Fund Performance: Longitude, DCM, Bay lead venture portfolio at LA pension

Longitude Capital, DCM Ventures and Bay Partners stand atop a portfolio at the Los Angeles Fire and Police Pension System. The portfolio features vintages from 2004 to 2007.

The top performer as of June 2018 was Longitude Venture Partners, with an IRR of 25.5 percent, according to a VCJ analysis of the report. The $325 million 2007 fund invested in Civitas Therapeutics, which was acquired by Acorda for $525 million in 2014, according to Thomson Reuters data. Other portfolio companies from the fund include Esperion Therapeutics, Jazz Pharmaceuticals and Concept Therapeutics, which each went public.

DCM’s 2006 fund, at $505 million, posted a 16.2 percent IRR, according to the report.

Bay Partners reported a 12.6 percent IRR in the pension portfolio.

Below is IRR data for the venture funds of LA Fire and Police, vintages 2004 to 2007. The figures from the Los Angeles LP are current as of June 2018.

To download the full version of the spreadsheet below with additional performance data, click here: LA Fire and Police venture portfolio (2004 to 2007)

LA Fire and Police VC portfolio (2004 to 2007)

Fund Fund size ($M) IRR (%) as of June ’18
Longitude Venture Partners I $325.00 25.5
Doll Capital Management V $505.00 16.2
Bay Partners XI $285.00 12.6
New Enterprise Associates 12 $2,525.00 6.8
Atlas Venture Fund VII $385.00 6.6
Doll Capital Management IV $366.00 5.2
Sterling Venture Partners II $161.00 4
St. Cloud Capital Partners II $172.00 -3.9
Rustic Canyon/Fontis Partners $112.00 -4.5
Rho Ventures V $425.00 -5.8
Giza Venture Fund IV $150.00 -11.5
ITU Ventures III $120.00 -93.1
Source: Los Angeles Fire and Police Pension System report, September 2018 (IRRs from June 2018). Source for fund size and fund type from Thomson Reuters.