The University of California said it will put the funds from its $250 million tech fund into the care of entrepreneur Vivek Ranadivé, who will lead and build a team to invest in innovations coming out of the UC system.
Ranadivé is the former CEO of multi-million dollar real-time computing company TIBCO and owner and chairman of the NBA’s Sacramento Kings.
“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,” UC Chief Investment Officer Jagdeep Bachher said in a press release.
In September, UC approved the cross-disciplinary innovation investment spanning life sciences, tech, energy, agriculture and materials, according to a press release from the University.
“Our business plan for the UC innovation fund is designed for the next 100 years. Therefore, it’s 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,” UC Board of Regents Committee on Investments chair Paul Wachter said in prepared remarks.
The fund, named UC Ventures, aims to generate “attractive, risk-adjusted returns by investing in commercial opportunities arising from the University of California,” according to a press release. No tuition or state funding will be used in the venture.
“It is a tremendous honor to partner with the University of California in this unique collaboration focused on investing in breakthrough technologies emerging from the world-class University of California system. As an entrepreneur, I look forward to supporting fellow entrepreneurs and growing innovative, value-driven enterprises with a mission to advance our society and make the world a better place,” Ranadivé said in a press release.
The UC Venture fund was originally created to be a stand-alone, independent investment vehicle looking at long-term opportunities. Along with its creation, UC said it put together an advisory board to provide advice and insight to the UC Ventures fund.