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 $7,149,620 -13.4% 0.2x
2003 Riverside Capital Appreciation Fund, L.P. 2004 $12,500,000 $12,270,418 $24,944,989 $25,022,230 17.1% 2.0x
5AM Ventures II, L.P. 2007 $10,000,000 $10,000,000 $12,760,265 $16,124,918 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 $12,732,487 3.8% 1.3x
ABRY Partners V, L.P. 2005 $5,000,000 $4,583,861 $9,172,925 $9,367,366 17.3% 2.0x
ABRY Partners VI, L.P. 2008 $18,000,000 $15,973,542 $33,035,442 $33,366,982 19.8% 2.1x
Alloy Ventures 2002, L.P. 2002 $10,000,000 $10,000,000 $6,246,189 $6,537,000 -8.1% 0.7x
Altor 2003 Fund (No.1) Limited Partnership 2003 $12,283,353 $12,243,822 $42,492,861 $42,633,820 35.3% 3.5x
AMV Partners I, LP 2004 $15,000,000 $13,140,343 $12,378,976 $18,679,241 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% 1.4x
Atlas Venture Fund VI, L.P. 2001 $6,200,000 $6,200,000 $4,347,883 $7,863,345 2.4% 1.3x
Audax Private Equity Fund, L.P. TK2 2000 $100,000,000 $99,999,999 $152,945,764 $153,300,290 12.3% 1.5x
Austin Ventures IX, L.P. 2006 $17,500,000 $17,332,381 $19,594,361 $24,063,523 5.4% 1.4x
Avalon Ventures VIII, L.P. 2007 $15,000,000 $14,866,351 $30,292,607 $43,793,250 50% 2.9x
Baring India Private Equity Fund II Limited 2005 $5,000,000 $4,756,991 $1,346,973 $3,460,299 -3.6% 0.7x
Baring India Private Equity Fund III Limited 2008 $10,000,000 $9,778,092 $12,751,044 $14,893,826 8.9% 1.5x
Battery Ventures VI, L.P. 2000 $6,311,253 $6,311,253 $8,323,494 $8,350,062 4.8% 1.3x
Battery Ventures VII, L.P. 2005 $3,333,333 $3,333,333 $5,991,115 $6,048,554 9.8% 1.8x
Battery Ventures VIII Side Fund, L.P. 2008 $2,256,000 $2,256,000 $5,804,071 $6,363,305 30.3% 2.8x
Battery Ventures VIII, L.P. 2007 $6,000,000 $6,000,000 $11,811,828 $15,719,905 17.8% 2.6x
Bay Partners XI, L.P. 2006 $4,561,288 $4,233,587 $7,843,464 $8,200,820 12.6% 1.9x
Berkshire Fund VI, Limited Partnership 2002 $25,000,000 $23,272,914 $58,348,771 $72,369,555 25.2% 3.1x
Berkshire Fund VII, L.P. 2006 $25,000,000 $24,617,216 $43,703,619 $50,591,154 17% 2.1x
Bertram Growth Capital I, L.P. 2007 $20,000,000 $18,648,953 $24,277,643 $29,481,565 10.1% 1.6x
Bowmark Capital Partners IV, L.P. 2008 $16,306,524 $16,306,524 $11,853,238 $21,159,752 4.6% 1.3x
Bridgescale Partners, L.P. 2006 $2,500,000 $2,262,500 $1,894,444 $2,506,333 1.5% 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 $909,180 -26.6% 0.1x
Ceyuan Ventures II, L.P. 2008 $7,000,000 $6,689,781 $4,349,561 $6,561,987 -0.4% 1.0x
Commonwealth Capital Ventures IV, L.P. 2007 $15,000,000 $15,000,000 $23,617,550 $34,231,319 11.7% 2.3x
DCM III, L.P. 2000 $25,000,000 $25,000,000 $26,725,728 $30,313,111 2.3% 1.2x
DT Capital China Growth Fund, L.P. 2008 $10,000,000 $9,912,530 $9,061,714 $12,596,131 4.5% 1.3x
DT Ventures China Fund II, L.P. 2007 $5,000,000 $5,000,000 $3,123,913 $5,238,070 0.4% 1.0x
Eos Capital Partners III, L.P. 2005 $15,000,000 $14,578,556 $18,835,472 $26,731,837 9.4% 1.8x
Eos Capital Partners IV, L.P. 2007 $15,000,000 $14,492,346 $17,781,963 $25,107,612 11.8% 1.7x
Flagship Ventures Fund 2007, L.P. 2007 $15,000,000 $15,000,000 $18,519,862 $28,403,481 12.3% 1.9x
Fletcher Spaght Ventures, L.P. 2001 $5,000,000 $5,000,000 $3,460,211 $7,927,950 6% 1.6x
Focus Ventures II, L.P. 2000 $5,000,000 $4,775,000 $5,212,562 $5,293,970 1.5% 1.1x
Foundry Venture Capital 2007, L.P. 2007 $10,000,000 $9,850,000 $43,371,430 $49,089,482 42.9% 5.0x
Friedman Fleischer & Lowe Capital Partners II, L.P. 2005 $20,000,000 $14,231,379 $27,139,198 $32,390,320 13.3% 2.3x
Garnett & Helfrich Capital, L.P. 2005 $14,000,000 $11,748,500 $22,215,993 $29,891,432 16.3% 2.5x
General Catalyst Group II, L.P. 2001 $25,000,000 $23,375,000 $57,751,146 $58,014,732 11.9% 2.5x
Global Catalyst Partners III, L.P. 2006 $5,000,000 $4,650,000 $572,434 $6,971,484 4.4% 1.5x
Graham Partners II, L.P. 2005 $5,000,000 $4,938,531 $6,957,162 $8,262,383 7.8% 1.7x
Harren Investors II, L.P. 2008 $10,000,000 $9,179,956 $5,046,766 $7,734,957 -5.4% 0.8x
HealthCap IV, L.P. 2002 $6,654,967 $6,654,967 $9,685,764 $9,738,896 6.5% 1.5x
Highland Capital Partners V Limited Partnership 2000 $5,000,000 $5,000,000 $4,989,894 $5,161,603 0.5% 1.0x
Highland Capital Partners VI Limited Partnership 2001 $35,000,000 $35,000,000 $51,843,604 $58,297,047 11.8% 1.7x
Highland Capital Partners VII Limited Partnership 2006 $7,500,000 $7,500,000 $6,272,155 $9,970,953 4.6% 1.3x
Highland Consumer Fund I Limited Partnership 2007 $15,000,000 $15,000,000 $6,590,986 $12,400,298 -2.7% 0.8x
Huntsman Gay Capital Partners Fund, L.P. 2008 $20,000,000 $19,551,859 $23,514,985 $30,841,600 14% 1.6x
i2 Capital Partners 2008 $9,318,486 $8,840,399 $6,749,055 $8,041,370 -2% 0.9x
Index Ventures III (Delaware), L.P. 2005 $5,296,179 $5,296,179 $11,903,894 $14,080,773 16.3% 2.7x
Indium (Mauritius) PCC (fka IVF (Mauritus) PCC) 2005 $5,000,000 $4,595,016 $5,996,119 $6,773,032 13.4% 1.5x
Indium III (Mauritius) Holdings Limited (fka IVF III (Mauritius) Holdings Limited) 2007 $10,000,000 $9,944,398 $11,973,232 $15,333,751 6.6% 1.5x
Insight Venture Partners IV, L.P. 2000 $40,000,000 $40,000,000 $66,840,914 $67,453,746 9.4% 1.7x
International Life Sciences Fund III, L.P. 2002 $10,000,000 $10,000,000 $13,232,963 $13,832,417 7.6% 1.4x
Investcorp Technology Partners III, L.P. 2008 $15,000,000 $13,341,487 $20,752,607 $26,384,902 17.8% 2.0x
Jerusalem Venture Partners IV, L.P. 2001 $7,500,000 $7,500,000 $13,189,108 $13,458,839 7% 1.8x
JMI Equity Fund IV, L.P. 1999 $2,500,000 $2,396,434 $8,413,925 $8,447,167 15.8% 3.5x
Menlo Ventures IX, L.P. 2001 $15,000,000 $15,000,000 $14,155,353 $15,766,997 0.8% 1.1x
Morgenthaler Partners VII, L.P. 2001 $10,000,000 $10,000,000 $8,685,717 $8,754,422 -2.4% 0.9x
MPM BioVentures III-QP, L.P. 2002 $50,000,000 $50,000,000 $35,341,992 $40,506,129 -3.4% 0.8x
Nautic Partners V, L.P. 2000 $10,000,000 $9,632,934 $19,700,630 $20,281,837 16.9% 2.1x
New Enterprise Associates 10, Limited Partnership 2000 $75,000,000 $75,000,000 $69,628,232 $92,323,311 3.2% 1.2x
NewMargin Growth Fund, L.P. 2008 $10,000,000 $9,559,571 $3,815,134 $5,659,807 -7.5% 0.6x
North Bridge Venture Partners IV-B, L.P. 1999 $10,000,000 $10,000,000 $8,642,488 $9,016,983 -1.7% 0.9x
North Bridge Venture Partners V-A, L.P. 2001 $40,000,000 $40,000,000 $30,814,715 $35,463,024 -2% 0.9x
Oak Investment Partners IX, Limited Partnership 1999 $10,000,000 $10,000,000 $6,341,444 $6,527,362 -6.7% 0.7x
Oak Investment Partners X, Limited Partnership 2001 $25,000,000 $25,000,000 $26,112,331 $31,987,880 3.7% 1.3x
OpenView Venture Partners, L.P. 2007 $10,000,000 $10,000,000 $10,412,278 $24,797,187 11.1% 2.5x
Opus Capital Venture Partners V, L.P. 2006 $15,000,000 $15,000,000 $7,950,114 $16,417,387 1.3% 1.1x
OrbiMed Private Investments II, LP 2003 $10,000,000 $8,713,026 $14,339,299 $15,224,506 12.8% 1.7x
OrbiMed Private Investments III, L.P. 2007 $10,000,000 $9,465,000 $17,296,375 $22,786,525 17.3% 2.4x
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 $33,820,107 $35,309,321 3.4% 1.2x
Pitango Venture Capital Fund III (USA) LP 2000 $5,000,000 $5,000,000 $4,043,006 $5,818,947 1.3% 1.2x
Pitango Venture Capital Fund IV, L.P. 2004 $20,000,000 $20,000,000 $16,812,162 $21,631,771 1.1% 1.1x
Polaris Venture Partners IV, L.P. 2002 $10,000,000 $9,950,000 $10,536,851 $12,187,116 2.5% 1.2x
Redpoint Ventures II, L.P. 2000 $9,000,000 $8,730,000 $11,650,253 $12,264,745 5.1% 1.4x
Rembrandt Venture Partners II, L.P. (secondary) 2007 $2,398,836 $2,398,836 $2,467,875 $3,100,549 4.5% 1.3x
Rho Ventures V, L.P. 2005 $5,000,000 $5,000,000 $626,215 $3,002,156 -5.8% 0.6x
Rhone Partners II, L.P. 2003 $10,866,555 $10,082,323 $28,281,119 $30,250,215 42.4% 3.0x
SB Asia Investment Fund II L.P. 2005 $7,500,000 $7,500,000 $20,687,678 $24,383,226 17.4% 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 $35,727,180 5.2% 1.4x
Sevin Rosen Fund VIII L.P. 2000 $10,290,000 $10,135,650 $11,340,410 $11,630,894 1.5% 1.1x
Sierra Ventures VIII-A, L.P. 2000 $20,000,000 $20,000,000 $14,614,636 $15,623,942 -3.9% 0.8x
Sinergia con Imprenditori 2005 $10,834,774 $10,243,126 $9,988,963 $11,144,586 1.9% 1.1x
Solera Partners, L.P. 2000 $75,000,000 $46,925,860 $107,207,721 $108,998,997 7.6% 2.3x
Southvest Fund V, L.P. 2005 $5,000,000 $4,893,617 $9,510,195 $9,930,593 15.6% 2.0x
STG III, L.P. 2007 $15,555,556 $15,555,556 $27,152,600 $33,070,884 12.8% 2.1x
Summit Accelerator Fund, L.P. 1999 $1,500,000 $1,417,500 $2,485,028 $2,526,124 9.8% 1.8x
Summit Ventures VI-A, L.P. 2001 $25,000,000 $25,000,000 $53,263,012 $54,184,088 15.4% 2.2x
SV Life Sciences Fund IV, L.P. 2007 $15,000,000 $14,564,422 $20,608,421 $30,036,811 13.9% 2.1x
TCV VI, L.P. 2006 $20,000,000 $19,906,000 $28,306,192 $33,119,534 13.5% 1.7x
The Column Group, L.P. 2007 $5,000,000 $4,959,491 $6,556,178 $11,435,329 18.7% 2.3x
Third Rock Ventures, L.P. 2007 $15,000,000 $15,000,000 $50,713,205 $56,616,497 32.6% 3.8x
Three Arch Capital, L.P. 2000 $40,081,923 $39,080,423 $33,167,465 $33,621,950 -1.9% 0.9x
Three Arch Partners III, L.P. 2000 $2,696,735 $2,640,485 $4,259,383 $4,322,881 8.3% 1.6x
Three Arch Partners IV, L.P. 2004 $25,000,000 $23,812,500 $28,225,718 $29,285,395 3.4% 1.2x
Trident Capital Fund - V, L.P. 2000 $5,293,999 $5,249,900 $8,728,699 $8,943,065 8% 1.7x
United States Power Fund, L.P. 2003 $15,000,000 $15,000,000 $27,721,873 $27,749,478 26.9% 1.9x
Updata Partners III, L.P. 2005 $10,000,000 $9,755,000 $14,459,794 $16,277,540 7.6% 1.7x
Updata Partners IV, L.P. 2007 $10,000,000 $9,813,745 $12,096,946 $16,092,125 9.8% 1.6x
Upfront II, L.P. (fka GRP II, L.P.) 2000 $5,000,000 $4,645,351 $10,360,443 $11,670,210 12.7% 2.5x
Upfront III, L.P. (fka GRP III, L.P.) 2009 $5,000,000 $2,929,724 $4,037 $5,911,532 8.5% 2.0x
VantagePoint Venture Partners III (Q), L.P. 1999 $15,000,000 $15,000,000 $5,902,647 $5,935,752 -15.4% 0.4x
VantagePoint Venture Partners IV (Q), L.P. 2000 $50,000,000 $50,000,000 $43,640,732 $47,374,826 -0.7% 0.9x
Vector Capital IV, L.P. 2007 $25,000,000 $24,123,680 $23,784,562 $47,122,209 15% 2.0x
Viola Ventures II, L.P. (fka Carmel Ventures II, L.P.) 2005 $5,000,000 $4,927,388 $3,451,274 $6,012,840 2.6% 1.2x
Viola Ventures III, L.P. (fka Carmel Ventures III, L.P.) 2008 $5,000,000 $4,365,783 $1,414,894 $10,560,666 13.3% 2.4x
VIP I B L.P. 2007 $10,320,881 $9,870,232 $11,555,829 $18,280,417 11.7% 1.9x
West Rim Capital Partners II, L.P. (Sorenson II) 2008 $10,000,000 $9,727,782 $8,418,303 $19,866,909 13% 2.0x

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.