CalPERS to Pull Back More VC Funding?

In an interview yesterday with Michael Moritz (Forbes’ 2x Midas List winner), California controller John Chiang hinted that venture capital could see even less money than might be hoped from Calprs and Calstrs, two of the biggest Limited Partners sugar daddies that VCs go to for funds.
Moritz asked Chiang, who sits on the ___ of the firms, how the funds were doing. Chiang, it what appeared to be a bit of on-stage negotiating intimated that many “alternative investments” were not “high quality,” and that the standard 2-and-20 management fees typically doled out to fund managers would have to be re-evaluated.
In other words, if VCs, who as an investment block have performed poorly in the last decade, want a piece of California’s shrinking public funds, they’re going to have to take a serious paycut.