Funds from Spark Capital, Insight Venture Partners and Battery Ventures top a decade-old portfolio of venture funds from Washington State Investment Board’s Pathway and Invesco holdings.
The portfolio is made up of 2006 and 2007 vintage funds and favors larger and mid-sized capital pools with an early or multi-stage approach to investing.
Nearly half of the dozen funds are $1 billion or larger in size, and the remainder are mid-tier funds between $250 million and $750 million. Half of the funds have a multi-stage approach to investing and most of the rest focus on early-stage deals.
Overall, the portfolio has had impressive results. Seven of the funds sported IRRs above 10 percent as of December 2016, according to a recent portfolio report. Another four were in the single digits and only one had a negative IRR.
The portfolio leader was the 2007 Spark Capital II with an impressive IRR of 51.96 percent as of December, the report shows. The fund had better than 3.5x distributions at the time.
That $363 million fund was an investor in Twitter, as well as Adap.tv Inc, AdMeld and Boxee, according to data from Thomson Reuters.
Insight Venture Partners VI from the same year held second place with a respectable IRR of 19.04 percent as of December, the report shows.
Battery Ventures VIII, also from 2007, followed with an IRR of 17.83 percent as of December.
The portfolio also holds funds from Technology Crossover Ventures, Menlo Ventures and Polaris Venture Partners. The one fund in the red was the 2006 Intersouth VII.
All 12 funds are included in the attached spreadsheet with IRRs, distributions and commitments.