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, 2020.

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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 $5,409,859 -17.6% 0.2x
5AM Ventures II, L.P. 2007 $10,000,000 $10,000,000 $14,517,980 $16,035,794 9.1% 1.6x
Abingworth Bioventures IV, L.P. 2003 $10,000,000 $9,850,000 $11,776,930 $12,074,184 3.1% 1.2x
ABRY Partners V, L.P. 2005 $5,000,000 $4,583,861 $9,369,005 $9,379,857 17.3% 2.0x
ABRY Partners VI, L.P. 2008 $18,000,000 $15,985,097 $33,045,295 $33,368,266 19.8% 2.1x
Alloy Ventures 2002, L.P. 2002 $10,000,000 $10,000,000 $6,246,189 $6,384,018 -8.7% 0.6x
Altor 2003 Fund (No.1) Limited Partnership 2003 $12,285,327 $12,243,822 $42,492,861 $42,561,285 35.3% 3.5x
AMV Partners I, LP 2004 $15,000,000 $14,542,790 $16,589,922 $17,560,361 1.9% 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 $23,844,269 5% 1.4x
Avalon Ventures VIII, L.P. 2007 $15,000,000 $15,000,000 $30,431,916 $44,117,016 48.6% 2.9x
Baring India Private Equity Fund II Limited 2005 $5,000,000 $4,756,991 $2,461,800 $4,015,683 -1.6% 0.8x
Baring India Private Equity Fund III Limited 2008 $10,000,000 $9,778,092 $14,434,982 $15,784,619 9.5% 1.6x
Battery Ventures VII, L.P. 2005 $3,333,333 $3,333,333 $6,038,700 $6,149,963 9.9% 1.8x
Battery Ventures VIII Side Fund, L.P. 2008 $2,256,000 $2,256,000 $5,810,537 $6,222,258 29.8% 2.8x
Battery Ventures VIII, L.P. 2007 $6,000,000 $6,000,000 $13,665,288 $15,710,230 17.1% 2.6x
Berkshire Fund VI, Limited Partnership 2002 $25,000,000 $23,274,485 $68,499,745 $74,141,136 25% 3.2x
Berkshire Fund VII, L.P. 2006 $25,000,000 $24,618,460 $52,365,395 $53,555,316 17.3% 2.2x
Bertram Growth Capital I, L.P. 2007 $20,000,000 $18,648,953 $27,406,166 $31,030,225 10.4% 1.7x
Bowmark Capital Partners IV, L.P. 2008 $16,306,524 $16,306,524 $15,120,801 $21,072,044 4% 1.3x
Bridgescale Partners, L.P. 2006 $2,500,000 $2,262,500 $2,256,706 $2,874,621 3.1% 1.3x
Celtic House Venture Partners Fund III (U.S.), L.P. 2005 $10,000,000 $9,926,760 $507,681 $712,369 -24.6% 0.1x
Ceyuan Ventures II, L.P. 2008 $7,000,000 $6,689,781 $4,784,118 $4,988,437 -6.1% 0.7x
Commonwealth Capital Ventures IV, L.P. 2007 $15,000,000 $15,000,000 $30,567,514 $35,529,941 11.4% 2.4x
DCM III, L.P. 2000 $25,000,000 $25,000,000 $27,476,162 $29,840,975 2.1% 1.2x
DT Capital China Growth Fund, L.P. 2008 $10,000,000 $10,000,000 $10,249,858 $12,429,775 3.7% 1.2x
DT Ventures China Fund II, L.P. 2007 $5,000,000 $5,000,000 $3,290,065 $5,511,079 0.9% 1.1x
ECP Helios Partners III, L.P. (fka Eos Capital Partners III, L.P.) 2005 $15,000,000 $14,578,556 $27,325,638 $28,588,976 9.7% 2.0x
ECP Helios Partners IV, L.P. (fka Eos Capital Partners IV, L.P.) 2007 $15,000,000 $14,630,346 $20,527,205 $29,518,728 12.9% 2.0x
Flagship Ventures Fund 2007, L.P. 2007 $15,000,000 $15,000,000 $23,280,459 $26,391,858 10.4% 1.8x
Fletcher Spaght Ventures, L.P. 2001 $5,000,000 $5,000,000 $3,658,460 $4,824,600 -0.5% 1.0x
Foundry Venture Capital 2007, L.P. 2007 $10,000,000 $9,850,000 $48,354,355 $49,424,248 42.8% 5.0x
Friedman Fleischer & Lowe Capital Partners II, L.P. 2005 $20,000,000 $14,231,379 $28,679,800 $30,348,138 12.4% 2.1x
Garnett & Helfrich Capital, L.P. 2005 $14,000,000 $11,748,500 $29,964,233 $29,964,233 16.3% 2.6x
Global Catalyst Partners III, L.P. 2006 $5,000,000 $4,650,000 $4,148,510 $5,041,473 0.8% 1.1x
Graham Partners II, L.P. 2005 $5,000,000 $4,966,964 $8,219,324 $8,262,835 7.7% 1.7x
Harren Investors II, L.P. 2008 $10,000,000 $9,253,633 $5,120,444 $8,143,550 -3.1% 0.9x
Highland Capital Partners VI Limited Partnership 2001 $35,000,000 $35,000,000 $55,591,230 $56,839,955 11.5% 1.6x
Highland Capital Partners VII Limited Partnership 2006 $7,500,000 $7,500,000 $8,943,307 $11,136,976 5.8% 1.5x
Highland Consumer Fund I Limited Partnership 2007 $15,000,000 $15,000,000 $9,163,819 $11,599,394 -3.4% 0.8x
Huntsman Gay Capital Partners Fund, L.P. 2008 $20,000,000 $19,551,859 $24,198,630 $26,383,093 10.1% 1.3x
Index Ventures III (Delaware), L.P. 2005 $5,296,179 $5,296,179 $12,796,687 $15,525,222 16.6% 2.9x
Indium (Mauritius) PCC (fka IVF (Mauritus) PCC) 2005 $5,000,000 $4,595,016 $5,996,119 $6,445,422 12.3% 1.4x
Indium III (Mauritius) Holdings Limited (fka IVF III (Mauritius) Holdings Limited) 2007 $10,000,000 $9,944,398 $14,142,798 $14,426,496 5.6% 1.5x
International Life Sciences Fund III, L.P. 2002 $10,000,000 $10,000,000 $13,428,440 $14,825,153 8.3% 1.5x
Investcorp Technology Partners III, L.P. 2008 $15,000,000 $13,450,392 $26,278,987 $26,312,143 17.4% 2.0x
Menlo Ventures IX, L.P. 2001 $15,000,000 $15,000,000 $15,190,886 $15,548,521 0.6% 1.0x
Morgenthaler Partners VII, L.P. 2001 $10,000,000 $10,000,000 $8,685,717 $8,768,865 -2.3% 0.9x
Nautic Partners V, L.P. 2000 $10,000,000 $9,632,934 $19,740,491 $20,174,746 16.8% 2.1x
New Enterprise Associates 10, Limited Partnership 2000 $75,000,000 $75,000,000 $72,846,900 $88,623,940 2.5% 1.2x
NewMargin Growth Fund, L.P. 2008 $10,000,000 $9,600,597 $5,139,973 $5,139,973 -8.9% 0.5x
North Bridge Venture Partners V-A, L.P. 2001 $40,000,000 $40,000,000 $30,814,715 $36,645,429 -1.3% 0.9x
Oak Investment Partners IX, Limited Partnership 1999 $10,000,000 $10,000,000 $6,514,524 $6,541,333 -6.5% 0.7x
Oak Investment Partners X, Limited Partnership 2001 $25,000,000 $25,000,000 $31,260,214 $31,533,740 3.5% 1.3x
OpenView Venture Partners, L.P. 2007 $10,000,000 $10,000,000 $30,665,206 $33,361,715 12.7% 3.3x
Opus Capital Venture Partners V, L.P. 2006 $15,000,000 $15,000,000 $9,473,785 $20,306,415 3.5% 1.4x
OrbiMed Private Investments III, L.P. (fka Caduceus Private Investments III, L.P.) 2007 $10,000,000 $9,465,000 $20,356,006 $22,153,497 16.4% 2.3x
Redpoint Ventures II, L.P. 2000 $9,000,000 $8,730,000 $12,508,649 $12,508,649 5.3% 1.4x
Rho Ventures V, L.P. 2005 $5,000,000 $5,000,000 $907,742 $3,289,004 -3.8% 0.7x
SB Asia Investment Fund II L.P. 2005 $7,500,000 $7,500,000 $21,543,256 $23,906,494 16.9% 3.2x
Sevin Rosen Fund VIII L.P. 2000 $10,290,000 $10,135,650 $11,723,866 $11,723,866 1.6% 1.2x
Sinergia con Imprenditori 2005 $10,864,311 $10,243,126 $11,090,661 $11,152,224 1.8% 1.1x
Southvest Fund V, L.P. 2005 $5,000,000 $4,893,617 $9,653,085 $10,094,681 15.6% 2.1x
STG III, L.P. 2007 $15,555,556 $15,555,556 $39,263,177 $41,682,421 15% 2.7x
Summit Ventures VI-A, L.P. 2001 $25,000,000 $25,000,000 $54,163,249 $54,356,966 15.3% 2.2x
SV Life Sciences Fund IV, L.P. 2007 $15,000,000 $14,564,422 $21,748,426 $31,902,492 13.4% 2.2x
TCV VI, L.P. 2006 $20,000,000 $19,906,000 $30,682,029 $31,023,124 12.3% 1.6x
The Column Group, L.P. 2007 $5,000,000 $4,959,491 $9,356,998 $18,339,881 22% 3.7x
Third Rock Ventures, L.P. 2007 $15,000,000 $15,000,000 $56,587,090 $57,338,312 32.3% 3.8x
Updata Partners III, L.P. 2005 $10,000,000 $9,755,000 $14,645,671 $16,182,437 7.4% 1.7x
Updata Partners IV, L.P. 2007 $10,000,000 $9,760,000 $15,441,480 $16,436,179 9.6% 1.7x
Upfront III, L.P. (fka GRP III, L.P.) 2009 $5,000,000 $2,670,761 $6,011 $7,528,206 9.3% 2.8x
VantagePoint Venture Partners IV (Q), L.P. 2000 $50,000,000 $50,000,000 $46,243,362 $47,392,378 -0.7% 0.9x
Vector Capital IV, L.P. 2007 $25,000,000 $24,123,680 $42,134,110 $55,781,949 15.4% 2.3x
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 $5,798,819 $17,935,147 16.5% 3.7x
VIP I B L.P. 2007 $10,343,378 $9,870,232 $17,894,423 $18,327,993 11% 1.9x
West Rim Capital Partners II, L.P. (Sorenson II) 2008 $10,000,000 $9,769,484 $16,411,156 $24,056,989 13.7% 2.5x

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.