Funds from Polaris Venture Partners and DFJ were off to fast starts in a late-vintage venture portfolio at the Los Angeles Fire and Police Pension System.
The 14-fund portfolio, with vintages of 2013 to 2016, is largely made up of mid-sized funds and is evenly balanced between early-stage and late-stage investors. About three-quarters of the funds are between $300 million and $750 million in size.
Only two are above $1 billion, including funds from IVP and New Enterprise Associates.
Overall, the portfolio is too young to accurately gauge performance. Four of the funds had positive IRRs and four had negative ones as of March 2016, according to a recent public report. The four negative ones, with vintages of 2014 and 2015, were clearly in formative stages.
The remainder had yet to call capital or call a significant amount of capital.
Leading the portfolio was Polaris Venture Partners VII from 2014 with an IRR of 16.1 percent as of March 2016, the report shows. Less than half of capital had been called.
Not far behind was DFJ Growth 2013 with an IRR of 12.5 percent. About three-quarters of its capital had been drawn.
Draper Fisher Jurvetson XI from 2014 held third place with an IRR of 11.6 percent as of March, the report shows.
The portfolio also holds growth funds from Spark Capital and IVP
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