Mark Boslet

The Hawaii Employees’ Retirement System built a venture portfolio over the past decade with an emphasis on mid-sized early-stage funds. And the results haven’t been bad. With a median IRR just north of 15 percent, the portfolio has seen solid returns from life sciences investors MPM Capital and Polaris Venture Partners, and a respectable performance […]

Secondary purchases have brought big IRRs to the Hawaii Employees’ Retirement System’s search for jewels amid the venture capital rubble of the dot-com crash. A pair of pre-crash venture funds still unwinding portfolios from 17 years ago also have put up impressive numbers for the pension manager. But many funds from the troubled bubble period […]

The Public Employees’ Retirement System of Nevada has stepped up its venture investing in recent years. So far, the results are positive, but it is still too early to know for sure. The Silver State money manager invested in 15 venture and venture-related funds since 2011, with nine commitments in 2012 alone, according to a […]

When evaluating a venture capitalist’s request for a new fund, obviously performance track record goes a long way in swaying a limited partner for or against. Another key factor is “brand.” A firm or general partner with a brand name can drive deal flow and capital. It’s a brand business, said John Powers, former Stanford […]

A large-fund venture strategy has paid dividends for the Public Employees’ Retirement System of Nevada. The money manager’s mid-decade portfolio of 19 funds continued to advance last year led by strong gains from Menlo Ventures and Canaan Partners. Half of the venture portfolio had IRRs above 14 percent as of December, and almost a quarter […]

Few portfolios better show the venture capital up-cycle than the one managed by the Texas County and District Retirement System. Not only do all of the pension’s 16 funds with vintages of 2006 to 2011 have positive IRRs, but two-thirds have IRRs in the double digits, according to a recent portfolio report. A quarter has […]

Houston’s firefighters have been a steady buyer of secondary funds over the past 13 years and rewarded well for the effort. Their portfolio is dominated by large funds, and half of the holdings have IRRs in the double digits – a nice feat. Three are above 20 percent. Buying is continuing. Two new purchases are […]

Houston’s firefighters rely almost exclusively on a venture fund-of-funds strategy and not always with terrific results. A pair of large Portfolio Advisors funds has delivered acceptable returns. Others investments have not. The Houston Firefighters’ Relief & Retirement Fund has seven venture investments with vintages of 2005 to 2012, all of them funds of funds, according […]

By the time a venture fund is 10, 12 or even 15 years old, its internal rate of return is typically set in stone. The fund may make small gains here and there, but a large shift up or down isn’t likely. This is the case with the aging dot-com era holdings in the Pennsylvania […]