Return to search

LP Scorecard: 12 young funds show big promise for Oregon pension

New York-based Union Square Ventures also has plenty to crow about for the roughly $70 billion pension fund. The early stage venture firm manages the top-performing vintage 2011 fund backed by OPERS, based on investment multiple. Union Square Ventures 2012 generated a 1.68x investment multiple as of June 30, according to the pension fund. The firm also manages the top-performing vintage 2010 fund backed by the pension: Union Square Ventures Opportunity Fund generated a 2.66x multiple and 72.6 percent IRR as of the same date.

Altogether OPERS committed $2.5 billion to 25 vintage 2011 funds, and $1.1 billion to 11 vintage 2010 funds.

In analyzing which funds have hit the ground running for OPERS we looked at 69 vintage 2010 to 2013 funds to which OPERS committed $7.6 billion. We then looked at the three funds from each vintage sporting the highest investment multiple, or distributions plus net asset value of remaining portfolio divided by contributed capital.

All told as of June 30 OPERS had committed $34.6 billion to 298 funds, had seen $31.5 billion drawn down, and enjoyed $33.5 billion in distributions. The remaining portfolio was valued at $15.3 billion. The pension fund had so far achieved a 1.63x investment multiple for the whole portfolio and a 15.9 percent IRR.