Hmm!

One of the things being set in motion at the UC Regents is a UC linked venture capital fund that is supposed to provide a vehicle for UC to profit from on-campus innovations.

Where is the UC money coming from that might finance such an entity?  Bloomberg BusinessWeek indirectly suggests the answer.  UC may be backing out of similar off-campus funds:

The Regents of the University of California is looking to sell about $500 million in older private-equity fund stakes after valuations of the holdings jumped, according to two people with knowledge of the matter. UC Regents, which oversees the $91 billion pension and endowment funds of the University of California, hired Cogent Partners to manage the potential sale of venture capital and buyout fund stakes, said the people, who asked not be named because the information is private. The university is evaluating options as private-equity funds sit on almost $1 trillion in uninvested capital and valuations of companies rise, Jagdeep Singh Bachher, chief investment officer of UC Regents, said in an interview, declining to comment on the deal. “Private equity markets are exciting and not exciting at different times for different reasons,” said Bachher...

Full story at http://mobile.businessweek.com/news/2014-09-17/university-of-california-said-to-plan-pe-stak-sale