CalPERS
Public pension plan Still adding venture funds
CalPERS reports 65 venture funds, $9.4B in all.
Holdings are from its report as of December 31, 2025. “Still adding venture funds”: its newest venture fund is a 2025 vintage, within 3 years of 2025.
The numbers
| Vintage | Venture funds |
|---|---|
| 2015 | 2 |
| 2016 | 0 |
| 2017 | 0 |
| 2018 | 1 |
| 2019 | 1 |
| 2020 | 1 |
| 2021 | 3 |
| 2022 | 10 |
| 2023 | 10 |
| 2024 | 26 |
| 2025 | 11 |
Updates from CalPERS
Largest venture holdings
From its report as of December 31, 2025.
| Fund, as reported | Manager | Vintage | Commitment |
|---|---|---|---|
| Insight Partners XII, L.P. | Insight Partners | 2021 | $600M |
| Insight Partners XI, L.P. | Insight Partners | 2020 | $400M |
| Insight Venture Partners Growth-Buyout Coinvestment Fund (B), L.P. | Insight Partners | 2015 | $400M |
| Thrive Capital Partners IX Growth, L.P. | Thrive Capital | 2024 | $366M |
| B Capital Global Growth IV, L.P. | B Capital | 2025 | $350M |
In the app: 60 more venture funds, 5 funds of funds. Open CalPERS in LP Intelligence for every fund it holds and how to reach it, or find the LPs that back firms like yours.
How it invests
Selective: it backs fewer of its managers again than three in four LPs that report fund by fund, so each fund is won on its own. It backed 67% of its managers again when they raised a later fund (91 chances), and stays with a manager 6.0 years on average.
From its own report and published commitments. How it invests in LP Intelligence: whether it kept committing through 2022–23, how much goes to managers on Fund I–III, and what it committed to lately.
Recent commitments
| Date | Fund, as published | Manager | Commitment | Source |
|---|---|---|---|---|
| March 2026 | Cerberus Verne Investor, L.P. | — | $124M | Document |
| March 2026 | CIP Connect, L.P. | — | $150M | Document |
| March 2026 | Entrepreneurs First Early Stage LP | Entrepreneur First | $20M | Document |
| March 2026 | Grand Isle Fund L.P. | — | $1B | Document |
| March 2026 | Grandval III, L.P. | — | $400M | Document |
| March 2026 | Greyhound Investments, L.P. | — | $400M | Document |
| March 2026 | Redwood Opportunities 2 SCSp | — | $750M | Document |
| March 2026 | The Rise Fund IV, L.P. | — | $75M | Document |
| March 2026 | Transformation Capital Fund IV, L.P. | Transformation Capital | $100M | Document |
| March 2026 | BjorkTree AB | — | $379M | Document |
| March 2026 | Blackwell Capital Partners II, L.P. | — | $550M | Document |
| March 2026 | California Partners, L.P. | — | $500M | Document |
The latest 12 of 241 commitments from the last 24 months to private equity and venture funds, as CalPERS published them. Dates are the month only: the plan gives no day. Amounts are commitments as the plan reports them. What this plan publishes · every plan’s recent commitments.
LPs nearby
Within 100 miles, by city: a trip to one can take in the others.
- Kelly Foundation
- CalSTRS
- Contra Costa County Employees' Retirement Association (CCCERA)
- The David & Janyce Hoyt Family Foundation
- Travers Family Foundation
- T Gary and Kathleen Rogers Private Family Foundation
- Simpson PSB Fund
- General Service Foundation
76 LPs within 100 miles in all: see them on the map.
How to submit
It takes submissions from fund managers. See how to submit, on its site.
Emerging-manager program: Emerging & Diverse Manager Program, run by GCM Grosvenor (GCM Elevate); TPG Next. It considers funds of up to $2B; First, second, or third institutional fund.
In its words: “External managers may submit investment proposals at any time through CalPERS' online Investment Proposal Submission portal; staff determine whether a manager qualifies as an emerging manager and, if so, refer it to one of CalPERS' emerging manager advisers. For private equity, CalPERS defines an emerging manager as a first, second, or third institutional fund of $2 billion or less.”
Read from its own pages on October 19, 2026: calpers.ca.gov/investments/investment-manager-opportuniti…, calpers.ca.gov/investments/sustainable-investments-progra…, calpers.ca.gov/documents/emerging-managers-fact-sheet-pdf…. Programs change; its site is the record.
About this data
Holdings as this LP reports them, fund by fund. Amounts are its commitment to each fund. Fund performance it reports is on each firm’s page. As of December 31, 2025. Source: CalPERS Private Equity Program Fund Performance. Funds are linked to a manager by name; a match can be wrong, and the original filing is the record. How Hottub reads its sources.
Net IRR and investment multiple as reported by CalPERS. N/M (not meaningful) for funds in early years is shown as blank.
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