Fund performance: IVP tops recent vintage New York State portfolio

A New York State & Local Retirement System venture portfolio favoring small early-stage funds has met with what may be an unexpected result:

The largest fund in the bunch, the one fund with a late-stage strategy, is its best performer.

The fund from IVP has a clear lead over the second-place performer, a multistage fund from Aisling Capital, and a nice lead over early-stage funds from the likes of Tribeca Venture Partners, Contour Venture Partners and Ascent Biomedical Ventures, according to a VCJ analysis of a recent portfolio report.

The portfolio is made up of 11 funds with vintages of 2007 to 2014. Almost three-quarters of the funds are early- or seed-stage investors and almost two-thirds are under $100 million in size, according to data from Thomson Reuters.

A review of the pension fund’s portfolio shows that performance is mixed, with about half the investments under water. Those in the red include a pair of very recent funds that could hardly be expected to have generated profits.

Leading the group is Institutional Venture Partners XIII from 2010 with an investment multiple of 1.63x as of March 2015, according to the recent portfolio report.

In second place is Aisling Capital III from 2009 with an investment multiple of 1.54x, the report shows.

Tribeca Venture Fund I and Performance Venture Capital II are both doing reasonably well, with multiples of 1.47x and 1.46x, respectively.

Performing less admirably are Ascent Biomedical Ventures NY II and DFJ Gotham Fund II, both of which are near the bottom of the portfolio.

The full list of funds is available in the accompanying spreadsheet with commitments, distributions and investment multiples. Investment multiples are calculated by VCJ.

Downloadable Data: NY State Common Retirement Fund venture portfolio report

Photo of a full moon rises behind the Empire State Building and the Chrysler Building over the skyline of Manhattan. Reuters/Gary Hershorn