SF Pension to Domain Associates: It's Not You, It's Me
Blame the lawyers. It's a universal excuse, working for everything from contentious divorces to securities fraud. Now we can add rescinded fund commitments to the list. At issue is a $10 million commitment from the The San Francisco Employees' Retirement System to Domain Associates, a healthcare-focused VC firm that last week closed its eighth fund with $500 million. San Francisco's money wasn't part of the final stash, because the two sides reached an impasse over fiduciary responsibility language that the pension system insisted be in the final partnership documents. Details are still a bit fuzzy as to what specific fiduciary issues SFERS wanted beefed up, but peHUB has learned that the language was inserted by
17 August 2009•1 min read
