University of California (UC) has launched a $250m fund to invest in innovation opportunities that emerge from the institution.
The fund will be led by Silicon Valley entrepreneur Vivek Ranadivé, known for founding Teknekron Software Systems, which developed computer-driven stock trading for investment bank Goldman Sachs in the 1980s.
The university’s office of the chief investment officer is the anchor investor in the funding, committing the $250m of initial funding.
The fund will invest in and support the research of students and members of staff at the university.
Paul Wachter, chairman of the board of regents’ committee on investments, said: “Our business plan for the UC innovation fund is designed for the next 100 years. Therefore, it is important that we get this right with a great team and an independent structure, which is what we have accomplished by recruiting Vivek to lead the fund.”
Jagdeep Singh Bachher, UC’s chief investment officer, said: “Vivek is a visionary who has transformed the way businesses operate across the world and developed his own innovations in Silicon Valley. Our shared vision for investing in UC innovation, our alignment of values and our investment beliefs solidified the relationship.”
