We took a look at returns for all of UTIMCO’s active funds and found 10 that were at least a decade old and had negative internal rates of return as of May 31. The university pension fund invested a total of $176.2 million in those vehicles. In return, UTIMCO has received cash distributions of just $55.7 million (or less than one-third of what it put in). And it has no hope of breaking even on those bets — since the remaining funds are currently valued at a combined $39.7 million.
When looking at the 10 funds as a group, a few patterns emerge:
- Eight of the 10 are venture funds.
- Two firms had the ignominious distinction of having two funds on the list: Austin Ventures and Crescendo Ventures.
- The oldest fund on the list is a 1996-vintage fund focused on small buyouts: Beacon Focus Value Investors.
- And only one fund hasn’t returned a dime of capital to UTIMCO: Band of Angels.
Here, then, are the biggest dogs in UTIMCO’s kennel:
Partnership Name: Baker Communications Fund II (QP), LP
Capital Invested: $30,929,197.33
Capital Returned to UTIMCO: $9,998,916.73
Current Value: $13,979,116.76
Cash-on-Cash Return: 0.32
Fund Year: 2000
Fund Focus: U.S. mid-market buyout
- Slideshow: UTIMCO in 17 Active Funds with IRRs > 25%
- Union Square, Other Early Stage Tech VCs Kick Ass for UTIMCO (slideshow)
- Slideshow: UTIMCO’s Top 5 Venture Capital Investments
- Slideshow: UTIMCO Holds 7 Austin Ventures Funds, 4 of Which Have Negative IRRs
- Slideshow: IRRs for Eight Morgenthaler Funds, Courtesy of UTIMCO