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San Jose Federated board delegates venture-capital manager selection to staff, asks for 1% transaction control in policies
Summary
The San Jose Federated City Employees Retirement System Board voted to delegate authority to staff to select venture-capital managers, aligning its practice with the Police & Fire plan. Trustees asked staff to codify a 1% per-transaction control in policies or pacing plans and to continue confidential reporting to the Investment Committee.
San Jose — The San Jose Federated City Employees Retirement System Board voted in February 2025 to delegate to staff the authority to commit money to venture-capital managers, amending the investment policy statement and the Investment Committee charter to permit the change.
The change — moved to mirror a delegation the Police & Fire board already uses — passed by roll-call vote with all trustees present voting “aye.” Board members said the delegation is intended to streamline manager selections while retaining the board’s strategic oversight and existing checks such as IC concurrence memos and consultant reviews.
Board members and consultants framed the investment policy statement (IPS) as a strategic guide and said more-detailed limits and procedures should…
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