CalPERS' VC Talent Search (Updated)

Justin Hibbard

Imagine you had one year to invest between $2 billion and $4 billion in private equity. Where would you put it all, and how would you avoid losing it? Those are the questions Johncarlo Mark faces every day. As portfolio manager for the alternative investment management program at the California Public Employees Retirement System, he helps oversee a $22 billion pool of investments in venture capital, buyout, and distressed debt funds. That's the largest alternative investment portfolio of any public pension fund in the U.S. I recently spoke with Mark about CalPERS' latest VC investment, Clearstone Fund III, and the state of VC from a limited partner's perspective.

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