Funds from JMI Equity, Top Tier Capital Partners and M/C Partners lead a portfolio of mid-decade venture funds at the Ohio Public Employees Retirement System.
The portfolio, with vintages of 2003 to 2008, is largely made up of mid-sized funds. Three-quarters of the funds are between $300 million and $900 million in size.
The investment strategy among the dozen funds varies widely. The portfolio includes a mix of early, late- and multi-stage funds, along with a pair of funds of funds.
Overall performance is unimpressive. Three of the funds are below water and another five have single-digit IRRs, according to a recent performance report.
At the top of the portfolio is JMI Equity Fund V from 2005 with an IRR of 39.5 percent as of September 2016, the report shows. Distributions are significant.
Exits from the fund include Seismic Micro-Technology, which was acquired by IHS in August 2011; Intergraph, which was acquired by Hexagon AB in October 2010; and Nimsoft, which was acquired by CA in March 2010, according to Thomson Reuters data.
In second place is Top Tier Investments IV, a fund of funds from 2007 with an IRR of 14.4 percent, as of September 2016.
Also doing well is M/C Venture Partners VI from 2006. Its IRR as of September was 13.5 percent, the report shows.
The accompanying chart lists all 12 funds with commitment levels, distributions and IRRs.
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