The San Jose Federated City Employees’ Retirement System’s board has amended its charter to shift venture capital investment decision-making from the investment committee to staff. This change, discussed during a February meeting, aims to improve diversification and due diligence. Since 2021, the system has committed $102.8 million to seven venture funds, but its investments have underperformed, with a reported fair value of $27.3 million as of June 2024. The board expressed concerns over potential over-concentration in investments and agreed to limit commitments to 1 percent of the portfolio, with a formal decision deferred to a later meeting.
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