Skip to content
Subscriber Only

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

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.