Grove Street Advisors, the US investment advisory firm that assists the California Public Employee Retirement System with its venture capital investment strategy, has won a mandate to invest $100m on behalf of Dutch pensions company NIB.
NIB Capital Private Equity, one of the world's largest private equity investment firms with over E14bn of funds under management, has chosen Grove Street to commit the funds to new and emerging US venture funds over the next year. Grove Street has already invested $10m in Californian venture capital firm Tallwood Venture Capital.
Grove Street, which manages E3bn for CalPERS, was chosen ahead of several fund of funds managers because of its experience in identifying emerging venture firms, reports the Daily Deal.
NIB Capital Private Equity has two core clients, ABP and PGGM, which are two of the largest pension funds in the world with approximately E150bn and E52.5bn of assets under management respectively.
NIB Capital has in the past shown a preference for US investments over European. At the end of 2000, the private equity division had committed E3.6bn to the US, compared with E3.1bn to European investments. It invests fairly evenly across venture capital, small and larger buyouts, with a slight preference for small-cap buyouts (E2.9bn). The company currently commits E2bn per annum to partnerships worldwide.