SAIF, TCV, Bay lead mid-decade venture portfolio at CalPERS

Funds from SAIF Partners, Technology Crossover Ventures and Bay Partners lead a portfolio of mid-decade venture funds at California Public Employees’ Retirement System.

The portfolio of 2005 and 2006 vintages is diversified among early, late- and multistage strategies, and well balanced among larger, smaller and midsized funds. Three of the eight funds are between $500 million and $850 million in size, and four are below $300 million. One is above $1 billion.

Half the holdings are early stage and a quarter does later-stage deals.

Overall, performance is mediocre. Just three funds had IRRs in double digits as of March 2017, with none above 20 percent, not surprising given the vintages. Another three of the funds had IRRs in the single digits, according to a recent performance report.

The top performer as of March was SB Asia Investment Fund II from 2005 with an IRR of 17.4 percent, the report shows. Distributions were 2.5x invested capital.

Next was Technology Crossover Ventures VI from 2006 with an IRR of 13.8 percent, followed by Bay Partners XI with an IRR of 12.6 percent, the report shows.

The portfolio holds other funds from Austin Ventures, Highland Capital Partners, Carmel Ventures and Bridgescale Partners.

The entire portfolio is available in the attached spreadsheet with commitments, distributions and IRRs.