Utimco pulled back from venture capital over the past several years, as did many LPs during this difficult period.
The endowment that manages $23 billion in assets for the University of Texas and Texas A&M school systems made no new investments in 2009 and only three in each of 2008 and 2010. Even then, commitments were generally modest. Capital invested in 2010, for instance, was just slightly more than $10 million.
Yet an early look at IRRs from funds this Austin, Texas, money manager joined in 2007 and 2008 is promising, according to return data current as of Feb. 28. Vintage 2007 funds from Foundry Group and Spark Management Partners show IRRs above 55%, just three years into their 10-year lifespan.
A Union Square Ventures fund from 2008 also is off to a good start. Its IRR is 15.51%.
Overall, the 2007 holdings are still in their formative stages and the median IRR for the vintage year is 1.7%. The class of 2008 isn’t much different: the median IRR for Utimco’s three investments is -1.41.
Utimco’s three new 2010 funds are the Union Square Ventures Opportunity Fund, Foundry Venture Capital 2010 and Artiman Ventures III. Commitments so far are $3.4 million for Union Square, $4.5 million for Foundry and $2.3 million to Artiman.
What follows in a slideshow of the endowment’s 2007 and 2008 funds: