Newly minted funds from Column Group and OrbiMed Advisors are off to fast starts in a Texas pension manager’s portfolio of new-decade venture funds.
Column Group II and OrbiMed Private Investments are barely three years old. Yet both have returned capital, sport attractive investment multiples and, by inference, attractive IRRs, a recent performance report from Texas County and District Retirement System shows.
The Texas County portfolio is made up of 20 funds with vintages of 2013, 2014 and 2015. It includes a number of big-name firms, such as New Enterprise Associates, Technology Crossover Ventures, Khosla Ventures, Spark Capital, IVP and DFJ, to name a few. The portfolio is also well-balanced among early-, late- and multi-stage investment approaches.
The retirement system went on a buying spree with the 2014 vintage, which accounts for half the portfolio. So far, the bets on 2014 and the other vintage years seem to be paying off.
Six of the funds remain under water, but most of the rest have gotten off to good starts.
The two that have moved out of the gate the quickest are Column Group II, which as of December had an investment multiple of 2.87x and returned substantial capital, and OrbiMed Private Investments V, according to the report. OrbiMed Private Investments V had a multiple of 2.19x and an IRR of 118.27 percent, the report shows.
Also performing nicely was Institutional Venture Partners XIV, with an IRR of 43.49 percent, and LC Fund VI, with an investment multiple of 1.34x as of December.
The 20 funds are listed in the accompanying table along with their commitment levels, distributions, multiples and IRRs, where available.