Regents approve UC Berkeley Chancellor’s Fund to invest in UC‑affiliated startups; student and accounting questions raised

Regent Cohen, committee chair, called the roll and the Regents approved the creation of a UC Berkeley Chancellor’s Fund, a campus‑controlled, Regents‑owned investment vehicle intended to invest in companies affiliated with the University of California.

Chancellor Lyons presented the fund concept and described four principal features: (1) the fund will be a separate for‑profit California limited liability company that is wholly owned by the Regents; (2) it will be operated by existing UC employees under a services agreement and subject to UC policies; (3) initial capital will be sourced primarily from no‑strings‑attached gifts; and (4) investments will be limited to UC‑affiliated startups and UC‑connected venture funds (permitted investments under the Regents’ policy and delegation). Lyons said Berkeley accepted Delegation of Authority DA…