A 2007 fund from Tenaya Capital leads a mid-decade venture portfolio at the Pennsylvania Public School Employees’ Retirement System.
The portfolio is an unusual mix of mid-sized and smaller funds favoring a later or multi-stage approach to investing. Only one fund is above $1 billion, and that fund invests in secondaries. The remaining 10 funds fall below $575 million in size, which ordinarily might suggest an early-stage focus.
Overall, the portfolio has mixed results. Three of the funds had negative IRRs as of March 2016 and another five had IRRs in the single digits, according to a recent performance report.
Only four of the funds had returned contributed capital.
The top performer was Tenaya Capital V-P with an IRR of 18.62 percent as of March, the report shows. The fund invested in Cast Iron Systems Inc and Cyan Inc, which were both acquired, according to Thomson Reuters data.
LLR Equity Partners II from 2004 held the second position with an IRR of 12.77 percent.
Another Tenaya fund, Tenaya Capital IV-P, placed third with an IRR of 7.99 percent, according to the report.
One fund losing ground over the previous nine months was Quaker BioVentures II from 2007, which posted an IRR of 6.22 percent. That was down from 11.55 percent in June 2015.
Aisling Capital II also lost ground.
The accompanying table lists the 11 funds with their commitments, distributions and IRRs.