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 December 31, 2021.

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Fund Vintage Year Capital Committed Cash In Cash Out Cash Out & Remaining Value Net IRR Investment Multiple
Fund Vintage Year            
(ARCH) Healthcare Focus Fund, L.P. 2001 $30,000,000 $30,000,000 $4,912,870 $5,404,808 -17% 0.2x
5AM Ventures II, L.P. 2007 $10,000,000 $10,000,000 $14,517,980 $16,147,967 9% 1.6x
Abingworth Bioventures IV, L.P. 2003 $10,000,000 $9,850,000 $11,776,930 $11,882,058 2.9% 1.2x
ABRY Partners V, L.P. 2005 $5,000,000 $4,583,861 $9,369,005 $9,380,481 17.3% 2.0x
ABRY Partners VI, L.P. 2008 $18,000,000 $16,025,477 $33,252,072 $33,550,434 19.8% 2.1x
Alloy Ventures 2002, L.P. 2002 $10,000,000 $10,000,000 $6,427,551 $6,427,551 -8.4% 0.6x
Altor 2003 Fund (No.1) Limited Partnership 2003 $12,283,510 $12,264,848 $42,593,833 $42,593,833 35.3% 3.5x
AMV Partners I, LP 2004 $15,000,000 $14,542,790 $16,743,839 $17,222,197 1.7% 1.2x
Applied Genomic Technology Capital Fund, L.P. 2001 $5,000,000 $5,000,000 $7,155,967 $7,235,704 5% 1.4x
Austin Ventures IX, L.P. 2006 $17,500,000 $17,332,381 $21,446,242 $24,497,940 5.3% 1.4x
Avalon Ventures VIII, L.P. 2007 $15,000,000 $15,000,000 $30,431,916 $43,780,904 48.3% 2.9x
Baring India Private Equity Fund II Limited 2005 $5,000,000 $4,756,991 $2,461,800 $4,057,140 -1.5% 0.9x
Baring India Private Equity Fund III Limited 2008 $10,000,000 $9,778,092 $14,434,982 $15,719,713 9.3% 1.6x
Battery Ventures VII, L.P. 2005 $3,333,333 $3,333,333 $6,159,511 $6,171,990 10% 1.9x
Battery Ventures VIII Side Fund, L.P. 2008 $2,256,000 $2,256,000 $6,270,214 $6,692,170 30% 3.0x
Battery Ventures VIII, L.P. 2007 $6,000,000 $6,000,000 $14,487,680 $16,566,725 17.4% 2.8x
Berkshire Fund VI, Limited Partnership 2002 $25,000,000 $23,274,485 $68,999,844 $74,547,482 25% 3.2x
Berkshire Fund VII, L.P. 2006 $25,000,000 $24,618,519 $52,732,869 $53,773,775 17.4% 2.2x
Bertram Growth Capital I, L.P. 2007 $20,000,000 $18,906,795 $32,460,000 $34,766,525 11.5% 1.8x
Bowmark Capital Partners IV, L.P. 2008 $16,306,524 $16,306,524 $17,951,841 $23,030,895 5.1% 1.4x
Bridgescale Partners, L.P. 2006 $2,500,000 $2,262,500 $2,256,706 $2,894,254 3.1% 1.3x
Celtic House Venture Partners Fund III (U.S.), L.P. 2005 $10,000,000 $9,926,760 $587,166 $587,166 -26.6% 0.1x
Ceyuan Ventures II, L.P. 2008 $7,000,000 $6,689,781 $4,979,269 $4,979,269 -6.2% 0.7x
Commonwealth Capital Ventures IV, L.P. 2007 $15,000,000 $15,000,000 $33,087,569 $36,305,813 11.4% 2.4x
DCM III, L.P. 2000 $25,000,000 $25,000,000 $27,476,162 $29,151,040 1.9% 1.2x
DT Capital China Growth Fund, L.P. 2008 $10,000,000 $10,000,000 $10,681,983 $12,330,049 3.5% 1.2x
DT Ventures China Fund II, L.P. 2007 $5,000,000 $5,000,000 $4,011,749 $5,366,303 0.6% 1.1x
ECP Helios Partners III, L.P. (fka Eos Capital Partners III, L.P.) 2005 $15,000,000 $14,578,556 $27,447,993 $29,111,651 9.8% 2.0x
ECP Helios Partners IV, L.P. (fka Eos Capital Partners IV, L.P.) 2007 $15,000,000 $14,630,346 $25,911,124 $32,304,428 13.6% 2.2x
Flagship Ventures Fund 2007, L.P. 2007 $15,000,000 $15,000,000 $25,018,478 $26,826,013 10.5% 1.8x
Fletcher Spaght Ventures, L.P. 2001 $5,000,000 $5,000,000 $3,658,460 $4,966,234 -0.1% 1.0x
Foundry Venture Capital 2007, L.P. 2007 $10,000,000 $9,850,000 $48,354,355 $50,134,229 42.8% 5.1x
Friedman Fleischer & Lowe Capital Partners II, L.P. 2005 $20,000,000 $14,231,379 $30,692,053 $30,727,459 12.4% 2.2x
Global Catalyst Partners III, L.P. 2006 $5,000,000 $4,650,000 $4,148,510 $5,350,441 1.3% 1.2x
Graham Partners II, L.P. 2005 $5,000,000 $4,978,499 $8,261,827 $8,282,019 7.7% 1.7x
Harren Investors II, L.P. 2008 $10,000,000 $9,359,172 $9,123,694 $9,324,158 -0.3% 1.0x
Highland Capital Partners VI Limited Partnership 2001 $35,000,000 $35,000,000 $55,591,230 $56,835,049 11.5% 1.6x
Highland Capital Partners VII Limited Partnership 2006 $7,500,000 $7,500,000 $11,420,144 $12,276,104 6.8% 1.6x
Highland Consumer Fund I Limited Partnership 2007 $15,000,000 $15,000,000 $9,163,819 $11,784,719 -3.1% 0.8x
Huntsman Gay Capital Partners Fund, L.P. 2008 $20,000,000 $19,551,859 $25,296,765 $26,653,099 10.1% 1.4x
Index Ventures III (Delaware), L.P. 2005 $5,296,179 $5,296,179 $16,172,500 $16,795,148 17% 3.2x
Indium (Mauritius) PCC (fka IVF (Mauritus) PCC) 2005 $5,000,000 $4,595,016 $7,978,385 $8,019,676 14.4% 1.7x
Indium III (Mauritius) Holdings Limited (fka IVF III (Mauritius) Holdings Limited) 2007 $10,000,000 $9,944,398 $14,292,590 $14,403,801 5.6% 1.4x
International Life Sciences Fund III, L.P. 2002 $10,000,000 $10,000,000 $13,428,440 $14,480,144 8% 1.4x
Investcorp Technology Partners III, L.P. 2008 $15,000,000 $13,483,923 $26,312,518 $26,345,724 17.4% 2.0x
Menlo Ventures IX, L.P. 2001 $15,000,000 $15,000,000 $15,190,886 $15,551,244 0.6% 1.0x
Morgenthaler Partners VII, L.P. 2001 $10,000,000 $10,000,000 $8,685,717 $8,779,719 -2.3% 0.9x
Nautic Partners V, L.P. 2000 $10,000,000 $9,634,689 $19,798,991 $20,637,018 16.9% 2.1x
New Enterprise Associates 10, Limited Partnership 2000 $75,000,000 $75,000,000 $84,453,566 $90,286,556 2.7% 1.2x
North Bridge Venture Partners V-A, L.P. 2001 $40,000,000 $40,000,000 $30,814,715 $37,727,728 -0.8% 0.9x
Oak Investment Partners IX, Limited Partnership 1999 $10,000,000 $10,000,000 $6,514,524 $6,518,734 -6.6% 0.7x
Oak Investment Partners X, Limited Partnership 2001 $25,000,000 $25,000,000 $31,569,698 $31,646,659 3.5% 1.3x
OpenView Venture Partners, L.P. 2007 $10,000,000 $10,000,000 $31,179,514 $33,670,099 12.7% 3.4x
Opus Capital Venture Partners V, L.P. 2006 $15,000,000 $15,000,000 $9,473,785 $24,442,732 5.2% 1.6x
OrbiMed Private Investments III, L.P. (fka Caduceus Private Investments III, L.P.) 2007 $10,000,000 $9,465,000 $21,858,927 $22,329,298 16.4% 2.4x
Rho Ventures V, L.P. 2005 $5,000,000 $5,000,000 $907,742 $2,020,043 -8.2% 0.4x
SB Asia Investment Fund II L.P. 2005 $7,500,000 $7,500,000 $22,160,533 $25,404,640 17.1% 3.4x
Sinergia con Imprenditori 2005 $10,817,623 $10,243,126 $11,090,661 $11,130,370 1.8% 1.1x
Sorenson Capital Partners II Continuation Vehicle A, LP (fka West Rim Capital Partners II, L.P.) 2008 $10,001,464 $9,770,948 $17,749,074 $30,364,489 15.7% 3.1x
Southvest Fund V, L.P. 2005 $5,000,000 $4,893,617 $9,784,499 $10,223,838 15.7% 2.1x
STG III, L.P. 2007 $15,555,556 $15,555,556 $45,420,714 $47,434,016 16.1% 3.0x
Summit Ventures VI-A, L.P. 2001 $25,000,000 $25,000,000 $54,163,249 $54,394,466 15.4% 2.2x
SV Life Sciences Fund IV, L.P. 2007 $15,000,000 $15,000,000 $32,076,190 $32,368,263 13.2% 2.2x
TCV VI, L.P. 2006 $20,000,000 $19,906,000 $31,050,259 $31,050,259 12.3% 1.6x
The Column Group, L.P. 2007 $5,000,000 $4,959,491 $12,489,952 $16,815,967 20.5% 3.4x
Third Rock Ventures, L.P. 2007 $15,000,000 $15,000,000 $56,587,090 $57,151,636 32.3% 3.8x
Updata Partners III, L.P. 2005 $10,000,000 $9,755,000 $15,214,921 $16,061,493 7.2% 1.6x
Updata Partners IV, L.P. 2007 $10,000,000 $9,760,000 $15,441,480 $16,445,165 9.5% 1.7x
Upfront III, L.P. (fka GRP III, L.P.) 2009 $5,000,000 $1,556,250 $1,526,768 $12,084,066 13.7% 7.8x
VantagePoint Venture Partners IV (Q), L.P. 2000 $50,000,000 $50,000,000 $48,100,663 $48,181,998 -0.5% 1.0x
Vector Capital IV, L.P. 2007 $25,000,000 $24,123,680 $45,688,128 $61,682,238 16.1% 2.6x
Viola Ventures II, L.P. (fka Carmel Ventures II, L.P.) 2005 $5,000,000 $4,927,388 $6,472,841 $6,482,731 3.3% 1.3x
Viola Ventures III, L.P. (fka Carmel Ventures III, L.P.) 2008 $5,000,000 $4,950,000 $10,333,993 $27,543,421 20.1% 5.6x
VIP I B L.P. 2007 $10,307,817 $9,870,232 $18,361,773 $18,391,741 11% 1.9x

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.