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Fund performance: DCM, Darwin, Column show gains in California portfolio

Venture funds from DCM Ventures, Darwin Ventures and the Column Group showed handsome gains through early last year in the University of California portfolio.

The funds are among 12 the university holds with vintages of 2003 to 2006.

Each gained considerable ground over the previous 18 months as an improving IPO market channeled distributions back to firms and LPs.

The gains helped lift the portfolio, which favors mid and smaller sized funds relying on a mix of early and late-stage strategies.

At the top of the portfolio is a 2005 co-investment fund from Insight Venture Partners that as of March 2015 had an IRR of 26.8 percent, according to a recent University of California performance report.

The Column Group’s 2005 fund followed close on its heels with an IRR of 26.4 percent, a big gain from 12.2 percent in September 2013, the report shows. The Darwin Venture Capital Fund of Funds II wasn’t far behind with a 22.5 percent IRR.

Funds from Canaan Partners, Insight and OrbiMed Advisors also put up good numbers. DCM V from 2006 made a solid gain, finishing March 2015 with an IRR 19.5 percent.

The accompanying table lists the 12 funds with their commitments, distributions and IRRs.