How UC’s Distributions from Kleiner and Sequoia Have Slowed Since 2003 (slideshow)

Cash distributions from Sequoia Capital and Kleiner Perkins Caufield & Byers have noticeably slowed over the past eight years, according to peHUB’s analysis of the University of California’s investment portfolio.

The rather complex analysis looked at data the University of California Board of Regents made public in 2003 and updated data the Regents released to peHUB in November under a California Public Records Act request. The following slideshow shows how we crunched the numbers.

By way of background, peHUB sought updated performance data from the Regents after it noticed the Regents had not published current returns for individual Sequoia, Kleiner and Accel Partners funds since 2003, which may be a violation of state law. The university regularly publishes return data for more than 60 other venture funds in its portfolio.

In response to peHUB’s request, the Regents said it had not received individual fund data from Kleiner and Sequoia since 2003. It chose to release “aggregate” performance data grouping the 10 Kleiner Perkins funds and 10 Sequoia funds in its portfolio. The Regents disclosed aggregate drawdowns, distributions and net asset values as of Dec. 31. (It provided similar data for the one Accel fund in its holdings.)

The aggregate data show the University of California invested $133.4 million with Sequoia over the past 20 years and received $739 million in distributions. The 10 Sequoia funds it holds generated $465.6 million of the distributions as of 2003, which means those funds have generated $273.3 million since then.

Kleiner’s distributions over the same period total $1.126 billion on cash drawdowns from the Regents of $128 million. Kleiner Perkins funds similarly had returned $988.9 million of the money as of 2003. So just $137.6 million has been distributed to the Regents since then.

(Photo by Eric Isselee/Shutterstock)

[slideshow]

[slide title=”University of California’s Kleiner Perkins Holdings Updated through 2003″]

[slide title=”Aggregate Performance Data from UC’s Kleiner Perkins Portfolio Thru 2003″]

[slide title=”Aggregate Performance Data from UC’s Kleiner Perkins Portfolio through 2010″]

[slide title=”Comparison of UC’s 2003 and 2010 Kleiner Perkins Performance Data”]


[slide title=”Kleiner Perkins Distributions to UC through 2003 and Post-2003″]


[slide title=”University of California’s Sequoia Holdings Updated through 2003″]

[slide title=”Aggregate Performance Data from UC’s Sequoia Portfolio through 2003″]

[slide title=”Aggregate Performance Data from UC’s Sequoia Portfolio through 2010″]

[slide title=”Comparison of UC’s 2003 and 2010 Sequoia Performance Data”]


[slide title=”Sequoia Distributions to UC through 2003 and Post-2003″]

[/slideshow]