Political figures on CalPERS board benefit from ties with `middleman'

SJ Mercury News ^ | 2/16/03 | Matt Marshall

[NormsRevenge]

There's a tangled web of relationships between some of CalPERS' most powerful board members and the venture capital funds that receive CalPERS' investments through a middleman, Grove Street Advisors.

Grove Street Advisors, a consultant firm, has committed $2.9 billion of CalPERS' money into 150 venture capital funds. CalPERS has so far resisted the release of the financial performance of those funds -- which are among the worst performing and most risky.

[NormsRevenge]

All the Usual Suspects feeding from the public trough PING!

[NormsRevenge]

Grove Street Advisors, a consultant firm, has committed $2.9 billion of CalPERS' money into 150 venture capital funds. CalPERS has so far resisted the release of the financial performance of those funds -- which are among the worst performing and most risky.

Many of the managers of the 150 VC funds have donated money to the campaigns of the two publicly elected officials -- state Treasurer Phil Angelides and Controller Steve Westly -- who have seats on the CalPERS board by virtue of their state positions.

Hmmmm?

[Ernest_at_the_Beach]

Is a newspaper in California actually going to do some muckracking?

Perhaps there is hope!

calgov2002:

calgov2002: for old calgov2002 articles. 

calgov2002: for new calgov2002 articles. 

Other Bump Lists at: Free Republic Bump List Register

[Ernest_at_the_Beach]

No mention of Willie Brown in this!

Hmmm!

[NormsRevenge]

Wouldn't want to spoil the Emperor Willy's ascension to the CalPERS throne now, would we?

The Mercury has been extremely venomous today for some reason. Makes ya wonder sometimes.. or Maybe , it's to counteract all the pieces on the anti-war crap.

[SierraWasp]

Hay! Are you tryin ta say the holy grail of government employment IS CORRUPT? This CalPers is a "Sacred Cow" and every public employee is it's Hindu cheerleader!!!

[NormsRevenge]

Matt Marshall has done some pieces on Venture Capital all week in the Mercury, he seems to be fair in his reporting for the most part. He was involved in the lawsuit by the Mercury to have the CalPERS open their investment info to the public.

This and another piece I just posted are from a series at http://www.bayarea.com/mld/mercurynews/ under the Business section today and called

"Lifting the veil on VC returns" .

If you enjoy reading how other people got rich , and poor, have a gander.

[tubebender]

No mention of Willie Brown in this!

Give him time...he just got on board.

Venture capital is a risky scheme and the inflow into these funds is drying up.

[Ernest_at_the_Beach]

Hay! Are you tryin ta say the holy grail of government employment IS CORRUPT?

Willie is on the board!

Where is Grampa Dave?
I am sure he will have some choice words regarding Calpers!

[NormsRevenge]

Related thread CA: State pension fund's investment losses weigh on taxpayers

[Liz]

Grove Street Advisors
Suite 230
20 William Street
Wellesley, Massachusetts 02481
Phone: (781) 263-6100
Fax: (781) 263-6101

Partners
Direct Phone Numbers

Clinton P. Harris (781) 263-6110
David B. Mazza (781) 263-6120
Catherine A. Crockett (781) 263-6130
Barry J. Gonder (781) 263-6160
Ann M. St. Germain (781) 263-6140

[Grampa Dave]

Davis, Burton and the other lunatic lib rats in control of Calpers make the Enron people look like boy scouts:

This constitutes criminal behavior re the investments and results and criminal behavior not to disclose the investments re which funds and the results:

Under a settlement in December with the Mercury News, CalPERS decided not to release the names of Grove Street funds or performance results.

Where are the major fish wraps of Kaliforniacator re these criminal actions, like the LA Slimes, The SF Gayrhonicle and the passle of Bees in the Valley re this Enroning of Calpers?

[Grampa Dave]

I was on my back doing plumbing repairs. I'm taking a break from plumbing and looking at what I have been warning about for over a year re the Enronning of Calpers.

[Grampa Dave]

The web site of these wonderful funds is "Under Construction"! That means that they have probably borrowed the the Hildebeast's shredders and are busy shredding. However, here is an interesting link to this story from the NY Lawyers site: (Largest Pension Fund in Country Agrees to Release Investment Results)

[Liz]

Thanx for the great link.

Betcha Grove Street Advisors took down the web site b/c they knew it was gonna be scrutinized.

[Grampa Dave]

Liz posted, Betcha Grove Street Advisors took down the web site b/c they knew it was gonna be scrutinized.

You betcha, Red Ryder! They knew that people like Liz and Grampa Dave would be all over that site and those funds. Then the data would be put on Free Republic and would be on talk shows in a week.

[Liz]

Press Release
October 29, 1998
Contact: Brad Pacheco/Pat Macht
Office of Public Affairs
(916) 326-3991

Clinton T. Harris
Grove Street Advisors
(781) 860-0160

CalPERS Selects Grove Street Advisors To Invest $350 Million Into Venture Capital Investments

New Investments Likely To Target California

SACRAMENTO, CA - The California Public Employees’ Retirement System (CalPERS) has selected Grove Street Advisors to implement and operate a new investment program that will invest up to $350 million in venture capital investments.

It is expected that much of the capital will be deployed in California given the high concentration of venture capital funds and high-technology companies, such as information systems and biotechnology.

"The pace of technological change in California is accelerating, creating significant investment opportunities," said William D. Crist, President of CalPERS Board of Administration. "This program allows us to tap the emerging venture funds early to establish long-term relationships."

Grove Street Advisors, based in Lexington, Massachusetts, will target top-performing existing venture capital partnerships and new partnerships that potentially could emerge as the blue-chip venture capital firms in the 21st century.

The new investment vehicle is expected to help the US pension fund earn attractive returns and build long-term relationships in the venture capital arena. Venture capital funds gained upwards of 34 percent in annual investment returns from 1990-1996.

"Grove Street Advisors has an excellent team of investment professionals with skills and experience investing in the venture capital market," said Charles P. Valdes, Chairman of CalPERS Investment Committee.

CalPERS’ increased exposure to venture capital investments should also diversify the fund’s alternative investments. Currently, venture capital investments account for only 9 percent – or $573 million – of the System’s $4.2 billion Alternative Investment Management program.

Selection of Grove Street Advisors is contingent upon satisfactory negotiations of terms and conditions.

CalPERS manages more than $134 billion in assets, making it the largest public pension fund in the nation. The System provides retirement and health benefits to more than one million public employees and their families. Grove Street Advisors is a private equity advisory firm built by professionals with "operational" experience in the industry. For further information about CalPERS, visit the System’s Web site at http://www.calpers.ca.gov.

# # #

[independentmind]

Wow. I have been waiting for this kind of story.

[Grampa Dave]

What is interesting in the search of these crooks, is there is data before Davis became governor. After he became governor, there is hardly any reports, article or anything about Grove Street Advisors.