University of California

University of California

The University of California's investment office manages retirement and endowment assets for the UC system under the oversight of the Regents. The office was formally consolidated under a single Chief Investment Officer in 2014. Jagdeep Singh Bachher, previously an executive at Alberta Investment Management Corporation, was appointed to lead the transformation and has since reported directly to the Regents' Investments Committee. Bachher has emphasized direct and co-investments, internal management, and a focus on innovation-linked assets. Asset classes span public equities, fixed income, private equity, venture capital, real assets, and absolute-return strategies. The office has backed funds including Sequoia Capital and Andreessen Horowitz, and has made direct co-investments alongside General Atlantic. Significant commitments include a long-running partnership with Blackstone's real estate strategies. Geographic exposure extends across North America, Europe, and Asia. Team size and deployment figures are not published as a standalone entity separate from the broader UC financial reporting. The office operates from Oakland, California. Bessemer Venture Partners, Accel, and Lightspeed Venture Partners have all received UC commitments. In October 2023, CIO Bachher publicly defended the office's strategy of increasing allocations to private assets amid a national debate over illiquidity in endowment portfolios (per institutional investor communications, 2023). The investment office's hybrid model — blending internal management, direct co-investment, and traditional fund commitments — sets it apart from purely external-manager-driven public pension peers. Its governance is tied to a constitutional Board of Regents, making it structurally insulated from the political cycles that often constrain state treasury investment functions.