Key Takeaways
- • Collective Global, a new venture capital firm co-owned by major California pensions, announced it has more than $1 billion in assets under management, according to Diya TV.
- • Co-CEOs Sheel Tyle and Daniel Adamson are positioning the firm to link institutional investors with venture managers and founders through GP stakes and venture strategies.
- • Founding investors Orange County Employees Retirement System (OCERS) and the City of San José's Retirement System are each committing a minimum of $100 million.
- • OCERS CIO Molly Murphy chairs the Collective Global Strategic Committee and describes the firm as a first mover in venture GP stakes, using current market dislocations to introduce a more collaborative model.
- • The launch follows an OCERS-hosted summit of asset owners representing more than $1 trillion in combined assets.
Summary
Collective Global, a San Francisco-based asset management firm co-owned by major California pensions, has announced more than $1 billion in assets under management (AUM), according to Diya TV. The firm is led by co-CEOs Sheel Tyle and Daniel Adamson, and aims to reshape how leading institutions engage with venture capital by linking the innovation economy with institutional investors and creating partnerships with venture managers and founders.
The firm's model combines three components: a dedicated venture GP stakes platform called "Elevate," an early-stage venture strategy known as "Amplo," and an opportunistic venture mandate named "Tactica." Founding investors include the Orange County Employees Retirement System (OCERS) and the City of San José's Retirement System, each committing a minimum of $100 million. Molly Murphy, CIO of OCERS and Chair of the Collective Global Strategic Committee, said the firm "is poised to be an innovative first mover in venture GP stakes, taking advantage of current market dislocations to introduce a more collaborative model."
The launch follows a recent summit hosted by OCERS that brought together asset owners representing more than $1 trillion in combined assets. The collaboration seeks to rethink how venture capital can benefit pension beneficiaries. Adamson noted in the context of a challenging venture environment that "distress and dislocation in venture markets has opened VC managers' minds to newer and better ways to partner with their investors." He has said the firm aims to re-imagine how pensions and other premier asset owners access the innovation economy.
The concept originated from a 2021 conversation between Adamson and Murphy. Murphy, a seasoned venture investor, recognized the limited access pensions had to venture capital, and together they envisioned a firm that connects pensions to venture investments, allowing investors to participate in fundraising rounds and take stakes in firms. The firm's stated objective is to boost pensions' exposure to VC firms, with management and institutional investors jointly owning the firm.
The firm's model combines three components: a dedicated venture GP stakes platform called "Elevate," an early-stage venture strategy known as "Amplo," and an opportunistic venture mandate named "Tactica." Founding investors include the Orange County Employees Retirement System (OCERS) and the City of San José's Retirement System, each committing a minimum of $100 million. Molly Murphy, CIO of OCERS and Chair of the Collective Global Strategic Committee, said the firm "is poised to be an innovative first mover in venture GP stakes, taking advantage of current market dislocations to introduce a more collaborative model."
The launch follows a recent summit hosted by OCERS that brought together asset owners representing more than $1 trillion in combined assets. The collaboration seeks to rethink how venture capital can benefit pension beneficiaries. Adamson noted in the context of a challenging venture environment that "distress and dislocation in venture markets has opened VC managers' minds to newer and better ways to partner with their investors." He has said the firm aims to re-imagine how pensions and other premier asset owners access the innovation economy.
The concept originated from a 2021 conversation between Adamson and Murphy. Murphy, a seasoned venture investor, recognized the limited access pensions had to venture capital, and together they envisioned a firm that connects pensions to venture investments, allowing investors to participate in fundraising rounds and take stakes in firms. The firm's stated objective is to boost pensions' exposure to VC firms, with management and institutional investors jointly owning the firm.
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