Funds from OrbiMed Advisors, New Enterprise Associates, GGV Capital and BlueRun Ventures top a portfolio of recent-vintage venture funds at the California State Teachers’ Retirement System.
The portfolio of 2012 and 2017 vintages takes a diversified approach to investing, with an emphasis on mid-sized funds and on a later-stage and multi-stage deal focus. Almost half of the funds are between $300 million and $900 million in size, and almost a half do later-stage or multi-stage deal making.
Four of the funds are funds of funds.
Overall, the portfolio’s performance is respectable. Forty percent of the funds had IRRs in the double digits as of March, with two of them above 50 percent, according to a recent portfolio report. About a third of the funds had single digit IRRs.
The top-performing fund was OrbiMed Private Investments V from 2013 with an IRR of 60 percent as of March 2017, the report shows. A close second was the NEA 15 Opportunity Fund with an IRR of 53.6 percent.
Following in third was GGV Capital V from 2014 with an IRR of 25.5 percent, according to the report, and the BRV Opportunities Fund from 2015 came in fourth with a 20.46 percent IRR.
Also with solid results were New Enterprise Associates 14 and 15, and Vivo Capital Surplus Fund VIII.
The portfolio also has funds from Shasta Ventures, Sofinnova Ventures and Silicon Valley Bancventures.
The entire portfolio is available in the attached spreadsheet with commitments, distributions and IRRs.