The Regents of the University of California
Institutional investor⨠Fox Verdict
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10
What they invest in
from 2 of 10 portfolio companiesAI & Machine Learning Γ1Deep Tech Γ1EdTech Γ1Robotics Γ1
HQs:United StatesΓ2
Investments Β· 10 tracked
founders shown can be your intro pathAnnual Report 2024-2025
Bowcapitalbowcapital.com
Bow Capital is a University of California ecosystem venture fund that backs early-stage founders building AI for physical, industrial, and biological applications, including robotics, defense, healthcare, and logistics.
AI & Machine LearningDeep TechRoboticsMenlo Park, US
Vivek RanadivΓ©(Founder & Managing Director)
Draft Release Ai Futures Lab.Pdf
Jagdeep Singh Bachher
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The UC Investments Way
UC Board of Regentsuniversityofcalifornia.eduinπ
The University of California is a public university system of 10 campuses, six academic health centers with 21 hospitals, and three national laboratories, providing undergraduate and graduate education, health care, and research.
EdTech
UC Investments
Fund commitments Β· as a limited partner Β· 506
as of Jun 2025Private-fund positions this organization discloses in its own public filings and reports β $25B committed, $15.3B reported NAV. Returns are this LP's own position, net of fees.
| Fund | Manager | Vintage | Committed | NAV | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|---|---|
| Topanga Private Opportunities | Topanga Private | 2017 | $800M | $847.1M | 11.4% | 1.61x | 0.66x |
| 1868 Univeritas Fund | 1868 Univeritas | 2017 | $582.5M | $661.3M | 9.3% | 1.26x | 0.20x |
| Blackstone Strategic Partners IX | The Blackstone Group | 2021 | $400M | $299.1M | 21.0% | 1.35x | 0.13x |
| Blackstone Capital Partners Asia II, L.P. | The Blackstone Group | 2022 | $350M | $198.6M | 39.9% | 1.72x | 0.31x |
| THOMA BRAVO XIV LP | Thoma Bravo | 2020 | $350M | $351.4M | 7.0% | 1.25x | 0.32x |
| Thoma Bravo Fund XIII | Thoma Bravo | 2018 | $325M | $386.4M | 22.8% | 1.82x | 1.01x |
| Sequoia Capital Global Growth Fund III | Sequoia Capital | 2018 | $322M | $488.4M | 18.3% | 2.11x | 0.54x |
| BPEA VIII | BPEA EQT | 2021 | $305M | $321.6M | 10.9% | 1.10x | 0.01x |
| Certares Holdings | Certares Holdings | 2018 | $275M | $319.6M | 8.7% | 1.39x | 0.27x |
| Apollo Catalina (Private Equity) | Apollo | 2017 | $267.6M | $170.8M | β | 0.99x | 0.12x |
| TSG 9 | TSG | 2021 | $255M | $113.8M | -5.6% | 0.94x | 0.05x |
| Blackstone Capital Partners Asia I | The Blackstone Group | 2017 | $250M | $252.1M | 24.1% | 1.92x | 1.03x |
| Blackstone Capital Partners Asia, L.P. | The Blackstone Group | 2018 | $250M | $119.1M | β | 1.10x | 0.05x |
| Blackstone Capital Partners VIII LP | The Blackstone Group | 2021 | $250M | $248.8M | 10.0% | 1.26x | 0.21x |
| Blackstone Strategic Partners VIII | The Blackstone Group | 2019 | $250M | $156.9M | 21.3% | 1.56x | 0.83x |
| Bow Ventures Fund I | Bow Ventures | 2016 | $250M | $235.5M | -1.0% | 0.95x | 0.00x |
| Further Global Capital II | Further Global | 2021 | $250M | $187.3M | 19.0% | 1.42x | 0.13x |
| RNT Associates | TA Associates | 2016 | $250M | $149M | 1.8% | 1.11x | 0.50x |
| Sycamore Partners III | Sycamore | 2018 | $250M | $274.4M | 15.2% | 1.46x | 0.54x |
| Arsenal Capital Partners VI | Arsenal | 2021 | $225M | $101.8M | -9.7% | 0.84x | 0.02x |
| Clearlake Capital Partners VII | Clearlake Capital Group | 2021 | $205M | $164.1M | 5.0% | 1.12x | 0.00x |
| Blackstone Strategic Capital Holdings | The Blackstone Group | 2014 | $200M | $245.4M | 14.5% | 1.88x | 0.71x |
| EQT IX | EQT | 2019 | $200M | $256.9M | 10.2% | 1.36x | 0.19x |
| Further Global Capital I | Further Global | 2018 | $200M | $236.9M | 9.5% | 1.36x | 0.56x |
| K5 Private Investors, L.P. | K5 Private | 2021 | $200M | $219.7M | 18.2% | 1.59x | 0.06x |
| Thoma Bravo Growth I | Thoma Bravo | 2021 | $200M | $136.2M | -6.0% | 0.83x | 0.04x |
| Welsh, Carson, Anderson & Stowe III | Welsh, Carson, Anderson & Stowe | 1997 | $200M | β | 13.0% | 1.72x | 1.72x |
| BPEA VII | BPEA EQT | 2018 | $175M | $170.6M | 20.2% | 1.71x | 0.75x |
| Warburg Pincus Private Equity X LP | Warburg Pincus | 2007 | $175M | $33M | 9.2% | 1.69x | 1.52x |
| Warburg Pincus Private Equity X, L.P. Venture Capital/LBO | Warburg Pincus | 2007 | $175M | $90.1M | 7.7% | 1.46x | 0.94x |
| Sequoia Private Equity Fund | Sequoia Capital | 2012 | $163M | $167.5M | 32.0% | 2.25x | 1.42x |
| Warburg Pincus IX | Warburg Pincus | 2005 | $160M | $5.3M | 9.8% | 1.71x | 1.68x |
| Warburg Pincus Private Equity IX, L.P. Venture Capital/LBO | Warburg Pincus | 2005 | $160M | $21.5M | 10.4% | 1.77x | 1.63x |
| Bregal Sagemount Equity III | Bregal Sagemount | 2019 | $150M | $150.1M | 12.3% | 1.42x | 0.31x |
| GI Partners Fund VI, L.P. | GI Partners | 2021 | $150M | $151.6M | 9.5% | 1.30x | 0.00x |
| EQT VIII | EQT | 2018 | $146.7M | $141.1M | 20.6% | 1.84x | 0.98x |
| Apollo Fund IX | Apollo | 2017 | $135M | $126.4M | 15.2% | 1.48x | 0.59x |
| Arsenal Capital Partners V LP | Arsenal | 2019 | $135M | $134M | 6.8% | 1.32x | 0.33x |
| H.I.G. Middle Market LBO Fund III | H.I.G. Capital | 2019 | $135M | $104.3M | 8.6% | 1.25x | 0.47x |
| Blackstone Capital Partners Fund V | The Blackstone Group | 2005 | $125M | $122.6M | 5.9% | 1.35x | 0.33x |
| Blackstone Capital Partners Sub-Fund V | The Blackstone Group | 2005 | $125M | $34.6M | 8.2% | 1.68x | 1.40x |
| Olympus Growth Fund VII | Olympus Partners | 2017 | $125M | $139.9M | 26.4% | 1.92x | 1.00x |
| HongShan China Growth VI | HongShan | 2020 | $121M | $122.9M | 1.2% | 1.04x | 0.01x |
| Blackstone Capital Partners V LP | The Blackstone Group | 2006 | $120M | $143.7K | 7.7% | 1.58x | 1.58x |
| H.I.G. Europe Middle Market LBO Fund | H.I.G. Capital | 2020 | $117.4M | $89M | 22.3% | 1.36x | 0.33x |
| AIG GE Capital Latin America | AIG GE | 1997 | $115M | β | -0.7% | 0.96x | 0.96x |
| TPG Growth IV LP | TPG | 2018 | $115M | $90.3M | 14.3% | 1.64x | 0.99x |
| Bain Sankaty Credit Opportunities IV, L.P. | Sankaty | 2008 | $105M | $15.5M | 11.5% | 1.43x | 1.27x |
| HongShan GGF III China Annex | HongShan | 2020 | $104.7M | $108.5M | 3.0% | 1.09x | 0.02x |
| AIG Asian Infrastructure Fund II | AIG Global Investment Group | 1998 | $100M | β | 7.1% | 1.28x | 1.28x |
| Arsenal Capital Partners IV | Arsenal | 2016 | $100M | $53.9M | 16.0% | 1.68x | 1.27x |
| Bow Ventures Fund II | Bronze Venture | 2021 | $100M | $61.1M | 0.0% | 1.00x | 0.00x |
| DCP I | DCP | 2018 | $100M | $70.1M | 5.8% | 1.17x | 0.59x |
| Genstar Capital Partners V, LP | Genstar Capital | 2007 | $100M | β | 15.2% | 1.89x | 1.89x |
| Kelso Investment Associates VIII | Kelso | 2007 | $100M | β | 5.8% | 1.25x | 1.25x |
| Madison Dearborn Capital Partners V, L.P. | Madison Dearborn Partners | 2006 | $100M | $1.8M | 7.2% | 1.45x | 1.44x |
| Madison Dearborn Capital Partners VI, L.P. | Madison Dearborn Partners | 2008 | $100M | $10.2K | 23.3% | 1.97x | 1.97x |
| Pine Brook Capital Partners II | Pine Brook | 2012 | $100M | $88.5M | 1.2% | 1.04x | 0.31x |
| Senior Credit Fund | Senior | 2014 | $100M | β | 8.8% | 1.27x | 1.27x |
| The Rise Fund, L.P. | The Rise Fund | 2017 | $100M | $91.7M | 9.4% | 1.43x | 0.63x |
| Thoma Bravo Discover III | Thoma Bravo | 2020 | $100M | $143M | 11.4% | 1.47x | 0.05x |
| TPG Capital VIII | TPG | 2018 | $100M | $118M | 17.2% | 1.54x | 0.43x |
| Welsh, Carson, Anderson & Stowe VII, LP | Welsh, Carson, Anderson & Stowe | 1995 | $100M | β | 17.7% | 2.18x | 2.18x |
| WLR Recovery Fund IV | WLR Recovery | 2007 | $100M | β | -4.6% | 0.87x | 0.87x |
| Sequoia Capital Global Growth Fund III - U.S. | Sequoia Capital | 2020 | $98.8M | $97.9M | 5.2% | 1.19x | 0.15x |
| Olympu.< Growth Fund V, LP | Olympus Partners | 2007 | $98M | $94K | 18.1% | β | 0.85x |
| Sequoia Capital (Legacy Funds) | Sequoia Capital | 1999 | $96.6M | $217.1M | 17.4% | 5.44x | 3.19x |
| Warburg Pincus IX- VC-60 | Warburg Pincus | 2005 | $96M | $5.6M | 10.2% | 1.75x | 1.70x |
| Berkshire Fund IX LP | Berkshire | 2017 | $95M | $115M | 13.5% | 1.69x | 0.67x |
| Perseus Partners VII | Perseus | 2006 | $90.4M | β | -38.6% | 0.32x | 0.32x |
| AIG Asian Infrastructure Fund | AIG Global Investment Group | 1994 | $75M | β | -6.0% | 0.74x | 0.74x |
| Bain Capital Fund X, L.P. | Bain Capital | 2007 | $75M | $10.9M | 9.5% | 1.56x | 1.43x |
| Bregal Sagemount COF II | Bregal Sagemount | 2018 | $75M | $25M | β | 1.04x | 0.49x |
| Column Group III | The Column Group | 2016 | $75M | $37.7M | 7.7% | 1.25x | 0.78x |
| Olympus Growth Fund V, LP | Olympus Partners | 2007 | $75M | $5.3M | 16.0% | 1.86x | 1.81x |
| Thoma Bravo Discover Fund II | Thoma Bravo | 2018 | $75M | $85.7M | 21.9% | 2.04x | 1.10x |
| TSG8 | TSG8 | 2018 | $75M | $66.1M | -1.9% | 0.94x | 0.04x |
| Warburg Pincus Private Equity X, LP Venture Capital/LBO | Warburg Pincus | 2007 | $75M | $89M | 7.6% | β | 0.35x |
| Column Group IV | The Column Group | 2019 | $74M | $58.3M | -1.8% | 0.95x | 0.07x |
| Lindsay Goldberg III LP | Lindsay Goldberg | 2008 | $70M | β | 8.5% | 1.20x | 1.20x |
| Lindsay, Goldberg & Bessemer III, L.P. | Lindsay Goldberg | 2008 | $70M | $49.6M | 8.8% | 1.24x | 0.31x |
| H.I.G. Europe Capital Partners III | H.I.G. Capital | 2020 | $66.9M | $59M | 47.4% | 2.07x | 0.45x |
| Sun Capital Partnc"rs V, L.P. | Sun Capital Partners | 2007 | $66.7M | $62.6M | 9.2% | β | 0.46x |
| Sun Capital Partners V, L.P. | Sun Capital Partners | 2007 | $66.7M | $13.4M | 1.4% | 1.07x | 0.88x |
| Shamrock Capilal Growth Fund 111, L.P. | Shamrock Capital | 2010 | $65M | $60.3M | 14.4% | 2.39x | 1.44x |
| Vcstar Capital Partners V, L P | VCStar Capital Partners | 2005 | $64M | $45.4M | 5.5% | β | 0.92x |
| Warburg Pincus IX- BO-40 | Warburg Pincus | 2005 | $64M | $3.8M | 9.5% | 1.69x | 1.63x |
| Arsenal Capital Partners II, L P | Arsenal | 2006 | $63M | $43.2M | 20.5% | 2.85x | 2.16x |
| Arsenal Capital Partners II, L.P. | Arsenal | 2006 | $63M | $20.6M | 20.2% | 2.61x | 2.51x |
| GGV VIII | Notable Capital | 2020 | $60M | $52M | 2.0% | 1.06x | 0.02x |
| Khosla Ventures Fund III, L.P. | Khosla Ventures | 2009 | $60M | $57.4M | 6.2% | 1.35x | 0.37x |
| Khosla Ventures III | Khosla | 2009 | $60M | $17.8M | 11.2% | 1.97x | 1.67x |
| Khosla Ventures IV | Khosla Ventures | 2011 | $60M | $52.8M | 22.0% | 4.07x | 3.17x |
| Khosla Ventures V | Khosla Ventures | 2014 | $60M | $80.1M | 19.9% | 3.37x | 1.98x |
| SG Growth Partners IV | β | 2017 | $60M | $142.2M | 27.2% | 2.52x | 1.13x |
| SKM Equity Fund II | SKM | 1997 | $60M | β | 1.2% | 1.15x | 1.15x |
| The SKM Equity Fund II, L.P. | SKM | 1996 | $60M | $34.8M | 1.2% | 1.16x | 0.48x |
| W Capital Partners II, LP | Riva Capital | 2007 | $60M | $4.1M | 10.4% | 1.40x | 1.33x |
| W Capital Partners III LP | W Capital Partners | 2012 | $60M | $36.7M | 10.0% | 1.39x | 0.71x |
| Warburg Pincus Private Equity IX, LP VentureCapital/LBO | Warburg Pincus | 2005 | $60M | $9.2M | 10.4% | β | 4.41x |
Largest 100 of 506 disclosed positions. Source: UC Regents PE IRR Report - pe_irr_06-30-25. TVPI = total value / paid-in; DPI = distributions / paid-in.
Frequently asked questions
- How many investments has The Regents of the University of California made?
- The Regents of the University of California has 10 tracked investments.