SAN FRANCISCO — The California Public Employees’ Retirement System says that venture capital was its worst-performing asset over the last five years, even as it pares back its investment in the space from 7 percent in 2012 to 5 percent now.
The nation's largest pension fund, which manages about $303 billion, eventually wants its VC allocation to be only 1 percent of its total investment portfolio — and given its recent performance, it's easy to understand why, Bloomberg reports.
