Policy & Power
How Governments and Pension Funds Structure Venture Capital: Three Models, Two Objectives
Governments and pension funds face a choice when investing in venture capital: prioritize financial returns, policy goals, or a combination. This article explores three distinct models—fund-of-funds, direct/corporate venturing, and cornerstone investor—and how each balances these objectives based on the sponsor's strategic priorities.
Arthur Sterling·October 26, 2026
