Fund Performance: Spark, TCV, Polaris lead LACERS venture portfolio

Funds from Spark Capital, Technology Crossover Ventures and Polaris Partners hold the top spots in a portfolio of mid-life venture funds at the Los Angeles City Employees’ Retirement System.

The top performer as of was Spark Capital II from 2008 with an IRR of 51.7 percent, according to an analysis of the report. The fund invested in Twitter as well as AdMeld and Adap.tv, which were each acquired for more than $400 million.

Below is performance data for the venture funds of LACERS, vintages 2007 to 2013.

The figures from the Los Angeles LP are current as of June 2018.

To download the full version of the spreadsheet below with additional data, click here: LACERS venture portfolio (2007 to 2013)

LACERS venture portfolio (2007 to 2013)

Fund Fund Size ($M) Capital In ($M) Distributions ($M) IRR (%) as of June ’18
Spark Capital II $363.00 $9.80 $34.60 51.7
Spark Capital III $353.00 $10.00 $12.90 28.8
TCV VII $1,975.00 $19.70 $37.50 24.5
Polaris Venture Partners VI $234.00 $13.10 $4.50 23.6
Khosla Ventures IV $1,050.00 $19.60 $11.50 21.4
TCV VIII $1,588.00 $25.40 $2.30 18.1
New Enterprise Associates 13 $2,483.00 $14.50 $11.80 13.1
Vicente Capital Partners GEF $161.70 $9.90 $5.90 7.5
Element Partners II $486.00 $9.40 $1.40 5.3
DFJ Frontier Fund II $55.00 $5.00 $1.30 0.8
Angeleno Investors III $200.00 $9.80 $0.80 -1.5
StarVest Partners II $245.60 $4.90 $1.00 -3.3
NGEN III $250.00 $10.60 $2.50 -4.2
Source: Los Angeles City Employees’ Retirement System portfolio report, June 2018. Fund size and type from Thomson Reuters.