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
(ARCH) Healthcare Focus Fund, L.P. 2001 $30,000,000 $30,000,000 $4,912,870 $6,211,945 -16.5% 0.2x
2003 Riverside Capital Appreciation Fund, L.P. 2004 $12,500,000 $12,270,418 $24,915,144 $25,140,766 17.2% 2.0x
5AM Ventures II, L.P. 2007 $10,000,000 $10,000,000 $12,760,265 $16,714,044 10.5% 1.7x
5AM Ventures LLC 2004 $10,000,000 $10,000,000 $17,613,652 $17,784,100 12.4% 1.8x
Abingworth Bioventures IV, L.P. 2003 $10,000,000 $9,850,000 $11,776,930 $12,926,876 4% 1.3x
ABRY Partners V, L.P. 2005 $5,000,000 $4,583,861 $9,061,490 $9,357,554 17.3% 2.0x
ABRY Partners VI, L.P. 2008 $18,000,000 $15,898,961 $32,267,382 $33,006,913 19.7% 2.1x
Alloy Ventures 2002, L.P. 2002 $10,000,000 $10,000,000 $6,246,189 $6,851,647 -7% 0.7x
Altor 2003 Fund (No.1) Limited Partnership 2003 $12,282,484 $12,243,822 $42,365,550 $42,641,233 35.4% 3.5x
AMV Partners I, LP 2004 $15,000,000 $12,612,343 $12,378,976 $18,676,212 3.6% 1.5x
Applied Genomic Technology Capital Fund, L.P. 2001 $5,000,000 $5,000,000 $6,962,013 $7,493,028 5.4% 1.5x
ArrowPath Fund II, L.P. 2001 $4,675,000 $4,675,000 $5,697,117 $6,058,396 4% 1.3x
Atlas Venture Fund VI, L.P. 2001 $6,200,000 $6,200,000 $4,047,853 $6,132,422 -0.1% 1.0x
Audax Private Equity Fund, L.P. 2000 $100,000,000 $99,999,999 $152,599,780 $152,991,204 12.3% 1.5x
Austin Ventures IX, L.P. 2006 $17,500,000 $17,332,381 $18,812,602 $23,794,737 5.3% 1.4x
Avalon Ventures VIII, L.P. 2007 $15,000,000 $14,724,526 $30,024,657 $45,397,970 51.3% 3.1x
Baring India Private Equity Fund II Limited 2005 $5,000,000 $4,756,991 $1,231,673 $3,578,830 -3.5% 0.8x
Baring India Private Equity Fund III Limited 2008 $10,000,000 $9,778,092 $6,690,655 $16,220,097 11.6% 1.7x
Battery Ventures VI, L.P. 2000 $6,311,253 $6,311,253 $8,323,494 $8,349,833 4.8% 1.3x
Battery Ventures VII, L.P. 2005 $3,333,333 $3,333,333 $5,943,315 $6,000,383 9.7% 1.8x
Battery Ventures VIII Side Fund, L.P. 2008 $2,256,000 $2,256,000 $5,804,071 $6,342,122 30.6% 2.8x
Battery Ventures VIII, L.P. 2007 $6,000,000 $6,000,000 $10,686,909 $14,711,611 17.6% 2.5x
Bay Partners X, L.P. 2001 $20,000,000 $20,000,000 $35,391,707 $36,883,314 7.4% 1.8x
Bay Partners XI, L.P. 2006 $4,561,288 $4,233,587 $5,739,025 $8,426,503 13.2% 2.0x
Berkshire Fund VI, Limited Partnership 2002 $25,000,000 $23,271,832 $55,169,415 $67,557,918 25% 2.9x
Berkshire Fund VII, L.P. 2006 $25,000,000 $24,617,068 $34,135,435 $45,867,502 15.8% 1.9x
Bertram Growth Capital I, L.P. 2007 $20,000,000 $18,618,953 $20,226,761 $28,551,205 10% 1.5x
Bowmark Capital Partners IV, L.P. 2008 $16,306,524 $16,306,524 $6,365,779 $19,146,941 3.2% 1.2x
Bridgescale Partners, L.P. 2006 $2,500,000 $2,262,500 $1,457,965 $2,388,260 0.8% 1.1x
Brynwood Partners V L.P. 2005 $5,000,000 $4,773,563 $9,009,382 $9,026,615 12% 1.9x
Capital Royalty Parallel I, L.P. 2005 $10,000,000 $9,624,038 $12,564,472 $12,815,581 5% 1.3x
Carmel Software Fund (Delaware) L.P. 2000 $7,175,000 $7,175,000 $7,573,526 $7,573,526 1% 1.1x
Carmel Ventures II, L.P. 2005 $5,000,000 $4,927,388 $3,177,081 $6,305,556 3.4% 1.3x
Carmel Ventures III, L.P. 2008 $5,000,000 $4,937,500 $468,085 $10,768,190 14.9% 2.2x
Celtic House Venture Partners Fund III (U.S.), L.P. 2005 $10,000,000 $9,926,760 $132,440 $1,092,798 -27.6% 0.1x
Ceyuan Ventures II, L.P. 2008 $7,000,000 $6,689,781 $4,349,561 $7,076,361 1.1% 1.1x
CLP 2014-A, L.P. (fka Perseus Market Opportunity Fund, L.P.) 2004 $12,500,000 $12,500,000 $6,984,418 $6,984,418 -8% 0.6x
Commonwealth Capital Ventures IV, L.P. 2007 $15,000,000 $15,000,000 $16,358,988 $35,344,194 12.8% 2.4x
DCM III, L.P. 2000 $25,000,000 $25,000,000 $26,725,728 $29,733,964 2.2% 1.2x
DT Capital China Growth Fund, L.P. 2008 $10,000,000 $9,824,959 $8,755,681 $13,111,171 5.5% 1.3x
DT Ventures China Fund II, L.P. 2007 $5,000,000 $5,000,000 $2,591,016 $6,302,429 2.8% 1.3x
Eos Capital Partners III, L.P. 2005 $15,000,000 $14,578,556 $13,513,499 $23,784,371 8.3% 1.6x
Eos Capital Partners IV, L.P. 2007 $15,000,000 $14,492,346 $11,431,462 $22,652,894 10.7% 1.6x
Flagship Ventures Fund 2007, L.P. 2007 $15,000,000 $15,000,000 $18,162,035 $28,071,897 12.8% 1.9x
Fletcher Spaght Ventures, L.P. 2001 $5,000,000 $5,000,000 $3,460,211 $7,195,997 5.2% 1.4x
Focus Ventures II, L.P. 2000 $5,000,000 $4,775,000 $5,212,562 $5,286,943 1.4% 1.1x
Foundry Venture Capital 2007, L.P. 2007 $10,000,000 $9,850,000 $41,720,319 $48,095,498 43.2% 4.9x
Friedman Fleischer & Lowe Capital Partners II, L.P. 2005 $20,000,000 $14,231,379 $21,902,771 $29,978,731 12.8% 2.1x
Garnett & Helfrich Capital, L.P. 2005 $14,000,000 $11,748,500 $21,896,313 $28,657,019 16.3% 2.4x
General Catalyst Group II, L.P. 2001 $25,000,000 $23,375,000 $56,945,926 $58,013,026 11.9% 2.5x
Global Catalyst Partners II, L.P. 2002 $5,000,000 $5,000,000 $2,808,436 $2,868,878 -7% 0.6x
Global Catalyst Partners III, L.P. 2006 $5,000,000 $4,650,000 $572,434 $4,614,709 -0.1% 1.0x
Graham Partners II, L.P. 2005 $5,000,000 $4,886,331 $6,576,498 $8,006,200 7.7% 1.6x
Granite Global Ventures (Q.P.) L.P. 2001 $19,517,762 $19,170,887 $58,906,749 $59,221,140 29.6% 3.1x
Harren Investors II, L.P. 2008 $10,000,000 $8,863,328 $4,437,200 $6,925,178 -8.7% 0.8x
HealthCap IV, L.P. 2002 $6,654,967 $6,654,967 $9,685,764 $9,744,628 6.5% 1.5x
Highland Capital Partners V Limited Partnership 2000 $5,000,000 $5,000,000 $4,989,894 $5,162,464 0.5% 1.0x
Highland Capital Partners VI Limited Partnership 2001 $35,000,000 $35,000,000 $51,843,604 $56,089,643 11.5% 1.6x
Highland Capital Partners VII Limited Partnership 2006 $7,500,000 $7,500,000 $5,857,647 $9,643,895 4.4% 1.3x
Highland Consumer Fund I Limited Partnership 2007 $15,000,000 $15,000,000 $4,415,283 $11,767,487 -3.8% 0.8x
Huntsman Gay Capital Partners Fund, L.P. 2008 $20,000,000 $19,774,926 $24,008,165 $32,099,742 15.4% 1.6x
i2 Capital Partners 2008 $9,304,470 $8,768,713 $6,294,354 $7,591,150 -3.2% 0.9x
Index Ventures III (Delaware), L.P. 2005 $5,296,179 $5,296,179 $10,811,672 $13,269,088 15.9% 2.5x
Indium (Mauritius) PCC 2005 $5,000,000 $4,595,016 $5,996,119 $6,701,665 13.4% 1.5x
Indium III (Mauritius) Holdings Limited 2007 $10,000,000 $9,944,398 $11,906,104 $15,534,166 7% 1.6x
Insight Venture Partners IV, L.P. 2000 $40,000,000 $40,000,000 $64,137,340 $66,718,903 9.3% 1.7x
International Life Sciences Fund III, L.P. 2002 $10,000,000 $10,000,000 $12,664,025 $13,985,133 7.9% 1.4x
Investcorp Technology Partners III, L.P. 2008 $15,000,000 $12,595,762 $20,545,213 $25,785,851 18.6% 2.0x
Jerusalem Venture Partners IV, L.P. 2001 $7,500,000 $7,500,000 $13,189,108 $13,459,811 7% 1.8x
JMI Equity Fund IV, L.P. 1999 $2,500,000 $2,396,434 $8,413,925 $8,447,990 15.8% 3.5x
KPS Special Situations Fund II (A), L.P. 2003 $20,000,000 $14,788,344 $59,328,869 $59,331,031 55.3% 4.0x
Menlo Ventures IX, L.P. 2001 $15,000,000 $15,000,000 $13,789,702 $15,052,401 0.1% 1.0x
Morgenthaler Partners VII, L.P. 2001 $10,000,000 $10,000,000 $8,163,994 $8,748,030 -2.4% 0.9x
MPM BioVentures III-QP, L.P. 2002 $50,000,000 $50,000,000 $34,180,218 $42,668,983 -2.5% 0.9x
Nautic Partners V, L.P. 2000 $10,000,000 $9,632,038 $19,694,157 $20,388,490 17% 2.1x
New Enterprise Associates 10, Limited Partnership 2000 $75,000,000 $75,000,000 $69,628,232 $94,940,431 3.7% 1.3x
NewMargin Growth Fund, L.P. 2008 $10,000,000 $9,581,092 $3,104,945 $5,669,773 -8% 0.6x
North Bridge Venture Partners IV-B, L.P. 1999 $10,000,000 $10,000,000 $8,642,488 $9,043,265 -1.7% 0.9x
North Bridge Venture Partners V-A, L.P. 2001 $40,000,000 $40,000,000 $29,844,320 $36,708,653 -1.4% 0.9x
Oak Investment Partners IX, Limited Partnership 1999 $10,000,000 $10,000,000 $6,341,444 $6,575,014 -6.5% 0.7x
Oak Investment Partners X, Limited Partnership 2001 $25,000,000 $25,000,000 $25,468,289 $30,402,639 3.1% 1.2x
OpenView Venture Partners, L.P. 2007 $10,000,000 $9,864,005 $8,251,736 $24,959,157 12% 2.5x
Opus Capital Venture Partners V, L.P. 2006 $15,000,000 $15,000,000 $4,683,073 $15,246,667 0.3% 1.0x
OrbiMed Private Investments II, LP 2003 $10,000,000 $8,713,026 $14,339,299 $15,547,294 13.1% 1.8x
OrbiMed Private Investments III, L.P. 2007 $10,000,000 $9,465,000 $14,732,721 $22,910,793 18% 2.4x
Palomar Ventures II, L.P. 2000 $7,500,959 $7,500,959 $6,610,365 $6,962,618 -0.9% 0.9x
Pinnacle Ventures I-B, L.P. 2002 $30,040,818 $30,040,818 $32,629,282 $35,357,077 3.5% 1.2x
Pitango Venture Capital Fund III (USA) LP 2000 $5,000,000 $5,000,000 $3,861,502 $5,448,714 0.8% 1.1x
Pitango Venture Capital Fund IV, L.P. 2004 $20,000,000 $20,000,000 $16,368,468 $21,737,561 1.3% 1.1x
Polaris Venture Partners IV, L.P. 2002 $10,000,000 $9,950,000 $8,813,169 $12,343,587 2.8% 1.2x
Quadrangle Capital Partners LP 2000 $50,000,000 $49,733,605 $78,665,692 $78,665,692 10.5% 1.6x
Redpoint Ventures II, L.P. 2000 $9,000,000 $8,730,000 $11,001,558 $12,216,045 5.1% 1.4x
Rembrandt Venture Partners II, L.P. 2007 $2,398,836 $2,398,836 $1,763,460 $4,046,900 9% 1.7x
Rho Ventures V, L.P. 2005 $5,000,000 $5,000,000 $626,215 $1,955,864 -12.2% 0.4x
Rhone Partners II, L.P. 2003 $10,866,555 $10,082,323 $26,511,102 $30,951,002 42.5% 3.1x
SB Asia Investment Fund II L.P. 2005 $7,500,000 $7,500,000 $18,824,847 $23,521,292 17.3% 3.1x
Schroder Ventures International Life Sciences Fund II, L.P.1 1999 $10,000,000 $10,000,000 $13,336,078 $13,623,467 6.2% 1.4x
Sequel Limited Partnership III 2000 $25,000,000 $25,000,000 $35,301,789 $36,528,731 5.5% 1.5x
Sevin Rosen Fund VIII L.P. 2000 $10,290,000 $10,135,650 $11,340,410 $11,647,392 1.6% 1.1x
Sierra Ventures VIII-A, L.P. 2000 $20,000,000 $20,000,000 $14,407,796 $16,031,368 -3.5% 0.8x
Sinergia con Imprenditori 2005 $10,821,772 $10,243,126 $9,988,963 $11,121,731 1.9% 1.1x
Solera Partners, L.P. 2000 $75,000,000 $46,743,728 $107,207,721 $114,095,738 7.9% 2.4x
Southvest Fund V, L.P. 2005 $5,000,000 $4,299,280 $7,827,896 $9,047,903 15.4% 2.1x
STG III, L.P. 2007 $15,555,556 $15,555,556 $16,205,570 $28,951,139 11.1% 1.9x
Summit Accelerator Fund, L.P. 1999 $1,500,000 $1,417,500 $2,485,028 $2,526,198 9.8% 1.8x
Summit Ventures VI-A, L.P. 2001 $25,000,000 $25,000,000 $49,374,989 $54,134,293 15.4% 2.2x
SV Life Sciences Fund IV, L.P. 2007 $15,000,000 $14,264,422 $19,178,611 $27,727,281 13.4% 1.9x
TCV VI, L.P. 2006 $20,000,000 $19,906,000 $27,931,303 $33,081,087 13.8% 1.7x
The Column Group, L.P. 2007 $5,000,000 $4,940,167 $6,056,285 $12,527,730 21.7% 2.5x
Third Rock Ventures, L.P. 2007 $15,000,000 $15,000,000 $44,723,774 $51,220,223 31.8% 3.4x
Three Arch Capital, L.P. 2000 $40,081,923 $39,080,423 $32,730,499 $35,658,496 -1.1% 0.9x
Three Arch Partners III, L.P. 2000 $2,696,735 $2,640,485 $4,259,383 $4,344,620 8.4% 1.6x
Three Arch Partners IV, L.P. 2004 $25,000,000 $23,812,500 $24,665,905 $29,638,012 3.7% 1.2x
Trident Capital Fund - V, L.P. 2000 $5,293,999 $5,249,900 $7,954,537 $8,829,745 7.9% 1.7x
United States Power Fund, L.P. 2003 $15,000,000 $15,000,000 $27,721,873 $28,099,076 27% 1.9x
Updata Partners III, L.P. 2005 $10,000,000 $9,755,000 $13,490,577 $16,962,620 8.2% 1.7x
Updata Partners IV, L.P. 2007 $10,000,000 $9,813,745 $8,039,099 $16,763,352 11.3% 1.7x
Upfront II, L.P. (fka GRP II, L.P.) 2000 $5,000,000 $4,645,351 $10,334,582 $11,816,595 12.9% 2.5x
Upfront III, L.P. (fka GRP III, L.P.) 2009 $5,000,000 $4,924,161 $2,305,532 $8,163,335 10.3% 1.7x
VantagePoint Venture Partners III (Q), L.P. 1999 $15,000,000 $15,000,000 $5,902,647 $6,030,960 -14.6% 0.4x
VantagePoint Venture Partners IV (Q), L.P. 2000 $50,000,000 $50,000,000 $43,252,575 $47,911,538 -0.6% 1.0x
Vector Capital IV, L.P. 2007 $25,000,000 $24,123,680 $19,924,959 $42,526,353 14.4% 1.8x
VIP I B L.P. 2007 $10,310,880 $9,866,027 $10,226,481 $17,634,294 11.8% 1.8x
West Rim Capital Partners II, L.P. 2008 $10,000,000 $9,709,049 $5,136,940 $15,868,707 10.4% 1.6x
  1. Not Meaningful: Funds with a vintage year of 2013 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.