UC Investments reports private equity, not a venture number

The record

UC Investments, which manages the University of California's pension and endowment assets, discloses its private equity allocation inside its own 2024-2025 annual report. For the General Endowment Pool, the largest of UC's endowment pools at $24.1 billion as of 30 June 2025, the report states private equity's market value at $6.0 billion, a 24.9% portfolio weight against a stated 24% policy target. UC Investments' Investment Office page hosts this report alongside prior years' editions as its standing public disclosure. The report gives net returns for the year by pool: the General Endowment Pool returned 12.1%, the newer Blue and Gold Endowment Pool 15.8%, and the pension pool 12.7%.

What the sources establish

UC's own report labels this allocation 'Private Equity,' not 'venture capital': the category groups venture-stage and growth-stage commitments with other private equity strategies under one weight and one target, and the document does not publish a separate venture-only percentage or return. The 24% figure appears in the report's asset-allocation table as a 'Policy' column set against the 24.9% 'Actual' weight, with an explicit over-weight note, UC's own way of distinguishing a target from a result. Elsewhere the report describes broadening 'the bands--the ranges around each asset class target--' for flexibility as markets shift, framing 24% as a managed target rather than a fixed number.

Scope and revision

Because UC bundles venture capital into a single private equity line, a reader cannot use this report to isolate how much of the 24.9% private equity weight sits in early-stage venture funds versus buyout or growth funds; that breakdown is not part of the disclosure. The 24.9% and $6.0 billion figures are dated to 30 June 2025 and describe the General Endowment Pool specifically, not UC's pension assets or its newer Blue and Gold pool, which the same report shows carrying a different one-year return. A policy target stated in one year's report is not a commitment to hold it in a future year; UC's own language about broadening its bands says the ranges are subject to change.

The decision in front of you

A founder or analyst using this figure should describe it as UC's private equity weight for one specific pool at one date, not as a venture capital allocation, since UC's own report does not separate the two. This is editorial: treating a blended private equity percentage as a venture number would overstate what the source discloses, even though venture-stage commitments sit inside it.

• Does the figure you are citing describe the General Endowment Pool specifically, or has it been applied to UC's pension assets as well?
• Is the 24% you are quoting this year's policy target, or last year's, given that UC's own report describes adjusting its allocation bands over time?
• Would a claim about UC's 'venture allocation' survive contact with the report's own choice to disclose only a combined private equity figure?

UC's own report is a clear example of a category label doing real work: what it calls private equity is broader than venture capital, and its own numbers cannot be split further without additional disclosure UC has not published.