Funds from GGV Capital, W Capital Partners and the Column Group have performed well in a portfolio of emerging venture funds at the University of California.
The portfolio, with 2011 to 2016 vintages, is made up largely of mid-sized funds and favors an early-stage approach to investing. Six of the 13 funds range from $600 million to $950 million in size, with one larger one, Khosla Ventures IV, topping $1 billion. Another fund, the Column Group II, is $306 million.
More than half of the funds do early-stage or seed deals. Five of them focus on the later-stage or bring a balanced approach to investing.
Overall, the portfolio’s performance is solid given the recent vintages. Three of the funds had IRRs in the teens as of March, according to a recent performance report. Another six had positive investment multiples.
Among the better performing funds is GGV Capital IV from 2012 with an IRR of 18.4 percent as of March 2017, the report shows.
The Column Group II from 2014 sported an investment multiple of 2.28x as of March, and Canaan IX boasted a multiple of 1.93x, according to the report. The Canaan fund is a 2012 vintage.
Also showing solid results is W Capital Partners III from 2012 with an IRR of 15 percent as of March 2017.
The portfolio also has funds from Khosla Ventures, Vertical Venture Partners and Sequoia Capital, for which the university does not release financial performance.
The full portfolio is included in the attached spreadsheet with commitments, distributions, multiples and IRRs.