Battery, Viola head up 2008 venture portfolio at CalPERS

Funds from Battery Ventures and Viola Ventures lead a portfolio of 2008 vintage venture funds at the California Public Employees’ Retirement System.

The portfolio favors mid-sized funds with early and multi-stage approaches to investing. Three of the five funds are between $200 million and $350 million in size, and one is under $200 million.

The majority does deals across stages.

Overall, performance is mediocre. Three of the five funds had IRRs in single digits or in the red as of March 2017, according to a recent portfolio report. Only one fund had an IRR above 20 percent.

The top performer as of March 2017 was the Battery Ventures VIII Side Fund with an IRR of 30.7 percent, the report shows. Distributions were 2.5x invested capital.

Next was Carmel Ventures III with an IRR of 15.5 percent, but little in the way of distributions. DT Capital China Growth Fund followed with an IRR of 5.9 percent, the report shows.

The portfolio also has funds from Ceyuan Ventures and Shanghai NewMargin Ventures.

The entire portfolio is available in the attached spreadsheet with commitments, distributions and IRRs.