,291,133 9.5 1.40x
5AM Ventures LLC 2004 10,000,000 10,000,000 11,584,746 16,512,310 12.2 1.70x
Aberdare II Annex Fund, L.P. 2006 5,984,998 5,984,998 0 2,631,717 (15.8) 0.40x
Aberdare Ventures II, L.P. 2002 20,000,000 19,999,996 5,538,889 11,412,630 (9.9) 0.60x
Abingworth Bioventures IV, L.P. 2003 10,000,000 9,634,000 3,825,414 9,697,200 .1 1.00x
ABRY Partners V, L.P. 2005 5,000,000 4,581,470 7,656,605 9,233,122 17.7 2.00x
ABRY Partners VI, L.P. 2008 18,000,000 15,474,464 14,814,185 25,846,752 18.1 1.70x
Alloy Ventures 2002, L.P. 2002 10,000,000 10,000,000 5,810,896 8,478,164 (3.2) 0.80x
Altor 2003 Fund (No.1) Limited Partnership4 2003 12,289,595 12,243,822 33,459,268 41,262,510 35.7 3.40x
AMV Partners I, LP 2004 15,000,000 15,000,000 0 13,476,874 (1.6) 0.90x
Apax Israel II L.P. 1999 5,000,000 5,000,000 2,663,479 3,406,855 (7.1) 0.70x
Applied Genomic Technology Capital Fund, L.P. 2001 5,000,000 5,000,000 3,919,080 6,315,130 3.7 1.30x
ArrowPath Fund II, L.P. 2001 4,675,000 4,675,000 2,292,639 4,930,493 1.1 1.10x
Atlas Venture Fund VI, L.P. 2001 6,200,000 6,200,000 2,779,310 4,758,914 (3.9) 0.80x
Audax Mezzanine Fund, L.P. 2002 100,000,000 100,000,000 134,465,524 138,691,090 11.3 1.40x
Audax Private Equity Fund, L.P. 2000 100,000,000 99,999,999 151,292,350 152,436,383 12.3 1.50x
Austin Ventures IX, L.P. 2006 17,500,000 17,082,381 2,889,089 22,381,335 6.0 1.30x
Avalon Ventures VIII, L.P. 2007 15,000,000 14,250,000 25,984,359 38,991,559 58.1 2.70x
Baring India Private Equity Fund II Limited 2005 5,000,000 4,687,912 623,924 1,796,595 (18.9) 0.40x
Baring India Private Equity Fund III Limited 2008 10,000,000 9,942,183 544,218 7,503,202 (22.5) 0.80x
Battery Ventures VI, L.P. 2000 6,311,253 6,311,253 6,975,220 7,983,484 4.2 1.30x
Battery Ventures VII, L.P. 2005 3,333,333 3,270,370 2,438,597 4,211,666 5.3 1.30x
Battery Ventures VIII Side Fund, L.P. 2008 2,700,000 2,130,540 2,671,126 4,638,210 26.7 2.20x
Battery Ventures VIII, L.P. 2007 6,000,000 5,854,800 3,628,565 9,241,781 12.7 1.60x
Bay Partners X, L.P. 2001 20,000,000 20,000,000 27,541,470 33,371,771 6.7 1.70x
Bay Partners XI, L.P. 2006 4,561,288 3,985,316 3,190,525 5,049,906 6.3 1.30x
Berkshire Fund VI, Limited Partnership 2002 25,000,000 23,265,442 41,251,351 52,636,987 23.9 2.30x
Berkshire Fund VII, L.P. 2006 25,000,000 23,322,696 14,113,274 31,690,304 11.5 1.40x
Bertram Growth Capital I, L.P. 2007 20,000,000 18,284,851 15,667,826 26,485,612 11.9 1.40x
BlueStream Ventures, L.P. 2000 7,500,000 7,275,000 3,684,912 4,254,190 (7.6) 0.60x
Bowmark Capital Partners III-A L.P.4 2004 18,965,492 18,965,492 37,956,996 43,224,969 28.9 2.30x
Bowmark Capital Partners IV, L.P.4 2008 16,264,709 13,953,735 1,491,118 14,537,710 1.7 1.00x
Bridgescale Partners, L.P. 2006 2,500,000 2,262,500 722,293 2,479,385 2.1 1.10x
Brynwood Partners V L.P. 2005 5,000,000 4,773,563 6,189,718 9,139,353 12.5 1.90x
Capital Royalty Parallel I, L.P. 2005 10,000,000 9,581,783 7,229,909 12,084,463 5.3 1.30x
Carmel Software Fund (Delaware) L.P. 2000 7,175,000 7,175,000 4,850,064 7,581,770 1.1 1.10x
Carmel Ventures II, L.P. 2005 5,000,000 4,837,500 1,488,833 5,430,002 2.2 1.10x
Carmel Ventures III, L.P. 2008 5,000,000 3,950,000 212,766 5,673,033 14.8 1.40x
Celtic House Venture Partners Fund III (U.S.), L.P. 2005 10,000,000 9,076,411 77 3,433,451 (20.3) 0.40x
Ceyuan Ventures II, L.P. 2008 7,000,000 6,689,781 2,442,780 10,221,379 14.4 1.50x
Commonwealth Capital Ventures IV, L.P. 2007 15,000,000 12,862,500 584,647 13,475,554 1.2 1.00x
DCM III, L.P. 2000 25,000,000 25,000,000 18,990,073 27,843,549 1.5 1.10x
DT Capital China Growth Fund, L.P. 2008 10,000,000 9,439,848 1,506,561 12,105,146 7.4 1.30x
DT Ventures China Fund II, L.P. 2007 5,000,000 4,821,371 811,240 5,168,079 1.0 1.10x
Eos Capital Partners III, L.P. 2005 15,000,000 14,303,981 12,483,569 20,613,219 8.2 1.40x
Eos Capital Partners IV, L.P. 2007 15,000,000 11,421,942 3,304,377 12,820,667 5.4 1.10x
Flagship Ventures Fund 2007, L.P. 2007 15,000,000 14,737,500 1,714,508 31,121,060 25.7 2.10x
Fletcher Spaght Ventures, L.P. 2001 5,000,000 5,000,000 3,460,211 6,731,918 5.7 1.30x
Focus Ventures II, L.P. 2000 5,000,000 4,775,000 4,922,741 5,270,529 1.4 1.10x
Foundry Venture Capital 2007, L.P. 2007 10,000,000 9,750,000 14,557,777 25,591,811 39.8 2.60x
Friedman Fleischer & Lowe Capital Partners II, L.P. 2005 20,000,000 14,231,381 18,032,620 27,637,134 13.4 1.90x
Frontenac VIII Limited Partnership 2000 10,000,000 9,550,000 11,363,248 12,337,432 3.8 1.30x
Garnett & Helfrich Capital, L.P. 2005 14,000,000 11,452,389 19,587,995 35,338,560 21.8 3.10x
Gemini Israel III, Limited Partnership 2000 7,208,196 7,208,196 6,662,455 6,754,874 (1.5) 0.90x
General Catalyst Group II, L.P. 2001 25,000,000 23,375,000 38,939,917 50,628,640 11.3 2.20x
Genstar Capital Partners III, L.P. (secondary) 2003 4,974,666 4,898,224 12,555,014 13,467,106 39.8 2.70x
Global Catalyst Partners II, L.P. 2002 5,000,000 5,000,000 2,013,121 2,904,433 (7.6) 0.60x
Global Catalyst Partners III, L.P. 2006 5,000,000 4,575,000 306,129 3,506,993 (5.3) 0.80x
Graham Partners II, L.P. 2005 5,000,000 4,886,331 2,430,259 7,239,960 7.4 1.50x
Granite Global Ventures (Q.P.) L.P. 2001 19,517,762 19,170,887 51,547,171 60,051,802 29.9 3.10x
Harren Investors II, L.P. 2008 10,000,000 6,575,124 2,140,428 8,766,996 14.1 1.30x
HealthCap IV, L.P.4 2002 6,654,967 6,654,967 4,371,603 10,508,430 8.1 1.60x
Highland Capital Partners V Limited Partnership 2000 5,000,000 5,000,000 4,070,914 4,835,491 (.6) 1.00x
Highland Capital Partners VI Limited Partnership 2001 35,000,000 35,000,000 46,114,081 54,976,460 12.0 1.60x
Highland Capital Partners VII Limited Partnership 2006 7,500,000 7,125,000 1,672,050 8,486,637 4.6 1.20x
Highland Consumer Fund I Limited Partnership 2007 15,000,000 13,350,000 0 9,087,603 (9.9) 0.70x
Huntsman Gay Capital Partners Fund, L.P. 2008 20,000,000 17,843,781 15,966,310 28,465,656 19.9 1.60x
i2 Capital Partners4 2008 9,445,992 8,316,913 4,632,587 8,190,575 (.4) 1.00x
I-Hatch Ventures, L.P. 2000 3,625,000 3,625,000 2,733,395 3,170,285 (2.3) 0.90x
Index Ventures II (Delaware), L.P. 2001 5,000,000 4,989,255 8,475,388 9,428,131 25.6 1.90x
Index Ventures III (Delaware), L.P.4 2005 5,310,002 5,220,977 2,545,272 9,879,996 13.8 1.90x
Indium (Mauritius) PCC 2005 5,000,000 4,545,528 4,896,121 6,758,343 15.9 1.50x
Indium III (Mauritius) Holdings Limited 2007 10,000,000 9,890,051 1,308,866 10,060,327 .4 1.00x
Insight Capital Partners III, L.P. 1999 7,500,000 7,500,000 6,305,217 7,824,420 .7 1.00x
Insight Venture Partners IV, L.P. 2000 40,000,000 40,000,000 49,672,432 64,465,661 9.5 1.60x
Institutional Venture Partners X, L.P. 2001 10,000,000 10,000,000 14,149,711 15,012,170 7.7 1.50x
International Life Sciences Fund III, L.P. 2002 10,000,000 10,000,000 11,193,943 13,178,233 7.5 1.30x
Investcorp Technology Partners III, L.P. 2008 15,000,000 10,558,230 5,661,750 18,713,510 18.9 1.80x
Jerusalem Venture Partners IV, L.P. 2001 7,500,000 7,500,000 7,841,359 9,462,115 3.2 1.30x
JMI Equity Fund IV, L.P. 1999 2,500,000 2,396,434 8,034,950 8,338,536 15.8 3.50x
KPS Special Situations Fund II (A), L.P. 2003 20,000,000 14,763,270 54,710,572 58,918,624 55.4 4.00x
Lake Capital Partners LP 2002 10,000,000 10,000,000 6,953,557 9,276,967 (2.3) 0.90x
Lighthouse Capital Partners IV, L.P. 2000 50,000,000 45,000,000 53,411,928 54,176,251 3.7 1.20x
Lime Rock Partners II, L.P. 2003 10,000,000 8,761,576 27,852,845 27,957,323 54.8 3.20x
Menlo Ventures IX, L.P. 2001 15,000,000 15,000,000 12,218,307 15,953,842 1.1 1.10x
Morgenthaler Partners VII, L.P. 2001 10,000,000 10,000,000 7,205,223 9,190,121 (1.6) 0.90x
MPM BioVentures III-QP, L.P. 2002 50,000,000 50,000,000 22,105,426 38,325,632 (5.7) 0.80x
MPM BioVentures II-QP, L.P. 2000 5,000,000 4,925,000 2,752,256 3,067,025 (5.6) 0.60x
Nautic Partners V, L.P. 2000 10,000,000 9,626,034 18,395,941 20,045,530 17.1 2.10x
New Enterprise Associates 10, Limited Partnership 2000 75,000,000 73,875,000 63,583,615 86,921,444 3.0 1.20x
New Mountain Partners, L.P. 2000 90,734,679 85,776,190 118,737,050 128,335,267 13.0 1.50x
NewMargin Growth Fund, L.P. 2008 10,000,000 9,600,000 718,879 8,611,803 (2.9) 0.90x
North Bridge Venture Partners IV-B, L.P. 1999 10,000,000 10,000,000 8,223,510 9,114,895 (1.6) 0.90x
North Bridge Venture Partners V-A, L.P. 2001 40,000,000 40,000,000 23,696,486 39,400,137 (.3) 1.00x
Oak Investment Partners IX, Limited Partnership 1999 10,000,000 10,000,000 5,904,813 6,770,003 (6.2) 0.70x
Oak Investment Partners X, Limited Partnership 2001 25,000,000 25,000,000 23,449,625 33,531,227 5.0 1.30x
OpenView Venture Partners, L.P. 2007 10,000,000 9,764,005 0 20,968,375 17.3 2.10x
Opus Capital Venture Partners V, L.P. 2006 15,000,000 13,754,358 1,342,461 14,068,642 .6 1.00x
OrbiMed Private Investments II, LP 2003 10,000,000 8,386,477 11,412,753 14,566,388 13.1 1.70x
OrbiMed Private Investments III, L.P. 2007 10,000,000 9,465,000 9,532,242 18,747,826 19.0 2.00x
OVP Venture Partners VI, L.P. 2001 5,000,000 5,000,000 704,809 1,185,943 (25.7) 0.20x
Oxford Bioscience Partners IV L.P. 2001 30,000,000 30,000,000 17,054,878 20,797,446 (7.0) 0.70x
Palomar Ventures II, L.P. 2000 7,500,000 7,500,000 4,299,150 6,013,441 (3.0) 0.80x
Partech International Ventures IV 2000 5,000,000 5,000,000 4,632,807 5,869,506 1.8 1.20x
Perseus 2000 Expansion, L.L.C. 2004 12,500,000 12,500,000 3,494,471 6,240,490 (15.0) 0.50x
Perseus Market Opportunity Fund, L.P. 2004 12,500,000 12,500,000 2,817,435 6,880,524 (11.6) 0.60x
Pinnacle Ventures I-B, L.P. 2002 30,040,818 30,040,818 31,409,002 34,403,283 3.2 1.10x
Pitango Venture Capital Fund III (USA) LP 2000 5,000,000 5,000,000 2,004,831 4,813,169 (.4) 1.00x
Pitango Venture Capital Fund IV, L.P. 2004 20,000,000 19,600,000 9,809,664 23,206,508 3.5 1.20x
Polaris Venture Partners IV, L.P. 2002 10,000,000 9,950,000 5,890,898 12,144,197 3.2 1.20x
Quadrangle Capital Partners LP 2000 50,000,000 48,742,395 66,453,853 75,638,053 10.3 1.60x
Redpoint Ventures II, L.P. 2000 9,000,000 8,730,000 9,734,624 12,232,623 5.4 1.40x
Rembrandt Venture Partners II, L.P. 2007 2,398,836 2,398,836 889,835 2,403,784 .1 1.00x
Rho Ventures V, L.P. 2005 5,000,000 5,000,000 626,215 3,735,077 (6.0) 0.70x
Rhone Partners II, L.P. 2003 10,900,000 10,120,101 19,520,489 26,151,578 42.8 2.60x
Rosewood Capital IV, L.P. 2000 33,656,440 33,656,440 38,408,025 47,466,378 8.3 1.40x
SB Asia Investment Fund II L.P. 2005 7,500,000 7,500,000 8,919,659 18,564,728 16.8 2.50x
Schroder Ventures International Life Sciences Fund II, L.P.1 1999 10,000,000 9,999,763 13,205,038 14,125,273 6.7 1.40x
Sequel Limited Partnership III 2000 25,000,000 25,000,000 13,680,034 23,297,611 (1.4) 0.90x
Sevin Rosen Fund VIII L.P. 2000 10,290,000 10,135,650 10,355,834 11,366,065 1.3 1.10x
Sierra Ventures VIII-A, L.P. 2000 20,000,000 20,000,000 10,944,568 16,589,680 (3.3) 0.80x
Sinergia con Imprenditori4 2005 10,942,363 9,828,817 5,662,716 10,825,708 2.5 1.10x
Skyline Venture Partners Qualified Purchaser Fund III, L.P. 2001 5,000,000 4,774,159 6,274,513 6,505,763 6.0 1.40x
Solera Partners, L.P. 2000 75,000,000 49,727,987 81,805,712 152,287,109 10.7 3.10x
Sorenson Capital Partners, L.P. 2004 10,000,000 9,998,547 15,733,785 17,247,235 24.0 1.70x
Southvest Fund V, L.P. 2005 5,000,000 4,299,280 4,181,122 7,221,531 13.2 1.70x
Spectrum Equity Investors IV, L.P. 2000 75,000,000 72,750,000 96,389,932 96,967,825 7.5 1.30x
Sports Capital Partners CEV, LLC 2001 124,014,960 124,005,729 85,465,196 96,975,719 (7.4) 0.80x
STG III, L.P. 2007 15,555,556 15,555,556 2,519,906 18,483,430 5.8 1.20x
Summit Accelerator Fund, L.P. 1999 1,500,000 1,417,500 2,304,464 2,495,762 9.8 1.80x
Summit Ventures VI-A, L.P. 2001 25,000,000 25,000,000 41,675,617 50,688,509 15.2 2.00x
SV Life Sciences Fund IV, L.P. 2007 15,000,000 12,130,679 4,425,159 18,225,413 10.3 1.50x
TA IX, L.P. 2000 61,500,000 59,655,000 140,471,534 143,456,585 21.9 2.40x
TA Subordinated Debt Fund, L.P. 2000 38,500,000 38,500,000 56,723,727 57,091,348 15.4 1.50x
Tallwood II Annex, L.P. 2009 750,000 750,000 392,842 894,304 5.0 N/M 1.20x N/M
Tallwood II, L.P. 2002 5,000,000 5,000,000 773,611 1,386,392 (17.8) 0.30x
TCV III (Q), L.P. 1999 7,775,000 7,775,000 9,912,566 10,138,215 13.8 1.30x
TCV IV, L.P. 1999 25,000,000 24,400,000 38,285,140 38,619,442 8.6 1.60x
TCV VI, L.P. 2006 20,000,000 19,906,000 23,757,642 30,785,114 14.0 1.50x
The Column Group, L.P. 2007 5,000,000 4,166,587 2,648,896 5,929,961 11.8 1.40x
Third Rock Ventures, L.P. 2007 15,000,000 13,950,000 1,535,322 25,355,997 23.3 1.80x
Three Arch Capital, L.P. 2000 40,081,923 39,080,423 19,736,645 31,471,764 (3.0) 0.80x
Three Arch Partners III, L.P. 2000 2,696,735 2,640,485 3,884,337 4,613,809 9.4 1.70x
Three Arch Partners IV, L.P. 2004 25,000,000 23,812,500 7,761,504 22,395,370 (1.4) 0.90x
Trident Capital Fund - V, L.P. 2000 5,293,999 5,249,900 4,945,402 8,095,410 7.6 1.50x
Trinity Ventures VIII, L.P. 2000 4,500,000 4,470,000 4,329,428 4,744,360 1.2 1.10x
United States Power Fund, L.P. 2003 15,000,000 15,000,000 27,256,748 28,033,730 27.1 1.90x
Updata Partners III, L.P. 2005 10,000,000 9,755,000 6,568,127 15,902,226 8.7 1.60x
Updata Partners IV, L.P. 2007 10,000,000 8,910,000 3,452,555 13,670,315 15.3 1.50x
Upfront II, L.P. (fka GRP II, L.P.) 2000 5,000,000 4,621,162 7,225,452 10,998,249 12.9 2.40x
Upfront III, L.P. (fka GRP III, L.P.) 2009 5,000,000 4,146,034 43,153 5,304,806 9.6 N/M 1.30x N/M
VantagePoint Venture Partners III (Q), L.P. 1999 15,000,000 15,000,000 5,441,886 6,567,829 (13.8) 0.40x
VantagePoint Venture Partners IV (Q), L.P. 2000 50,000,000 50,000,000 34,556,551 52,413,630 .7 1.00x
Vector Capital II, L.P. 1999 5,360,249 5,143,856 9,407,764 10,644,551 13.8 2.10x
Vector Capital IV, L.P. 2007 25,000,000 13,983,498 3,804,699 18,508,510 9.0 1.30x
VIP I B L.P.4 2007 10,471,179 9,002,071 0 13,100,672 13.7 1.50x
Weiss, Peck & Greer Venture Associates V, L.L.C. 1999 5,000,000 4,951,720 3,102,105 3,274,069 (8.8) 0.70x
West Rim Capital Partners II, L.P. 2008 10,000,000 9,830,050 5,333,918 13,567,554 13.7 1.40x
   
N/M Internal rates of return (IRR) and multiples are not meaningful in the early years of a fund nor are they indicative of future performance.
n/a Not applicable.
n.m. Not meaningful.
1 Vintage Years are determined based on the latter of i) the date CEV first contributed capital to the fund or ii) the date the fund made its first investment.
2 IRR is calculated based upon actual dates of cash flows and quarter-end valuations. The IRR calculation includes interest paid, if applicable.
3 Multiple is calculated as "Cash Out + Remaining Value" divided by "Cash In."
4 Commitment is denominated in foreign currency, therefore U.S. dollar commitment will fluctuate quarter-to-quarter.
TBD The fund has not yet made its first investment.