Fund performance: Union Square, Ampersand, TCV at head of maturing UTIMCO venture portfolio

Funds from Union Square Ventures, Ampersand Ventures and Technology Crossover Ventures are at the head of a portfolio of maturing ventures funds at the University of Texas Investment Management Company.

The portfolio is made up of 2003 to 2005 vintage funds and favors mid-sized capital pools with a mix of early and late-stage approaches to investing.

About 40 percent of the funds are $300 million in size or smaller and anther roughly 40 percent lie between $300 million and $525 million. Only a pair of later-stage funds from TCV are $900 million or above.

The portfolio is well diversified with four early-stage or seed funds, three late-stage funds and two multi-stage funds. Three of the funds are funds of funds.

Overall, the portfolio has respectable results. All but one of the funds had positive IRRs as of May 2017, including five with IRRs in the double digits, according to a recent portfolio report.

The portfolio leader by a wide margin was Union Square Ventures 2004, likely one of the top funds of the mid-decade vintages. It had an IRR of 66.45 percent as of May, the report shows, with distributions of 13.5x at the time.

The $125 million fund was an investor in and Targetspot, which were acquired, as well as Etsy, Twitter and Zynga, which held IPOs.

In second place was Ampersand 2006 with an IRR of 14.54 percent as of May, the report shows. That reflected a noticeable improvement over the previous 15 months.

TCV VI, from 2005, followed closely with an IRR of 13.74 percent as of May. A second TCV fund, TCV V, held fourth place with an 11.09 percent IRR.

The portfolio also holds the solid Morgenthaler Partners VIII. The one fund in the red was the 2005 Care Capital Investments III.

All 12 funds are included in the attached spreadsheet with IRRs, distributions and commitments.