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Large index weighted funds don't buy into IPOs until significantly after the fact.

Really? For the CalSTRS example, they issued PR that they bought into the FB IPO, and had also bought into pre-IPO private companies.

eg:

> CalSTRS has owned shares in Facebook, Inc. since its initial public offering in 2012, as well as through privately held assets prior to the IPO.

Something run by California was mismanaged you say? I'm terribly shocked