Funds from Union Square Ventures, New Enterprise Associates and Technology Crossover Ventures lead an early-decade portfolio of venture funds from Washington State Investment Board’s Pathway and Invesco holdings.
The portfolio, with vintages of 2003 and 2004, favors mid-sized funds with an early and multi-stage approach to investing.
Two-thirds of the nine funds are between $400 million and $900 million in size, and the portfolio is almost evenly split between early and multi-stage. Only one of the funds is above $1 billion.
Overall, the portfolio shows lackluster results. Only three of the funds had double digit IRRs as of December 2016, according to a recent portfolio report. Five had IRRs in the single digits and one was in the red.
The leader of the portfolio was Union Square Ventures 2004 with an IRR of 66.93 percent as of December, the report shows. Distributions were 13x paid-in capital.
A distant second was New Enterprise Associates 11 with an IRR of a respectable 15 percent, the report shows. The 2004 fund’s distributions were slightly more than 2x paid-in capital.
TCV V was third on the list with an IRR of 11.29 percent.
Alta Communications IX from 2003 was in the red.
Returns for the nine funds are listed in the accompanying table along with commitments and distributions.