Fund Performance: Giza, Polaris and Canaan head up venture portfolio of LA pension

Funds from Giza Venture Capital, Polaris Venture Partners and Canaan Partners head up a venture portfolio at the Los Angeles Fire and Police Pension System.

The portfolio, with vintages of 2008 to 2012, is largely made up of mid-sized funds and mixes early stage and multi stage investing.

Giza was the top performer with an IRR of 25.4 percent, according to a VCJ analysis of a June 2018 report

The Tel Aviv-based fund had at least two acquisitions, including Soluto, which Asurion acquired for $100 million and Viewfinity, which CyberArk Software bought for $30.5 million.

Polaris’ fund posted an IRR of 23.8 percent, while Canaan clocked in at 23.2 percent, according to the June 2018 report.

Below is performance data for the venture capital funds in the LA pension’s portfolio, vintage 2008 to 2012. The figures from the Los Angeles LP are current as of June 2018.

An expanded spreadsheet with additional data is available by clicking here: LA Fire and Police venture portfolio (2008 to 2012).

LA Fire and Police, venture portfolio (2008 to 2012)

Fund Fund size ($M) IRR (%) as of June ’18
Giza Venture Fund V $83.00 25.4
Polaris Venture Partners VI $367.00 23.8
Canaan IX $600.00 23.2
Longitude Venture Partners II $385.00 22.5
Atlas Venture Fund VIII $283.00 20.4
New Enterprise Associates 14 $2,600.00 18.1
Vivo Ventures Fund VII $375.00 16.9
Institutional Venture Partners XIV $1,015.00 15.1
Institutional Venture Partners XIII $761.00 12.9
Element Partners II $486.00 5.3
Pelion Ventures V $194.00 4.8
Doll Capital Management VI $412.00 4.4
Angeleno Investors III $311.00 -1.5
Giza Venture Fund IV (Sec) (V 2004) $150.00 -3.5
Source: Los Angeles Fire and Police Pension System report, Deptember 2018 (IRRs from June 2018). Source for fund size and fund type from Thomson Reuters.