Funds from Spark Capital and Technology Crossover Ventures hold the top spots in a portfolio of mid-life venture funds at the Los Angeles City Employees’ Retirement System.
The portfolio, with vintages of 2007 to 2013, favors mid-sized funds and a varied approach to investing. More than half of the funds are between $200 million and $500 million in size, and another third are greater than $1 billion. The portfolio has a diversity of investment strategies with roughly a third targeting early stage, roughly a third focused on late stage and about a third investing across stages.
Overall, performance is strong. More than half of the funds had IRRs in the double digits as of June 2017, according to a portfolio report. Of those, four were above 20 percent.
Even still, four of the funds were in the red.
The top performer as of June 2017 was Spark Capital II from 2008 with an IRR of 51.6 percent, the report shows. Distributions were an impressive 3.5x invested capital.
The second best performer also was from Spark. Spark Capital III from 2010 had an IRR of 31.2 percent as of June. It was followed by TCV VII from 2008 with an IRR of 22.9 percent, the report shows.
Also performing well were Polaris Venture Partners VI, New Enterprise Associates 13 and Khosla Ventures IV.
The entire portfolio is available in the attached spreadsheet with commitments, distributions and IRRs.