How UC’s Returns from KP and Sequoia Have Fallen Since 2003, Part 2

We’re taking one final look at the performance of funds from Sequoia Capital and Kleiner Perkins Caufield & Byers, based on data we obtained by the University of California.

As we previously reported, distributions from both funds have declined over the past eight years, according to our analysis of UC’s investment portfolio.

The analysis looked at data UC made public in 2003 and new data it released in response to peHUB’s request in November.

In this slideshow, we show how we parsed the numbers.

PeHUB asked for the updated performance data after it discovered UC hadn’t published current data for its individual Sequoia, Kleiner Perkins and Accel Partners funds since 2003, which may be a violation of state law. The university system regularly publishes returns data for more than 60 other venture funds in its portfolio.

PeHUB submitted a California Public Records Act request to UC, asking for return data for each of the 10 Kleiner and 10 Sequoia funds held by UC. UC responded by saying it had not received individual fund data from Kleiner or Sequoia since 2003 and released only “aggregate” data showing the performance of the Kleiner Perkins funds as a group and the Sequoia funds as a group.

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 and $273.4 million since then.

Kleiner Perkins distributed $1.126 billion over the same period on capital calls of $128 million. The funds distributed $988.9 million of the money as of 2003. So KP has distributed just $137.6 million to UC since then.

In the following slideshow, we divided the funds into “active” and “non-active,” with the assumption that non-active funds returned most of their capital as of 2003. To be clear, peHUB — not UC — made the distinction between active and non-active funds for the purpose of this slideshow.

[slideshow]

[slide title=”Here Are the Kleiner Perkins Funds peHUB Designated as Active and Non-Active as of 2003″]

[slide title=”Here’s How We Calculated KP’s Distributions to UC since 2003″]

[slide title=”Here’s a Comparison of Cash-In and Cash-Out from KP’s Active and Non-Active Funds”]

[slide title=”Here Are UC’s Returns from Active and Non-Active Kleiner Perkins Funds”]

[slide title=”Here Are the Sequoia Funds peHUB Designated as Active and Non-Active as of 2003″]

[slide title=”Here’s How We Calculated Sequoia’s Distributions to UC since 2003″]

[slide title=”Here’s a Comparison of Cash-In and Cash-Out from Sequoia’s Active and Non-Active Funds”]

[slide title=”Here Are UC’s Returns from Active and Non-Active Sequoia Funds”]

[/slideshow]