Fund performance: New-decade venture funds show gains

A portfolio of new-decade venture funds is showing promise at Texas County and District Retirement System.

At the top by a wide margin is an OrbiMed Advisors fund from 2010. A handful of other funds made nice gains last year.

The portfolio favors large funds with a later- and multistage approach to investing. All but two of the vintage 2010 to 2012 funds are pools of $550 million or greater, and four are above $1 billion in size.

Overall, performance is good. Seven of the funds had IRRs above 16 percent as of December, a recent portfolio report shows. None of the funds are in the red.

The best performer is OrbiMed Private Investments IV with an IRR of 43.6 percent as of December, the report shows. The $570 million fund, raised in 2010, backed Audentes Therapeutics Inc, which went public in July.

LC Fund V from Legend Capital advanced smartly during the preceding 15 months and had an IRR of 22.88 percent as of December. Khosla Ventures IV was third with an IRR not far behind at 20.47 percent, according to the report.

Making nice gains were New Enterprise Associates 14, Khosla Ventures Seed B, Summit Partners Venture Capital III and Summit Partners Growth Equity Fund VIII.

The 10 funds are listed in the accompanying chart along with their commitment levels, distributions and IRRs.