Funds from the Column Group, Darwin Ventures and OrbiMed Advisors head a portfolio of end-of-life venture funds at the University of California.
The portfolio of 2003 to 2006 vintages is largely made up of mid-sized and small-scale funds and reflects a diversified approach to investing. Three of the 8 funds range from $450 million to $600 million in size and the rest are under $260 million.
About a third do early-stage deals, and about a third do late-stage investments. Two are funds of funds.
Overall, the portfolio has performed well. Almost two-thirds have IRRs in the teens or above, according to a recent performance report.
At the top of the portfolio is the Column Group from 2005 with an IRR of 22.5 percent as of March 2017, the report shows. The fund’s asset value is still more than twice distributions.
In second place is the Darwin Venture Capital Fund of Funds II with an IRR of 19.1 percent, as of March. The 2006 fund also is carrying substantial value as unrealized assets.
OrbiMed Private Investments III from 2006 is in third place with an IRR of 18.7 percent as of March 2017, the report shows.
The portfolio also has funds from GGV Capital and Canaan Partners.
The entire portfolio is included in the attached spreadsheet with commitments, distributions and IRRs.