Venture Portfolio Values Climb And Pennsylvania’s PSERS Proves The Point: Slideshow

The value of venture portfolios appears to be on the rise, at least as of the middle of last year.

This is amply illustrated by investments at Pennsylvania’s Public School Employees’ Retirement System, where seven of the LP’s latest 10 funds saw portfolio values increase from March to June 2011. Two experienced declines and one held steady, according to a peHUB analysis of recent portfolio reports.

In several instances, the ascent was substantial. The 2008 vintage LLR Equity Partners III showed a 42% increase in value, while the portfolio value of the 2007 StarVest Partners II jumped 26%.

Overall, the median increase across the 10 funds was 23.5%.

Half of the funds also increased capital distributions, the analysis found. Half did not. The median increase was a hefty 56.4%.

In the following slideshow, we look at the 10 funds from the least to the largest increase in portfolio NAV, comparing their commitments, distributions and IRRs from March and June.

PSERS, by the way, is a relatively cautious venture capital investor with 1.7% of its $47 billion holdings in the asset class as of December. The pension fund made just 16 commitments since 2000 with a potential outlay of about $1.2 billion. Commitments ticked up in 2006 to 2008.


[slide title=”No. 1: CSFB Strategic Partners III-VC”]

[slide title=”No. 2: Quaker BioVentures II”]

[slide title=”No. 3: Aisling Capital II”]

[slide title=”No. 4: Tenaya Capital V-P”]

[slide title=”No. 5: CS Strategic Partners IV VC”]

[slide title=”No. 6: Psilos Group Partners III”]

[slide title=”No. 7: Co-Investment Fund II”]

[slide title=”No. 8: Asiling Capital III”]

[slide title=”No. 9: StarVest Partners II”]

[slide title=”No. 10: LLR Equity Partners III”]