Among the top funds in its limited venture portfolio are Insight Venture Partners V, Union Square Ventures 2004, Summit Partners Venture Capital Fund II-A and New Enterprise Associates 12
The state pension fund invested in two notable venture capital funds last summer: Michael Kim’s Cendana Capital and Roger Ehrenber’s IA Ventures
UTIMCO’s recent investments in 2011 and 2012 vintages show cause for hope
Union Square Ventures and Morgenthaler Ventures both have three funds each in the state pension fund’s top 10
Of the 52 venture funds in the Penn SERS portfolio, only JMI Equity Fund V has returned more than invested capital; another five funds have returned more than half of capital contributed
The city pension fund has several big winners, including Spark Capital, which boasts a net IRR of 57.74%, as of June 2012
Recent venture investments are still too early to generate cash returns, although funds by Morgenthaler and Guggenheim have already returned some capital
A total of 17 VC funds that Washing State backed during the recent decade have returned more cash than called
The best performer is Spark Capital II, with a 57.74% net IRR; the worst is the cleantech-focused NGEN II with -35.4%
Of the 62 funds in Washington State’s portfolio, 32 have generated returns more than invested capital