Funds from Battery Ventures, Technology Crossover Ventures and New Enterprise Associates head up a portfolio of late-decade investments at the Public Employees’ Retirement System of Nevada.
The portfolio, with vintages of 2008 to 2010, favors larger funds, and a multi-stage or late-stage approach to investing. Three quarters of the funds are $750 million or larger, with two close to or above $2 billion in size.
All but two of the nine funds do multi-stage or late-stage investing.
Overall, performance is strong. Two thirds of the funds had double-digit IRRs as of March 2017, and half of those topped 20 percent, according to a public report. Only one fund generated an IRR in the red.
The top performer as of March 2017 was the Battery Ventures VIII Side Fund from 2008 with an IRR of 29.9 percent, the report shows.
A close second was Battery Ventures IX from 2009 with an IRR of 25.9 percent, also as of March 2017. Technology Crossover Ventures VII followed with an IRR of 23.2 percent, the report shows.
In addition, New Enterprise Associates 13 from 2009 posted an IRR of 17.1 percent.
Also performing well were Institutional Venture Partners XIII and Canaan VIII. The portfolio also holds a fund from Austin Ventures.
The full portfolio is available in the attached spreadsheet with commitments, distributions and IRRs.