Venture Capital Is Worst-Performing Asset for Calpers
- Pension fund reduces VC fund commitments to 5 percent
- It also sold 46 private equity fund stakes worth $2 billion
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Venture capital was the worst performer for the California Public Employees’ Retirement System among its private-equity investments.
Returns for VC holdings at the nation’s largest public pension fund were 7 percent over the last five years and 5.6 percent over the last decade, according to a presentation prepared for the board. The investments lagged behind all other private-equity assets for Calpers, partly due to “modestly decreased” activity in venture-backed initial public offerings, the presentation said.