A pair of funds from GGV Capital and True Ventures are off to a swift start in a portfolio of newly minted funds at University of Texas Investment Management Co.
Both funds are vintage 2014 and have called capital at a brisk pace. The two also have IRRs above 20 percent, according to a recent UTIMCO performance report.
True Ventures funded cybersecurity startup Caspida in 2014 as the first investment from its $250 million 2014 fund. Splunk bought Caspida for $190 million in 2015.
GGV Capital raised $622 million for its fifth fund in 2014, but portfolio investment information was not available in the Thomson Reuters database.
Their performance in the UTIMCO holdings puts them head and shoulders above the competition in the formative-stage investment portfolio of the public university system.
The portfolio is made up of 18 funds with 2014 to 2016 vintages and is focused heavily on early-stage, small-fund investing. Almost three-quarters of the funds invest in Series A deals.
About half the funds have just begun calling capital and are thus still quite young. As a result, a number are still posting negative IRRs.
In this environment, both GGV Capital V and True Ventures IV stand out. GGV Capital V leads the portfolio and had an IRR of 46.46 percent as of February, according to the report.
In second place, True Ventures IV had an IRR of 21.16 percent as of the same date.
The UTIMCO portfolio has additional investments in Union Square Ventures, Foundry Group, ARCH Venture Partners and Upfront Ventures.
The entire portfolio is included in the accompanying table with commitments, distributions and IRRs.
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