Funds from Longitude Capital Management and Column Group lead a venture portfolio of emerging managers at California Public Employees’ Retirement System.
Capital Link Fund, managed by Grosvenor Capital Management, focuses largely on smaller funds with a mix of early-, late- and multistage strategies.
Overall, its results are mixed. As of September 2015 six of the 11 funds had positive IRRs and five had negative ones, according to a recent performance report. Seven funds had gained ground in the previous 18 months and four had not.
Longitude Venture Partners from 2008 is the portfolio’s best performer. As of September, the fund had an IRR of 25.8 percent with significant distributions and substantial value left in its investments, according to the report.
The biggest improvement was in Column Group, from 2007, which saw its IRR more than double to 24.5 percent from 11.2 percent in March 2014. The fund has made sizable distributions.
Altos Ventures IV also performed well, with an IRR of 15 percent as of September.
At the bottom of the portfolio are funds from Syncom Management, Craton Equity Partners and Vedanta Capital, the report shows.
The accompanying table lists the 11 funds with their commitments, distributions and IRRs.