Trouble Making Ends Meet: Top 10 Cash Returning Funds In Cal Regents’ Venture Portfolio (Slideshow)

In peHUB’s continuing series of slideshows on venture funds and fund performance, we’ve looked at funds through the lens of IRRs, annual commitment trends and cash returns.

Here is another look at cash returns that is more troubling than becoming. We isolated the 39 venture capital funds in the University of California’s private equity portfolio with 2001 to 2006 vintages and compared cash in to cash out.

The funds were selected for several reasons. First, they’ve all had enough gestation to make at least an initial stab at cash generation. With respect to the 2001 and 2002 funds, they should be well on their way to displaying their performance cards.

Second, we thought the mid-decade years would offer a representative picture of what might be called venture’s lost decade. You’ll notice that only two of the funds have returned more cash than the Regents put in. Another three came close: 80% or greater.

The average of the five remaining funds was 41%. Not something to put on a resume.

Without further delay, here are the top 10 funds from 2001 to 2006 ranked by cash returned as a percentage of cash committed.

[slideshow]

[slide title=”No. 10: Intersouth Partners VI”]

Vintage: 2002

Firm: Intersouth Partners

Commitment: $15 million

Cash In: $13.6 million

Cash Out: $4.6 million

Portfolio NAV: $10.9 million

Percentage of Cash Returned: 34%

[slide title=”No. 9: Domain Partners VI”]

Vintage: 2003

Firm: Domain Associates

Commitment: $15 million

Cash In: $13.8 million

Cash Out: $5.2 million

Portfolio NAV: $9 million

Percentage of Cash Returned: 38%

[slide title=”No. 8: Globespan Capital Partners Fund IV”]

Vintage: 2002

Firm: Globespan Capital Partners

Commitment: $20 million

Cash In: $18.7 million

Cash Out: $7.9 million

Portfolio NAV: $13 million

Percentage of Cash Returned: 42%

[slide title=”No. 7: Granite Global Ventures II”]

Vintage: 2004

Firm: GGV Capital

Commitment: $25 million

Cash In: $23.9 million

Cash Out: $10.7 million

Portfolio NAV: $28.4 million

Percentage of Cash Returned: 45%

[slide title=”No. 6: Oxford Bioscience Partners IV”]

Vintage: 2001

Firm: Oxford Bioscience Partners

Commitment: $25 million

Cash In: $25 million

Cash Out: $11.5 million

Portfolio NAV: $9.1 million

Percentage of Cash Returned: 46%

[slide title=”No. 5: Venture Strategy Partners III”]

Vintage: 2004

Firm: VSP Capital

Commitment: $30 million

Cash In: $1.5 million

Cash Out: $1.26 million

Portfolio NAV: $0

Percentage of Cash Returned: 84%

[slide title=”No. 4: Lighthouse Capital Partners V”]

Vintage: 2002

Firm: Lighthouse Capital Partners

Commitment: $20 million

Cash In: $18.6 million

Cash Out: $17.8 million

Portfolio NAV: $5 million

Percentage of Cash Returned: 96%

[slide title=”No. 3: Insight Venture Partners V”]

Vintage: 2005

Firm: Insight Venture Partners

Commitment: $27 million

Cash In: $25.9 million

Cash Out: $25.2 million

Portfolio NAV: $21.7 million

Percentage of Cash Returned: 97%

[slide title=”No. 2: Insight Venture Partners V Coinvestment Fund”]

Vintage: 2005

Firm: Insight Venture Partners

Commitment: $8.4 million

Cash In: $8.4 million

Cash Out: $10.2 million

Portfolio NAV: $7.8 million

Percentage of Cash Returned: 121%

[slide title=”No. 1: Perseus-Soros BioPharmaceutical Fund”]

Vintage: 2002

Firm: Perseus

Commitment: $10 million

Cash In: $9.8 million

Cash Out: $14.6 million

Portfolio NAV: $2.5 million

Percentage of Cash Returned: 149%

[/slideshow]