It is early, but LiveOak Venture Partners’ first fund seems to be off to a good start.
New Enterprise Associates 13 and the Red River Venture Capital Fund also seem to be holding their own in the Teacher Retirement System of Texas’ venture-capital portfolio.
A portfolio report dating from June 2014 shows that the pension manager’s nine holdings with IRRs are in the black. The portfolio, with vintages of 2001 to 2013, is a mix of larger funds and relatively modest sized funds.
At its head is LiveOak Venture Partners I, the $109 million fund kicked off last year by three veterans of Austin Ventures. The fund had only drawn down a small amount of capital as of June, but its asset value was well above that mark. It correspondingly had an IRR of 53.06 percent as of June.
New Enterprise Associates 13 from 2009, holding the portfolio’s second spot, had an IRR of 20.12 percent, followed by Red River Venture Capital Fund, with an IRR of 17.73 percent.
The portfolio includes a fund from Frontier Capital and a fund of funds from Morgan Creek Capital Management.
The accompanying table lists the performance of all nine funds with commitments and distributions.