A 2005 Softbank Capital Partners fund leads an eclectic venture portfolio at New York State & Local Retirement System.
The portfolio is made up of nine funds from the 2002 to 2006 vintages and has a diverse approach to investing.
Three are funds-of-funds, four target multistage investing and two focus on the early stage. Almost half the portfolio fits into a tier of midsized venture funds, ranging from $500 million to $650 million.
Overall, performance is acceptable. Just two of the funds are in the red. Yet investment multiples of the remaining are unremarkable. Two-thirds are between 1x and about 1.5x, according to a recent performance report.
Two of the funds are in the red. As for investment multiples, two-thirds of the funds are showing 1x to about 1.5x, according to a recent performance report.
The exception is Softbank Capital Technology NY Fund, which posted a 2.32x multiple as of March 2015 and leads the portfolio, the report shows. The fund has generated substantial distributions, and performance improved modestly in the 12 months from March 2014.
Second in the portfolio is a 2006 fund from Performance Equity Management with a multiple of 1.54x, the report shows. Another fund-of-funds, Fairview Ventures Fund II, is right on its heels with a multiple of 1.53x.
Trailing the portfolio is an Easton Hunt Capital Partners fund from 2003, according to the report.
The full list of funds is in the accompanying spreadsheet with commitments, distributions and investment multiples. The multiples are calculated by VCJ.