Fund performance: Menlo, TCV, Polaris lead late-decade venture portfolio

Funds from Menlo Ventures, Technology Crossover Ventures and Polaris Venture Partners lead a late-decade portfolio of venture funds at the San Francisco Employees’ Retirement System.

The portfolio is made up of 2008 to 2010 vintages with a focus on mid-tier funds and an early-stage approach to investing.

More than half the funds are between $300 million and $750 million in size, and, of the remainder, three are over $1 billion. Two are slightly more than $200 million.

Nearly 50 percent of the funds are early stage and another 20 percent do multi-stage deals. The portfolio holds a fund of funds from Weathergage Venture Capital and a secondary fund from Portfolio Advisors.

Overall, results are good. Almost three quarters of the funds had double-digit IRRs as of December 2016, with the top three funds above 20 percent, according to a recent public report.

The leader of the bunch was Menlo Ventures XI from 2010 with an impressive IRR of 56.6 percent as of December, the report shows.

In second place was Technology Crossover Ventures VII from 2008 with an IRR of 22.2 percent.

A close third was the 2010 Polaris Venture Partners VI with an IRR of 21 percent, the report shows.

The portfolio also has well performing funds from New Enterprise Associates and Clarus Ventures.

All 15 funds are included in the accompanying table with IRRs, distributions and commitments.