Top Tier, JMI, Industry Ventures lead maturing venture portfolio at Ohio pension

Funds from Top Tier Capital Partners, JMI Equity and Industry Ventures lead a portfolio of maturing venture-capital funds at the Ohio Public Employees Retirement System.

The portfolio, with vintages of 2010 to 2012, is made up largely of smaller funds, but with a mix of investment strategies. Two-thirds of the funds are less than $300 million in size with the remaining two at $400 million and $875 million.

One of the funds focuses on early-stage investing, another is a fund of funds and an additional two target the secondary market.

Overall, performance is adequate. Two-thirds had IRRs in the double digits as of September 2017, but none above 20 percent, according to a recent portfolio report.

At the head of the portfolio was Top Tier Venture Capital V B from 2010 with an IRR of 18.1 percent as of September, the report shows.

In second place was JMI Equity Fund VII from 2011 with an IRR of 12.5 percent as of September.

The Industry Ventures Special Situations Fund followed with an IRR of 10.4 percent, the report shows. The fund is vintage 2011. Industry Ventures Fund VI was close on its heels

The portfolio also has funds from Shasta Ventures and Sightline Partners.

The accompanying table lists all six funds with commitment levels, distributions and IRRs.

To down an Excel file of the fund performance, click here: OPERS venture capital portfolio (2010 to 2012)