Fund Performance: Industry Ventures, Top Tier lead young portfolio of Ohio pension

Funds from Industry Ventures and Top Tier Capital Partners lead a portfolio of venture capital funds at Ohio Public Employees Retirement System.

The portfolio, with vintages of 2013 to 2017, is made up largely of mid-sized and larger funds with an investment strategy favoring secondaries and funds of funds.

The portfolio is young and should see performance swings as it matures. But so far, performance is solid for such a young portfolio. Nearly all had positive IRRs, according to a portfolio report from September 2018 and examined by Venture Capital Journal.

Well out in front was Industry Ventures Secondary VIII from 2016, though only a small amount of capital had been called. The fund’s IRR was 92.8 percent, the report shows.

In second place was Top Tier Venture Capital VIII-B from 2017 with an IRR of 80.8 percent.

To download the full version of the spreadsheet below with additional performance data, click here: OPERS Venture Capital Portfolio (2013 to 2017)

OPERS venture capital portfolio (2013 to 2017)

Fund  Commitment ($M) Cash in ($M) IRR (%) as of Sept. ’18
Industry Ventures Secondary VIII $50.00 $10.00 92.8
Top Tier Venture Capital VIII-B $200.00 $35.70 80.8
Industry Ventures Special Opportunities Fund II-B $100.00 $6.20 65.3
Top Tier Venture Capital VI-B $200.00 $193.30 17.3
Top Tier Venture Capital VII-B $200.00 $142.60 15.2
Industry Ventures Secondary VII $50.00 $45.00 14.2
Industry Ventures Special Opportunities Fund III-B $100.00 $0.00 0
Essex Woodlands Health Ventures Fund VIII $11.10 $11.10 -5.9
Source: OPERS portfolio report, September 2018. Source of fund type and size from Thomson Reuters.