Funds from Sofinnova Ventures, Union Square Ventures and GGV Capital lead a portfolio of freshly minted venture funds at the Oregon Public Employees Retirement System.
The portfolio, with vintages of 2011 to 2017, favors mid-sized funds with a near even mix of late and early-stage investment strategies.
Half the funds are between $300 million and $950 million in size, and half focus on late-stage investing. Another almost 40 percent do early-stage deals.
Overall, the portfolio is too young to effectively measure performance. But four of the five funds with reported IRRs are promising, with IRRs already in the double digits, according to a recent public report.
Only one of the funds was underwater: Opus Capital Venture Partners VI.
The top fund in the portfolio is Sofinnova Venture Partners VIII from 2011, which as of September 2016 had an IRR of 30.4 percent, the report shows. While this is down from 18 months earlier, the fund has already made substantial distributions.
The fund had invested in a number of biotech companies that have gone public, including Natera Inc, Obseva SA and Spark Therapeutics Inc, among others, according to data from Thomson Reuters.
In second place is Union Square Ventures 2012 with an IRR of 22.1 percent as of September, the report shows. It also has seen its IRR decline in the previous 18 months.
Following close behind is GGV Capital IV from 2012 with an IRR of 20.2 percent. Mayfield XIV had an IRR of 10.9 percent as of September.
In the past four years, Oregon PERS has continued making commitments to funds from Union Square, GGV and Mayfield, the report shows.
The accompanying table lists the 18 funds with their commitments, distributions and IRRs, where available.
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