[{"_1":2,"_124":-5,"_125":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,76,88,100,112],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},"mediaId",6065933,"mediaKeyId","3191574-f9b341dd198f4b87ae3c0a4db941a569","parentId",3191574,"title","Regents approve UC Berkeley Chancellor’s Fund to invest in UC‑affiliated startups; student and accounting questions raised","audioSeconds",397,"startMs",590000,"endMs",987000,"viewUrl","/Search/View?dp=1&key=3191574-f9b341dd198f4b87ae3c0a4db941a569&start=590&end=987","thumbnailUrl","https://assets.pipeline.soar.com/3191574-f9b341dd198f4b87ae3c0a4db941a569/thumbnail_590000.jpg","articleUrl","/articles/6065933/California/Regents-approve-UC-Berkeley-Chancellors-Fund-to-invest-in-UCaffiliated-startups-student-and-accounting-questions-raised","mediaUrl","https://secure.pipeline.soar.com/6065933-f6e31d2f487590fb3c1d0f64c0baec01/orig.mp4?Expires=1770981124&Signature=ngx4yBnxLz9yBdmOgsNxXHPNogvTUK034zUvQftfVgOSUfnwEJmpBxTH41LJrF4LsP60-b5xJgS1qDfALxtjSVns500utEkwgz-1B0-UgfFbYkRq1yrS9z67NMOGjpjYxzr~pyPB1EaAwJbshy7~zSIGtgzQRi8mEY3zXwmrGQwKkSXA4rH6~8NzJIoLH8ClrChOcIwXEwUkLoULzd9iIPbv5VKmQliVyJNB65X-4~zMDQPr95HjsP~caj7ezfa4I1k7Y9Yv6-gzR0slFjCUyaeQ6s1y1IFvY8lfbD6pfP~adkZ9NKbK1bN3qCBoEOtFVCNL~NSiYThlzmbwDIwWRg__&Key-Pair-Id=KUT5TJCACFTXG","author","University of California","date","2025-03-17T00:00:00Z","article","Regent Cohen, committee chair, called the roll and the Regents approved the creation of a UC Berkeley Chancellor’s Fund, a campus‑controlled, Regents‑owned investment vehicle intended to invest in companies affiliated with the University of California.

Chancellor Lyons presented the fund concept and described four principal features: (1) the fund will be a separate for‑profit California limited liability company that is wholly owned by the Regents; (2) it will be operated by existing UC employees under a services agreement and subject to UC policies; (3) initial capital will be sourced primarily from no‑strings‑attached gifts; and (4) investments will be limited to UC‑affiliated startups and UC‑connected venture funds (permitted investments under the Regents’ policy and delegation). Lyons said Berkeley accepted Delegation of Authority DA 2650 in 2023 and implemented local equity management processes; the Chancellor’s Fund implements a campus‑controlled investment vehicle in that governance framework.

Student Observer Miguel Craven spoke during the item and praised the concept while raising two concerns: that students are not explicitly included in the fund’s mission or governance and that the fund’s permitted investments appeared fairly flexible (he suggested options such as student representation in a board or advisory role and dedicating a small fraction of returns to student services or scholarships). Miguel Craven said, “students aren't included explicitly within the mission of the fund or, are on the board in any sort of position.”

Regent Macarecian questioned how the campus would account for UC employees’ time, campus space and other in‑kind contributions when the fund or a portfolio company took on third‑party co‑investors. Rafael Paquin, principal counsel for equity transactions (Office of General Counsel), said the fund at the fund level will be 100% owned by the Regents and any co‑investment with third parties would occur in a separate special‑purpose vehicle (SPV). Paquin said the services agreement is intended to ensure the Regents receive the investment returns in exchange for the employee time and that any SPV that brings in third‑party investors would be charged for UC employee time and any use of campus facilities.

Berkeley presenters said philanthropic interest already exists: the campus has received $75,000,000 in philanthropy over the past year tied to an outside venture firm vehicle; that gift is currently restricted but would become unrestricted when it exits the outside structure. Campus staff said an operational minimum gift to stand up the fund would likely be near $900,000–$1,000,000 to operationalize the fund and that average deployment checks or an initial scale “in the tens of millions” (camp staff said $10–20 million as a working scale) would enable substantive investments and operations. Presenters also described existing due diligence capacity through affiliated venture partners and said investments would be limited to UC‑connected entities.

The Regents moved, seconded and called the roll; the item passed on the committee roll call. The transcript records the student‑observer concerns and the Regents’ accounting question and the campus responses described above. The campus said it will provide follow‑up details on student engagement, operational staffing and accounting for shared services as the fund is implemented.","mediaType","Video","parentTitle","Finance and Capital Strategies Committee 2025-03-17","oneSentenceSummary","Regent Cohen, committee chair, called the roll and the Regents approved the creation of a UC Berkeley Chancellor’s Fund to invest in UC‑affiliated startups.","taxTitle","University of California, Boards and Commissions, Executive, California","taxId",76757,"location","California","headline","","shortSummary",{"_33":77,"_35":36,"_37":38,"_39":78,"_41":79,"_43":80,"_45":81,"_47":82,"_49":83,"_51":84,"_53":85,"_55":56,"_57":58,"_59":86,"_61":62,"_63":64,"_65":87,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6065928,"UC proposes Ocean Road workforce housing pilot at Santa Barbara; Regents endorse solicitation to test a fee‑development model",510,1858000,2368000,"/Search/View?dp=1&key=3191574-f9b341dd198f4b87ae3c0a4db941a569&start=1858&end=2368","https://assets.pipeline.soar.com/3191574-f9b341dd198f4b87ae3c0a4db941a569/thumbnail_1858000.jpg","/articles/6065928/California/UC-proposes-Ocean-Road-workforce-housing-pilot-at-Santa-Barbara-Regents-endorse-solicitation-to-test-a-feedevelopment-model","https://secure.pipeline.soar.com/6065928-fa36ebe91441908c1570b2ccc4acf455/orig.mp4?Expires=1770981124&Signature=Rc2UfoNRTfm6DCwPXMCF917g5RUzWiImetNKbO9Hzx6XtNAqOgqcYw3aOAfaFO8wDYyzhCe5F7wR5UFAHkaUi8LBN~or~UJ6RvfYyWyo8NtiXGrJSBxuJlmFmPeVLVeDT3rjtYpi6QPuOId2-usqtch8IqfpZiMDXbVD14XkCUiwsu4gEJWY4uj8tV5IVI~3HdwZc82foFHrvyKl05wNaxvpagRbpjZPWHB6GXFRT6DfKtIKbY761rVOwd9eJPMz0OBKASYJ1cPfLFnl-SnhWNW7LnQS9UyrXBLfZNtz-52N6i1cujjZ3S7kxVNu~X2pwn8M3HOnuTJRdPGe2c6oFA__&Key-Pair-Id=KUT5TJCACFTXG","Regent Cohen opened discussion of a workforce housing pilot at the UC Santa Barbara Ocean Road site and committee members signaled support to proceed to a competitive solicitation.

Office of the President presenters described workforce housing as a recruiting and retention priority for faculty, staff and graduate students and said the campus has struggled to realize such projects under prior commercial financing and construction costs. The proposal before the Regents was an informational item to test a fee‑development contracting mode on Parking Lot 23, a pilot site on the Ocean Road property (the campus cited a 16‑acre overall site and showed the pilot parcel on the slide). The pilot would be able to proceed under the campus’ existing long‑range development plan (LRDP) certified by the Coastal Commission and the parcel is subject to a 60–65 foot height limit under the certified LRDP.

Presenters described the fee‑development contracting mode as a variant of design‑build: the developer is selected through a competitive solicitation and then is responsible for contracting with general contractors, designers and a property manager; a development fee compensates the developer and is only earned if the project is authorized for construction. Presenters said the model could yield cost advantages by leveraging private‑sector market experience and by using UC financing (commercial paper during construction rolled into University financing for long‑term debt) and the property self‑insurance program to reduce operating costs. The campus said the solicitation would include clear feasibility criteria, two formal Regents touches (selection of the developer proposal and a second review prior to authorizing construction) and built‑in off‑ramps at discrete phases with guaranteed maximum prices.

Jake Lavin (Office of the President, Real Estate) presented details and said the pilot could proceed independently of a broader reimagining of the Ocean Road redevelopment, and that the pilot’s results would help inform any larger reimagining. The presenters identified prior infrastructure alignment costs from an earlier iteration of the project that had been budgeted at approximately $30,000,000 and said one of the pilot goals would be to reduce such infrastructure scope through reimagining. The committee did not record a vote on this informational item; presenters said the campus would proceed with a competitive solicitation for the Parking Lot 23 opportunity if Regents had no objections and would return with selected proposals and subsequent requests for construction authorization and financing.","Regent Cohen opened discussion of a workforce housing pilot at the UC Santa Barbara Ocean Road site and committee members signaled support to proceed to a competitive solicitation.",{"_33":89,"_35":36,"_37":38,"_39":90,"_41":91,"_43":92,"_45":93,"_47":94,"_49":95,"_51":96,"_53":97,"_55":56,"_57":58,"_59":98,"_61":62,"_63":64,"_65":99,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6065938,"Regents approve UC Merced Classroom/Office Building 3 — $78 million total budget",78,422000,500000,"/Search/View?dp=1&key=3191574-f9b341dd198f4b87ae3c0a4db941a569&start=422&end=500","https://assets.pipeline.soar.com/3191574-f9b341dd198f4b87ae3c0a4db941a569/thumbnail_422000.jpg","/articles/6065938/California/Regents-approve-UC-Merced-ClassroomOffice-Building-3-78-million-total-budget","https://secure.pipeline.soar.com/6065938-9aae16f38d65c214c7cd6ff2fdc514af/orig.mp4?Expires=1770981124&Signature=UbvRh7380hY5F~xoxFhYtNReC2DEGpU2LxOFlxzA4IQJOpF10BVC~-08nYOAaitjHodu8ZEtttasFFWTCXH9fGPxT4vid-Q0tSIJdQ5cz8CAwgzBlZXZTQB8KG58TwqL-N8ghIUET7bCp9tHbo7AmS80cFpck1K1bsQFP-Y621TTv6NZHd4oYsOVLpxZ9O-cbAHprKTRqxmL4AC1jGy1V8Sjs2T2LMuchYcZ1caPBR8hPNJMWsr08eZFdEee8U1-WeLuVNNjZLY1L80zRIw6II7PhBEJWNJoF2al6fJ-DjMOkkPSZXsXoq0vpCy9opoSSWvbGNWwO79nDMYIzxL1TA__&Key-Pair-Id=KUT5TJCACFTXG","Regent Cohen, committee chair, called the item and the committee approved UC Merced’s Classroom/Office Building 3 (COB 3).

Chancellor Juan Munoz (presenting, transcript reference) asked the Regents to approve the budget, scope, external financing and design for COB 3. The campus said $8.6 million had previously been approved for preliminary planning and the campus requested the balance necessary to advance construction, bringing the total project to $78,000,000. The campus said it added $3,000,000 to a prior estimate to account for potential material‑cost pressures such as tariffs on steel.

The campus described COB 3 as a 53,000‑square‑foot facility designed to support 12 new high‑demand undergraduate programs, with a 400‑seat auditorium, larger lecture halls and dedicated student advising and tutoring spaces. The campus said the building would be all‑electric and built to a LEED Platinum standard to align with University of California carbon‑neutrality goals.

Committee members moved, seconded and called the roll; the vote recorded approval from Regents present. The transcript records no amendments or conditions attached to the approval in committee; the campus will proceed with next steps in project implementation and return as required by Regents policy for construction and financing authorizations.","The Regents approved budget, scope, external financing and design for UC Merced’s Classroom/Office Building 3, a 53,000-square-foot, all‑electric LEED‑Platinum academic facility with a 400‑seat auditorium; total project cost presented as $78 million.",{"_33":101,"_35":36,"_37":38,"_39":102,"_41":103,"_43":104,"_45":105,"_47":106,"_49":107,"_51":108,"_53":109,"_55":56,"_57":58,"_59":110,"_61":62,"_63":64,"_65":111,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6065943,"Regents approve Bancroft student housing project at UC Berkeley, including 583 units and 1,625 beds",125,194000,319000,"/Search/View?dp=1&key=3191574-f9b341dd198f4b87ae3c0a4db941a569&start=194&end=319","https://assets.pipeline.soar.com/3191574-f9b341dd198f4b87ae3c0a4db941a569/thumbnail_194000.jpg","/articles/6065943/California/Regents-approve-Bancroft-student-housing-project-at-UC-Berkeley-including-583-units-and-1625-beds","https://secure.pipeline.soar.com/6065943-47ca97c96a785e9c7d402457f532ddf1/orig.mp4?Expires=1770981124&Signature=ZdPPHI7T~hwZlUBYNp2fduBzIfMHYgk65SXwKdXIWVAqTE-4kCXBo-ZzidWTjL17JO8nCSUVQx5T93cOmeXMoougcQkVRqk6UigFxmLf5Rw9IxV0ODpGh8h2Q-bFRayR3KdpaAWkkO-1CCf8u1yW~e0XGE~NPCGxtuxg5kTZaT2uDk-4bDKJ~lx9DwTfvmyZEkoBDeKsvKsgARDE8nm0PqqsOIkz2-QrXjmZwgLpfDx5uWipPohOV9hjWjt01cJB~6InAvaL-wzlUjEJqPj2FdcgkuiNRzLTfROLoQSjspZ2wm1kKo5NwoAAtUAFEoDCltPnU4wKnQdVQOkZKjgQbw__&Key-Pair-Id=KUT5TJCACFTXG","Regent Cohen, committee chair, called for a vote and the Regents approved UC Berkeley’s Bancroft student housing project.

Chancellor Carol Christ Lyons (referred to in the meeting as Chancellor Lyons) presented the Bancroft-Fulton student housing project, which the campus described as adding 583 housing units that together provide roughly 1,625 beds, including 1,625 beds intended primarily for first‑year students. The project also includes a 500‑seat dining commons and amenities the campus said would support student belonging and wellness, such as an academic center, meeting spaces, communal kitchens, music rooms and a fitness center.

The campus requested approval of the project budget, scope, external financing and design pursuant to the California Environmental Quality Act. Chancellor Lyons said the project advances the campus goal of guaranteeing on‑campus housing to first‑ and second‑year students and would give the campus flexibility to renew or redevelop older housing stock.

A campus finance presenter said the project financing would be issued through the university’s general revenue bonds at an illustrative interest rate of about 4.25% for 30 or 35 years and that the financing yields on the project are “between 25–30% below market” under current assumptions. The campus also noted a design choice to use student triples that are purpose‑built rather than converting doubles into triples.

Chancellor Lyons told the committee the campus would begin preparing construction documents after Regents’ approval, with physical construction anticipated to start the following January and the campus targeting the 2028–29 academic year for building occupancy. Committee members moved and seconded the item; the roll call showed unanimous approval among those present.

The transcript includes campus presenters listed for questions but did not record further amendments or conditions on the approvals. The campus will proceed with final design, construction procurement and financing consistent with Regents policy and bring subsequent financing or implementation items back to the Regents as required.","The Board approved budget, scope, external financing and design for UC Berkeley’s Bancroft-Fulton student housing project, a 583-unit development with about 1,625 beds and a 500-seat dining commons; campus said construction documents will begin after approval with a target opening for the 2028–29 academic year.",{"_33":113,"_35":36,"_37":38,"_39":114,"_41":115,"_43":116,"_45":117,"_47":118,"_49":119,"_51":120,"_53":121,"_55":56,"_57":58,"_59":122,"_61":62,"_63":64,"_65":123,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6065948,"Regents approve $150 million in planning funds for UC San Diego Hillcrest hospital replacement",82,119000,201000,"/Search/View?dp=1&key=3191574-f9b341dd198f4b87ae3c0a4db941a569&start=119&end=201","https://assets.pipeline.soar.com/3191574-f9b341dd198f4b87ae3c0a4db941a569/thumbnail_119000.jpg","/articles/6065948/California/Regents-approve-150-million-in-planning-funds-for-UC-San-Diego-Hillcrest-hospital-replacement","https://secure.pipeline.soar.com/6065948-27b26428eaf88585f44e0eaaa823d406/orig.mp4?Expires=1770981124&Signature=Hh3HigAE1l6tgnI-QNPNMpX626PE4O6OBr2Iucokkl3vWlnFcUMRVuNsXD4RjILmIKyOQrGKKdXvLF4rR7O~xPGcgPQb73g-Lyyl8kOH76m37ZFOwSOwzYaEz7JXo~4GFqiFjsoPxYOu9Ylv23vshsJwaKP7Yqkb8utBpaMdpiKJ46iw0tCw6~Iy-nFQT02JbNpIyWcZ4AMd3705GYRDUafso~4zz9M3mIIzyBkXbngBioMu0X4-fr3LuzrSXaqSa~sy6e-IdJzCj0vA9JFQJHjG1o5tLpocICb8t1JEslFq3BoQWsPTNOvEErCoXdN-t6D3O9Hsr8i6xK3t-meplA__&Key-Pair-Id=KUT5TJCACFTXG","Regent Cohen, committee chair, presided over a vote approving planning-dollar authorization for a replacement hospital at UC San Diego Hillcrest.

The Regents approved $150,000,000 in planning funds to advance planning for the Hillcrest Hospital replacement, which the campus described as a replacement for the original hospital built in the 1960s that is not seismically compliant. The campus said the replacement project is planned as a roughly 303-bed acute-care hospital.

The campus presented the item as a next phase of a 2019 long-range development plan and requested the planning dollars to support design and early project development. Patty Mason, Chief Executive Officer (presenting on behalf of UC San Diego), said the planning funds are for the replacement of the existing facility and that the 1960s-era hospital is not seismically compliant.

Committee members moved and seconded the item and the committee called the roll. The roll call recorded votes in favor from Regents Cohen, Drake, Elliott, Kunaalakis, Lee, Macarecian, Montesantos, Riley and Sarris; the item was approved.

The campus did not provide an implementation timeline or identify a construction start date during the discussion recorded in the transcript. The discussion on this agenda item was limited to the funding request for planning and a short question-and-answer exchange; no amendments or conditions were recorded on the approved planning authorization.

Looking forward, campus staff will use the planning appropriation to develop project scope, design documents and further cost estimates that would return to the Regents for additional approvals as required by UC policy and project thresholds.","The UC Board of Regents approved planning-dollar authorization for a replacement Hillcrest hospital that campus leaders said would be a roughly 303-bed, seismically compliant facility; the item passed on a roll-call vote.","actionData","errors"]

Article not found

Regents approve UC Berkeley Chancellor’s Fund to invest in UC‑affiliated startups; student and accounting questions raised

UC proposes Ocean Road workforce housing pilot at Santa Barbara; Regents endorse solicitation to test a fee‑development model

Regents approve UC Merced Classroom/Office Building 3 — $78 million total budget

Regents approve Bancroft student housing project at UC Berkeley, including 583 units and 1,625 beds

Regents approve $150 million in planning funds for UC San Diego Hillcrest hospital replacement