Fund performance: Secondaries commitment pays off for San Jose pension

The San Jose Police and Fire Department Retirement Plan isn’t a big investor in venture capital funds or secondaries.

So far the choices it has made have been cautious and led to mixed results.

Where it stands out is secondaries, as an Industry Ventures fund from 2014 was off to a good start as of June of last year.

In its venture portfolio, the pension plan has stuck to funds of funds, and its HarbourVest Partners holding from 2006 was performing reasonably well as of June.

The full portfolio is three funds. The best performing is Industry Ventures Partnership Holdings, which as of June had an IRR of 24.79 percent, according to a public portfolio report. The fund was a little under half called at the time.

HarbourVest Partners VIII – venture had an IRR of 11.58 percent as of June, according to the report. Distributions from this massive fund have been fairly strong.

The final fund is Portfolio Advisors Private Equity Fund III B with an IRR of 6.64 percent as of June.

The three funds are included in the accompanying table along with commitments, distributions and IRRs.

To download an Excel table: San Jose Police and Fire Department Retirement Plan venture and secondaries portfolio

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