Funds from Summit Partners, Battery Ventures and Canaan Partners lead a portfolio of later life investments at the Public Employees’ Retirement System of Nevada.
The portfolio, with vintages of 2004 to 2007, favors large funds, and a multi-stage and later-stage approach to investing. Half of the funds are $1 billion or larger, and most of the remaining fall between $450 million and $900 million.
About two thirds of the funds do multi-stage or later-stage investing.
Overall, performance is good. More than half the funds had double-digit IRRs as of March 2017, according to a public report. Only one fund generated an IRR in the red.
The top performer as of March 2017 was Summit Partners Venture Capital Fund II from 2005 with an IRR of 19.7 percent, the report shows. The $310 million fund was an investor in online stationery retailer Tiny Prints, which Shutterfly acquired in 2011 for more than $330 million, according to Thomson Reuters.
A short distance behind was Battery Ventures VIII from 2007 with an IRR of 17 percent, also as of March 2017. Canaan VII followed with an IRR of 14.6 percent, the report shows.
Also performing well were TCV VI and Summit Partners Private Equity Fund VII. The portfolio also holds funds from Menlo Ventures and Polaris Partners.
The 12-fund portfolio is available in the attached spreadsheet with commitments, distributions and IRRs.