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.)

[slideshow]

[slide title="No. 10: Khosla Ventures Seed"]

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%

[slide title="No. 9: Energy Special Situations Fund II"]

Vintage: 2008

Firm: Energy Special Situations Funds

Commitment: $20 million

Cash In: $5.2 million

Cash Out: $$0

Net Asset Value: $5.7 million

NAV As A Percentage Of Cash In: 110%

[slide title="No. 8: Darwin Venture Capital Fund Of Funds II"]

Vintage: 2007

Firm: Darwin Ventures

Commitment: $10 million

Cash In: $7.6 million

Cash Out: $0

Net Asset Value: $8.5 million

NAV As A Percentage Of Cash In: 111.8%

[slide title="No. 7: Lightspeed Venture Partners VIII"]

Vintage: 2008

Firm: Lightspeed Venture Partners

Commitment: $30 million

Cash In: $13.2 million

Cash Out: $0

Net Asset Value: $14.8 million

NAV As A Percentage Of Cash In: 112.1%

[slide title="No. 6: Khosla Ventures Fund III"]

Vintage: 2009

Firm: Khosla Ventures

Commitment: $60 million

Cash In: $31.8 million

Cash Out: $0

Net Asset Value: $36 million

NAV As A Percentage Of Cash In: 113%

[slide title="No. 5: Bessemer Venture Partners VII Institutional"]

Vintage: 2007

Firm: Bessemer Venture Partners

Commitment: $10 million

Cash In: $5.7 million

Cash Out: $114,000

Net Asset Value: $6.5 million

NAV As A Percentage Of Cash In: 114%

[slide title="No. 4: Canaan VIII"]

Vintage: 2007

Firm: Canaan Partners

Commitment: $35 million

Cash In: $13.8 million

Cash Out: $1.4 million

Net Asset Value: $15.9 million

NAV As A Percentage Of Cash In: 115%

[slide title="No. 3: Insight Venture Partners VI"]

Vintage: 2007

Firm: Insight Venture Partners

Commitment: $50 million

Cash In: $41.5 million

Cash Out: $2.6 million

Net Asset Value: $48.6 million

NAV As A Percentage Of Cash In: 117%

[slide title="No. 2: Bluerun Ventures IV"]

Vintage: 2008

Firm: Bluerun Ventures

Commitment: $35 million

Cash In: $14.4 million

Cash Out: $2.4 million

Net Asset Value: $17.1 million

NAV As A Percentage Of Cash In: 119%

[slide title="No 1: W Capital Partners II"]

Vintage: 2007

Firm: W Capital Partners

Commitment: $60 million

Cash In: $38.8 million

Cash Out: $6.4 million

Net Asset Value: $55 million

NAV As A Percentage Of Cash In: 142%

[/slideshow]

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