Funds from Summit Partners, Technology Crossover Ventures, Frazier Healthcare Partners and Pond Venture Partners top a portfolio of maturing venture funds at the California State Teachers’ Retirement System.
The portfolio of 2004 and 2005 vintages is made up largely of smaller funds and favors an early-stage approach to investing. Eight of the 14 funds are $250 million or smaller in size, and another two are between $350 million and $475 million.
Only two funds, TCV VI and VantagePoint Venture Partners 2006, are $1 billion or more.
More than three-quarters of the funds make early-stage investments.
Overall, the portfolio’s performance is respectable. Five of the funds had IRRs in double digits as of March, according to a recent performance report. Another five had single digit IRRs.
The top-performing fund is Summit Partners Venture Capital II-A from 2005 with an IRR of 20.04 percent as of March 2017, the report shows.
TCV VI was in second place with an IRR of 14.02 percent, and close behind was Frazier Healthcare Ventures V with an IRR of 13.8 percent, according to the report.
Also with solid results was Pond Ventures III from 2005 with an IRR of 13.34 percent as of March.
Funds in the red include VantagePoint Venture Partners 2006 Q, Giza Ventures Fund IV and NGEN II.
The full portfolio is included in the attached spreadsheet with commitments, distributions and IRRs.