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 June 30, 2023.

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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 $14,711,982 $16,297,117 9% 1.6x
ABRY Partners VI, L.P. 2008 $18,000,000 $16,025,477 $33,252,201 $33,492,907 19.7% 2.1x
Avalon Ventures VIII, L.P. 2007 $15,000,000 $15,000,000 $30,785,104 $42,340,089 48% 2.8x
Baring India Private Equity Fund III Limited 2008 $10,000,000 $9,778,092 $15,325,718 $15,358,821 8.9% 1.6x
Battery Ventures VIII Side Fund, L.P. 2008 $2,256,000 $2,256,000 $6,270,214 $6,467,697 29.8% 2.9x
Battery Ventures VIII, L.P. 2007 $6,000,000 $6,000,000 $14,641,216 $15,951,145 16.9% 2.7x
Berkshire Fund VII, L.P. 2006 $25,000,000 $24,618,519 $52,732,869 $53,667,651 17.3% 2.2x
Bertram Growth Capital I, L.P. 2007 $20,000,000 $18,906,795 $34,076,070 $34,303,986 11.3% 1.8x
Bowmark Capital Partners IV, L.P. 2008 $16,306,524 $16,306,524 $23,090,312 $23,090,312 5.1% 1.4x
Viola Ventures III, L.P. (fka Carmel Ventures III, L.P.) 2008 $5,000,000 $4,950,000 $13,982,755 $20,867,622 16.1% 4.2x
Commonwealth Capital Ventures IV, L.P. 2007 $15,000,000 $15,000,000 $33,147,569 $36,063,778 11.2% 2.4x
DT Capital China Growth Fund, L.P. 2008 $10,000,000 $10,000,000 $10,852,151 $12,204,456 3.3% 1.2x
DT Ventures China Fund II, L.P. 2007 $5,000,000 $5,000,000 $4,360,372 $5,159,031 0.2% 1.0x
ECP Helios Partners IV, L.P. (fka Eos Capital Partners IV, L.P.) 2007 $15,000,000 $14,630,346 $27,071,742 $33,040,736 13.4% 2.3x
Flagship Ventures Fund 2007, L.P. 2007 $15,000,000 $15,000,000 $25,018,478 $26,562,906 10.3% 1.8x
Foundry Venture Capital 2007, L.P. 2007 $10,000,000 $9,850,000 $48,457,822 $49,144,221 42.8% 5.0x
Harren Investors II, L.P. 2008 $10,000,000 $9,359,172 $9,123,694 $9,477,526 % 1.0x
Highland Consumer Fund I Limited Partnership 2007 $15,000,000 $15,000,000 $10,607,186 $11,612,607 -3.2% 0.8x
Huntsman Gay Capital Partners Fund, L.P. 2008 $20,000,000 $19,551,859 $25,809,426 $26,339,961 9.8% 1.3x
Indium III (Mauritius) Holdings Limited (fka IVF III (Mauritius) Holdings Limited) 2007 $10,000,000 $9,944,398 $14,292,590 $14,410,388 5.6% 1.4x
OpenView Venture Partners, L.P. 2007 $10,000,000 $10,000,000 $31,179,514 $31,623,531 12.1% 3.2x
Opus Capital Venture Partners V, L.P. 2006 $15,000,000 $15,000,000 $9,473,785 $20,272,283 3.1% 1.4x
OrbiMed Private Investments III, L.P. (fka Caduceus Private Investments III, L.P.) 2007 $10,000,000 $9,465,000 $22,718,770 $22,718,770 16.4% 2.4x
STG III, L.P. 2007 $15,555,556 $15,555,556 $45,420,714 $46,444,097 15.9% 3.0x
SV Life Sciences Fund IV, L.P. 2007 $15,000,000 $15,000,000 $32,503,761 $32,709,528 13.2% 2.2x
The Column Group, L.P. 2007 $5,000,000 $4,959,491 $12,489,952 $14,680,600 19% 3.0x
Third Rock Ventures, L.P. 2007 $15,000,000 $15,000,000 $56,587,090 $57,125,974 32.3% 3.8x
Updata Partners IV, L.P. 2007 $10,000,000 $9,760,000 $15,441,480 $16,472,267 9.5% 1.7x
Upfront III, L.P. (fka GRP III, L.P.) 2009 $5,000,000 $1,563,845 $1,694,188 $9,868,252 10.9% 6.3x
Vector Capital IV, L.P. 2007 $25,000,000 $24,123,680 $48,294,862 $58,960,417 15.2% 2.4x
VIP I B L.P. 2007 $10,290,163 $9,870,232 $18,361,773 $18,385,815 11% 1.9x
Sorenson Capital Partners II Continuation Vehicle A, LP (fka West Rim Capital Partners II, L.P.) 2008 $10,003,560 $9,809,902 $19,610,537 $27,625,367 14.1% 2.8x

1Not Meaningful: Funds with a vintage year of 2019 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.