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.

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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 $13,475,989 $15,674,182 9% 1.6x
Abingworth Bioventures IV, L.P. 2003 $10,000,000 $9,850,000 $11,776,930 $12,276,019 3.3% 1.2x
ABRY Partners VI, L.P. 2008 $18,000,000 $15,985,097 $33,042,865 $33,388,338 19.8% 2.1x
Alloy Ventures 2002, L.P. 2002 $10,000,000 $10,000,000 $6,246,189 $6,483,468 -8.3% 0.6x
AMV Partners I, LP 2004 $15,000,000 $13,795,381 $15,423,532 $18,415,159 2.7% 1.3x
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 $7,018,415 1.3% 1.1x
Audax Private Equity Fund, L.P. TK2 2000 $100,000,000 $99,999,999 $152,945,764 $153,302,485 12.3% 1.5x
Austin Ventures IX, L.P. 2006 $17,500,000 $17,332,381 $21,196,242 $23,367,858 4.8% 1.3x
Avalon Ventures VIII, L.P. 2007 $15,000,000 $15,000,000 $30,400,330 $43,498,677 49.2% 2.9x
Baring India Private Equity Fund II Limited 2005 $5,000,000 $4,756,991 $1,346,973 $3,796,012 -2.4% 0.8x
Baring India Private Equity Fund III Limited 2008 $10,000,000 $9,778,092 $13,314,126 $15,242,595 9.1% 1.6x
Battery Ventures VIII Side Fund, L.P. 2008 $2,256,000 $2,256,000 $5,797,913 $6,375,444 30.2% 2.8x
Battery Ventures VIII, L.P. 2007 $6,000,000 $6,000,000 $13,311,910 $15,772,655 17.5% 2.6x
Bay Partners XI, L.P. 2006 $4,561,288 $4,233,587 $7,843,464 $8,374,799 12.8% 2.0x
Berkshire Fund VI, Limited Partnership 2002 $25,000,000 $23,274,119 $68,499,379 $71,927,651 25% 3.1x
Berkshire Fund VII, L.P. 2006 $25,000,000 $24,617,216 $46,531,827 $52,470,930 17.2% 2.1x
Bertram Growth Capital I, L.P. 2007 $20,000,000 $18,648,953 $27,022,185 $29,783,987 10.1% 1.6x
Bowmark Capital Partners IV, L.P. 2008 $16,306,524 $16,306,524 $15,033,742 $21,229,213 4.4% 1.3x
Bridgescale Partners, L.P. 2006 $2,500,000 $2,262,500 $2,256,706 $2,656,312 2.2% 1.2x
Viola Ventures II, L.P. (fka Carmel Ventures II, L.P.) 2005 $5,000,000 $4,927,388 $5,027,387 $5,949,222 2.4% 1.2x
Viola Ventures III, L.P. (fka Carmel Ventures III, L.P.) 2008 $5,000,000 $4,571,277 $3,625,205 $12,251,643 13.7% 2.7x
Celtic House Venture Partners Fund III (U.S.), L.P. 2005 $10,000,000 $9,926,760 $173,820 $1,017,950 -22.7% 0.1x
Ceyuan Ventures II, L.P. 2008 $7,000,000 $6,689,781 $4,784,118 $5,130,232 -5.5% 0.8x
Commonwealth Capital Ventures IV, L.P. 2007 $15,000,000 $15,000,000 $24,729,518 $33,650,629 11.1% 2.2x
DCM III, L.P. 2000 $25,000,000 $25,000,000 $27,245,930 $29,702,543 2.1% 1.2x
DT Capital China Growth Fund, L.P. 2008 $10,000,000 $10,000,000 $9,259,134 $12,549,993 4.1% 1.3x
DT Ventures China Fund II, L.P. 2007 $5,000,000 $5,000,000 $3,290,065 $5,059,821 % 1.0x
Eos Capital Partners III, L.P. 2005 $15,000,000 $14,578,556 $23,138,399 $27,406,809 9.4% 1.9x
Eos Capital Partners IV, L.P. 2007 $15,000,000 $14,630,346 $19,423,875 $26,507,554 12.1% 1.8x
Flagship Ventures Fund 2007, L.P. 2007 $15,000,000 $15,000,000 $20,140,124 $26,736,868 10.9% 1.8x
Fletcher Spaght Ventures, L.P. 2001 $5,000,000 $5,000,000 $3,460,211 $7,916,256 5.6% 1.6x
Foundry Venture Capital 2007, L.P. 2007 $10,000,000 $9,850,000 $48,354,355 $49,367,970 42.9% 5.0x
Friedman Fleischer & Lowe Capital Partners II, L.P. 2005 $20,000,000 $14,231,379 $27,150,270 $29,990,935 12.4% 2.1x
Garnett & Helfrich Capital, L.P. 2005 $14,000,000 $11,748,500 $28,742,267 $29,835,211 16.3% 2.5x
Global Catalyst Partners III, L.P. 2006 $5,000,000 $4,650,000 $4,043,987 $5,003,361 0.7% 1.1x
Graham Partners II, L.P. 2005 $5,000,000 $4,963,060 $8,029,038 $8,320,032 7.8% 1.7x
Harren Investors II, L.P. 2008 $10,000,000 $9,182,497 $5,049,307 $6,289,709 -12.2% 0.7x
Highland Capital Partners VI Limited Partnership 2001 $35,000,000 $35,000,000 $55,591,230 $56,808,960 11.5% 1.6x
Highland Capital Partners VII Limited Partnership 2006 $7,500,000 $7,500,000 $8,700,185 $11,211,419 6.1% 1.5x
Highland Consumer Fund I Limited Partnership 2007 $15,000,000 $15,000,000 $8,513,963 $12,280,261 -2.7% 0.8x
Huntsman Gay Capital Partners Fund, L.P. 2008 $20,000,000 $19,551,859 $23,494,514 $27,763,908 11.4% 1.4x
i2 Capital Partners 2008 $9,306,172 $8,866,918 $7,503,130 $7,503,130 -3.7% 0.8x
Index Ventures III (Delaware), L.P. 2005 $5,296,179 $5,296,179 $12,475,502 $14,507,206 16.3% 2.7x
Indium (Mauritius) PCC (fka IVF (Mauritus) PCC) 2005 $5,000,000 $4,595,016 $5,996,119 $6,562,777 12.7% 1.4x
Indium III (Mauritius) Holdings Limited (fka IVF III (Mauritius) Holdings Limited) 2007 $10,000,000 $9,944,398 $11,973,232 $14,309,291 5.5% 1.4x
Insight Venture Partners IV, L.P. 2000 $40,000,000 $40,000,000 $67,460,738 $67,789,521 9.4% 1.7x
International Life Sciences Fund III, L.P. 2002 $10,000,000 $10,000,000 $13,232,963 $14,051,230 7.8% 1.4x
Investcorp Technology Partners III, L.P. 2008 $15,000,000 $13,450,392 $26,278,987 $26,309,864 17.4% 2.0x
Morgenthaler Partners VII, L.P. 2001 $10,000,000 $10,000,000 $8,685,717 $8,707,281 -2.5% 0.9x
New Enterprise Associates 10, Limited Partnership 2000 $75,000,000 $75,000,000 $72,846,900 $88,750,129 2.6% 1.2x
NewMargin Growth Fund, L.P. 2008 $10,000,000 $9,580,165 $4,986,401 $5,457,536 -7.9% 0.6x
North Bridge Venture Partners V-A, L.P. 2001 $40,000,000 $40,000,000 $30,814,715 $36,119,840 -1.6% 0.9x
Oak Investment Partners X, Limited Partnership 2001 $25,000,000 $25,000,000 $28,397,396 $31,864,274 3.6% 1.3x
OpenView Venture Partners, L.P. 2007 $10,000,000 $10,000,000 $15,150,306 $26,306,402 11.1% 2.6x
Opus Capital Venture Partners V, L.P. 2006 $15,000,000 $15,000,000 $8,379,772 $16,583,988 1.3% 1.1x
OrbiMed Private Investments III, L.P. (fka Caduceus Private Investments III, L.P.) 2007 $10,000,000 $9,465,000 $18,608,530 $22,143,108 16.6% 2.3x
Pitango Venture Capital Fund III (USA) LP 2000 $5,000,000 $5,000,000 $4,361,153 $5,832,175 1.3% 1.2x
Rembrandt Venture Partners II, L.P. (secondary) 2007 $2,398,836 $2,398,836 $2,467,875 $2,911,848 3.4% 1.2x
Rho Ventures V, L.P. 2005 $5,000,000 $5,000,000 $626,215 $2,595,177 -6.8% 0.5x
Rhone Partners II, L.P. 2003 $10,866,555 $10,082,323 $28,281,119 $30,834,452 42.4% 3.1x
SB Asia Investment Fund II L.P. 2005 $7,500,000 $7,500,000 $21,413,767 $24,040,118 17.1% 3.2x
Sierra Ventures VIII-A, L.P. 2000 $20,000,000 $20,000,000 $15,636,502 $15,648,038 -3.9% 0.8x
Sinergia con Imprenditori 2005 $10,818,860 $10,243,126 $9,988,963 $11,156,308 1.9% 1.1x
Solera Partners, L.P. 2000 $75,000,000 $47,100,451 $107,207,721 $107,800,117 7.5% 2.3x
Southvest Fund V, L.P. 2005 $5,000,000 $4,893,617 $9,572,716 $10,025,201 15.6% 2.0x
STG III, L.P. 2007 $15,555,556 $15,555,556 $28,167,936 $35,173,904 13.3% 2.3x
Summit Ventures VI-A, L.P. 2001 $25,000,000 $25,000,000 $53,256,076 $54,234,173 15.4% 2.2x
SV Life Sciences Fund IV, L.P. 2007 $15,000,000 $14,564,422 $21,495,389 $30,259,339 13.4% 2.1x
TCV VI, L.P. 2006 $20,000,000 $19,906,000 $28,424,049 $32,850,329 13.2% 1.7x
The Column Group, L.P. 2007 $5,000,000 $4,959,491 $6,818,980 $13,210,661 19.6% 2.7x
Third Rock Ventures, L.P. 2007 $15,000,000 $15,000,000 $52,482,207 $55,631,768 32.2% 3.7x
Updata Partners III, L.P. 2005 $10,000,000 $9,755,000 $14,645,671 $16,286,370 7.5% 1.7x
Updata Partners IV, L.P. 2007 $10,000,000 $9,813,745 $13,464,214 $16,186,335 9.6% 1.6x
Upfront II, L.P. (fka GRP II, L.P.) 2000 $5,000,000 $4,645,351 $12,624,682 $12,914,253 13.3% 2.8x
Upfront III, L.P. (fka GRP III, L.P.) 2009 $5,000,000 $2,593,269 $6,011 $6,172,807 8.7% 2.4x
VantagePoint Venture Partners IV (Q), L.P. 2000 $50,000,000 $50,000,000 $43,640,732 $46,679,531 -1% 0.9x
Vector Capital IV, L.P. 2007 $25,000,000 $24,123,680 $28,781,540 $48,242,735 14.3% 2.0x
VIP I B L.P. 2007 $10,308,759 $9,870,232 $12,296,439 $18,662,200 11.4% 1.9x
West Rim Capital Partners II, L.P. (Sorenson II) 2008 $10,000,000 $9,766,779 $12,846,484 $22,076,110 13.6% 2.3x
(ARCH) Healthcare Focus Fund, L.P. 2001 $30,000,000 $30,000,000 $4,912,870 $5,813,283 -16.5% 0.2x
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 $9,205,169 $9,397,991 17.3% 2.1x
Altor 2003 Fund (No.1) Limited Partnership 2003 $12,282,290 $12,243,822 $42,492,861 $42,579,525 35.3% 3.5x
Battery Ventures VII, L.P. 2005 $3,333,333 $3,333,333 $5,991,115 $6,087,685 9.9% 1.8x
General Catalyst Group II, L.P. 2001 $25,000,000 $23,375,000 $57,751,146 $58,025,114 11.9% 2.5x
HealthCap IV, L.P. 2002 $6,654,967 $6,654,967 $9,708,629 $9,713,010 6.4% 1.5x
Highland Capital Partners V Limited Partnership 2000 $5,000,000 $5,000,000 $4,989,894 $5,131,520 0.4% 1.0x
Jerusalem Venture Partners IV, L.P. 2001 $7,500,000 $7,500,000 $13,189,108 $13,488,859 7% 1.8x
Menlo Ventures IX, L.P. 2001 $15,000,000 $15,000,000 $15,071,456 $15,638,572 0.7% 1.0x
Nautic Partners V, L.P. 2000 $10,000,000 $9,632,934 $19,740,491 $20,326,689 16.9% 2.1x
North Bridge Venture Partners IV-B, L.P. 1999 $10,000,000 $10,000,000 $8,642,488 $9,062,542 -1.6% 0.9x
Oak Investment Partners IX, Limited Partnership 1999 $10,000,000 $10,000,000 $6,458,133 $6,591,075 -6.3% 0.7x
Redpoint Ventures II, L.P. 2000 $9,000,000 $8,730,000 $12,453,409 $12,591,306 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 $11,664,960 $11,713,042 1.6% 1.2x
Summit Accelerator Fund, L.P. 1999 $1,500,000 $1,417,500 $2,485,028 $2,526,227 9.8% 1.8x
Trident Capital Fund - V, L.P. 2000 $5,293,999 $5,249,900 $8,797,019 $8,931,701 8% 1.7x
VantagePoint Venture Partners III (Q), L.P. 1999 $15,000,000 $15,000,000 $5,902,647 $5,902,647 -15.8% 0.4x

1Not 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.

2Partnership investment is using a cash adjusted market value.