IVP and Landmark Partners retained the top spots in a mid-decade San Francisco Employees’ Retirement System portfolio that saw mixed results last year.
The portfolio holds 13 venture and venture related funds with vintages of 2002 to 2007. Results overall are respectable. All but one of the funds are in the black, though the median IRR is just 11 percent, according to a recent public report.
Gains in 2014 were mixed. Six of the funds improved and six saw their IRRs decline.
The portfolio favors large and mid-size funds. Four are more than $1 billion in size, while another six range from $915 million to $300 million.
Institutional Venture Partners XII from 2007 is the top performer, although its IRR retreated during the year, the report shows. As of December 2014, its IRR was 27.4 percent, down from 34.7 percent a year earlier.
Landmark Equity Partners XII also had a good showing. It ended the year with an IRR of 24 percent. The 2004 fund trades in secondaries.
Bay Partners XI advanced nicely. Its IRR was 13.2 percent as of December, up from 6.7 percent a year before, according to the report. Summit Partners Private Equity Fund VII-A also posted a nice gain, ending the year with an 11 percent IRR.
A table accompanying this story lists the 13 funds with their IRRs, multiples, distributions and capital commitments.