<p>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.</p>
<p>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.</p>