Rising interest rates will have the biggest impact on performance over the next 12 months, followed by recession in core markets and high inflation, LPs say.
Just Climate sold an undisclosed ownership stake to the California pension fund earlier this year.
The government also created the Powering Australia Technology Fund, which has the capacity to make venture, growth equity and fund investments and provide development capital.
The California system, which committed to early-stage tech investor Eclipse this year, is ramping up its private equity program after a spike to its target allocation.
Venture Capital Journal surveyed 117 institutional investors worldwide to find out what is most – and least – important to investors in venture funds.
The Sacramento County Employees' Retirement System plans to ease back on its commitments to venture until it sees a rebound in the exit market.
Orange County Employees Retirement System, the City of San Jose Retirement System and UK pension fund Railpen are among the LPs betting on a new firm that wants to buy stakes in 15 to 20 VC management companies.
Collective Global says it plans to invest in 15-20 venture managers in the US and Europe and has already agreed to acquire a stake in a "leading venture firm that invests in market-defining companies across technology and artificial intelligence."
Peter Cashion, managing investment director for sustainable investments, will present the plan, which includes another $53bn for climate solutions investments, 10 more sustainability staff, scenarios analyses and options for divestment.
'We’re going to see [LPs] asking investors to be more patient, to not call capital, to extend the life of that fund and really slowly deploy capital until we see start seeing more returns,' says Jackie Spencer of SVB.