# UC Investments

UC Investments is an University System OCIO based in Oakland, United States.

## Overview

- **Organization type:** University System OCIO
- **Headquarters:** Oakland, United States
- **Region:** North America
- **Address:** Oakland, CA, United States
- **Founded:** 1958
- **Assets under management:** Over $160 billion (Altss estimate)
- **Website:** ucinvestments.universityofcalifornia.edu
- **LinkedIn:** https://www.linkedin.com/company/uc-investments

## Regulatory record

- **Reports private funds:** No

## About

UC Investments is the investment and asset management arm of the University of California. It manages the University's portfolio of investments, including retirement, endowment, and cash assets. UC Investments has made 20 investments, including a Corporate Minority investment in OpenAI on February 27, 2026.

## Sectors

- Real Estate
- Private Equity
- Hedge Funds
- Infrastructure
- Private Credit
- Energy Transition & Renewables
- AI/ML
- Digital Health
- Venture Capital

## People

- Jagdeep Singh Bachher — Chief Investment Officer and Vice President of Investments

## Questions

### Who runs investment decisions at UC Investments?

Jagdeep Singh Bachher has served as Chief Investment Officer and Vice President of Investments since April 2014. He reports directly to the UC Board of Regents and oversees a team of roughly 70 investment professionals in Oakland. Bachher previously spent five years as Executive Vice President and CIO at Alberta Investment Management Corporation.

### How is UC Investments related to the individual UC campus endowments?

The bulk of the University of California's retirement, endowment, and working capital assets are pooled into a single consolidated investment fund managed by the Oakland-based central office. Individual campuses retain some restricted endowment assets, but the dominant share is centrally managed, giving the system a combined negotiating strength most peer universities lack.

### Does UC Investments participate in fund commitments or only direct deals?

UC Investments uses a hybrid model. It makes long-term fund commitments to external managers across venture capital, private equity, real assets, and hedge funds. Simultaneously, it runs an active co-investment program that takes direct equity stakes alongside its GP partners. Notable direct positions have included Impossible Foods and a multi-billion-dollar separately managed real estate account with Blackstone.

### How does UC Investments source proprietary deal flow?

Two structural channels provide distinct sourcing. First, its tenure and scale with top-quartile California venture firms (Sequoia Capital, Kleiner Perkins, Benchmark) grant early access to co-investment allocations in late-stage private companies. Second, the UC Ventures initiative specifically targets commercializable technology emerging from the University of California's ten-campus research ecosystem — a pipeline unavailable to other public pension funds.

### Which sectors does UC Investments explicitly avoid?

The Regents have adopted policy restricting investment in companies with substantial revenues from thermal coal and oil sands extraction, following UC's formal environmental, social, and governance framework adopted in 2015. The portfolio has also exited most tobacco-related public equities. Beyond these exclusions, the office maintains broad sector flexibility across its private and public books.

### What is the UC Ventures program?

UC Ventures is a dedicated investment program housed within UC Investments that backs startups founded by UC faculty, students, or alumni, or built on UC-licensed intellectual property. The program allows the university system to recycle its own research output into financial returns, creating a flywheel no other US public pension fund can replicate at equivalent scale.

### What is UC Investments' known posture on co-investments alongside external GPs?

UC Investments actively pursues co-investment rights in its private equity and real asset portfolios. By writing large fund commitments, the office negotiates for the ability to invest additional capital directly alongside its GP relationships without paying incremental management fees. The December 2023 Blackstone BREIT transaction, which provided favorable economics in exchange for long-duration capital, exemplifies this negotiating posture.

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/uc-investments

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology