Funds from Technology Crossover Ventures, Battery Ventures and Summit Partners head up a portfolio of emerging venture investments at the Public Employees’ Retirement System of Nevada.
The portfolio, with vintages of 2013 to the present, favors larger funds, and a multi-stage or late-stage approach to investing. A third of the funds are $1.4 billion in size or larger and more than half are $650 million or greater.
Almost three quarters do late-stage or multi-stage investing.
Overall, performance is respectable for such a young group of funds. All but one with reported multiples or IRRs had positive results, and more than a quarter had double-digital IRRs, according to a public performance report. A number did not have reported results because of their early nature.
The top performer as of September 2017 was a secondary purchase of TCV VII with an IRR of 44.6 percent, the report shows.
In second place was the Battery Ventures X Side Fund with an IRR of 20 percent, also as of September 2017. Summit Partners Venture Capital Fund IV-A followed with an investment multiple of 1.5x, the report shows. Its IRR was not reported.
Also doing well were Mayfield XIV, with an IRR of 15.9 percent, and New Enterprise Associates 15, with an IRR of 19.6 percent.
The portfolio has additional funds from Battery, TCV, New Enterprise Associates and Mayfield, as well as others from Canaan Partners and IVP.
The full portfolio is available in the accompanying spreadsheet with commitments, distributions and IRRs, where available.
To download an Excel file of the performance report, click here: Nevada PERS venture portfolio (2013 to present)