Funds from LLR Partners and Technology Crossover Ventures lead a mid-decade venture-fund portfolio that has chalked up a generally poor performance at Colorado Public Employees’ Retirement Association.
The portfolio of a dozen funds with 2003 to 2005 vintages is divided equally between those above and below water.
LLR’s $360 million second fund from 2004 is its leader with an IRR of 12.59 percent as of December 2015, a recent portfolio report shows. The late-stage fund. which invests in IT and healthcare companies, realized a number of exits from its portfolio in the late 2000s decade, including the acquisition of Maxwell Systems, EKR Therapeutics and Healthcare Finance Group, according to Thomson Reuters data.
In second place behind LLR II is Technology Crossover Ventures V from the same 2004 vintage with an IRR of 11.35 percent as of December, the report shows. Close behind is Columbia Capital Equity Partners IV with an IRR of 11.15 percent.
But the portfolio, which favors midsized and smaller funds, has some unappealing investments, including ITU Ventures III and Jefferson Partners Fund IV, the report shows.
In the two years from December 2013 to December 2015, little progress was made. Seven funds lost ground while three advanced. The portfolio mixes early- and late-stage investment strategies.
The portfolio also includes funds from CMEA Capital (now Presidio Partners), Leapfrog Ventures, Rho Capital Partners and Founders Equity.
The accompanying table lists the 12 funds with their capital calls, distributions and IRRs.