NEA, DFJ, Oak HC/FT top emerging venture portfolio at LA pension

  • Why is this important: Performance in this LAFPP portfolio is uninspiring

Funds from New Enterprise Associates, DFJ and Oak HC/FT Partners top an emerging venture-capital portfolio at Los Angeles Fire and Police Pension System.

The portfolio, with vintages of 2013 to 2015, is made up largely of midsized funds and a mix of early-stage and multistage investment strategies. Seventy percent of the funds are between $300 million and $750 million, and as many do early-stage deals as do late-stage and multistage deals.

The portfolio has two large-scale funds from NEA and IVP.

Overall, the portfolio’s performance is uninspiring. Only one of the funds is in the red, but only four had IRRs in the double digits as of March 2017, according to a public performance report. Most of the remainder were in the single digits.

Leading the portfolio was New Enterprise Associates 15 from 2015 with an IRR of 18.7 percent as of March 2017, the report shows. A short distance behind was Draper Fisher Jurvetson XI from 2014 with an IRR of 16.6 percent.

In third place was the 2014 Oak HC/FT Partners with an IRR of 12.1 percent as of March 2017, the report shows. Summit Partners Venture Capital IV-A followed with an IRR of 10.5 percent.

The portfolio holds other funds from Polaris Partners, Canaan Partners, Spark Capital and IVP.

The 10 funds are included in the accompanying spreadsheet with commitments, IRRs and distributions.

To download an Excel file of the fund’s performance, click here: Los Angeles Fire and Police Pension System venture portfolio (2013 to 2015)