Funds from Union Square Ventures, OrbiMed Advisors and Technology Crossover Ventures top a portfolio of mid-life venture funds at the Oregon Public Employees Retirement System.
The portfolio, with vintages of 2008 to 2010, favors mid-sized funds pursuing a late-stage or multi-stage investment strategy.
Half the funds are between $400 million and $900 million in size, and 70 percent focus on late- or balance-stage investing.
Overall, performance is solid. More than half of the funds had IRRs in the double digits as of September 2016, according to a recent public report. Only one fund was underwater, VantagePoint CleanTech Partners II.
Several funds standout for their performance, with the portfolio’s leader, the Union Square Ventures Opportunity Fund, far and away the biggest winner. The fund had an IRR of 61.7 percent as of September, with distributions more than 2.5 times capital calls, the report shows.
The fund invested in Lending Club, which went public in late 2014, according to Thomson Reuters.
In second place was OrbiMed Private Investments IV from 2010 with an IRR 37.5 percent as of September. This was down noticeably over the previous 18 months.
Union Square’s 2008 core fund held the third position with an IRR of 26.7 percent, but distributions were minimal.
Technology Crossover Ventures VII, also from 2008, followed closely behind with an IRR of 22.5 percent, the report shows.
The accompanying table lists the 10 funds with their commitments, distributions and IRRs.