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, 2021.

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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 $5,406,019 -17.3% 0.2x
5AM Ventures II, L.P. 2007 $10,000,000 $10,000,000 $14,517,980 $16,028,356 9% 1.6x
Abingworth Bioventures IV, L.P. 2003 $10,000,000 $9,850,000 $11,776,930 $12,093,659 3.1% 1.2x
ABRY Partners V, L.P. 2005 $5,000,000 $4,583,861 $9,369,005 $9,379,292 17.3% 2.0x
ABRY Partners VI, L.P. 2008 $18,000,000 $15,985,097 $33,045,310 $33,428,204 19.8% 2.1x
Alloy Ventures 2002, L.P. 2002 $10,000,000 $10,000,000 $6,246,189 $6,434,559 -8.4% 0.6x
Altor 2003 Fund (No.1) Limited Partnership 2003 $12,283,510 $12,243,822 $42,492,861 $42,559,132 35.3% 3.5x
AMV Partners I, LP 2004 $15,000,000 $14,542,790 $16,651,696 $17,850,152 2% 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
Austin Ventures IX, L.P. 2006 $17,500,000 $17,332,381 $21,446,242 $23,957,414 5% 1.4x
Avalon Ventures VIII, L.P. 2007 $15,000,000 $15,000,000 $30,431,916 $43,569,794 48.4% 2.9x
Baring India Private Equity Fund II Limited 2005 $5,000,000 $4,756,991 $2,461,800 $3,939,755 -1.8% 0.8x
Baring India Private Equity Fund III Limited 2008 $10,000,000 $9,778,092 $14,434,982 $15,638,606 9.3% 1.6x
Battery Ventures VII, L.P. 2005 $3,333,333 $3,333,333 $6,038,700 $6,177,905 10% 1.9x
Battery Ventures VIII Side Fund, L.P. 2008 $2,256,000 $2,256,000 $5,810,537 $6,303,254 29.8% 2.8x
Battery Ventures VIII, L.P. 2007 $6,000,000 $6,000,000 $13,819,281 $16,005,639 17.2% 2.7x
Berkshire Fund VI, Limited Partnership 2002 $25,000,000 $23,274,485 $68,499,745 $74,520,719 25% 3.2x
Berkshire Fund VII, L.P. 2006 $25,000,000 $24,618,519 $52,422,879 $53,761,328 17.4% 2.2x
Bertram Growth Capital I, L.P. 2007 $20,000,000 $18,648,953 $27,406,166 $34,228,981 11.4% 1.8x
Bowmark Capital Partners IV, L.P. 2008 $16,306,524 $16,306,524 $17,675,458 $22,131,959 4.6% 1.4x
Bridgescale Partners, L.P. 2006 $2,500,000 $2,262,500 $2,256,706 $2,880,163 3% 1.3x
Celtic House Venture Partners Fund III (U.S.), L.P. 2005 $10,000,000 $9,926,760 $507,681 $632,823 -25.8% 0.1x
Ceyuan Ventures II, L.P. 2008 $7,000,000 $6,689,781 $4,979,269 $4,979,269 -6.2% 0.7x
Commonwealth Capital Ventures IV, L.P. 2007 $15,000,000 $15,000,000 $30,567,514 $35,515,625 11.3% 2.4x
DCM III, L.P. 2000 $25,000,000 $25,000,000 $27,476,162 $29,831,306 2.1% 1.2x
DT Capital China Growth Fund, L.P. 2008 $10,000,000 $10,000,000 $10,681,983 $12,421,906 3.7% 1.2x
DT Ventures China Fund II, L.P. 2007 $5,000,000 $5,000,000 $4,011,749 $5,502,467 0.9% 1.1x
ECP Helios Partners III, L.P. (fka Eos Capital Partners III, L.P.) 2005 $15,000,000 $14,578,556 $27,343,029 $29,102,181 9.9% 2.0x
ECP Helios Partners IV, L.P. (fka Eos Capital Partners IV, L.P.) 2007 $15,000,000 $14,630,346 $22,200,621 $31,689,625 13.5% 2.2x
Flagship Ventures Fund 2007, L.P. 2007 $15,000,000 $15,000,000 $23,280,459 $26,933,702 10.6% 1.8x
Fletcher Spaght Ventures, L.P. 2001 $5,000,000 $5,000,000 $3,658,460 $4,966,234 -0.1% 1.0x
Foundry Venture Capital 2007, L.P. 2007 $10,000,000 $9,850,000 $48,354,355 $50,021,880 42.8% 5.1x
Friedman Fleischer & Lowe Capital Partners II, L.P. 2005 $20,000,000 $14,262,894 $29,503,590 $30,645,162 12.4% 2.1x
Global Catalyst Partners III, L.P. 2006 $5,000,000 $4,650,000 $4,148,510 $5,041,113 0.8% 1.1x
Graham Partners II, L.P. 2005 $5,000,000 $4,978,499 $8,261,827 $8,277,638 7.7% 1.7x
Harren Investors II, L.P. 2008 $10,000,000 $9,340,010 $7,831,148 $9,100,764 -0.8% 1.0x
Highland Capital Partners VI Limited Partnership 2001 $35,000,000 $35,000,000 $55,591,230 $56,837,248 11.5% 1.6x
Highland Capital Partners VII Limited Partnership 2006 $7,500,000 $7,500,000 $11,198,355 $12,295,970 6.8% 1.6x
Highland Consumer Fund I Limited Partnership 2007 $15,000,000 $15,000,000 $9,163,819 $11,808,228 -3.1% 0.8x
Huntsman Gay Capital Partners Fund, L.P. 2008 $20,000,000 $19,551,859 $24,198,630 $26,379,305 10% 1.3x
Index Ventures III (Delaware), L.P. 2005 $5,296,179 $5,296,179 $14,504,073 $16,606,515 17% 3.1x
Indium (Mauritius) PCC (fka IVF (Mauritus) PCC) 2005 $5,000,000 $4,595,016 $5,996,119 $6,512,504 12.3% 1.4x
Indium III (Mauritius) Holdings Limited (fka IVF III (Mauritius) Holdings Limited) 2007 $10,000,000 $9,944,398 $14,292,590 $14,409,256 5.6% 1.4x
International Life Sciences Fund III, L.P. 2002 $10,000,000 $10,000,000 $13,428,440 $14,799,967 8.3% 1.5x
Investcorp Technology Partners III, L.P. 2008 $15,000,000 $13,483,923 $26,312,518 $26,346,869 17.4% 2.0x
Menlo Ventures IX, L.P. 2001 $15,000,000 $15,000,000 $15,190,886 $15,547,998 0.6% 1.0x
Morgenthaler Partners VII, L.P. 2001 $10,000,000 $10,000,000 $8,685,717 $8,774,219 -2.3% 0.9x
Nautic Partners V, L.P. 2000 $10,000,000 $9,632,934 $19,740,491 $20,518,237 16.9% 2.1x
New Enterprise Associates 10, Limited Partnership 2000 $75,000,000 $75,000,000 $73,654,071 $89,231,598 2.6% 1.2x
North Bridge Venture Partners V-A, L.P. 2001 $40,000,000 $40,000,000 $30,814,715 $36,498,405 -1.4% 0.9x
Oak Investment Partners IX, Limited Partnership 1999 $10,000,000 $10,000,000 $6,514,524 $6,519,521 -6.6% 0.7x
Oak Investment Partners X, Limited Partnership 2001 $25,000,000 $25,000,000 $31,391,698 $31,531,995 3.5% 1.3x
OpenView Venture Partners, L.P. 2007 $10,000,000 $10,000,000 $30,921,206 $33,017,665 12.5% 3.3x
Opus Capital Venture Partners V, L.P. 2006 $15,000,000 $15,000,000 $9,473,785 $20,188,660 3.4% 1.3x
OrbiMed Private Investments III, L.P. (fka Caduceus Private Investments III, L.P.) 2007 $10,000,000 $9,465,000 $21,858,927 $22,234,493 16.4% 2.3x
Rho Ventures V, L.P. 2005 $5,000,000 $5,000,000 $907,742 $2,264,034 -7.2% 0.5x
SB Asia Investment Fund II L.P. 2005 $7,500,000 $7,500,000 $22,160,533 $24,321,467 16.9% 3.2x
Sinergia con Imprenditori 2005 $10,844,765 $10,243,126 $11,090,661 $11,141,648 1.8% 1.1x
Southvest Fund V, L.P. 2005 $5,000,000 $4,893,617 $9,719,808 $10,158,219 15.6% 2.1x
STG III, L.P. 2007 $15,555,556 $15,555,556 $39,263,177 $46,631,597 16% 3.0x
Summit Ventures VI-A, L.P. 2001 $25,000,000 $25,000,000 $54,163,249 $54,360,682 15.4% 2.2x
SV Life Sciences Fund IV, L.P. 2007 $15,000,000 $15,000,000 $24,302,070 $33,027,657 13.4% 2.2x
TCV VI, L.P. 2006 $20,000,000 $19,906,000 $30,949,886 $31,054,159 12.3% 1.6x
The Column Group, L.P. 2007 $5,000,000 $4,959,491 $11,067,731 $16,902,948 20.8% 3.4x
Third Rock Ventures, L.P. 2007 $15,000,000 $15,000,000 $56,587,090 $57,578,108 32.4% 3.8x
Updata Partners III, L.P. 2005 $10,000,000 $9,755,000 $15,214,921 $16,056,046 7.3% 1.6x
Updata Partners IV, L.P. 2007 $10,000,000 $9,760,000 $15,441,480 $16,443,915 9.6% 1.7x
Upfront III, L.P. (fka GRP III, L.P.) 2009 $5,000,000 $2,692,243 $6,011 $13,101,911 14.2% 4.9x
VantagePoint Venture Partners IV (Q), L.P. 2000 $50,000,000 $50,000,000 $47,611,740 $48,028,635 -0.5% 1.0x
Vector Capital IV, L.P. 2007 $25,000,000 $24,123,680 $45,688,128 $63,161,270 16.6% 2.6x
Viola Ventures II, L.P. (fka Carmel Ventures II, L.P.) 2005 $5,000,000 $4,927,388 $6,472,841 $6,485,083 3.3% 1.3x
Viola Ventures III, L.P. (fka Carmel Ventures III, L.P.) 2008 $5,000,000 $4,843,617 $7,113,095 $28,317,695 21.1% 5.8x
VIP I B L.P. 2007 $10,328,490 $9,870,232 $18,001,873 $18,413,554 11% 1.9x
West Rim Capital Partners II, L.P. (Sorenson II) 2008 $10,000,000 $9,769,484 $16,411,156 $25,366,471 14.1% 2.6x

1Not Meaningful: Funds with a vintage year of 2017 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.