Private Equity Shakeup: What CalPERS Means for Venture Investors

I’ll just come right out and say it: We saw this coming.

I’ll just come right out and say it: We saw this coming.

CalPERS last month announced that it was exploring changes to its private equity program, including the removal of general partners and making private equity investments directly. As a $300 billion pension fund — among the 10 largest in the world — a move like this by CalPERS, the California Public…