Mid-decade venture returns retreated through the first quarter of this year in an early-stage-focused portfolio at California State Teachers’ Retirement System.
Eleven of the 14 funds with vintages of 2004 and 2005 saw their IRRs decline during the 12 months ended in March, according to a recent performance report.
The three that did improve all still posted negative IRRs as of March, the report shows.
Overall, performance in the portfolio is mediocre. Only five of the funds have double-digit IRRs and only the same five have returned more capital than they called.
The portfolio favors smaller funds, with the vast majority doing early-stage investing and more than half under $250 million.
The top fund in the portfolio is Summit Partners Venture Capital II-A, which as of March had an IRR of 20.16 percent, according to the report. The $205 million fund, raised in 2005, had invested in Hiperos, which Opus Global acquired in 2014 for an undisclosed price, and Tiny Prints, which Shutterfly bought in 2011 for $141 million in cash and an additional stock transaction, according to Thomson Reuters.
Technology Crossover Ventures VI, a $1.4 billion fund from 2005, followed with an IRR of 14.23 percent.
The third best performer was the $130 million Pond Ventures III. Its IRR was 13.07 percent as of March, the report shows.
The portfolio also includes funds from BlueRun Ventures, Shasta Ventures and DCM Ventures.
NGEN II is at the bottom of the portfolio with an IRR of -42.41 percent as of March.
All 14 funds are listed in the accompanying table with IRRs, commitments and distributions.
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