Duff Ackerman & Goodrich and IVP have risen to the head of a late-decade, multi-stage venture portfolio managed by the Kentucky Retirement System.
The portfolio is made up of largely mid-sized funds minted during the final half of the last decade. Most have a balanced approach to investing, meaning that they invest in early and late-stage funds.
They were generally good years for venture and the portfolio reflects these better times. All but three have positive IRRs, according to a recent portfolio report.
The Kentucky Retirement System has been a big supporter of the Duff Ackerman & Goodrich funds and its top holding is DAG Ventures V, which was raised just after the decade turned in 2011. The fund had an IRR of 63 percent as of June 2015, the report shows.
Institutional Venture Partners XII from 2007 takes the second spot with an IRR of 27.2 percent as of June. The portfolio’s only fund of funds follows with an IRR of 17.2 percent, according to the report.
The portfolio has one fund from Doll Capital Management, now known as DCM Ventures, three more from Duff Ackerman & Goodrich and two from HIG Capital.
The two worst performing funds come from VantagePoint Management and HIG.
The entire 13 funds are listed in the accompanying table with commitment levels, asset values and IRRs.
To download an Excel file of data: Kentucky Retirement Systems venture portfolio
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