How not to manage your venture investments

Here’s a howling follow to our post yesterday about the crisis at the Ohio Bureau of Workers’ Compensation, and how it plans to make public the valuations of the investments it has made via venture capital — which could affect some local Silicon Valley start-ups.

Dan Primack, of PE Wire quotes OBWC’s press secretary, Jeremy Jackson (you’ll have to scroll down):

The way we have monitored all aspects of our private equity investments has been grossly immature. For example, if someone had asked us about specific valuation about companies inside of funds, we couldn’t have answered. We had no reconciling of performance numbers, or any benchmarking of returns…The difference is that I don’t think we were of a nature to have intelligently considered the issues, because we weren’t running a functional program.

Sheesh.