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Venture funds from Austin, Canaan, Summit lead 2012 portfolio at Nevada PERS

  • Assets under management: $38.7 bln as of June 30, 2017.
  • Target allocation to PE/VC: 5 pct as of March 31, 2018
  • Actual allocation to PE/VC: 4.7 pct as of March 31, 2018
  • Who to contact for a meeting: Stephen J. Edmundson, Investment Officer, 775 687-4200

Funds from Austin VenturesCanaan Partners and Summit Partners lead a portfolio of 2012 investments at the Public Employees’ Retirement System of Nevada, according to a recent analysis of performance data.

The portfolio favors larger funds, and a multi-stage or late-stage approach to investing. More than half of the funds are $500 million or larger, a third are $1 billion in size or larger.

More than half do multi-stage or late-stage investing.

Overall, performance is impressive. Individually the funds had double-digit IRRs as of March 2017, and a third of them topped 20 percent, according to a public report.

The top performer as of March 2017 was a secondary purchase of Austin Ventures VIII with an IRR of 46.9 percent, the report shows.

In second place was Canaan IX with an IRR of 26.4 percent, also as of March 2017. Summit Partners Growth Equity Fund VIII followed with an IRR of 22.1 percent, the report shows.

In addition, Summit Partners Venture Capital III had an IRR of 18.6 percent.

Also in the portfolio are Institutional Venture Partners XIV, with an IRR of 16.9 percent, and New Enterprise Associates 14, with an IRR of 16.5 percent.

The full portfolio is available in the attached spreadsheet with commitments, distributions and IRRs. To download an Excel file of the performance report, click here: Nevada PERS venture capital portfolio (2012)

Action Item: See a report on Nevada PERS’ investment performance here: https://www.nvpers.org/public/investments/pers/PERS-Investment-Performance.pdf