Colorado PERA’s 10 Biggest Venture Capital Bets: Slideshow

The Colorado Public Employees’ Retirement Association has been an uneven investor in venture capital.

Commitments have risen and fallen over the years without obvious pattern. In 2006, earmarked capital was $105 million, according to a peHUB analysis of its portfolio. A year earlier, it was $67 million. The year before it was $93 million, and the year before that, $40 million.

One point of consistency shows through. The Rocky Mountain limited partner favors big bets. From 2001 to 2009, half of the 26 commitments it made to VC firms were for $25 million or more, according to the peHUB analysis of portfolio data updated through Dec. 31. Thirteen were for $20 million or less.

This big bet philosophy appears to have had some success. Nine of the funds with large commitments have positive IRRs ranging from 1.19% to 11.41%. The median is 7.47%.

What follows is a slideshow with the 13 big bet commitments from smallest to largest. Five of the commitments were for $25 million and three for $30 million, so these duplicates are simply list one after another chronologically to start the show.

Please note that the peHUB analysis looked at venture funds and balanced funds with venture style investments, as identified by Thomson Reuters, publisher of this blog. Colorado PERA does not release portfolio net asset value, so an assessment of a fund’s future prospects is hard to make.

(Photo by Lamarinx/Shutterstock)

[slideshow]

[slide title="No. 13: Enterprise Partners VI"]

Vintage: 2001

Firm: Enterprise Partners Venture Capital

Commitment: $25 million

Cash In: $25 million

Cash Out: $0

IRR: -7.91%

[slide title="No. 12: Highland Capital Partners VI"]

Vintage: 2001

Firm: Highland Capital Partners

Commitment: $25 million

Cash In: $25 million

Cash Out: $22 million

IRR: 8.9%

[slide title="No. 11: Columbia Capital Equity Partners IV"]

Vintage: 2005

Firm: Columbia Capital

Commitment: $25 million

Cash In: $20.1 million

Cash Out: $2.6 million

IRR: 8.62%

[slide title="No. 10: Rho Ventures V"]

Vintage: 2005

Firm: Rho Capital Partners

Commitment: $25 million

Cash In: $23.4 million

Cash Out: $3.1 million

IRR: 3.52%

[slide title="No. 9: Highland Capital Partners VII"]

Vintage: 2006

Firm: Highland Capital Partners

Commitment: $25 million

Cash In: $17.3 million

Cash Out: $2.5 million

IRR: -2.06%

[slide title="No. 8: Lighthouse Capital Partners VI"]

Vintage: 2007

Firm: Lighthouse Capital Partners

Commitment: $25 million

Cash In: $20.9 million

Cash Out: $748,598

IRR: 3.22%

[slide title="No. 7: Galen Partners IV"]

Vintage: 2003

Firm: Galen Associates

Commitment: $30 million

Cash In: $30.4 million

Cash Out: $26.5 million

IRR: 9.38%

[slide title="No. 6: CMEA VI"]

Vintage: 2004

Firm: CMEA Capital

Commitment: $30 million

Cash In: $26.7 million

Cash Out: 1.2 million

IRR: -1.3%

[slide title="No. 5: Galen Partners V"]

Vintage: 2007

Firm: Galen Associates

Commitment: $30 million

Cash In: $16.2 million

Cash Out: $0

IRR: -6.95%

[slide title="No. 4: Technology Crossover Ventures V"]

Vintage: 2004

Firm: Technology Crossover Ventures

Commitment: $50 million

Cash In: $45.7 million

Cash Out: $33.9 million

IRR: 11.41%

[slide title="No. 3: Technology Crossover Ventures VI"]

Vintage: 2006

Firm: Technology Crossover Ventures

Commitment: $50 million

Cash In: $45.1 million

Cash Out: $19.8 million

IRR: 7.47%

[slide title="No. 2: Centennial Ventures VII"]

Vintage: 2001

Firm: Centennial Ventures

Commitment: $60 million

Cash In: $56.4 million

Cash Out: $34.9 million

IRR: 5.29%

[slide title="No. 1: Technology Crossover Ventures VII"]

Vintage: 2008

Firm: Technology Crossover Ventures

Commitment: $75 million

Cash In: $22.8 million

Cash Out: $0

IRR: 1.19%

[/slideshow]

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