The firm sent a letter to investors that says its partners 'are planning to come back with a new strategic plan within a 180-day period,' an LP tells Venture Capital Journal.
One LP says the 17-year-old firm did not give them a heads up, while OpenView’s LPAC did not learn about the move until half an hour before the news broke.
COP28 president Sultan Ahmed Al Jaber, who is part of Altérra's four-person leadership team, describes it as "a vehicle like no other."
The deal, which hit the market in November, could total more than $1 billion depending on its final structure, sources say.
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.
The corporate venture firm invests in minimally invasive healthcare companies targeting diagnostics, med tech, therapies and digital health.
Companies that make it easier for property owners to manage their portfolios and address serious societal issues in real estate are expected to fare better in a tougher market, say VCs.
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.