Mark Boslet
A small fund, early-stage investment strategy has brought mixed results to the California State Teachers’ Retirement System. However, big gains have come from an unexpected source. Europe based Pond Venture Partners posted a major improvement to its third fund last year, according to a recent portfolio report. CalSTRS holds 19 venture funds with mid-decade vintages […]
A portfolio of new-decade venture funds is showing promise at Texas County and District Retirement System. At the top by a wide margin is an OrbiMed Advisors fund from 2010. A handful of other funds made nice gains last year. The portfolio favors large funds with a later- and multistage approach to investing. All but […]
The valuation reset now going on in venture capital has hit the mid-decade portfolio at Texas County and District Retirement System. The money manager, which is generally bullish on venture, has backed 10 funds with vintages of 2006 to 2009. All but one saw its performance decline over the 15-month period ended in December 2015, […]
With the 2008-2009 recession slowly receding, Massachusetts Pension Reserves Investment Management Board stepped up its venture investing and hasn’t looked back. The money manager maintained a generally stronger annual buying pace from 2010 through 2014 after several years of slower investing, according to data supplied to VCJ for the period. The focus has been smaller […]
Venture returns began ticking up almost a decade ago when IRRs almost doubled from a year earlier. The year of this turnabout was 2007 and the pooled IRR for the vintage grew to 16.82 percent as of this year’s second quarter, according to Cambridge Associates. If you need a reminder of what these vintages brought […]
Returns at mid-decade venture funds showed surprising stability last year even as valuations compressed and stock markets adjusted, if a Massachusetts Pension Reserves Investment Management Board portfolio is a guide. Returns at the nearly two dozen funds that MassPRIM holds with vintages of 2003 to 2006 shifted only slightly in most cases, with about 60 […]
The San Francisco Employees’ Retirement System continued to aggressively expand its venture portfolio over the past couple of years as unicorn valuations skyrocketed and money poured into the asset class. The pension manager signed up with 21 funds from the 2014 and 2015 vintage years favoring many top name firms, according to a recent performance […]
Funds from OrbiMed Advisors, Canaan Partners and DCM Ventures lead a portfolio of early-decade venture investments at the San Francisco Employees’ Retirement System. All were able to post returns multiples of 2x or better after just several years of deploying capital, according to a performance report updated through December 2015. The funds are among 15 […]
A portfolio of more than a dozen late-decade funds continues to show solid performance for San Francisco Employees’ Retirement System, with standout results from Menlo Ventures, Polaris Venture Partners and Technology Crossover Ventures. The returns have felt the pressures of a more cautious venture market. Many pulled back during the 12 months ended in December. […]
IVP’s 2007 fund handily leads a mid-decade venture portfolio at San Francisco Employees’ Retirement System. The late-stage fund edges out competition from Landmark Partners’ secondary fund from several years earlier, but its advantage over the rest of the pack is substantial, according to a recent performance report. The SFERS portfolio is made up of 13 […]