Funds from True Ventures and Pappas Venture made big gains last year as a rising tide lifted many mid-life venture investments.
Funds from the firms are among 17 vintage 2008 to 2010 funds held by the Indiana Public Retirement System. Overall, 2014 was a positive year for the portfolio. Ten of the funds advanced, sometimes substantially, while seven of the funds saw their performance decline, according to a recent portfolio report.
The two with the biggest gains were True Ventures II and A.M. Pappas Life Science Ventures Fund IV.
True Ventures II, a 2008 vintage fund, saw its IRR climb to 39.45 percent as of December, up from 22.85 percent a year earlier, the report shows. The fund is the portfolio’s top performer.
A.M. Pappas Life Science Ventures Fund IV from 2009 is a close second with an IRR of 34.86 percent. Its IRR rose from 18.73 percent at the end of 2013.
Several other funds rose sharply. Aisling Capital III had an IRR of 25.23 percent as of December 2014, an advance from 14.92 percent a year earlier, according to the report.
Forbion Capital II, further down the list, also made a substantial gain into the black from a negative IRR a year before.
Also in the portfolio are Khosla Ventures III and Khosla Ventures Seed, both middle-of-the-pack funds. Khosla Ventures III had 15.6 percent IRR as of December and Khosla Ventures Seed had an IRR of 12.38 percent, up nicely over the year.
The accompanying table contains all 17 funds with their commitments, contributed capital, distributions and IRRs.