Funds from JMI Equity, Top Tier Capital Partners and M/C Partners lead a portfolio of mid-decade venture funds at the Ohio Public Employees Retirement System.
The portfolio, with vintages of 2003 to 2008, is largely made up of mid-sized funds. Three-quarters of the funds are between $300 million and $900 million in size.
The investment strategy among the dozen funds varies widely. The portfolio includes a mix of early, late- and multi-stage funds, along with a pair of funds of funds.
Overall performance is unimpressive. Three of the funds are below water and another five have single-digit IRRs, according to a recent performance report.
At the top of the portfolio is JMI Equity Fund V from 2005 with an IRR of 39.5 percent as of September 2016, the report shows. Distributions are significant.
Exits from the fund include Seismic Micro-Technology, which was acquired by IHS in August 2011; Intergraph, which was acquired by Hexagon AB in October 2010; and Nimsoft, which was acquired by CA in March 2010, according to Thomson Reuters data.
In second place is Top Tier Investments IV, a fund of funds from 2007 with an IRR of 14.4 percent, as of September 2016.
Also doing well is M/C Venture Partners VI from 2006. Its IRR as of September was 13.5 percent, the report shows.
The accompanying chart lists all 12 funds with commitment levels, distributions and IRRs.
Download Data: OPERS venture capital portfolio (2003 to 2008)
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