Fund performance: San Francisco LP aggressively expands venture portfolio

The San Francisco Employees’ Retirement System continued to aggressively expand its venture portfolio over the past couple of years as unicorn valuations skyrocketed and money poured into the asset class.

The pension manager signed up with 21 funds from the 2014 and 2015 vintage years favoring many top name firms, according to a recent performance report. The portfolio includes investments with DFJ, New Enterprise Associates, DCM Ventures, Canaan Partners, Sofinnova Ventures and GGV Capital.

The LP also attempted to diversify between larger and smaller funds and those with a late-, early and multi-stage approach to investing. Almost 40 percent of the funds are mid-tier in size with committed capital between $300 million and a $950 million. Three funds exceed $1 billion and a number of others are below $200 million.

Seven of the funds focus on late-stage investing while six target early-stage deals.

The money manager’s bet is obviously too early to begin to assess results. But so far, funds from DFJ and NEA are off to swift starts. DFJ Venture XI from 2014 had an investment multiple of 1.2x as of December with about half of the fund called down, according to the report.

The NEA 15 Opportunity Fund from 2015 was keeping pace. The fund’s multiple was 1.2x as of December, the report shows.

Funds from DCM and FirstMark Capital were next in line.

A table accompanying this story lists the 21 funds with their commitments, called capital and multiples.