Fund performance: Longitude, DCM, Bay top mid-decade venture portfolio

Funds from Longitude Capital, DCM Ventures and Bay Partners top a portfolio of mid-decade venture funds at the Los Angeles Fire and Police Pension System.

The 12-fund portfolio, with vintages of 2004 to 2007, is largely made up of smaller, early stage funds. Half of the funds are under $300 million in size and two thirds make early stage investments.

Only one is above $1 billion, and that is New Enterprise Associates 12 from 2006.

Overall, performance is mixed. A third of the funds had negative IRRs as of March 2016, according to a recent performance report. Another five funds had IRRs in the single digits.

Leading the portfolio is Longitude Venture Partners I from 2007, which posted an IRR of 23.8 percent as of March 2016, the report shows. Distributions were strong.

Doll Capital Management V held second place with a 17.7 percent IRR. Distributions at the 2006 fund also were substantial.

Bay Partners XI from 2005 was next in line with a 12.3 percent IRR, as of March 2016.

The 12th fund from New Enterprise Associates had an IRR of 8.8 percent, the report shows.

The portfolio of 12 funds are listed in the accompanying spreadsheet with commitments, IRRs and distributions.

Download Data: Los Angeles Fire and Police Pension System venture portfolio (2004 to 2007)

Photo of “Measure Performance” and measuring tape courtesy of npstockphoto/iStock/Getty Images