Fund performance: Union Square, Sofinnova and TCV lead maturing venture portfolio

Funds from Union Square Ventures, Sofinnova Ventures and Technology Crossover Ventures lead a portfolio of maturing venture funds at the Oregon Public Employees Retirement System.

The portfolio, with vintages of 2004 to 2006, favors mid-sized funds following an early-stage or multi-stage investment strategy.

More than half of the funds are between $250 million and $600 million in size, and nearly 50 percent focus on early-stage investing.

Overall, performance is mediocre. More than a quarter of the funds were underwater as of September 2016, according to a VCJ analysis of a recent public report. Another almost half had IRRs in the single digits.

Only three standout for their performance, and Union Square Ventures 2004 is far and away the big winner. The fund had an IRR of 66.9 percent as of September, with distributions more than 13 times capital calls, the report shows.

The $125 million fund invested in a number of Internet darlings, including Del.icio.us, Etsy, Twitter and Zynga, among others.

In a distant second place was Sofinnova Venture Partners VII from 2006 with an IRR 16.5 percent as of September. Technology Crossover Ventures VI, also from 2006, follows closely behind with an IRR of 13.9 percent, the report shows.

At the bottom on the portfolio was VantagePoint Venture Partners 2006 with an IRR of -15.1 percent.

The accompanying table lists the 11 funds with their commitments, distributions and IRRs.