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.
Current Status
6 Partners, 33 employees, headquartered in Wellesley, Massachusetts, managing total capital of $6.0 billion
Currently investing in private equity funds from eight dedicated accounts at an approximate total commitment pace of $600 million per year
Screening approximately 500 opportunities per year
Grove Street Advisors® · 20 William Street · Suite 230 · Wellesley Massachusetts 02481
