Fund performance: Aisling tops a mid-life venture portfolio

A 2008 fund from Aisling Capital sits on top of a venture portfolio of mid-life and newly minted funds at the Pennsylvania Public School Employees’ Retirement System, according to a recent performance report.

The portfolio favors mid-sized funds with a multi-stage approach to investing. All but three of the funds fall between $350 million and $950 million in size, with two of the remaining funds exceeding $1 billion and one of those chasing secondaries.

The funds are managed by players such as Aisling, LLR Partners, Tenaya Capital and Summit Partners.

Overall, the portfolio has respectable results. Five of the nine funds had IRRs in the double digits as of March 2016, according to the report. Two additional funds were less than two years old at the time of the publication, so were too young to attach too much importance to an IRR.

Still, only three of the funds had delivered significant distributions.

The top performer in the state pension portfolio was Aisling Capital III, which as of March 2016 had an IRR of 20.9 percent, the report shows. The fund is one of those with substantial distributions.

Summit Partners Growth Equity Fund VIII held the second spot with an IRR of 14.63 percent, as of March. The fund was minted in 2012.

At its heels was LLR Equity Partners III from 2008, with an IRR of 14.06 percent, the report shows. The fund also made significant distributions.

Two funds showing noticeable improvement over the previous 21 months were LLR Equity Partners IV from 2013 and Summit Partners Venture Capital Fund III from 2012.

The accompanying table lists the nine funds with their commitments, distributions and IRRs.

Download Data in Excel: PSERS venture capital portfolio (2008 to 2013)

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