That’s exactly what has taken place over the last fiscal year at the University of Michigan, whose endowment has its hands in many of Silicon Valley’s most storied venture capital funds. By June of this year, that number dropped almost in half, with the endowment committing only $580 million in new capital to private equity and venture capital funds. In addition, the university said in its most recent report that it had severed relationships with nine private fund managers in its 2023 fiscal year, versus only four the year prior. CalPERS, one of the venture capital market’s most important investors, has doubled down as other peers get cold feet or restrategize. - Climactic, a San Francisco and New York City-based venture capital fund, raised $65 million for its first fund focused on companies looking to make the mobility and enterprise sectors more sustainable.

Source: Forbes December 18, 2023 14:47 UTC