Yes to PE; no to VC

Lackluster venture returns for theCalifornia Public Employees' Retirement System (CalPERS) weighed down an otherwise strong private equity performance in FY11-12.

The fund reported a private equity gain of 5.4% for the fiscal year. On a conference call, CIO Joe Dear said "the positive performance was primarily in buyout and credit-related funds; that was impeded by the growth in venture capital."...