Promising Portfolios: Asset Values Top Contributed Capital In Recent Cal Regents Venture Funds (Slideshow)
The rule of thumb is that private valuations trail public market valuations by about six months.
So it remains to be seen how venture portfolios will adjust later this year in the wake of the summer’s uneasy financial environment.
But as of last December, the portfolios of recent venture investments at the University of California looked promising. Thirteen of 16 funds purchased in 2007, 2008 and 2009 had portfolio values close to or above called capital, promising starts for funds of such recent vintages, according to an analysis of data the Regents has made public.
The 16 funds represent capital commitments of more than $500 million, and of the 13 off to fast starts, 10 already have net asset values above contributed cash. Several of these funds have been widely reported for their potential portfolios. Khosla Ventures Fund III and the 2009 Khosla Ventures Seed fund, in particular.
But top performers include funds from W Capital, Darwin Ventures, Lightspeed Venture Partners, Insight Venture Partners, Bluerun Ventures and Canaan Partners.
What follows is a slideshow of the 10 funds in the Regents 2007 to 2009 holdings with portfolio values ahead of contributed capital. They are ranked on a percentage basis of asset value to cash in from least to most. (Find public information about private equity fund returns on this page.)
Vintage: 2009
Firm: Khosla Ventures
Commitment: $17.1 million
Cash In: $6.2 million
Cash Out: $0
Net Asset Value: $6.5 million
NAV As A Percentage Of Cash In: 105%
Related posts:
- Slideshow: CalPERS’ Recent Vintage Brand Name Venture Funds Show Promising IRRs, Largely (Part II)
- Trouble Making Ends Meet: Top 10 Cash Returning Funds In Cal Regents’ Venture Portfolio (Slideshow)
- Bottled Up Liquidity: Ten Cal Regents Funds With High Portfolio Values And Often Low Liquidity (Slideshow)
- Slideshow: University Of California’s Recent Venture Investments Include The Expected And Unexpected
- Slideshow: Early Stage Funds Dominate CalPERS’ Top 10 Venture Funds
