Funds from SoftBank China Venture Capital and Silicon Valley BancVentures lead a portfolio of emerging markets venture funds at California Public Employees’ Retirement System.
The portfolio of 2007 to 2014 vintages favors mid-sized funds and a multi-stage approach to investing. Five of the 11 funds range from $150 million to $350 million, and more than half of the portfolio pursues deals across stages.
The portfolio includes two larger funds from New Horizon Ventures, both of which do later-stage deals.
Overall, performance is respectable. Almost two-thirds of the portfolio had IRRs in the double digits as of March 2017, and only two funds were underwater, according to a public portfolio report.
The top performer as of March was SBCVC Fund III from 2008 with an IRR of 17.2 percent, the report shows. CalPERS holds the fund in two of its managed holdings and call volumes differ.
Next in line is 2007 SVB India Capital Partners I from Silicon Valley BancVentures with an IRR of 15.2 percent. New Horizon Capital III follows with an IRR of 12.7 percent, the report shows.
The portfolio also has funds from Mayfield and Pacific Road Capital Management.
The full portfolio is available in the attached spreadsheet with commitments, distributions and IRRs.