Funds from OrbiMed Advisors and Claremont Creek Ventures have risen to the top of a nicely performing portfolio of venture funds at the University of California.
The portfolio is weighed toward mid-sized funds with an early-stage approach to investing. Five of the seven funds are between $300 million and $750 million in size. Only the Claremont fund is smaller.
All but two of the funds do early-stage deals.
Overall, the portfolio has performed reasonably well, according to a recent returns report. Only one of the funds had an IRR in the single digits as of March 2016. The rest were in the double digits. (The University of California does not provide returns data for its Sequoia Capital funds, so it was unclear how its Sequoia fund in the portfolio was doing.)
At the top of the portfolio is OrbiMed Private Investments IV from 2009, which had an IRR of 36.9 percent as of March 2016, the report shows. The fund lost ground from its 49.7 percent IRR a year earlier.
Claremont Creek Ventures II from 2008 was second on the list with an IRR of 14.2 percent as of March 2016. Close behind was Canaan VIII, with an IRR of 12.8 percent.
Khosla Ventures Seed nipped at Canaan VIII’s heels with an IRR of 12 percent as of March 2016.
The accompanying table lists the seven funds with their commitments, distributions and IRRs.
Downloadable Data in Excel: University of California venture portfolio (2007 to 2010)
Photo of investment portfolio documents and coin jar courtesy of c-George/iStock/Getty Images