U.S. growth funds appeared to boost distributions through the middle of last year and one beneficiary was the University of Texas Investment Management Company.
Four of the five U.S.-based growth funds that UTIMCO holds with vintages of 2005 to 2008 saw distributions increase over the nine months from February to November, according to a recent performance report. Four others in the portfolio are vintage 2011 or more recent and are still in formative stages. Distributions haven’t yet begun.
The funds are almost all in the black, though not impressively so. Overall performance gains in the period were mixed. Four of the funds saw their IRRs improve and four did not, the report shows. One 2014 vintage fund hasn’t yet generated a performance track record.
At the head of the portfolio is Ampersand 2006 with an IRR of 10.49 percent as of November. The fund made a nice gain from February and doubled its distributions, the report shows.
Austin Ventures X held the second spot in the portfolio with an November IRR of 10.05 percent, and it also increased distributions, but not by as much as Austin Ventures IX. Escalate Capital I secured third place in the portfolio with an IRR of 7.35 percent.
The fund with the biggest improvement was 2012 Carrick Capital Partners.
The accompanying table lists the nine funds with their commitments, distributions and IRRs.