A portfolio of more than a dozen late-decade funds continues to show solid performance for San Francisco Employees’ Retirement System, with standout results from Menlo Ventures, Polaris Venture Partners and Technology Crossover Ventures.
The returns have felt the pressures of a more cautious venture market. Many pulled back during the 12 months ended in December.
Still, all but two held on to double-digit IRRs and three broke through the 20 percent IRR barrier, according to a VCJ analysis of a recent LP report.
The portfolio favors midsized funds with an early-stage focus. Roughly half the 15 holdings fit this profile. And they represent investments with many brand-name firms, including New Enterprise Associates, DFJ, Canaan Partners and Trinity Ventures.
The top fund is Menlo Ventures XI from 2010. The San Francisco pension manager withheld an IRR for the fund, but listed the multiple at 4.9x as of December, according to the report.
Washington State Investment Board, an investor in the same fund, put the IRR at 74.69 percent, as of December.
Menlo Ventures XI invested in Check, the financial-transaction-services manager, which was acquired by Intuit for $360 million in 2014.
Another top performer in the San Francisco portfolio is Polaris Venture Partners VI, also from 2010. The fund’s IRR was 30.8 percent as of December.
Technology Crossover Ventures VII was high on the list as well with an IRR of 21.5 percent.
Trinity Ventures X pulled back slightly in the rankings.
A table accompanying this story lists the 15 funds with their distributions, capital commitments and IRRs, where available.