The battle over leadership and share ownership at Uber comes at a time when some investors are rethinking venture capital. The Hawaii Employees' Retirement System, Honolulu, is reconsidering its investments because of disappointing returns, said Vijoy Chattergy, chief investment officer. Pension fund officials are currently in the process of investigating how HERS should invest in venture capital and whether it should continue to invest in the asset class, he said. "We've been invested in venture capital a long time and … we have not been that successful," Mr. Chattergy said.