Funds from ARCH Venture Partners, Foundry Group and GGV Capital lead an early-decade venture portfolio at the University of Texas Investment Management Company.
The portfolio is made up of 2012 to 2014 vintages and favors smaller funds with an early or seed-stage approach to investing.
Three quarters of the funds are less than $200 million in size with the two significant exceptions being GGV’s $621.9 million fifth fund and ARCH’s $400.5 million eighth.
Two out of three of the funds focus on early or seed-stage investing.
Overall, the portfolio has had solid results. Half of the funds sported double-digit IRRs as of May and another two had IRRs in the single digits. Three of the funds remained in the red.
The portfolio leader by a solid margin was ARCH Venture Fund VIII from 2014 with an IRR of 46.14 percent as of May, according to a recent portfolio report. The fund showed strong gains in the previous 15 months.
The young portfolio invests in IT, life sciences and physical sciences. Exits include Movidius, an Ireland developer of computer vision applications for drones and other devices, according to data from Thomson Reuters. Intel announced last year it acquired the company for a reported $400 million.
Holding second place was the Foundry Group Select Fund from 2013, with an IRR of 31.82 percent, the report shows. Distributions were promising for such a young fund.
GGV Capital V followed with an IRR of 23.11 percent as of May. Not far behind was the Cendana Co-Investment Fund from 2012 with an IRR of 18.69 percent.
The portfolio holds additional funds from True Ventures, Foundry, Union Square Ventures, Upfront Ventures and Techstars.
All 12 funds are included in the attached spreadsheet with IRRs, distributions and commitments.
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