In September of last year, the University of California Board of Regents approved the creation of an independent venture fund that would launch with $250 million. Last week, the board named billionaire Sacramento Kings owner and entrepreneur Vivek Ranadivé as the fund’s leader. Why might a university, especially a gigantic public one like the UC, get into the venture investing business? Though Ranadivé and the university talk a big game about building an entrepreneurial culture in the UC system, the biggest reason is to retain a slice of the cash that companies started on campus generate.