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 September 30, 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 -16.3% 0.2x
5AM Ventures II, L.P. 2007 $10,000,000 $10,000,000 $13,475,989 $15,708,034 9% 1.6x
5AM Ventures LLC 2004 $10,000,000 $10,000,000 $17,740,006 $17,752,094 12.4% 1.8x
Abingworth Bioventures IV, L.P. 2003 $10,000,000 $9,850,000 $11,776,930 $12,254,384 3.3% 1.2x
ABRY Partners V, L.P. 2005 $5,000,000 $4,583,861 $9,205,169 $9,400,643 17.3% 2.1x
ABRY Partners VI, L.P. 2008 $18,000,000 $15,985,097 $33,042,865 $33,389,674 19.8% 2.1x
Alloy Ventures 2002, L.P. 2002 $10,000,000 $10,000,000 $6,246,189 $6,447,298 -8.5% 0.6x
Altor 2003 Fund (No.1) Limited Partnership 2003 $12,280,766 $12,243,822 $42,492,861 $42,576,093 35.3% 3.5x
AMV Partners I, LP 2004 $15,000,000 $13,795,381 $15,423,532 $17,855,578 2.4% 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 $4,490,002 $7,859,051 2.3% 1.3x
Audax Private Equity Fund, L.P. TK2 2000 $100,000,000 $99,999,999 $152,945,764 $153,303,032 12.3% 1.5x
Austin Ventures IX, L.P. 2006 $17,500,000 $17,332,381 $21,196,242 $23,109,338 4.7% 1.3x
Avalon Ventures VIII, L.P. 2007 $15,000,000 $15,000,000 $30,400,330 $43,452,693 49.1% 2.9x
Baring India Private Equity Fund II Limited 2005 $5,000,000 $4,756,991 $1,437,807 $3,770,269 -2.4% 0.8x
Baring India Private Equity Fund III Limited 2008 $10,000,000 $9,778,092 $13,545,927 $15,077,387 8.9% 1.5x
Battery Ventures VII, L.P. 2005 $3,333,333 $3,333,333 $5,991,115 $6,087,755 9.9% 1.8x
Battery Ventures VIII Side Fund, L.P. 2008 $2,256,000 $2,256,000 $5,810,330 $6,355,357 30.1% 2.8x
Battery Ventures VIII, L.P. 2007 $6,000,000 $6,000,000 $13,320,066 $15,736,490 17.4% 2.6x
Bay Partners XI, L.P. 2006 $4,561,288 $4,233,587 $7,843,464 $8,648,056 13.1% 2.0x
Berkshire Fund VI, Limited Partnership 2002 $25,000,000 $23,274,119 $68,499,379 $71,928,621 25% 3.1x
Berkshire Fund VII, L.P. 2006 $25,000,000 $24,618,095 $49,596,646 $53,130,359 17.3% 2.2x
Bertram Growth Capital I, L.P. 2007 $20,000,000 $18,648,953 $27,083,685 $29,794,554 10% 1.6x
Bowmark Capital Partners IV, L.P. 2008 $16,306,524 $16,306,524 $15,033,742 $21,014,317 4.2% 1.3x
Bridgescale Partners, L.P. 2006 $2,500,000 $2,262,500 $2,256,706 $2,656,231 2.2% 1.2x
Celtic House Venture Partners Fund III (U.S.), L.P. 2005 $10,000,000 $9,926,760 $173,820 $1,171,045 -20.7% 0.1x
Ceyuan Ventures II, L.P. 2008 $7,000,000 $6,689,781 $4,784,118 $5,128,258 -5.5% 0.8x
Commonwealth Capital Ventures IV, L.P. 2007 $15,000,000 $15,000,000 $24,729,518 $33,644,406 11% 2.2x
DCM III, L.P. 2000 $25,000,000 $25,000,000 $27,245,930 $29,664,689 2.1% 1.2x
DT Capital China Growth Fund, L.P. 2008 $10,000,000 $10,000,000 $9,259,134 $12,509,854 4% 1.3x
DT Ventures China Fund II, L.P. 2007 $5,000,000 $5,000,000 $3,290,065 $5,093,045 0.1% 1.0x
Eos Capital Partners III, L.P. 2005 $15,000,000 $14,578,556 $23,829,951 $27,710,475 9.5% 1.9x
Eos Capital Partners IV, L.P. 2007 $15,000,000 $14,630,346 $19,423,875 $26,796,080 12.1% 1.8x
Flagship Ventures Fund 2007, L.P. 2007 $15,000,000 $15,000,000 $20,140,124 $26,076,041 10.5% 1.7x
Fletcher Spaght Ventures, L.P. 2001 $5,000,000 $5,000,000 $3,460,211 $7,820,093 5.4% 1.6x
Foundry Venture Capital 2007, L.P. 2007 $10,000,000 $9,850,000 $48,354,355 $49,400,800 42.9% 5.0x
Friedman Fleischer & Lowe Capital Partners II, L.P. 2005 $20,000,000 $14,231,379 $27,150,270 $30,401,879 12.5% 2.1x
Garnett & Helfrich Capital, L.P. 2005 $14,000,000 $11,748,500 $29,334,567 $29,835,001 16.2% 2.5x
General Catalyst Group II, L.P. 2001 $25,000,000 $23,375,000 $57,751,146 $58,028,818 11.9% 2.5x
Global Catalyst Partners III, L.P. 2006 $5,000,000 $4,650,000 $4,148,510 $5,024,846 0.8% 1.1x
Graham Partners II, L.P. 2005 $5,000,000 $4,966,964 $8,088,123 $8,269,962 7.7% 1.7x
Harren Investors II, L.P. 2008 $10,000,000 $9,182,497 $5,049,307 $6,452,306 -10.8% 0.7x
HealthCap IV, L.P. 2002 $6,654,967 $6,654,967 $9,708,629 $9,712,385 6.4% 1.5x
Highland Capital Partners V Limited Partnership 2000 $5,000,000 $5,000,000 $4,989,894 $5,131,304 0.4% 1.0x
Highland Capital Partners VI Limited Partnership 2001 $35,000,000 $35,000,000 $55,591,230 $56,807,169 11.5% 1.6x
Highland Capital Partners VII Limited Partnership 2006 $7,500,000 $7,500,000 $8,700,185 $11,185,067 6% 1.5x
Highland Consumer Fund I Limited Partnership 2007 $15,000,000 $15,000,000 $8,513,963 $12,220,382 -2.8% 0.8x
Huntsman Gay Capital Partners Fund, L.P. 2008 $20,000,000 $19,551,859 $23,494,514 $27,303,888 11% 1.4x
Index Ventures III (Delaware), L.P. 2005 $5,296,179 $5,296,179 $12,566,245 $14,497,267 16.3% 2.7x
Indium (Mauritius) PCC (fka IVF (Mauritus) PCC) 2005 $5,000,000 $4,595,016 $5,996,119 $6,545,268 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 $14,229,700 5.5% 1.4x
Insight Venture Partners IV, L.P. 2000 $40,000,000 $40,000,000 $67,712,062 $67,788,331 9.4% 1.7x
International Life Sciences Fund III, L.P. 2002 $10,000,000 $10,000,000 $13,428,440 $14,108,665 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
Jerusalem Venture Partners IV, L.P. 2001 $7,500,000 $7,500,000 $13,189,108 $13,457,999 6.9% 1.8x
Menlo Ventures IX, L.P. 2001 $15,000,000 $15,000,000 $15,190,886 $15,634,823 0.7% 1.0x
Morgenthaler Partners VII, L.P. 2001 $10,000,000 $10,000,000 $8,685,717 $8,706,962 -2.5% 0.9x
Nautic Partners V, L.P. 2000 $10,000,000 $9,632,934 $19,740,491 $20,296,790 16.9% 2.1x
New Enterprise Associates 10, Limited Partnership 2000 $75,000,000 $75,000,000 $72,846,900 $84,826,420 2% 1.1x
NewMargin Growth Fund, L.P. 2008 $10,000,000 $9,580,165 $4,986,401 $5,227,224 -8.6% 0.5x
North Bridge Venture Partners IV-B, L.P. 1999 $10,000,000 $10,000,000 $8,642,488 $9,061,227 -1.6% 0.9x
North Bridge Venture Partners V-A, L.P. 2001 $40,000,000 $40,000,000 $30,814,715 $36,116,920 -1.6% 0.9x
Oak Investment Partners IX, Limited Partnership 1999 $10,000,000 $10,000,000 $6,514,524 $6,586,402 -6.3% 0.7x
Oak Investment Partners X, Limited Partnership 2001 $25,000,000 $25,000,000 $31,260,214 $31,587,053 3.5% 1.3x
OpenView Venture Partners, L.P. 2007 $10,000,000 $10,000,000 $15,150,306 $26,596,897 11.1% 2.7x
Opus Capital Venture Partners V, L.P. 2006 $15,000,000 $15,000,000 $8,379,772 $16,720,769 1.4% 1.1x
OrbiMed Private Investments III, L.P. (fka Caduceus Private Investments III, L.P.) 2007 $10,000,000 $9,465,000 $19,894,669 $21,779,608 16.4% 2.3x
Pitango Venture Capital Fund III (USA) LP 2000 $5,000,000 $5,000,000 $4,361,153 $5,920,729 1.4% 1.2x
Redpoint Ventures II, L.P. 2000 $9,000,000 $8,730,000 $12,453,409 $12,520,932 5.3% 1.4x
Rembrandt Venture Partners II, L.P. (secondary) 2007 $2,398,836 $2,398,836 $2,467,875 $2,898,865 3.3% 1.2x
Rho Ventures V, L.P. 2005 $5,000,000 $5,000,000 $626,215 $2,540,153 -6.9% 0.5x
Rhone Partners II, L.P. 2003 $10,866,555 $10,082,323 $28,468,797 $30,502,661 42.4% 3.0x
SB Asia Investment Fund II L.P. 2005 $7,500,000 $7,500,000 $21,413,767 $23,920,036 17% 3.2x
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 $11,712,735 1.6% 1.2x
Sierra Ventures VIII-A, L.P. 2000 $20,000,000 $20,000,000 $15,636,502 $15,647,271 -3.9% 0.8x
Sinergia con Imprenditori 2005 $10,796,059 $10,243,126 $9,988,963 $11,124,069 1.8% 1.1x
Solera Partners, L.P. 2000 $75,000,000 $47,160,217 $107,207,721 $107,473,535 7.5% 2.3x
Southvest Fund V, L.P. 2005 $5,000,000 $4,893,617 $9,572,716 $9,954,276 15.6% 2.0x
STG III, L.P. 2007 $15,555,556 $15,555,556 $28,034,601 $35,996,718 13.5% 2.3x
Summit Accelerator Fund, L.P. 1999 $1,500,000 $1,417,500 $2,485,028 $2,526,256 9.8% 1.8x
Summit Ventures VI-A, L.P. 2001 $25,000,000 $25,000,000 $53,986,356 $54,255,186 15.4% 2.2x
SV Life Sciences Fund IV, L.P. 2007 $15,000,000 $14,564,422 $21,495,389 $29,768,302 13.1% 2.0x
TCV VI, L.P. 2006 $20,000,000 $19,906,000 $28,424,049 $32,828,643 13.1% 1.6x
The Column Group, L.P. 2007 $5,000,000 $4,959,491 $8,854,583 $12,865,120 19.1% 2.6x
Third Rock Ventures, L.P. 2007 $15,000,000 $15,000,000 $52,482,207 $55,001,664 32.1% 3.7x
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 $16,288,686 7.5% 1.7x
Updata Partners IV, L.P. 2007 $10,000,000 $9,813,745 $13,464,214 $16,228,160 9.6% 1.7x
Upfront II, L.P. (fka GRP II, L.P.) 2000 $5,000,000 $4,645,351 $12,624,682 $12,915,211 13.3% 2.8x
Upfront III, L.P. (fka GRP III, L.P.) 2009 $5,000,000 $2,593,269 $6,011 $6,175,180 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 $46,910,897 -0.9% 0.9x
Vector Capital IV, L.P. 2007 $25,000,000 $24,123,680 $30,267,715 $48,463,070 14.2% 2.0x
Viola Ventures II, L.P. (fka Carmel Ventures II, L.P.) 2005 $5,000,000 $4,927,388 $5,027,387 $5,948,823 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 $12,707,928 13.9% 2.8x
VIP I B L.P. 2007 $10,291,392 $9,870,232 $17,894,423 $18,381,361 11.1% 1.9x
West Rim Capital Partners II, L.P. (Sorenson II) 2008 $10,000,000 $9,766,779 $13,016,084 $22,370,426 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.