Hot Venture Funds from CalPERS’ Grove Street Portfolio: Slideshow

Vintage 2007 is a standout year for venture funds in CalPERS’ Grove Street Advisors portfolio, according to a peHUB analysis of the California Public Employees’ Retirement System’s most recent fund performance report.

Eleven of these funds now midway through their expected life boast positive IRRs, and only three have negative ones. Cash distributions are limited, but portfolio values are high. And fund choices are anything but the standard fare.

The year is the strongest of the past decade for Grove Street money managers, the analysis found. Vintage 2008 also was good, but its median IRR trails the median for 2007. Vintage 2006 was poor.

In this week’s slideshow, we highlight the ten funds in the portfolio with the highest IRRs. We zeroed in on the vintage years 2006 through 2009.

As a point of background, CalPERS relies on several fund managers to help it keep tabs on its venture capital portfolio. Hamilton Lane is one. Oak Hill Investment Management is another. Centinela Capital Partners is a third.

The largest pot of funds is the responsibility of fund-of-funds outfit Grove Street, which began managing an investment initiative called California Emerging Ventures in 1998.

The effort now has commitments of more than $3.2 billion, contributed capital of more than $2.7 billion and distributions of nearly $2.2 billion. No new funds have been purchased since 2009, according to the CalPERS report updated to September 2011. In the past decade, 2006 and 2007 were especially active years, with 2005 also seeing a significant number of investment decisions. Purchases slowed in 2008 and 2009.

This Monday’s slideshow highlights IRRs, capital calls, distributions and other details. Next Monday we will look at the opposite end of the spectrum and post the 10 funds with the worst IRRs.

Photo courtesy of Shutterstock.

Related Posts

Leave a Reply

PEHUB Community

Join the 12501 members of peHUB to make connections, share your opinion, and follow your favorite authors.

Join the Community

Look Who’s Tweeting

Psst! Got any hot tips?

  • This field is for validation purposes and should be left unchanged.

PE HUB News Briefs

RSS Feed Widget

Marketplace

VCJ Headlines (subscribers only)

RSS Feed Widget

Buyouts Headlines (subscribers only)

RSS Feed Widget

Reuters VC and PE feed

RSS Feed Widget