Last year was a strong one for mid-life venture funds and the San Francisco Employees’ Retirement System portfolio is proof.
All but two of the pension manager’s funds with vintages of 2008 to 2010 advanced during 2014, with funds from Menlo Ventures and Trinity Ventures leading the pack, according to a recent portfolio report.
SFERS was an active investor during the period and has positions in 15 funds with an emphasis on mid-sized capital pools. Eight of the holdings attracted between $300 million and $750 million in capital while three others are above $1 billion in size.
The portfolio has a diverse approach to investment strategy. About half are focused on early stage and another five bring a balanced or later-stage approach. The portfolio has one fund mining the secondary market and two serving as funds of funds.
Menlo Ventures XI is at the head of the class by large margin. The fund ended December 2014 with a multiple of 4.5x, up substantially during the previous 12 months, according to the report.
Trinity Ventures X also is doing well. The fund ended December with a 2.2x multiple and an IRR of 26 percent. Clarus Lifesciences II also improved during the year and claimed an IRR of 20.5 percent at the end of December, compared with 16.2 percent at the end of 2013, the report shows.
New Enterprise Associates 13 ended 2014 with an IRR of 21.
Weathergage Venture Capital II and Knightsbridge Venture Capital VII-A, both funds of funds, posted improved performance during the year.
A table accompanying this story lists the 15 funds with their multiples, distributions, capital commitments and IRRs, where available.
To download the fund performance table in Excel: SFERS venture capital portfolio (vintage 2008 to 2010)
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