UTIMCO Bets On Early Stage Technology Funds With Its Latest Batch Of Venture Investments


The University of Texas Management Company’s latest batch of venture investments is heavy on early stage technology funds run by such managers as the Foundry Group, Union Square Ventures, True Ventures and IA Ventures.

The endowment committed $337.5 million to 11 funds in 2010 and 2011, according to its November portfolio report. Nine focus on technology or allocate some portion of their fund to technology. Two zero in on health care.

More than half of the new venture investments–6, to be exact–target early stage investing while three focus on later stage and two have a diversified approach, an analysis of the report shows.

In last Monday’s slideshow, we pointed out that UTIMCO last year purchased a 30% stake in Roger Ehrenberg’s second fund, IA Ventures Strategies Fund II, and a 23.33% slice of True Ventures III. This week we list all its commitments of the past two years, smallest to largest, with money called and portfolio values. We also list IRRs, though returns are largely uninformative at such an early point in a fund’s life.

It’s an impressive line up. The biggest venture commitment of the past two years went to the Foundry Group’s Foundry Venture Capital 2010 fund followed by the 2011 Sofinnova Venture Partners VIII and Sante Ventures’ 2011 Sante Health Ventures II.

The slideshow based on data in the portfolio report is below.

Photo of the digital world from Shutterstock.

[slideshow]

[slide title=”No. 1: Correlation Ventures Executive Fund”]

Vintage: 2010

Firm: Correlation Ventures

Type: Health Care, Technology

Stage: Diversified

Commitment: $12.5 million

Cash In: $1.9 million

Portfolio Value: $1.6 million

IRR: -16.53%

[slide title=”No. 2: Correlation Ventures”]

Vintage: 2010

Firm: Correlation Ventures

Type: Health Care, Technology

Stage: Diversified

Commitment: $12.5 million

Cash In: $1.9 million

Portfolio Value: $1.6 million

IRR: -16.54%

[slide title=”No. 3: Union Square Ventures Opportunities Fund”]

Vintage: 2010

Firm: Union Square Ventures

Type: Technology

Stage: Late

Commitment: $25 million

Cash In: $6.9 million

Portfolio Value: $9.1 million

IRR: 47.99%

[slide title=”No. 4: Union Square Ventures 2012 Fund”]

Vintage: 2011

Firm: Union Square Ventures

Type: Technology

Stage: Early

Commitment: $27.5 million

Cash In: $2.5 million

Portfolio Value: $2.5 million

IRR: NA

[slide title=”No. 5: Artiman Ventures Special Opportunities Fund”]

Vintage: 2011

Firm: Artiman Ventures

Type: Technology

Stage: Late

Commitment: $30 million

Cash In: $5.6 million

Portfolio Value: $5.5 million

IRR: -2.96%

[slide title=”No. 6: IA Ventures Strategies Fund II”]

Vintage: 2011

Firm: IA Ventures

Type: Technology

Stage: Early

Commitment: $30 million

Cash In: 0

Portfolio Value: 0

IRR: NA

[slide title=”No. 7: True Ventures III”]

Vintage: 2011

Firm: True Ventures

Type: Technology

Stage: Early

Commitment: $35 million

Cash In: 0

Portfolio Value: 0

IRR: NA

[slide title=”No. 8: Artiman Ventures III”]

Vintage: 2010

Firm: Artiman Ventures

Type: Technology

Stage: Early

Commitment: $40 million

Cash In: $5.5 million

Portfolio Value: $3.4 million

IRR: -45.37%

[slide title=”No. 9: Santa Health Ventures II”]

Vintage: 2011

Firm: Sante Ventures

Type: Health Care

Stage: Early

Commitment: $40 million

Cash In: $1.5 million

Portfolio Value: $975,000

IRR: -36.19%

[slide title=”No. 10: Sofinnova Venture Partners VIII”]

Vintage: 2011

Firm: Sofinnova Ventures

Type: Health Care

Stage: Late

Commitment: $40 million

Cash In: $800,000

Portfolio Value: $800,000

IRR: NA

[slide title=No. 11: “Foundry Venture Capital 2010”]

Vintage: 2010

Firm: Foundry Group

Type: Technology

Stage: Early

Commitment: $45 million

Cash In: $11.9 million

Portfolio Value: $10.7 million

IRR: -17.59%

[/slideshow]