Fund performance: Softbank, Fairview lead NY pension’s mid-decade venture portfolio

Funds from Softbank Capital, Fairview Capital and Performance Equity Management top of a portfolio of mid-decade venture funds at the New York State and Local Retirement System.

The portfolio, with vintages of 2002 to 2006, favors mid-sized funds employing a multi-stage investment strategy. The holdings include three funds of funds.

Nearly half of the funds are between $500 million to $650 million in size, and close to half are balanced, across-stage investors. A third of the funds are smaller. None are larger.

Overall, the portfolio has mixed results. Four of the nine funds have multiples of 1.47x or greater. The multiples of the remaining funds are close to 1x or below.

The top fund in the portfolio is Softbank Capital Technology New York Fund from 2005, which had an investment multiple of 2.65x as of March 2016, according to a retirement system portfolio report. The fund had made significant distributions.

In second place was Fairview Ventures Fund II (NY). The 2002 fund of funds had an investment multiple of 1.58x, the report shows.

Close behind was Performance Venture Capital, also a fund of funds. The 2006 fund had an investment multiple of 1.56x.

At the bottom of the portfolio was Easton Hunt New York with an investment multiple of 0.16x.

The accompanying table lists the nine funds with their commitments, distributions and multiples, as calculated by VCJ.