Funds from Longitude Capital, Canaan Partners and IVP have risen to the top of a well-performing, mid-life venture portfolio at the Los Angeles Fire and Police Pension System.
The 14-fund portfolio, with vintages of 2008 to 2012, is largely made up of mid-sized funds with an exposure to early-stage investing. About two-thirds of the funds are between $250 million and $800 million in size, and half of the funds make early-stage investments.
Only two are above $1 billion, including one of the top performers from IVP.
Overall, performance is strong. All but four of the funds had IRRs in the mid-teens or above, as of March 2016, according to a June performance report. Four of the funds had IRRs above 35 percent, and three of those were, surprisingly, recent vintage 2012 funds.
Leading the portfolio was Longitude Venture Partners II from 2012, which posted an IRR of 40.4 percent as of March 2016, the report shows.
The fund back biopharmaceutical company Aimmune Therapeutics Inc, which went public in 2015, according to Thomson Reuters data.
Close at hand was Canaan IX, with an IRR of 37.5 percent. Institutional Venture Partners XIV followed closely with an IRR of 36.7 percent, the report shows.
Other funds from Polaris Venture Partners, Giza Venture Capital and Atlas Venture Advisors were strong performers.
The entire list of 14 funds are included in the accompanying spreadsheet with commitments, IRRs and distributions.