Funds from Top Tier Capital Partners and Industry Ventures lead a portfolio of late-vintage venture capital funds at the Ohio Public Employees Retirement System.
The portfolio, with vintages of 2010 to 2016, is largely made up of mid-sized funds with an unusual mix of investment strategies. About two-thirds of the funds are between $250 million and $875 million in size and about two-thirds target secondary sales or are funds of funds.
Overall, performance is respectable. About half of the funds had IRRs in the double digits as of September 2016, according to a public report. Another three are so young, with vintage 2015 and 2016, that their IRRs are largely meaningless.
Another three have negative IRRs.
At the top of the portfolio is Top Tier Venture Capital V from 2010 with an IRR of 20.5 percent as of September, the report shows.
Second on the list is the Industry Ventures Special Situations Fund from 2011 with an IRR of 13.9 percent as of September. The fund pulled back in the prior 18 months.
Another Top Tier fund is in third place, Top Tier Venture Capital VI. Its IRR was 12 percent as of September.
The portfolio also has funds from Shasta Ventures and JMI Equity.
The accompanying table lists all 13 funds with commitment levels, distributions and IRRs, where available.