Funds from OrbiMed Advisors, GGV Capital and Shasta Ventures lead a portfolio of recently minted venture funds at the California State Teachers’ Retirement System.
It’s worth noting that all three funds improved mightily in the 12 months ending in March, a period when venture valuations were under pressure.
The portfolio of 18 CalSTRS holdings with vintages of 2012 to the present favors mid-tier funds from $300 million to $900 million in size with a bias toward late and multi-stage investing.
Half of the funds showed improvement in the 12 months ended in March, according to a recent performance report. But none improved quite as impressively as the OrbiMed, GGV and Shasta funds.
The portfolio’s top performer is OrbiMed Private Investments V from 2013 with an IRR of 89.37 percent as of March 2016, the report shows. That is up from 72.93 percent a year earlier.
The life sciences-focused fund invested in a number of companies that went public, including Corvus Pharmaceuticals Inc, Dimension Therapeutics Inc and ProNAi Therapeutics Inc, among others, according to Thomson Reuters.
GGV Capital V is second on the list with an IRR of 58.17 percent. The 2014 fund advanced from -1.55 percent in March 2015, according to the report.
Shasta Ventures IV from 2014 ended March 2016 with an IRR of 18.88 percent. That is up from -10.09 percent a year earlier.
The portfolio includes funds from New Enterprise Associates, BlueRun Ventures and Craton Equity Partners.
The full list of 18 funds is available in the accompanying table with commitments, distributions and IRRs.
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