The California Public Employees' Retirement System (CalPERS), considered the largest pension fund in the US, intends to boost its investment in venture capital funds, from 10% of its total assets to 14%. With CalPERS one of the largest investors in Israeli venture capital funds, the move can be very beneficial to the Israeli VC industry.
Press reports say that the CalPERS board will authorize the change next week. CalPERS manages about $169 million, and its management apparently feels that the economic crisis has created opportunities that should not be missed.
Investment in venture capital will have a range of 9-19% of assets.
CalPERS has invested tens of millions of dollars in local venture capital funds, managed by VC firms such as Pitango Venture Capital, Jerusalem Venture Partners (JVP), Israel Seed Partners, Gemini Israel Funds, and Apax Partners, Carmel Ventures, and Giza Venture Capital.
Published by Globes [online], Israel business news - www.globes-online.com - on June 9, 2009
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