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            
(ARCH) Healthcare Focus Fund, L.P. 2001 $30,000,000 $30,000,000 $4,912,870 $7,148,669 -13.2% 0.2x
2003 Riverside Capital Appreciation Fund, L.P. 2004 $12,500,000 $12,270,418 $24,944,989 $25,024,836 17.1% 2.0x
5AM Ventures II, L.P. 2007 $10,000,000 $10,000,000 $12,760,265 $16,116,182 9.6% 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 $12,736,943 3.8% 1.3x
ABRY Partners V, L.P. 2005 $5,000,000 $4,583,861 $9,178,097 $9,379,689 17.3% 2.0x
ABRY Partners VI, L.P. 2008 $18,000,000 $15,973,542 $33,035,442 $33,369,502 19.8% 2.1x
Alloy Ventures 2002, L.P. 2002 $10,000,000 $10,000,000 $6,246,189 $6,584,795 -7.9% 0.7x
Altor 2003 Fund (No.1) Limited Partnership 2003 $12,283,087 $12,243,822 $42,492,861 $42,632,870 35.3% 3.5x
AMV Partners I, LP 2004 $15,000,000 $13,209,343 $12,378,976 $18,960,460 3.3% 1.4x
Applied Genomic Technology Capital Fund, L.P. 2001 $5,000,000 $5,000,000 $6,962,013 $7,235,704 5% 1.4x
Atlas Venture Fund VI, L.P. 2001 $6,200,000 $6,200,000 $4,347,883 $7,484,170 1.9% 1.2x
Audax Private Equity Fund, L.P. TK2 2000 $100,000,000 $99,999,999 $152,945,764 $153,300,758 12.3% 1.5x
Austin Ventures IX, L.P. 2006 $17,500,000 $17,332,381 $19,594,361 $23,920,163 5.2% 1.4x
Avalon Ventures VIII, L.P. 2007 $15,000,000 $14,866,351 $30,292,607 $43,655,798 49.7% 2.9x
Baring India Private Equity Fund II Limited 2005 $5,000,000 $4,756,991 $1,346,973 $2,970,676 -5.4% 0.6x
Baring India Private Equity Fund III Limited 2008 $10,000,000 $9,778,092 $12,981,575 $14,307,876 8% 1.5x
Battery Ventures VI, L.P. 2000 $6,311,253 $6,311,253 $8,323,494 $8,353,501 4.8% 1.3x
Battery Ventures VII, L.P. 2005 $3,333,333 $3,333,333 $5,991,115 $6,090,103 9.9% 1.8x
Battery Ventures VIII Side Fund, L.P. 2008 $2,256,000 $2,256,000 $5,804,071 $6,358,626 30.3% 2.8x
Battery Ventures VIII, L.P. 2007 $6,000,000 $6,000,000 $12,541,443 $15,963,769 17.9% 2.7x
Bay Partners XI, L.P. 2006 $4,561,288 $4,233,587 $7,843,464 $8,377,327 12.9% 2.0x
Berkshire Fund VI, Limited Partnership 2002 $25,000,000 $23,272,914 $62,937,223 $73,341,455 25.2% 3.2x
Berkshire Fund VII, L.P. 2006 $25,000,000 $24,617,216 $45,306,467 $51,412,828 17.1% 2.1x
Bertram Growth Capital I, L.P. 2007 $20,000,000 $18,648,953 $24,617,259 $29,916,198 10.2% 1.6x
Bowmark Capital Partners IV, L.P. 2008 $16,306,524 $16,306,524 $11,853,238 $21,001,131 4.4% 1.3x
Bridgescale Partners, L.P. 2006 $2,500,000 $2,262,500 $1,894,444 $2,564,026 1.8% 1.1x
Carmel Software Fund (Delaware) L.P. 2000 $7,175,000 $7,175,000 $7,619,687 $7,630,493 1.1% 1.1x
Celtic House Venture Partners Fund III (U.S.), L.P. 2005 $10,000,000 $9,926,760 $173,820 $942,469 -25.4% 0.1x
Ceyuan Ventures II, L.P. 2008 $7,000,000 $6,689,781 $4,349,561 $6,248,268 -1.3% 0.9x
Commonwealth Capital Ventures IV, L.P. 2007 $15,000,000 $15,000,000 $23,617,550 $34,580,595 11.7% 2.3x
DCM III, L.P. 2000 $25,000,000 $25,000,000 $26,725,728 $29,887,987 2.2% 1.2x
DT Capital China Growth Fund, L.P. 2008 $10,000,000 $9,912,530 $9,061,714 $12,648,268 4.5% 1.3x
DT Ventures China Fund II, L.P. 2007 $5,000,000 $5,000,000 $3,123,913 $5,045,511 0% 1.0x
Eos Capital Partners III, L.P. 2005 $15,000,000 $14,578,556 $22,220,253 $27,219,992 9.5% 1.9x
Eos Capital Partners IV, L.P. 2007 $15,000,000 $14,492,346 $17,781,963 $25,935,223 12.2% 1.8x
Flagship Ventures Fund 2007, L.P. 2007 $15,000,000 $15,000,000 $20,140,124 $28,377,883 12.1% 1.9x
Fletcher Spaght Ventures, L.P. 2001 $5,000,000 $5,000,000 $3,460,211 $7,927,164 5.9% 1.6x
Focus Ventures II, L.P. 2000 $5,000,000 $4,775,000 $5,212,562 $5,390,472 1.7% 1.1x
Foundry Venture Capital 2007, L.P. 2007 $10,000,000 $9,850,000 $48,354,355 $50,580,543 43.1% 5.1x
Friedman Fleischer & Lowe Capital Partners II, L.P. 2005 $20,000,000 $14,231,379 $27,139,198 $33,424,604 13.5% 2.3x
Garnett & Helfrich Capital, L.P. 2005 $14,000,000 $11,748,500 $28,742,267 $29,537,912 16.2% 2.5x
General Catalyst Group II, L.P. 2001 $25,000,000 $23,375,000 $57,751,146 $58,011,937 11.9% 2.5x
Global Catalyst Partners III, L.P. 2006 $5,000,000 $4,650,000 $572,434 $6,970,715 4.2% 1.5x
Graham Partners II, L.P. 2005 $5,000,000 $4,938,531 $6,957,162 $8,387,038 8% 1.7x
Harren Investors II, L.P. 2008 $10,000,000 $9,179,956 $5,046,766 $7,548,123 -6% 0.8x
HealthCap IV, L.P. 2002 $6,654,967 $6,654,967 $9,685,764 $9,737,490 6.5% 1.5x
Highland Capital Partners V Limited Partnership 2000 $5,000,000 $5,000,000 $4,989,894 $5,161,354 0.5% 1.0x
Highland Capital Partners VI Limited Partnership 2001 $35,000,000 $35,000,000 $51,843,604 $58,092,785 11.8% 1.7x
Highland Capital Partners VII Limited Partnership 2006 $7,500,000 $7,500,000 $6,757,602 $9,959,056 4.6% 1.3x
Highland Consumer Fund I Limited Partnership 2007 $15,000,000 $15,000,000 $8,011,664 $12,489,393 -2.6% 0.8x
Huntsman Gay Capital Partners Fund, L.P. 2008 $20,000,000 $19,551,859 $23,514,985 $29,642,780 13.1% 1.5x
i2 Capital Partners 2008 $9,315,390 $8,861,642 $6,928,738 $7,994,469 -2.2% 0.9x
Index Ventures III (Delaware), L.P. 2005 $5,296,179 $5,296,179 $11,903,894 $14,140,059 16.3% 2.7x
Indium (Mauritius) PCC (fka IVF (Mauritus) PCC) 2005 $5,000,000 $4,595,016 $5,996,119 $6,730,448 13.2% 1.5x
Indium III (Mauritius) Holdings Limited (fka IVF III (Mauritius) Holdings Limited) 2007 $10,000,000 $9,944,398 $11,973,232 $15,038,076 6.3% 1.5x
Insight Venture Partners IV, L.P. 2000 $40,000,000 $40,000,000 $66,840,914 $67,502,072 9.4% 1.7x
International Life Sciences Fund III, L.P. 2002 $10,000,000 $10,000,000 $13,232,963 $13,970,279 7.8% 1.4x
Investcorp Technology Partners III, L.P. 2008 $15,000,000 $13,341,487 $20,752,607 $26,213,934 17.6% 2.0x
Israel Seed IV, L.P. 2000 $2,500,000 $2,500,000 $1,341,785 $1,538,215 -5.7% 0.6x
Jerusalem Venture Partners IV, L.P. 2001 $7,500,000 $7,500,000 $13,189,108 $13,494,387 7% 1.8x
JMI Equity Fund IV, L.P. 1999 $2,500,000 $2,396,434 $8,446,473 $8,446,473 15.8% 3.5x
Menlo Ventures IX, L.P. 2001 $15,000,000 $15,000,000 $14,399,900 $15,508,265 0.5% 1.0x
Morgenthaler Partners VII, L.P. 2001 $10,000,000 $10,000,000 $8,685,717 $8,727,565 -2.4% 0.9x
MPM BioVentures III-QP, L.P. 2002 $50,000,000 $50,000,000 $38,272,360 $38,611,508 -4.3% 0.8x
Nautic Partners V, L.P. 2000 $10,000,000 $9,632,934 $19,700,630 $20,271,407 16.9% 2.1x
New Enterprise Associates 10, Limited Partnership 2000 $75,000,000 $75,000,000 $69,628,232 $96,172,737 3.7% 1.3x
NewMargin Growth Fund, L.P. 2008 $10,000,000 $9,580,123 $4,215,060 $5,528,363 -7.8% 0.6x
North Bridge Venture Partners IV-B, L.P. 1999 $10,000,000 $10,000,000 $8,642,488 $9,015,390 -1.7% 0.9x
North Bridge Venture Partners V-A, L.P. 2001 $40,000,000 $40,000,000 $30,814,715 $35,459,016 -2% 0.9x
Oak Investment Partners IX, Limited Partnership 1999 $10,000,000 $10,000,000 $6,341,444 $6,569,345 -6.5% 0.7x
Oak Investment Partners X, Limited Partnership 2001 $25,000,000 $25,000,000 $26,449,015 $31,492,622 3.5% 1.3x
OpenView Venture Partners, L.P. 2007 $10,000,000 $10,000,000 $10,412,278 $24,661,941 10.8% 2.5x
Opus Capital Venture Partners V, L.P. 2006 $15,000,000 $15,000,000 $7,950,114 $16,218,449 1.1% 1.1x
OrbiMed Private Investments II, LP (fka Caduceus Private Investments II, L.P.) 2003 $10,000,000 $8,713,026 $14,339,299 $15,224,506 12.8% 1.7x
OrbiMed Private Investments III, L.P. (fka Caduceus Private Investments III, L.P.) 2007 $10,000,000 $9,465,000 $17,296,375 $23,195,215 17.4% 2.5x
Palomar Ventures II, L.P. 2000 $7,500,959 $7,500,959 $6,610,365 $6,843,618 -1.1% 0.9x
Pinnacle Ventures I-B, L.P. 2002 $30,040,818 $30,040,818 $35,444,725 $35,463,220 3.5% 1.2x
Pitango Venture Capital Fund III (USA) LP 2000 $5,000,000 $5,000,000 $4,043,006 $5,934,855 1.5% 1.2x
Pitango Venture Capital Fund IV, L.P. 2004 $20,000,000 $20,000,000 $16,812,162 $21,595,243 1.1% 1.1x
Polaris Venture Partners IV, L.P. 2002 $10,000,000 $9,950,000 $10,536,851 $12,061,567 2.4% 1.2x
Redpoint Ventures II, L.P. 2000 $9,000,000 $8,730,000 $12,275,416 $12,592,021 5.4% 1.4x
Rembrandt Venture Partners II, L.P. (secondary) 2007 $2,398,836 $2,398,836 $2,467,875 $3,117,870 0% 1.3x
Rho Ventures V, L.P. 2005 $5,000,000 $5,000,000 $626,215 $2,909,816 -6% 0.6x
Rhone Partners II, L.P. 2003 $10,866,555 $10,082,323 $28,281,119 $30,278,156 42.4% 3.0x
SB Asia Investment Fund II L.P. 2005 $7,500,000 $7,500,000 $20,687,678 $24,470,571 17.3% 3.3x
Schroder Ventures International Life Sciences Fund II, L.P.1 1999 $10,000,000 $10,000,000 $13,336,078 $13,620,358 6.2% 1.4x
Sequel Limited Partnership III 2000 $25,000,000 $25,000,000 $35,723,277 $35,723,277 5.2% 1.4x
Sevin Rosen Fund VIII L.P. 2000 $10,290,000 $10,135,650 $11,340,410 $11,630,796 1.5% 1.1x
Sierra Ventures VIII-A, L.P. 2000 $20,000,000 $20,000,000 $14,861,015 $15,625,974 -3.9% 0.8x
Sinergia con Imprenditori 2005 $10,830,786 $10,243,126 $9,988,963 $11,144,154 1.9% 1.1x
Solera Partners, L.P. 2000 $75,000,000 $46,958,766 $107,207,721 $108,997,373 7.6% 2.3x
Southvest Fund V, L.P. 2005 $5,000,000 $4,893,617 $9,573,149 $9,943,577 15.6% 2.0x
STG III, L.P. 2007 $15,555,556 $15,555,556 $27,047,032 $33,418,396 12.8% 2.1x
Summit Accelerator Fund, L.P. 1999 $1,500,000 $1,417,500 $2,485,028 $2,526,138 9.8% 1.8x
Summit Ventures VI-A, L.P. 2001 $25,000,000 $25,000,000 $53,256,076 $54,186,527 15.4% 2.2x
SV Life Sciences Fund IV, L.P. 2007 $15,000,000 $14,564,422 $20,912,752 $30,960,265 14.1% 2.1x
TCV VI, L.P. 2006 $20,000,000 $19,906,000 $28,306,192 $32,988,596 13.4% 1.7x
The Column Group, L.P. 2007 $5,000,000 $4,959,491 $6,556,178 $11,189,683 18.1% 2.3x
Third Rock Ventures, L.P. 2007 $15,000,000 $15,000,000 $51,829,220 $55,686,205 32.4% 3.7x
Three Arch Capital, L.P. 2000 $40,081,923 $39,080,423 $33,610,173 $33,621,953 -1.9% 0.9x
Three Arch Partners III, L.P. 2000 $2,696,735 $2,640,485 $4,320,834 $4,323,168 8.3% 1.6x
Three Arch Partners IV, L.P. 2004 $25,000,000 $23,812,500 $29,218,899 $29,287,317 3.4% 1.2x
Trident Capital Fund - V, L.P. 2000 $5,293,999 $5,249,900 $8,728,699 $8,937,531 8% 1.7x
United States Power Fund, L.P. 2003 $15,000,000 $15,000,000 $27,721,873 $27,749,527 26.9% 1.9x
Updata Partners III, L.P. 2005 $10,000,000 $9,755,000 $14,459,794 $16,279,802 7.6% 1.7x
Updata Partners IV, L.P. 2007 $10,000,000 $9,813,745 $12,722,374 $16,088,273 9.7% 1.6x
Upfront II, L.P. (fka GRP II, L.P.) 2000 $5,000,000 $4,645,351 $10,761,290 $12,122,571 12.9% 2.6x
Upfront III, L.P. (fka GRP III, L.P.) 2009 $5,000,000 $2,447,963 $6,011 $5,464,237 8.3% 2.2x
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 $43,640,732 $46,904,619 -0.9% 0.9x
Vector Capital IV, L.P. 2007 $25,000,000 $24,123,680 $23,784,562 $48,247,890 15.1% 2.0x
Viola Ventures II, L.P. (fka Carmel Ventures II, L.P.) 2005 $5,000,000 $4,927,388 $3,451,274 $5,943,931 2.5% 1.2x
Viola Ventures III, L.P. (fka Carmel Ventures III, L.P.) 2008 $5,000,000 $4,365,783 $1,414,894 $10,767,939 13.2% 2.5x
VIP I B L.P. 2007 $10,317,842 $9,870,232 $11,991,522 $18,231,238 11.5% 1.8x
West Rim Capital Partners II, L.P. (Sorenson II) 2008 $10,000,000 $9,754,847 $10,302,627 $21,001,842 13.6% 2.2x

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.