How Pension Funds Are Using Tailored Separate Accounts in VC

Episode 24 of The Venture Capital Investor Podcast explores a fast-growing trend among large LPs: separate accounts in venture capital. Lucas and Luna examine how the California Public Employees' Retirement System (CalPERS) and other institutional investors are moving beyond traditional blind-pool fund structures. They walk through a concrete example: a $200 million separate account that gives an LP direct control over pacing, sector allocation, and fee terms — including an entirely rebated management fee. The hosts discuss why separate accounts are gaining traction in 2026, how they differ from co-investment rights, and whether emerging managers can compete when megafunds offer bespoke vehicles. A focused, number-driven conversation for LPs and anyone curious about the structural evolution of venture investing. #PensionFunds #CalPERS #SeparateAccounts #VentureCapital #LPInvesting #InstitutionalInvestors #FeeStructures #PortfolioConstruction #EmergingManagers #CoInvestments #BlindPool #Pacing #SectorAllocation #ManagementFee #VPEF #FexingoBusiness #BusinessPodcast #VentureCapitalInvestorPodcast Keep every episode free: buymeacoffee.com/fexingo