Giza, Baring top emerging markets portfolio at CalPERS

Funds from Giza Venture Capital and Baring Private Equity Asia top a portfolio of emerging markets venture funds at the California Public Employees’ Retirement System.

The portfolio of 2006 to 2008 vintages favors mid-sized funds and a multi-stage approach to investing. Six of the 10 funds range from $200 million to $500 million, and 60 percent of the portfolio pursues deals across stages.

The portfolio also includes two larger funds from Actis and ChrysCapital Management, both of which do later-stage deals.

Overall, performance is unimpressive. Ninety percent of the funds have positive IRRs, but only two have been able to break out of the single digits, according to a public report updated to March 2017. The one remaining fund is underwater.

The top performer as of March was 2008 Giza Venture Fund V with an IRR of 26.3 percent, the report shows. In a distant second was Baring India Private Equity Fund III, also from 2008, with an IRR of 11.8 percent.

Beyond that, Actis Africa 3 notched an 8 percent IRR as of March, and 2007 ChrysCapital V posted an IRR of 7.5 percent.

The portfolio also has funds from GSR Ventures, CDH China Management and DT Capital Partners.

The entire portfolio is available in the attached spreadsheet with commitments, distributions and IRRs.