Venture Capital

San Jose pension funds enlist Ashby Monk’s help to create venture capital portfolio

Ashby Monk, executive and research director of the Stanford Global Projects Center, has been hired as an adviser to Prabhu Palani, chief investment officer of the two San Jose, Calif., pension funds, Mr. Palani said in an email.

Mr. Monk has been signed for one year to help the investment team strategize how to deploy venture capital, Mr. Palani said. While both the $3.6 billion San Jose Police & Fire Retirement System and $2.1 billion San Jose Federated City Employees' Retirement System have invested in private equity before, the plans will invest in venture capital for the first time. Mr. Palani said he hired Mr. Monk for his background and expertise in creating the venture capital program. The police and fire plan is targeting a 5% allocation to venture capital and the city employees plan, 4%.

Mr. Monk is also a senior research associate at the University of Oxford and a senior adviser to Jagdeep Singh Bachher, CIO and vice president of investments at the University of California, who oversees the Oakland-based university system's $66.7 billion pension fund and $11.9 billion endowment.