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.
Grove Street Advisors
20 William Street, Suite 230
Wellesley, MA 02481
(781) 263-6100
The table shows fund performance information for Grove Street Advisors as of September 30, 2022.
| Fund | Vintage Year | Capital Committed | Cash In | Cash Out | Cash Out & Remaining Value | Net IRR | Investment Multiple |
|---|---|---|---|---|---|---|---|
| Fund | Vintage Year | ||||||
| 5AM Ventures II, L.P. | 2007 | $10,000,000 | $10,000,000 | $14,614,981 | $16,461,408 | 9.2% | 1.6x |
| ABRY Partners VI, L.P. | 2008 | $18,000,000 | $16,025,477 | $33,252,178 | $33,482,707 | 19.7% | 2.1x |
| Avalon Ventures VIII, L.P. | 2007 | $15,000,000 | $15,000,000 | $30,431,916 | $42,340,836 | 48.1% | 2.8x |
| Baring India Private Equity Fund III Limited | 2008 | $10,000,000 | $9,778,092 | $14,648,935 | $15,128,356 | 8.7% | 1.5x |
| Battery Ventures VIII Side Fund, L.P. | 2008 | $2,256,000 | $2,256,000 | $6,270,214 | $6,523,866 | 29.9% | 2.9x |
| Battery Ventures VIII, L.P. | 2007 | $6,000,000 | $6,000,000 | $14,487,681 | $16,275,453 | 17.1% | 2.7x |
| Berkshire Fund VII, L.P. | 2006 | $25,000,000 | $24,618,519 | $52,732,869 | $53,641,366 | 17.3% | 2.2x |
| Bertram Growth Capital I, L.P. | 2007 | $20,000,000 | $18,906,795 | $33,886,072 | $34,300,961 | 11.3% | 1.8x |
| Bowmark Capital Partners IV, L.P. | 2008 | $16,306,524 | $16,306,524 | $23,013,454 | $23,013,454 | 5.1% | 1.4x |
| Viola Ventures III, L.P. (fka Carmel Ventures III, L.P.) | 2008 | $5,000,000 | $4,950,000 | $11,430,363 | $20,592,633 | 16.4% | 4.2x |
| Ceyuan Ventures II, L.P. | 2008 | $7,000,000 | $6,689,781 | $4,979,269 | $4,989,232 | -6.1% | 0.7x |
| Commonwealth Capital Ventures IV, L.P. | 2007 | $15,000,000 | $15,000,000 | $33,087,569 | $36,285,125 | 11.3% | 2.4x |
| DT Capital China Growth Fund, L.P. | 2008 | $10,000,000 | $10,000,000 | $10,823,982 | $12,222,122 | 3.4% | 1.2x |
| DT Ventures China Fund II, L.P. | 2007 | $5,000,000 | $5,000,000 | $4,345,612 | $5,064,230 | % | 1.0x |
| ECP Helios Partners IV, L.P. (fka Eos Capital Partners IV, L.P.) | 2007 | $15,000,000 | $14,630,346 | $26,555,216 | $32,318,778 | 13.4% | 2.2x |
| Flagship Ventures Fund 2007, L.P. | 2007 | $15,000,000 | $15,000,000 | $25,018,478 | $26,694,495 | 10.4% | 1.8x |
| Foundry Venture Capital 2007, L.P. | 2007 | $10,000,000 | $9,850,000 | $48,457,822 | $50,071,250 | 42.8% | 5.1x |
| Harren Investors II, L.P. | 2008 | $10,000,000 | $9,359,172 | $9,123,694 | $9,321,978 | -0.3% | 1.0x |
| Highland Consumer Fund I Limited Partnership | 2007 | $15,000,000 | $15,000,000 | $10,607,186 | $11,607,852 | -3.2% | 0.8x |
| Huntsman Gay Capital Partners Fund, L.P. | 2008 | $20,000,000 | $19,551,859 | $25,562,615 | $26,480,084 | 9.9% | 1.4x |
| Indium III (Mauritius) Holdings Limited (fka IVF III (Mauritius) Holdings Limited) | 2007 | $10,000,000 | $9,944,398 | $14,292,590 | $14,422,268 | 5.6% | 1.5x |
| Investcorp Technology Partners III, L.P. | 2008 | $15,000,000 | $13,483,923 | $26,312,518 | $26,346,283 | 17.4% | 2.0x |
| OpenView Venture Partners, L.P. | 2007 | $10,000,000 | $10,000,000 | $31,179,514 | $31,511,746 | 12.1% | 3.2x |
| Opus Capital Venture Partners V, L.P. | 2006 | $15,000,000 | $15,000,000 | $9,473,785 | $22,236,212 | 4.1% | 1.5x |
| OrbiMed Private Investments III, L.P. (fka Caduceus Private Investments III, L.P.) | 2007 | $10,000,000 | $9,465,000 | $21,858,927 | $22,327,997 | 16.4% | 2.4x |
| STG III, L.P. | 2007 | $15,555,556 | $15,555,556 | $45,420,714 | $46,114,338 | 15.9% | 3.0x |
| SV Life Sciences Fund IV, L.P. | 2007 | $15,000,000 | $15,000,000 | $32,082,477 | $32,359,861 | 13.2% | 2.2x |
| The Column Group, L.P. | 2007 | $5,000,000 | $4,959,491 | $12,489,952 | $16,266,229 | 20% | 3.3x |
| Third Rock Ventures, L.P. | 2007 | $15,000,000 | $15,000,000 | $56,587,090 | $57,126,125 | 32.3% | 3.8x |
| Updata Partners IV, L.P. | 2007 | $10,000,000 | $9,760,000 | $15,441,480 | $16,457,916 | 9.5% | 1.7x |
| Upfront III, L.P. (fka GRP III, L.P.) | 2009 | $5,000,000 | $1,563,845 | $1,668,178 | $10,365,751 | 11.8% | 6.6x |
| Vector Capital IV, L.P. | 2007 | $25,000,000 | $24,123,680 | $47,387,998 | $59,281,290 | 15.5% | 2.5x |
| VIP I B L.P. | 2007 | $10,248,227 | $9,870,232 | $18,361,773 | $18,390,231 | 11% | 1.9x |
| Sorenson Capital Partners II Continuation Vehicle A, LP (fka West Rim Capital Partners II, L.P.) | 2008 | $10,003,560 | $9,782,467 | $19,495,853 | $27,939,898 | 14.5% | 2.9x |
1Not Meaningful: Funds with a vintage year of 2018 or later are in the initial stages of their investment life cycle. Any performance analysis done on these funds would not generate meaningful results as private equity funds are understood to be long-term investments.
2Partnership investment is using a cash adjusted market value.