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Haha of course they know what they're doing. Their money is from the California pension funds. But they have returned well. So no hate.
by renewiltord 2y ago
Haha of course they know what they're doing. Their money is from the California pension funds. But they have returned well. So no hate.
- Apocryphon 2y agoI wonder how well CDOs performed for pensions before the bottom dropped.
- renewiltord 2y agoThey did well but that loss was bad because of knock-on effects to the market. CalPERS lost some half of its value back then. But exposure to VC is very small (1-2% of fund size). They've marked down a lot of investments by more than the GFC losses but it barely affects CalPERS because <15% is in private markets and a small fraction of that is in venture. That fund alone is over half a trillion so that's still a lot of money to allocate.