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University of California Working Capital Investment Funds
The University of California Working Capital Investment Funds were established as an operating fund to manage short-term cash and working capital across...
University of California Working Capital Investment Funds
The University of California Working Capital Investment Funds were established as an operating fund to manage short-term cash and working capital across the UC system. Jagdeep Singh Bachher, named CIO and Vice President of Investments, leads the investment strategy from Oakland, California. The funds sit alongside the larger UC endowment but focus on deploying working capital into alternative assets to generate returns on cash that would traditionally be held in money market instruments. The Funds' strategy spans real estate, infrastructure, digital assets, and venture capital. They have held positions in the Blackstone Real Estate Investment Trust (BREIT), a UC real estate office portfolio (since divested), and a UC data center portfolio. On the venture side, Sequoia Capital serves as a long-term co-investor. The digital asset exposure reflects an early institutional foray into crypto, while infrastructure commitments include global real estate assets. Bachher also serves as Chancellor of the University of Waterloo, creating a cross-border institutional link. The Funds maintain a relationship with Blackstone as a strategic partner in real estate and alternatives. The UC Investments Academy, an internal training network for UC investment professionals, supports talent development. The core team size is not publicly disclosed. The University of California Foundation handles related philanthropic structures. A structural differentiator is the Funds' explicit mandate to invest working capital — cash pools that most universities leave in cash or short-term bonds — into illiquid alternatives. This blurs the line between liquidity management and long-term investing, requiring careful cash-flow forecasting and staggered maturities. It is a rare operational architecture among large public university systems.
General information
Firm type
Operating Fund
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Oakland
Corporate office
Oakland, CA, United States
Principals
Jagdeep Singh Bachher
Chief Investment Officer and Vice President of Investments
Sector focus
Frequently asked questions
Who runs investment decisions at the University of California Working Capital Investment Funds?
Jagdeep Singh Bachher serves as Chief Investment Officer and Vice President of Investments for the University of California system, overseeing the Working Capital Investment Funds. He also serves as Chancellor of the University of Waterloo (public record). His investment team manages the Funds' allocation to real estate, infrastructure, digital assets, and venture capital.
How does the Working Capital Investment Funds strategy differ from the UC endowment?
The Working Capital Investment Funds focus on short-term operating cash and working capital, while the UC endowment invests long-term. The Funds deploy this cash into alternative assets such as real estate, infrastructure, and digital assets — a strategy rarely used by universities for working capital. This creates a hybrid liquidity-management and investment approach, with careful cash-flow forecasting.
Does the Funds participate in fund commitments or only direct deals?
The Funds employ both direct investments and partnerships with external managers. They have held positions in the Blackstone Real Estate Investment Trust (BREIT) and co-invest with Sequoia Capital on venture opportunities. They also own direct real estate assets, such as a data center portfolio, and maintain a digital asset allocation.
What investment stages does the Funds typically target?
The Funds invest across multiple stages, but the working capital mandate imposes a shorter duration horizon than the UC endowment. Real estate investments — including BREIT and direct property — and infrastructure assets are held for intermediate terms. Venture capital exposure comes through long-term partnerships like Sequoia Capital. Digital assets reflect a shorter-term, liquid allocation.
Which sectors does the Funds explicitly avoid?
Public disclosure does not name any sectors the Funds explicitly avoid. Based on reported holdings and partnerships, the Funds focus on real estate, infrastructure, venture capital, and digital assets, suggesting a tilt toward tangible and alternative assets rather than public equities or fixed income.
How is the Funds related to the University of California system?
The Working Capital Investment Funds are an operating fund within the University of California system, separate from the UC endowment. They are managed by the UC Investments office under CIO Jagdeep Singh Bachher. The Funds deploy the system's working capital — cash from tuition, state appropriations, and other operations — into alternative assets.
Does the Funds maintain philanthropic structures, and how are they separated?
The University of California Foundation handles philanthropic and donor-related activities, separate from the Working Capital Investment Funds. The Foundation operates independently, with its own board and investment policies. The Funds focus solely on the university's operating cash and working capital, not endowment or donor funds.
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