Fund performance: Nevada pension steps up venture investing

The Public Employees’ Retirement System of Nevada has stepped up its venture investing in recent years. So far, the results are positive, but it is still too early to know for sure.

The Silver State money manager invested in 15 venture and venture-related funds since 2011, with nine commitments in 2012 alone, according to a recent portfolio report.

Another four investments followed in 2013 and an additional two last year, says the report, which updates investments through December 2014.

Many of the investments are with brand name firms: Canaan Partners, Battery Ventures, Technology Crossover Ventures, Institutional Venture Partners and Mayfield Fund. There’s also a New Enterprise Associates fund, two Austin Ventures funds bought on the secondary market and a pair of investments with Summit Partners.

The LP has favored mid-sized and large funds during the buying spree. Eight of the funds are between $350 million and $750 million in size, and four are $1 billion or more.

The funds are too young to have firmly established results. But many are off to good starts. Canaan IX from 2012 saw gains last year and as of December had an IRR of 36 percent.

IVP XIV also advanced to a 1.7x investment multiple as of December compared with 1.1x a year ago. The pair of Austin Ventures secondary purchases in additional are performing well.

The accompanying table lists all 17 funds from 2010 to 2014 with called capital, distributions, investment multiples and IRRs, where available.