Institutional Venture Partners and Landmark Partners hold the top positions in the San Francisco Employees’ Retirement System’s mid-decade venture portfolio.
But funds from Weston Presidio, Technology Partners and Technology Crossover Ventures were the most improved through the middle of last year, according to the most recent SFERS portfolio report.
The portfolio, with 21 funds vintage 2004 to 2008, is well in the black. Nineteen of the funds have positive IRRs. However, progress was modest in the six months ended June 2013, the report shows.
Nine funds showed improved IRRs and four lost ground. (The remaining eight could not be compared.)
The best performing fund from the five-year period is Institutional Venture Partners XII, from 2007, with an IRR of 25.74 percent. Distributions rose about 23 percent over the six months ended June, with an accumulative $16.9 million in value returned to SFERS’ on a $20 million investment.
Close at its heels is Landmark Equity Partners XII, from 2004, with an IRR of 24.42 percent. Distributions rose only slightly over the six months, but the fund has returned $67.7 million of value on $47.3 million of investment, an impressive accomplishment.
Among the most improved funds was Weston Presidio Capital V, which as of June had an IRR of 14.14 percent. Distributions were up almost 19 percent, though the fund has not yet returned invested capital. The fund had an IRR of 12.86 percent at the end of 2012.
Another big gainer was Technology Partners Fund VIII from 2007. Its IRR rose to 12.11 percent in June from 9.59 percent six months earlier. Distributions spiked. The fund has now returned $11.8 million in value on a $17.6 million investment. It invested in Tesla Motors, according Thomson Reuters (publisher of VCJ).
Technology Crossover Ventures VII, vintage 2008, saw its investment multiple jump to 1.33x from 1.11x in December 2012. The fund’s IRR was 13.66 percent in June. It has invested in such companies as Splunk, Facebook and ExactTarget, according to Thomson Reuters.
At the bottom of the portfolio is Syndicated Communications Venture Partners V and Tamir Fishman Ventures II, both of which have IRRs in the red.
The accompanying table lists the 21 funds with their commitments, distributions, investment multiples and IRRs from June 2013 and December 2012.