Milestones

May 1998

Grove Street® launched as an investment advisory firm covering the full range of private equity; three founding partners; owned solely by management

October 1998

Selected by California Public Employees' Retirement System's (CalPERS) Board from 16 applicants to manage a $350 million dedicated account primarily targeting venture capital

February 1999

California Emerging Ventures ("CEV") program launched for CalPERS, first commitments to fund managers; Ann St. Germain joins from E & Y as GSA's fourth partner and CFO

June 1999

GSA's first "Turn-Key" investment is completed - the spinout of the Audax Group from Bain Capital

April 2000

CEV II approved by CalPERS and capitalized with $400 million. An additional $80 million commitment to CEV II was approved in early 2001

June 2000

Selected by Oregon Public Employees' Retirement Fund (OPERF) to manage $250 million account targeting smaller private equity funds

March 2001

CEV III ($500 million) approved by CalPERS, and investment mandate expanded to include both venture and non-venture

April 2001

Northwest Emerging Ventures (NEV) program launched for OPERF; mandate includes funds less than $400 million, both venture and non-venture

June 2001

Completed full registration with SEC as an investment advisor under the 1940 Act

July 2001

Barry Gonder joins from CalPERS as GSA's fifth Partner

September 2001

Chris Yang and Frank Angella join as GSA's first Principals

September 2002

Selected by AlpInvest (formerly NIB Capital), the Dutch combined pension system, to manage NIB Ventures, a $100 million program targeting new and emerging venture funds

November 2003

GSA launches program for a family office targeting all segments of private equity with an approximate commitment level of $100 million each 3 year fund cycle.

April 2004

New client program targeting $75 million in venture commitments launched. Program increased to $150 million in 2005.

June 2004

Finnish LGPI Ventures launched to invest $125 million in US venture firms on behalf of Finland's Local Government Pensions Institute.

February 2005

Oregon (OPERF) approves follow on NEV II program at $300 million to continue strategy focused on smaller funds.

May 2005

Program launched with IFM Australia targeting US venture and buyouts.

June 2005

Frank Angella and Chris Yang promoted to General Partner.

July 2005

New client program launched to target $150 million in venture and buyouts and $50 million in secondaries.