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.

Fund Vintage Year Capital Committed Cash In Cash Out Cash Out & Remaining Value Net IRR Investment Multiple
Fund Vintage Year Capital Committed Cash In Cash Out Cash Out & Remaining Value Net IRR Investment Multiple
5AM Ventures II, L.P. 2007 $10,000,000 $10,000,000 $12,760,265 $15,750,043 9.2% 1.6x
Abingworth Bioventures IV, L.P. 2003 $10,000,000 $9,850,000 $11,776,930 $12,291,450 3.3% 1.2x
ABRY Partners VI, L.P. 2008 $18,000,000 $15,985,097 $33,032,586 $33,360,234 19.8% 2.1x
Alloy Ventures 2002, L.P. 2002 $10,000,000 $10,000,000 $6,246,189 $6,529,461 -8.1% 0.7x
AMV Partners I, LP 2004 $15,000,000 $13,621,500 $12,378,976 $18,656,053 3% 1.4x
Applied Genomic Technology Capital Fund, L.P. 2001 $5,000,000 $5,000,000 $7,155,967 $7,235,704 5% 1.4x
Atlas Venture Fund VI, L.P. 2001 $6,200,000 $6,200,000 $4,347,883 $6,871,956 1.1% 1.1x
Audax Private Equity Fund, L.P. TK2 2000 $100,000,000 $99,999,999 $152,945,764 $153,301,297 12.3% 1.5x
Austin Ventures IX, L.P. 2006 $17,500,000 $17,332,381 $20,296,242 $23,651,496 5% 1.4x
Avalon Ventures VIII, L.P. 2007 $15,000,000 $14,866,351 $30,292,607 $43,503,701 49.5% 2.9x
Baring India Private Equity Fund II Limited 2005 $5,000,000 $4,756,991 $1,346,973 $3,214,711 -4.3% 0.7x
Baring India Private Equity Fund III Limited 2008 $10,000,000 $9,778,092 $13,040,297 $14,641,305 8.4% 1.5x
Battery Ventures VIII Side Fund, L.P. 2008 $2,256,000 $2,256,000 $5,797,912 $6,380,840 30.3% 2.8x
Battery Ventures VIII, L.P. 2007 $6,000,000 $6,000,000 $12,508,722 $15,817,138 17.7% 2.6x
Bay Partners XI, L.P. 2006 $4,561,288 $4,233,587 $7,843,464 $8,381,584 12.9% 2.0x
Berkshire Fund VI, Limited Partnership 2002 $25,000,000 $23,274,119 $64,114,757 $71,770,463 25% 3.1x
Berkshire Fund VII, L.P. 2006 $25,000,000 $24,617,216 $46,531,827 $51,083,499 17% 2.1x
Bertram Growth Capital I, L.P. 2007 $20,000,000 $18,648,953 $27,022,185 $29,776,286 10.1% 1.6x
Bowmark Capital Partners IV, L.P. 2008 $16,306,524 $16,306,524 $11,685,573 $21,145,574 4.5% 1.3x
Bridgescale Partners, L.P. 2006 $2,500,000 $2,262,500 $1,894,444 $2,561,886 1.7% 1.1x
Viola Ventures II, L.P. (fka Carmel Ventures II, L.P.) 2005 $5,000,000 $4,927,388 $3,933,904 $5,955,752 2.5% 1.2x
Viola Ventures III, L.P. (fka Carmel Ventures III, L.P.) 2008 $5,000,000 $4,531,979 $2,086,171 $11,303,405 13.3% 2.5x
Celtic House Venture Partners Fund III (U.S.), L.P. 2005 $10,000,000 $9,926,760 $173,820 $999,076 -24.1% 0.1x
Ceyuan Ventures II, L.P. 2008 $7,000,000 $6,689,781 $4,349,561 $6,071,799 -1.9% 0.9x
Commonwealth Capital Ventures IV, L.P. 2007 $15,000,000 $15,000,000 $24,729,518 $33,664,150 11.3% 2.2x
DCM III, L.P. 2000 $25,000,000 $25,000,000 $27,245,930 $29,811,095 2.1% 1.2x
DT Capital China Growth Fund, L.P. 2008 $10,000,000 $10,000,000 $9,259,134 $12,561,384 4.2% 1.3x
DT Ventures China Fund II, L.P. 2007 $5,000,000 $5,000,000 $3,290,065 $4,957,375 -0.2% 1.0x
Eos Capital Partners III, L.P. 2005 $15,000,000 $14,578,556 $23,079,821 $26,901,435 9.3% 1.8x
Eos Capital Partners IV, L.P. 2007 $15,000,000 $14,492,346 $19,371,965 $25,436,050 11.7% 1.8x
Flagship Ventures Fund 2007, L.P. 2007 $15,000,000 $15,000,000 $20,140,124 $27,266,398 11.4% 1.8x
Fletcher Spaght Ventures, L.P. 2001 $5,000,000 $5,000,000 $3,460,211 $7,916,211 5.8% 1.6x
Foundry Venture Capital 2007, L.P. 2007 $10,000,000 $9,850,000 $48,354,355 $49,627,767 42.9% 5.0x
Friedman Fleischer & Lowe Capital Partners II, L.P. 2005 $20,000,000 $14,231,379 $27,150,270 $29,644,297 12.3% 2.1x
Garnett & Helfrich Capital, L.P. 2005 $14,000,000 $11,748,500 $28,742,267 $29,832,609 16.3% 2.5x
Global Catalyst Partners III, L.P. 2006 $5,000,000 $4,650,000 $572,434 $6,970,327 4.1% 1.5x
Graham Partners II, L.P. 2005 $5,000,000 $4,963,060 $8,029,038 $8,365,036 7.9% 1.7x
Harren Investors II, L.P. 2008 $10,000,000 $9,179,956 $5,046,766 $6,976,025 -8.5% 0.8x
Highland Capital Partners VI Limited Partnership 2001 $35,000,000 $35,000,000 $54,132,299 $56,668,640 11.5% 1.6x
Highland Capital Partners VII Limited Partnership 2006 $7,500,000 $7,500,000 $7,173,264 $10,140,011 4.8% 1.4x
Highland Consumer Fund I Limited Partnership 2007 $15,000,000 $15,000,000 $8,513,839 $12,222,261 -2.9% 0.8x
Huntsman Gay Capital Partners Fund, L.P. 2008 $20,000,000 $19,551,859 $23,494,514 $28,472,997 12.1% 1.5x
i2 Capital Partners 2008 $9,309,165 $8,866,918 $7,066,092 $7,773,705 -2.8% 0.9x
Index Ventures III (Delaware), L.P. 2005 $5,296,179 $5,296,179 $12,475,502 $14,507,911 16.4% 2.7x
Indium (Mauritius) PCC (fka IVF (Mauritus) PCC) 2005 $5,000,000 $4,595,016 $5,996,119 $6,755,939 13.2% 1.5x
Indium III (Mauritius) Holdings Limited (fka IVF III (Mauritius) Holdings Limited) 2007 $10,000,000 $9,944,398 $11,973,232 $15,149,523 6.4% 1.5x
Insight Venture Partners IV, L.P. 2000 $40,000,000 $40,000,000 $66,840,914 $67,729,898 9.4% 1.7x
International Life Sciences Fund III, L.P. 2002 $10,000,000 $10,000,000 $13,232,963 $13,927,581 7.7% 1.4x
Investcorp Technology Partners III, L.P. 2008 $15,000,000 $13,341,487 $20,752,607 $26,197,989 17.5% 2.0x
Morgenthaler Partners VII, L.P. 2001 $10,000,000 $10,000,000 $8,685,717 $8,703,956 -2.5% 0.9x
MPM BioVentures III-QP, L.P. 2002 $50,000,000 $50,000,000 $38,272,360 $38,505,973 -4.3% 0.8x
New Enterprise Associates 10, Limited Partnership 2000 $75,000,000 $75,000,000 $69,628,232 $89,802,068 2.8% 1.2x
NewMargin Growth Fund, L.P. 2008 $10,000,000 $9,596,442 $4,449,234 $5,557,284 -7.7% 0.6x
North Bridge Venture Partners V-A, L.P. 2001 $40,000,000 $40,000,000 $30,814,715 $36,115,529 -1.7% 0.9x
Oak Investment Partners X, Limited Partnership 2001 $25,000,000 $25,000,000 $26,449,015 $30,722,342 3.2% 1.2x
OpenView Venture Partners, L.P. 2007 $10,000,000 $10,000,000 $10,412,278 $24,541,796 10.6% 2.5x
Opus Capital Venture Partners V, L.P. 2006 $15,000,000 $15,000,000 $8,379,772 $16,433,889 1.2% 1.1x
OrbiMed Private Investments II, LP (fka Caduceus Private Investments II, L.P.) 2003 $10,000,000 $10,000,000 $16,504,301 $16,504,301 12.8% 1.6x
OrbiMed Private Investments III, L.P. (fka Caduceus Private Investments III, L.P.) 2007 $10,000,000 $9,465,000 $18,117,225 $21,970,786 16.6% 2.3x
Pinnacle Ventures I-B, L.P. 2002 $30,040,818 $30,040,818 $35,476,238 $35,476,238 3.5% 1.2x
Pitango Venture Capital Fund III (USA) LP 2000 $5,000,000 $5,000,000 $4,043,006 $5,541,531 0.9% 1.1x
Pitango Venture Capital Fund IV, L.P. 2004 $20,000,000 $20,000,000 $20,395,060 $20,395,060 0.3% 1.0x
Polaris Venture Partners IV, L.P. 2002 $10,000,000 $9,950,000 $11,614,939 $11,614,939 2% 1.2x
Rembrandt Venture Partners II, L.P. (secondary) 2007 $2,398,836 $2,398,836 $2,467,875 $3,093,583 4.4% 1.3x
Rho Ventures V, L.P. 2005 $5,000,000 $5,000,000 $626,215 $2,573,147 -7.3% 0.5x
Rhone Partners II, L.P. 2003 $10,866,555 $10,082,323 $28,281,119 $30,152,863 42.4% 3.0x
SB Asia Investment Fund II L.P. 2005 $7,500,000 $7,500,000 $21,183,572 $24,258,289 17.2% 3.2x
Sierra Ventures VIII-A, L.P. 2000 $20,000,000 $20,000,000 $14,861,015 $15,647,031 -3.9% 0.8x
Sinergia con Imprenditori 2005 $10,822,782 $10,243,126 $9,988,963 $11,142,122 1.9% 1.1x
Solera Partners, L.P. 2000 $75,000,000 $47,039,016 $107,207,721 $108,366,382 7.5% 2.3x
Southvest Fund V, L.P. 2005 $5,000,000 $4,893,617 $9,572,716 $9,948,610 15.6% 2.0x
STG III, L.P. 2007 $15,555,556 $15,555,556 $26,984,809 $34,611,832 13.2% 2.2x
Summit Ventures VI-A, L.P. 2001 $25,000,000 $25,000,000 $53,256,076 $54,115,911 15.3% 2.2x
SV Life Sciences Fund IV, L.P. 2007 $15,000,000 $14,564,422 $20,985,877 $30,415,585 13.7% 2.1x
TCV VI, L.P. 2006 $20,000,000 $19,906,000 $28,424,049 $32,705,831 13.2% 1.6x
The Column Group, L.P. 2007 $5,000,000 $4,959,491 $6,556,178 $10,975,159 17.6% 2.2x
Third Rock Ventures, L.P. 2007 $15,000,000 $15,000,000 $51,829,220 $55,137,384 32.2% 3.7x
Three Arch Capital, L.P. 2000 $40,081,923 $39,080,423 $33,610,173 $33,728,134 -1.9% 0.9x
Three Arch Partners IV, L.P. 2004 $25,000,000 $23,812,500 $29,218,899 $29,272,322 3.4% 1.2x
Updata Partners III, L.P. 2005 $10,000,000 $9,755,000 $14,645,671 $16,282,030 7.6% 1.7x
Updata Partners IV, L.P. 2007 $10,000,000 $9,813,745 $12,722,374 $16,104,298 9.7% 1.6x
Upfront II, L.P. (fka GRP II, L.P.) 2000 $5,000,000 $4,645,351 $10,761,290 $12,748,109 13.2% 2.7x
Upfront III, L.P. (fka GRP III, L.P.) 2009 $5,000,000 $2,447,963 $6,011 $5,863,383 8.9% 2.4x
VantagePoint Venture Partners IV (Q), L.P. 2000 $50,000,000 $50,000,000 $43,640,732 $46,989,379 -0.9% 0.9x
Vector Capital IV, L.P. 2007 $25,000,000 $24,123,680 $25,994,946 $48,247,911 14.8% 2.0x
VIP I B L.P. 2007 $10,311,746 $9,870,232 $11,991,522 $18,055,516 11.2% 1.8x
West Rim Capital Partners II, L.P. (Sorenson II) 2008 $10,000,000 $9,724,547 $10,420,324 $21,105,670 13.4% 2.2x
(ARCH) Healthcare Focus Fund, L.P. 2001 $30,000,000 $30,000,000 $4,912,870 $5,817,177 -16.8% 0.2x
2003 Riverside Capital Appreciation Fund, L.P. 2004 $12,500,000 $12,500,000 $25,253,581 $25,253,581 17.1% 2.0x
5AM Ventures LLC 2004 $10,000,000 $10,000,000 $17,740,006 $17,752,094 12.4% 1.8x
ABRY Partners V, L.P. 2005 $5,000,000 $4,583,861 $9,195,349 $9,385,045 17.3% 2.0x
Altor 2003 Fund (No.1) Limited Partnership 2003 $12,282,552 $12,243,822 $42,492,861 $42,580,115 35.3% 3.5x
Battery Ventures VI, L.P. 2000 $6,311,253 $6,311,253 $8,323,494 $8,374,591 4.8% 1.3x
Battery Ventures VII, L.P. 2005 $3,333,333 $3,333,333 $5,991,115 $6,084,141 9.9% 1.8x
Carmel Software Fund (Delaware) L.P. 2000 $7,175,000 $7,175,000 $7,619,707 $7,619,707 1.1% 1.1x
Focus Ventures II, L.P. 2000 $5,000,000 $4,775,000 $5,389,734 $5,389,734 1.7% 1.1x
General Catalyst Group II, L.P. 2001 $25,000,000 $23,375,000 $57,751,146 $58,029,471 11.9% 2.5x
HealthCap IV, L.P. 2002 $6,654,967 $6,654,967 $9,685,764 $9,715,469 6.4% 1.5x
Highland Capital Partners V Limited Partnership 2000 $5,000,000 $5,000,000 $4,989,894 $5,161,226 0.5% 1.0x
Jerusalem Venture Partners IV, L.P. 2001 $7,500,000 $7,500,000 $13,189,108 $13,494,076 7% 1.8x
Menlo Ventures IX, L.P. 2001 $15,000,000 $15,000,000 $15,071,456 $15,707,504 0.7% 1.0x
Nautic Partners V, L.P. 2000 $10,000,000 $9,632,934 $19,700,630 $20,291,670 16.9% 2.1x
North Bridge Venture Partners IV-B, L.P. 1999 $10,000,000 $10,000,000 $8,642,488 $9,065,478 -1.6% 0.9x
Oak Investment Partners IX, Limited Partnership 1999 $10,000,000 $10,000,000 $6,341,444 $6,533,584 -6.6% 0.7x
Palomar Ventures II, L.P. 2000 $7,500,959 $7,500,959 $6,810,028 $6,810,028 -1.2% 0.9x
Redpoint Ventures II, L.P. 2000 $9,000,000 $8,730,000 $12,275,416 $12,573,632 5.3% 1.4x
Schroder Ventures International Life Sciences Fund II, L.P.1 1999 $10,000,000 $10,000,000 $13,336,078 $13,424,607 6% 1.3x
Sevin Rosen Fund VIII L.P. 2000 $10,290,000 $10,135,650 $11,340,410 $11,709,946 1.6% 1.2x
Summit Accelerator Fund, L.P. 1999 $1,500,000 $1,417,500 $2,485,028 $2,526,168 9.8% 1.8x
Three Arch Partners III, L.P. 2000 $2,696,735 $2,640,485 $4,320,834 $4,321,901 8.3% 1.6x
Trident Capital Fund - V, L.P. 2000 $5,293,999 $5,249,900 $8,797,019 $8,931,701 8% 1.7x
United States Power Fund, L.P. 2003 $15,000,000 $15,000,000 $27,754,047 $27,754,047 26.9% 1.9x
VantagePoint Venture Partners III (Q), L.P. 1999 $15,000,000 $15,000,000 $5,902,647 $5,902,647 -15.8% 0.4x
Israel Seed IV, L.P. 2000 $2,500,000 $2,500,000 $1,538,215 $1,538,215 -5.7% 0.6x
  1. Not Meaningful: Funds with a vintage year of 2014 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.
  2. Partnership investment is using a cash adjusted market value.