Funds from JMI Equity, Insight Venture Partners and Canaan Partners have come out on top of a mid-decade portfolio of venture funds from Washington State Investment Board’s Pathway and Invesco holdings.
The portfolio is made up of 2005 vintage funds and favors mid-sized capital pools and an early-stage approach to investing.
Three-quarters of the nine funds are between $200 million and $600 million in size, and more than half invest early. The two remaining funds are under $200 million.
Overall, the portfolio has had mixed results. Four of the funds sported IRRs above 15 percent as of December 2016, according to a recent portfolio report. But another four were in the low to mid single digits.
The portfolio leader was JMI Equity Fund V as of December with an impressive IRR of 39.37 percent, the report shows. The fund had by then achieved 5x distributions.
The growth fund invested has invested in 14 companies that have since been acquired, according to data from Thomson Reuters. The list of exited portfolio companies includes Aptela Inc, Empathica Inc, Intergraph Corp, Seismic Micro-Technology Inc and Vocalocity Inc, among others.
Both Insight Venture Partners V and Insight Venture Partners V Coinvestment have also performed well. The funds’ IRRs were 21.1 percent and 26.89 percent, respectively, the report shows.
Canaan VII was the fourth best performer with an IRR of 15.16 percent as of December.
Spark Capital, the firm’s first fund, had an IRR of 9.12 percent.
All nine funds are included in the attached spreadsheet with IRRs, distributions and commitments.