The point is that Google already has $37B in liquid assets, which are unlikely to yield more than 3.7% returns. As a point of reference 10yr US treasury bonds only return 3.3% and are definitely illiquid; 1 Tbonds return only 0.22%. I haven’t heard of any current liquid asset yielding anything near 3.7%.

If they really have investment opportunities that they are convinced will surpass 3.7% return, why aren’t they just using their existing liquid assets. I agree with other commenters that these funds are either in preparation for a large acquisition or just a dumb decision resulting from irrational and inefficient buracracy common to all large companies.