Last year saw several top performing funds in the University of California’s recent-vintage venture portfolio consolidate performance gains, as others continue to advanced.
These relatively young funds—from 2007 to 2013—improved during first nine months of the year. Several stood out for their progress, including funds from BlueRun Ventures, Claremont Creek Ventures, OrbiMed Advisors and Insight Venture Partners.
Others held onto gains made the previous year, including funds from Polaris Venture Partners, Khosla Ventures and Bessemer Venture Partners.
The portfolio includes 25 funds from the seven vintage years. A total of 17 have investment multiples above 1, while four don’t, according to the university’s most recent portfolio report updating returns to September 2013. The University of California has three funds from Sequoia Capital from the vintage years for which it doesn’t release performance results—the only funds in its private equity portfolio for which it does not report returns.
About half of the funds advanced during the first nine months of last year with solid gains from BlueRun Ventures IV, the portfolio’s top performer with an IRR of 22.4 percent. Insight Venture Partners VI, the second on the list, had an IRR of 18.4 percent as of September and also showed nice gains.
Claremont Creek Ventures II made good on gains from the previous year by advancing again to an IRR of 14.6 percent. Another fund that chalked up an advance was OrbiMed Private Investments IV, which rose smartly to an investment multiple of 1.48x.
At the bottom of the chart were the new funds Canaan IX and Khosla Seed B, both from 2012, which are still making initial investments.
The accompanying table lists the 25 funds with commitment levels, distributions, investment multiples and IRRs, where available.