The San Francisco Employees’ Retirement System was an active venture capital investor in 2012, committing $104 million to five funds through June, including several of the largest raised during the year.
The money manager also continued to see modest improvement in the performance of its venture portfolio over the period, according to a portfolio report updating returns and holdings through June 2012.
SFERS has positions in 31 venture, venture-related growth and secondary funds from the vintage years 2004 to 2012. Standouts in the portfolio are Institutional Venture Partners XII and Sofinnova Venture Partners VII, both from 2007, and the 2004 Landmark Equity Partners XII.
The new funds added in 2012 included the well-capitalized New Enterprise Associates 14, Institutional Venture Partners XIV and Summit Partners Private Equity Fund VIII-A. Also brought in were Canaan Fund IX and Bain Capital Venture Fund 2012.
Because the portfolio report covers only half the year, more not-yet-reported purchases could have taken place in 2012.
Gains in portfolio were broad-based. A total of 14 of the current funds saw their investment multiples improve over the year from June 2011 to June 2012, according to the portfolio report. Many of the gains were modest, and IRRs for many of the most recent funds are not included in the report.
This leaves 64% of the funds—for which investment multiples are included in the report—valued above called capital. The calculation includes distributed capital. A total of 10 funds, or 36%, are not.
Along with the standouts mentioned above, 2005 Weston Presidio Capital V ranks high on the list, along with Trinity Ventures X.
At the bottom of the list is Syndicated Communications Venture Partners V, with an IRR of -23.12.
The accompanying table lists the funds with their commitments, call downs and capital distributions. They are sorted by investment multiple as of June 2012.