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September 18, 2014 01:00 AM

University of California OKs sustainable investing framework, UC Ventures

Meaghan Offerman
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    University of California Board of Regents, Oakland, voted Thursday to establish and integrate a framework for sustainable investing, said spokeswoman Dianne Klein.

    The regents approved a proposal from a university task force that calls for $1 billion of university endowment and retirement assets to be invested in solutions-oriented investments such as renewable power and fuels, energy efficiency and/or sustainable food and agriculture. Environmental, social and governance factors also will be integrated into the university’s investment decisions.

    The task force was formed June 16 after a coalition of student groups had pushed for the university to enact a ban on fossil-fuel investments. The approved framework does not call for divestment; it does not rule it out either.

    Separately, the board of regents approved the establishment of UC Ventures, a stand-alone venture capital investment vehicle with an initial commitment of $250 million.

    The initial commitment will be made from UC’s $8.3 billion endowment. The university has a $91 billion portfolio made up of retirement, endowment and cash assets.

    The venture, which is expected to launch in 2015, will seek to generate attractive, risk-adjusted returns by investing in commercial opportunities arising from University of California research. UC Ventures staff would handle day-to-day responsibilities. UC’s chief investment office will hold certain key governance rights and help UC Ventures develop in-house expertise.

    Earlier this week Ms. Klein told Pensions & Investments that if the item passed, UC Ventures would accept outside institutional investors as well.

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