Yeah, this is one of the real secrets of Silicon Valley. The biggest unicorns of the post-Facebook era were all created because of regulatory capture, not despite it.
CALPERS didn't 'start' Uber/AirBnB, but they did make huge bets on them at right about the time when regulation was threatening their existence, and then magically they became legal.
Not to mention all of Elon Musk's companies. He may not have needed the money, but easy passage through regulatory barriers definitely secured success.
Here are the pre-2010 VC investments: https://www.calpers.ca.gov/page/investments/asset-classes/pr...
And then in 2012, they moved into managed VC/PE through Blackrock, so it's a lot harder to trace, but... https://www.reuters.com/article/us-tech-uber-idUSKBN0EH21I20...
CALPERS didn't 'start' Uber/AirBnB, but they did make huge bets on them at right about the time when regulation was threatening their existence, and then magically they became legal.
Not to mention all of Elon Musk's companies. He may not have needed the money, but easy passage through regulatory barriers definitely secured success.