The Colorado Public Employees’ Retirement Association has a venture portfolio in transition.
Funds from CMEA Capital pulled back hard last year, while investment pools from Institutional Venture Partners, Longitude Capital Management and Technology Crossover Ventures lost ground, as well.
Galen Partners V and Leapfrog Ventures II meanwhile saw nice gains in performance in 2012, and funds from LLR Partners, TCV, IVP and Galen Associates generated substantial distributions. A lot of change is underway.
Colorado PERA has 23 venture funds with vintages of 2003 to 2008, according to a portfolio report updating its holdings to December 2012. Performance overall is mixed, with 15 funds posting positive IRRs and eight with negative ones. Last year saw 12 funds improve their performance and nine retreat.
Several funds are standouts. Institutional Venture Partners XII has the strongest IRR of the bunch at 22.47%, though it pulled back substantially over the course of the year, the portfolio report shows. Longitude, LLR and TCV also have performed well with funds at the head of the pack.
Galen Partners V saw a nice gain to an IRR of 6% and Leapfrog Ventures II came out of the red to an IRR of 4.88%, according to the report. Galen Partners V is a 2007 fund while Leapfrog Ventures II dates to 2005.
Funds including LLR II, TCV V and VI, and Galen Partners IV generated significant distributions during the year.
On the other hand, IRRs from CMEA VI and CMEA VII lost significant ground, the report shows. The funds are from 2004 and 2007, respectively, and both have negative IRRs.
IRRs also pulled back at the 2008 Technology Crossover Ventures VII and the 2004 Institutional Venture Partners XI, the report shows. The two funds at the bottom of the list are the 2003 Jefferson Partners Fund IV, with a -79.25% IRR, and ITU Ventures III from 2005 with an -92.31% IRR.
The accompanying table lists the funds with their capital calls, distributions, and IRRs. Distributions and IRRs are included from December 2011.