A pair of tiny secondary purchases leads a late-decade portfolio at Hawaii Employees’ Retirement System, but three Battery Ventures funds are the ones that shine.
The portfolio of 10 venture funds with vintages of 2007 to 2010 has done remarkably well overall. All but two of the funds had IRRs in the double digits as of March 2016, according to a recent performance report. Four sported IRRs above 30 percent, including the two secondaries.
The portfolio favors multistage investing and relatively large-scale funds. Seven are larger than $550 million and two of them top $1 billion.
The real winners are the Battery funds. Also, both secondary purchases of U.S. Venture Partners funds had extraordinary IRRs as of March, the report shows. But combined commitments total a bit more than $900,000.
Put them aside and Battery Ventures VIII Side Fund, from 2008, leads the portfolio with an IRR of 31.24 percent as of March, the report shows. On its heels is Battery Ventures IX from 2010 with an IRR of 30.25 percent as of March.
A third Battery fund — Battery Ventures VIII — follows at a distance with an IRR of 17.82 percent, the report shows.
Funds from New Enterprise Associates, Canaan Partners and Trident Capital follow.
Performance data for the entire portfolio is available in the attached spreadsheet, including commitments, distributions and IRRs.
Download Data in Excel: Hawaii ERS venture portfolio (2007 to 2010)
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