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, 2019.

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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 $5,812,508 -16.2% 0.2x
5AM Ventures II, L.P. 2007 $10,000,000 $10,000,000 $13,475,989 $15,821,652 9% 1.6x
5AM Ventures LLC 2004 $10,000,000 $10,000,000 $17,740,006 $17,753,626 12.4% 1.8x
Abingworth Bioventures IV, L.P. 2003 $10,000,000 $9,850,000 $11,776,930 $12,109,678 3.1% 1.2x
ABRY Partners V, L.P. 2005 $5,000,000 $4,583,861 $9,209,466 $9,396,938 17.3% 2.1x
ABRY Partners VI, L.P. 2008 $18,000,000 $15,985,097 $33,042,569 $33,410,827 19.8% 2.1x
Alloy Ventures 2002, L.P. 2002 $10,000,000 $10,000,000 $6,246,189 $6,373,522 -8.9% 0.6x
Altor 2003 Fund (No.1) Limited Partnership 2003 $12,281,776 $12,243,822 $42,492,861 $42,547,220 35.3% 3.5x
AMV Partners I, LP 2004 $15,000,000 $14,481,290 $16,265,312 $17,228,467 1.8% 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
Atlas Venture Fund VI, L.P. 2001 $6,200,000 $6,200,000 $7,733,394 $7,733,394 2.1% 1.2x
Audax Private Equity Fund, L.P. TK2 2000 $100,000,000 $99,999,999 $152,945,764 $153,141,961 12.3% 1.5x
Austin Ventures IX, L.P. 2006 $17,500,000 $17,332,381 $21,446,242 $23,118,553 4.7% 1.3x
Avalon Ventures VIII, L.P. 2007 $15,000,000 $15,000,000 $30,400,330 $43,588,941 49% 2.9x
Baring India Private Equity Fund II Limited 2005 $5,000,000 $4,756,991 $1,472,361 $4,161,869 -1.3% 0.9x
Baring India Private Equity Fund III Limited 2008 $10,000,000 $9,778,092 $13,545,927 $15,620,002 9.4% 1.6x
Battery Ventures VII, L.P. 2005 $3,333,333 $3,333,333 $5,991,115 $6,070,997 9.8% 1.8x
Battery Ventures VIII Side Fund, L.P. 2008 $2,256,000 $2,256,000 $5,810,330 $6,329,101 30% 2.8x
Battery Ventures VIII, L.P. 2007 $6,000,000 $6,000,000 $13,320,066 $15,682,804 17.3% 2.6x
Bay Partners XI, L.P. 2006 $4,561,288 $4,233,587 $8,554,239 $8,647,647 13.1% 2.0x
Berkshire Fund VI, Limited Partnership 2002 $25,000,000 $23,274,485 $68,499,745 $72,666,967 25% 3.1x
Berkshire Fund VII, L.P. 2006 $25,000,000 $24,618,095 $52,365,030 $53,458,010 17.4% 2.2x
Bertram Growth Capital I, L.P. 2007 $20,000,000 $18,648,953 $27,083,685 $29,728,436 10% 1.6x
Bowmark Capital Partners IV, L.P. 2008 $16,306,524 $16,306,524 $15,033,742 $21,734,790 4.7% 1.3x
Bridgescale Partners, L.P. 2006 $2,500,000 $2,262,500 $2,256,706 $2,635,202 2.1% 1.2x
Celtic House Venture Partners Fund III (U.S.), L.P. 2005 $10,000,000 $9,926,760 $507,681 $715,087 -25.6% 0.1x
Ceyuan Ventures II, L.P. 2008 $7,000,000 $6,689,781 $4,784,118 $4,997,029 -6.2% 0.7x
Commonwealth Capital Ventures IV, L.P. 2007 $15,000,000 $15,000,000 $27,068,374 $34,588,757 11.3% 2.3x
DCM III, L.P. 2000 $25,000,000 $25,000,000 $27,245,930 $29,302,561 1.9% 1.2x
DT Capital China Growth Fund, L.P. 2008 $10,000,000 $10,000,000 $9,259,134 $12,466,634 3.9% 1.2x
DT Ventures China Fund II, L.P. 2007 $5,000,000 $5,000,000 $3,290,065 $5,058,249 % 1.0x
ECP Helios Partners III, L.P. (fka Eos Capital Partners III, L.P.) 2005 $15,000,000 $14,578,556 $25,081,905 $28,131,702 9.7% 1.9x
ECP Helios Partners IV, L.P. (fka Eos Capital Partners IV, L.P.) 2007 $15,000,000 $14,630,346 $19,423,875 $26,576,818 11.9% 1.8x
Flagship Ventures Fund 2007, L.P. 2007 $15,000,000 $15,000,000 $23,280,459 $26,834,044 10.8% 1.8x
Fletcher Spaght Ventures, L.P. 2001 $5,000,000 $5,000,000 $3,658,460 $5,526,711 1.4% 1.1x
Foundry Venture Capital 2007, L.P. 2007 $10,000,000 $9,850,000 $48,354,355 $49,132,115 42.8% 5.0x
Friedman Fleischer & Lowe Capital Partners II, L.P. 2005 $20,000,000 $14,231,379 $28,090,264 $30,347,467 12.4% 2.1x
Garnett & Helfrich Capital, L.P. 2005 $14,000,000 $11,748,500 $29,334,567 $30,014,746 16.3% 2.6x
General Catalyst Group II, L.P. 2001 $25,000,000 $23,375,000 $57,751,146 $58,051,038 11.9% 2.5x
Global Catalyst Partners III, L.P. 2006 $5,000,000 $4,650,000 $4,148,510 $5,024,975 0.8% 1.1x
Graham Partners II, L.P. 2005 $5,000,000 $4,966,964 $8,088,123 $8,263,326 7.7% 1.7x
Harren Investors II, L.P. 2008 $10,000,000 $9,234,459 $5,101,269 $7,193,952 -7% 0.8x
HealthCap IV, L.P. 2002 $6,654,967 $6,654,967 $9,711,585 $9,711,585 6.4% 1.5x
Highland Capital Partners V Limited Partnership 2000 $5,000,000 $5,000,000 $5,131,567 $5,131,567 0.4% 1.0x
Highland Capital Partners VI Limited Partnership 2001 $35,000,000 $35,000,000 $55,591,230 $56,807,855 11.5% 1.6x
Highland Capital Partners VII Limited Partnership 2006 $7,500,000 $7,500,000 $8,796,274 $11,142,380 5.9% 1.5x
Highland Consumer Fund I Limited Partnership 2007 $15,000,000 $15,000,000 $9,160,500 $12,177,900 -2.8% 0.8x
Huntsman Gay Capital Partners Fund, L.P. 2008 $20,000,000 $19,551,859 $23,764,618 $26,466,177 10.3% 1.4x
Index Ventures III (Delaware), L.P. 2005 $5,296,179 $5,296,179 $12,566,245 $14,533,649 16.3% 2.7x
Indium (Mauritius) PCC (fka IVF (Mauritus) PCC) 2005 $5,000,000 $4,595,016 $5,996,119 $6,538,054 12.6% 1.4x
Indium III (Mauritius) Holdings Limited (fka IVF III (Mauritius) Holdings Limited) 2007 $10,000,000 $9,944,398 $14,142,798 $14,377,498 5.6% 1.4x
Insight Venture Partners IV, L.P. 2000 $40,000,000 $40,000,000 $67,784,892 $67,784,892 9.4% 1.7x
International Life Sciences Fund III, L.P. 2002 $10,000,000 $10,000,000 $13,428,440 $14,614,132 8.2% 1.5x
Investcorp Technology Partners III, L.P. 2008 $15,000,000 $13,450,392 $26,278,987 $26,315,422 17.4% 2.0x
Jerusalem Venture Partners IV, L.P. 2001 $7,500,000 $7,500,000 $13,457,999 $13,457,999 6.9% 1.8x
Menlo Ventures IX, L.P. 2001 $15,000,000 $15,000,000 $15,190,886 $15,546,278 0.6% 1.0x
Morgenthaler Partners VII, L.P. 2001 $10,000,000 $10,000,000 $8,685,717 $8,758,439 -2.4% 0.9x
Nautic Partners V, L.P. 2000 $10,000,000 $9,632,934 $19,740,491 $20,254,994 16.9% 2.1x
New Enterprise Associates 10, Limited Partnership 2000 $75,000,000 $75,000,000 $72,846,900 $85,649,098 2.1% 1.1x
NewMargin Growth Fund, L.P. 2008 $10,000,000 $9,580,165 $4,986,401 $5,124,489 -8.9% 0.5x
North Bridge Venture Partners IV-B, L.P. 1999 $10,000,000 $10,000,000 $8,642,488 $8,936,526 -1.9% 0.9x
North Bridge Venture Partners V-A, L.P. 2001 $40,000,000 $40,000,000 $30,814,715 $36,723,706 -1.3% 0.9x
Oak Investment Partners IX, Limited Partnership 1999 $10,000,000 $10,000,000 $6,514,524 $6,554,843 -6.5% 0.7x
Oak Investment Partners X, Limited Partnership 2001 $25,000,000 $25,000,000 $31,260,214 $31,586,217 3.5% 1.3x
OpenView Venture Partners, L.P. 2007 $10,000,000 $10,000,000 $15,150,306 $27,006,808 11.1% 2.7x
Opus Capital Venture Partners V, L.P. 2006 $15,000,000 $15,000,000 $8,379,772 $18,040,361 2.3% 1.2x
OrbiMed Private Investments III, L.P. (fka Caduceus Private Investments III, L.P.) 2007 $10,000,000 $9,465,000 $20,138,308 $21,707,473 16.3% 2.3x
Pitango Venture Capital Fund III (USA) LP 2000 $5,000,000 $5,000,000 $4,426,460 $4,905,524 -0.2% 1.0x
Redpoint Ventures II, L.P. 2000 $9,000,000 $8,730,000 $12,453,409 $12,528,044 5.3% 1.4x
Rembrandt Venture Partners II, L.P. (secondary) 2007 $2,398,836 $2,398,836 $2,632,173 $2,632,173 1.7% 1.1x
Rho Ventures V, L.P. 2005 $5,000,000 $5,000,000 $740,245 $2,789,040 -5.8% 0.6x
Rhone Partners II, L.P. 2003 $10,866,555 $10,082,323 $29,590,843 $30,889,077 42.4% 3.1x
SB Asia Investment Fund II L.P. 2005 $7,500,000 $7,500,000 $21,413,767 $24,068,525 17% 3.2x
Schroder Ventures International Life Sciences Fund II, L.P.1 1999 $10,000,000 $10,000,000 $13,336,078 $13,384,769 6% 1.3x
Sevin Rosen Fund VIII L.P. 2000 $10,290,000 $10,135,650 $11,664,960 $11,712,571 1.6% 1.2x
Sierra Ventures VIII-A, L.P. 2000 $20,000,000 $20,000,000 $15,636,502 $15,651,944 -3.9% 0.8x
Sinergia con Imprenditori 2005 $10,811,177 $10,243,126 $9,988,963 $11,152,678 1.9% 1.1x
Solera Partners, L.P. 2000 $75,000,000 $47,258,139 $107,207,721 $107,427,954 7.5% 2.3x
Southvest Fund V, L.P. 2005 $5,000,000 $4,893,617 $9,572,716 $9,964,559 15.6% 2.0x
STG III, L.P. 2007 $15,555,556 $15,555,556 $28,034,601 $40,667,847 14.8% 2.6x
Summit Accelerator Fund, L.P. 1999 $1,500,000 $1,417,500 $2,485,028 $2,545,937 9.8% 1.8x
Summit Ventures VI-A, L.P. 2001 $25,000,000 $25,000,000 $53,986,356 $54,330,980 15.4% 2.2x
SV Life Sciences Fund IV, L.P. 2007 $15,000,000 $14,564,422 $21,495,389 $29,821,066 13.1% 2.0x
TCV VI, L.P. 2006 $20,000,000 $19,906,000 $28,424,049 $31,833,081 12.7% 1.6x
The Column Group, L.P. 2007 $5,000,000 $4,959,491 $9,148,303 $15,366,149 21% 3.1x
Third Rock Ventures, L.P. 2007 $15,000,000 $15,000,000 $53,497,167 $58,619,527 32.6% 3.9x
Trident Capital Fund - V, L.P. 2000 $5,293,999 $5,249,900 $8,797,019 $8,931,701 8% 1.7x
Updata Partners III, L.P. 2005 $10,000,000 $9,755,000 $14,645,671 $16,203,356 7.4% 1.7x
Updata Partners IV, L.P. 2007 $10,000,000 $9,813,745 $13,464,214 $16,411,171 9.7% 1.7x
Upfront II, L.P. (fka GRP II, L.P.) 2000 $5,000,000 $4,645,351 $12,671,779 $12,731,841 13.2% 2.7x
Upfront III, L.P. (fka GRP III, L.P.) 2009 $5,000,000 $2,608,539 $6,011 $6,299,929 8.5% 2.4x
VantagePoint Venture Partners III (Q), L.P. 1999 $15,000,000 $15,000,000 $5,902,647 $5,902,647 -15.8% 0.4x
VantagePoint Venture Partners IV (Q), L.P. 2000 $50,000,000 $50,000,000 $43,894,211 $46,690,642 -0.9% 0.9x
Vector Capital IV, L.P. 2007 $25,000,000 $24,123,680 $32,761,883 $48,809,084 14.1% 2.0x
Viola Ventures II, L.P. (fka Carmel Ventures II, L.P.) 2005 $5,000,000 $4,927,388 $5,027,387 $5,953,360 2.4% 1.2x
Viola Ventures III, L.P. (fka Carmel Ventures III, L.P.) 2008 $5,000,000 $4,843,617 $4,927,452 $13,071,532 13.7% 2.7x
VIP I B L.P. 2007 $10,302,907 $9,870,232 $17,894,423 $18,333,725 11% 1.9x
West Rim Capital Partners II, L.P. (Sorenson II) 2008 $10,000,000 $9,766,779 $13,016,084 $22,620,505 13.6% 2.3x

1Not Meaningful: Funds with a vintage year of 2015 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.