Fund performance: JMI tops late-decade growth equity portfolio

A 2005 fund from JMI Equity is at the top of a portfolio of late-decade growth funds at the Hawaii Employees’ Retirement System by a mile.

The portfolio of vintage 2004 to 2010 funds is weighted toward large funds. Seven are a billion dollars or larger, in several cases much larger. Included is TA Associates’ 11th fund at $4 billion.

But it is the much smaller JMI Equity Fund V that has outperformed. The fund, at $300 million, had an IRR of 39.46 percent as of March, according to a recent performance report.

That was well ahead of second place, which was held by the massive TA XI, which had an IRR of 19.30 percent as of March, the report shows.

Weston Presidio V is next on the list with an IRR of 14.39 percent as of March.

The portfolio’s performance did not change much over 15 months from its previous report, despite the valuation reset going on in venture capital. One top gainer was JMI Equity Fund VI from 2007. One fund to lose ground was Oak Investment Partners XIII.

Performance data for the entire portfolio is available in the attached spreadsheet, with commitments, distributions and IRRs.