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.

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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.