Funds from TLV Partners, ARCH Venture Partners and True Ventures head up an emerging portfolio of newly minted venture funds at the University of Texas Investment Management Company.
The portfolio is made up of 2015 to 2017 vintages and favors small and mid-tier funds with an early-stage approach to investing.
About a third of the funds are less than $200 million in size and about 20 percent are between $200 million and $350 million. The largest funds are GGV Capital IV at $900 million, the Deerfield Healthcare Innovations Fund at $550 million and Foundry Group Next at $500 million.
Almost three-quarters of the funds focus on early or seed-stage investing.
Overall, the portfolio’s results are too young to be meaningful. All but three of the funds had negative IRRs as of May, as they are in formative phases, according to a recent portfolio report.
The portfolio leader by a solid margin was 2015 TLV Partners with an IRR of 57.8 percent as of May, the report shows.
ARCH Venture Fund VIII Overage, also from 2015, reflected solid results, with an IRR of 15.93 percent.
In third place was True Ventures Select I, also a vintage 2015 fund, with an IRR of 10.67 percent as of May, the report shows.
The portfolio also holds Forerunner III and IA Ventures Strategies Fund III.
All 19 funds are included in the attached spreadsheet with IRRs, distributions and commitments.