Washington University in St Louis came out as highest and winning bidder for a stake in venture firm General Catalyst Partners. The stake was sold by New Jersey’s pension fund for $14.1m. Its net value is $12.7m.
The original acquisition by New Jersey’s pension fund – worth more than $80bn – had been the subject of investigations, as auditors found irregularities. Charles Baker was running for Massachusetts governor while being executive-in-residence at General Catalyst at the time. Baker lost the race, but New Jersey’s stake purchase in General Catalyst followed a $10,000 donation from Baker to the New Jersey Republican State Committee.
The New Jersey Division of Investment had sought offers for its General Catalyst investment, with Washington University offering $14.1m in cash.
No further details have been disclosed.
A spokeswoman for General Catalyst said Tuesday said the firm is “pleased that the purchase of the State Investment Council’s fund commitment resulted in a positive outcome and a significant profit for New Jersey pension beneficiaries.”
