Regents of the University of California

Regents of the University of California

The Regents of the University of California, established in 1868, governs the University of California system — a 26-member board that operates with broad constitutional autonomy. The board delegates management of its endowment, pension, and working capital assets to an internal investment office led by Chief Investment Officer Jagdeep Singh Bachher. Bachher's team allocates across a mix of venture capital, private equity, real estate, hedge funds, and infrastructure. In venture, the office has made fund commitments to Sequoia Capital, Paradigm, and a16z Crypto. Real estate positions include the Blackstone Real Estate Income Trust and direct holdings like La Jolla Del Sol Apartments and a San Diego County Hospital site. The portfolio also spans California-based land assets through the Natural Reserve System and art collections housed at the Hammer Museum and UC San Diego. The investment office maintains a hybrid structure, blending staff-led allocations with external manager relationships across multiple co-investors, including Blackstone. Its strategy emphasizes direct co-investments, fund commitments, and a stated integration of ESG principles through signatory status with the Principles for Responsible Investment and the Task Force on Climate-related Financial Disclosures. The investment office operates from Oakland, California, and runs the UC Investments Academy as an internal training vehicle. The Regents board uses eight standing committees, including a dedicated Investments Committee, to oversee strategy. The board chair, Janet Reilly, presides over a governance structure that includes student and faculty representatives alongside ex officio members such as the Governor and Lieutenant Governor. In recent years, the office deepened its crypto- and tech-focused venture exposure via dedicated fund commitments. The Regents' governance structure sets it apart: Article IX, Section 9 of the California Constitution grants the board "full powers of organization and governance" free from legislative control, giving the investment office a degree of institutional insulation rare among public university endowments. This independence allows the team to maintain a long-horizon posture across illiquid asset classes without the political pressure cycles that shape most state pension funds.