Fund Performance: Summit, NEA and Oak HC/FT lead portfolio of LA Pension

Summit Partners, New Enterprise Associates and Oak HC/FT lead the way in returns within a mid-decade portfolio at the Los Angeles Fire and Police Pension System. The portfolio features vintages from 2013 to 2015.

Summit’s late stage $730 million fund from 2015 received only a $5 million commitment from the pension. But the fund was the top performer as of June 2018, with an IRR of 34.6 percent, according to a VCJ analysis of the pension’s most reports.

NEA, which is targeting to raise $3.6 billion for its next fund, received a $25 million commitment from LA Fire and Police for its 15th fund raised in 2015. That fund is featuring an IRR of 24 percent after four years.

Oak HC/FT came in third with an IRR slightly above 20 percent for its $500 million debut fund raised in 2015. The firm wrapped up its third fund at the end of July with an oversubscribed $800 million.

Below is performance data for a select number of venture funds invested by LA Fire and Police, vintages 2013 to 2015. 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 (2013 to 2015)

Alastair Goldfisher contributed to this report.

LA Fire and Police portfolio (2013 to 2015)

Fund Fund size ($M) IRR (%) as of June ’18
Summit Partners Venture Capital IV-A $730.00 34.6
New Enterprise Associates 15 $2,800.00 24
Oak HC/FT Partners $500.00 20.2
Polaris Venture Partners VII $450.00 14.5
DFJ Growth 2013 $472.00 13.3
Draper Fisher Jurvetson XI $325.00 12.1
Institutional Venture Partners XV $1,429.00 12
Spark Capital Growth Fund $450.00 9.4
Canaan X $675.00 8.8
Pelion Ventures VI $224.00 -7.5
Source: Los Angeles Fire and Police Pension System report, September 2018 (IRRs as of June 2018). Source for fund size and fund type from Thomson Reuters.