Industry Ventures, Top Tier lead emerging venture portfolio at Ohio pension

Funds from Industry Ventures and Top Tier Capital Partners lead a portfolio of emerging venture-capital funds at Ohio Public Employees Retirement System.

The portfolio, with vintages of 2013 to 2017, is made up largely of midsized and larger funds with an investment strategy favoring secondaries and funds of funds.

Just over half the funds are between $200 million and $500 million in size and another two are above $900 million.

Almost half the funds target secondaries, and a third are funds of funds.

Overall, performance is solid for such a young portfolio. More than half had positive IRRs as of September 2017, with four sporting IRRs in the double digits or above, according to a recent portfolio report.

Well out in front was Industry Ventures Secondary VIII from 2016, though only a small amount of capital had been called.

The fund’s IRR was 116 percent as of September, the report shows.

In second place was Top Tier Venture Capital VI-B from 2013 with an IRR of 12.5 percent as of September.

Industry Ventures Special Opportunities Fund II-B followed with an IRR of 12.2 percent, the report shows. The fund is vintage 2013.

Industry Ventures Secondary VII was next with an IRR of 10 percent.

The portfolio also has a fund from Riverwood Capital Group.

The accompanying chart lists all nine funds with commitment levels, distributions and IRRs, where available.

To download an Excel file of the fund’s performance, click here: OPERS venture capital portfolio (2013 to 2017)