Funds from OrbiMed Advisors, Canaan Partners and W Capital Partners top a portfolio of maturing venture funds at the University of California.
The portfolio of 2007 to 2010 vintages is made up largely of mid-sized funds with an early-stage approach to investing. Five of the seven funds range from $300 million to $750 million in size. The one larger fund, Sequoia Capital 2010, is a combination of three separate funds: a U.S. venture fund, a China venture fund and a China growth fund.
Almost three-quarters of the funds do early-stage deals.
Overall, the portfolio’s performance is mixed. Three of the funds had IRRs in the double digits as of March, according to a recent performance report. Another three remained in the single digits.
At the top of the portfolio is OrbiMed Advisors Investments IV from 2009 with an IRR of 33.8 percent as of March 2017, the report shows.
In second place is Canaan VIII with an IRR of 11.4 percent as of March. The fund is a 2008 vintage.
W Capital Partners II from 2007 is in third place with an IRR of 10.8 percent as of March 2017, the report shows.
The portfolio also has two funds from Khosla Ventures with IRRs in the single digits.
The entire portfolio is included in the attached spreadsheet with commitments, distributions and IRRs.