Fund performance: Indiana’s steady hand with venture

The Indiana Public Retirement System has made solid, and diverse, fund choices in the past half-decade or so. This is plainly evident in the recent performance of its venture portfolio, sister publication Venture Capital Journal reported.

The majority of its funds show gains on invested capital, several handsomely so, according to a recent portfolio report. Of those that don’t, many aren’t far off the pace.

The money manager holds 25 venture funds with vintages of 2007 to 2010. As of March, 20 of them had investment multiples above 1x. Five did not.

At the top of the list is Institutional Venture Partners XII from 2007, with an investment multiple of 2.01x and distributions on the rise. Also in strong positions were Scale Venture Partners III, with a multiple of 1.74x, and Insight Venture Partners VI, not far behind at 1.71x.

What’s interesting is the diversity at the top of the portfolio. Accompanying these late or expansion-stage funds are the early-stage focused Khosla Ventures III and True Ventures II, the next two on the list.  Khosla Ventures III’s multiple was 1.54x as of March and True Ventures II followed closely at 1.51x.

Vintage Venture Partners III, a fund focused on secondaries, was next in line.

This story first appeared in Reuters Venture Capital Journal. Subscribers can read the original story here. To subscribe to VCJ, please email Greg.Winterton@ThomsonReuters.com.

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