Funds from Claremont Creek Ventures and Upfront Ventures lead a largely early-stage venture portfolio at California Public Employees’ Retirement System.
The Golden State Investment Partners portfolio favors smaller funds with vintages of 2007 to 2009. Overall performance is unexciting. Only three of nine funds had IRRs in the double digits as of June 2015, according to a performance report.
The portfolio is managed by Hamilton Lane.
However, those three double-digit performing funds, from Claremont and Upfront, posted solid results. At the top of the portfolio is Claremont Creek Ventures II from 2009, with an IRR of 18.7 percent as of June, the report shows. That represents a small increase from June 2014.
A pair of Upfront funds follow in second and third place. GRP III from 2009 had a 14.6 percent IRR as of June 2015, down from a year earlier, according to the report. GRP II Investors had an IRR of 15.6 percent, also a decline.
A pair of funds from DFJ Frontier were close to breaking into the double digits: DFJ Frontier Fund II from 2007 and DFJ Frontier Fund II (B) both posted IRRs of 9.9 percent as of June.
At the bottom of the portfolio was DBL Equity Fund – BAEF II from 2009, with an IRR that fell to -0.5 percent.
The accompanying table lists all the funds with their commitment levels, distributions and IRRs.