Asia Alternatives Management, Aisling Capital and Insight Venture Partners lead a venture portfolio heavy in multi-stage, late-decade funds.
The self-directed portfolio from the California Public Employees’ Retirement System favors mid-sized funds with a mix of brand-name managers. Overall, its performance is solid, if not outstanding.
Half of the funds have a multi-stage strategy and three-quarters have committed capital of between $300 million and $900 million, showing a consistent Calpers strategy of avoiding both mega funds and small early-stage initiatives.
Two Khosla Ventures fund have essentially middle-of-the-pack performance, as does a 2008 fund from Essex Woodlands Health Ventures, according to a recent performance report.
At the top of the portfolio is India-focused AACP India Venture Investors C from Asia Alternatives with an IRR of 38.8 percent as of June 2015, according to the report. A distant second is Aisling Capital III from 2008, which sported an IRR of 25.1 percent as of June.
Two Insight funds follow, including Insight Venture Partners V with an IRR of 22.7 percent, the report shows.
Funds from GGV Capital and Clarus Ventures aren’t far behind.
At the bottom of the portfolio are funds from NGEN Partners, Craton Equity Partners and VantagePoint Capital Partners.
The accompanying table lists the 24 funds with their commitments, distributions and IRRs.