The rule of thumb is that private valuations trail public market valuations by about six months.
So it remains to be seen how venture portfolios will adjust later this year in the wake of the summer’s uneasy financial environment.
But as of last December, the portfolios of recent venture investments at the University of California looked promising. Thirteen of 16 funds purchased in 2007, 2008 and 2009 had portfolio values close to or above called capital, promising starts for funds of such recent vintages, according to an analysis of data the Regents has made public.
The 16 funds represent capital commitments of more than $500 million, and of the 13 off to fast starts, 10 already have net asset values above contributed cash. Several of these funds have been widely reported for their potential portfolios. Khosla Ventures Fund III and the 2009 Khosla Ventures Seed fund, in particular.
But top performers include funds from W Capital, Darwin Ventures, Lightspeed Venture Partners, Insight Venture Partners, Bluerun Ventures and Canaan Partners.
What follows is a slideshow of the 10 funds in the Regents 2007 to 2009 holdings with portfolio values ahead of contributed capital. They are ranked on a percentage basis of asset value to cash in from least to most. (Find public information about private equity fund returns on this page.)
[slideshow]
[slide title=”No. 10: Khosla Ventures Seed”]
Vintage: 2009
Firm: Khosla Ventures
Commitment: $17.1 million
Cash In: $6.2 million
Cash Out: $0
Net Asset Value: $6.5 million
NAV As A Percentage Of Cash In: 105%
[slide title=”No. 9: Energy Special Situations Fund II”]
Vintage: 2008
Firm: Energy Special Situations Funds
Commitment: $20 million
Cash In: $5.2 million
Cash Out: $$0
Net Asset Value: $5.7 million
NAV As A Percentage Of Cash In: 110%
[slide title=”No. 8: Darwin Venture Capital Fund Of Funds II”]
Vintage: 2007
Firm: Darwin Ventures
Commitment: $10 million
Cash In: $7.6 million
Cash Out: $0
Net Asset Value: $8.5 million
NAV As A Percentage Of Cash In: 111.8%
[slide title=”No. 7: Lightspeed Venture Partners VIII”]
Vintage: 2008
Firm: Lightspeed Venture Partners
Commitment: $30 million
Cash In: $13.2 million
Cash Out: $0
Net Asset Value: $14.8 million
NAV As A Percentage Of Cash In: 112.1%
[slide title=”No. 6: Khosla Ventures Fund III”]
Vintage: 2009
Firm: Khosla Ventures
Commitment: $60 million
Cash In: $31.8 million
Cash Out: $0
Net Asset Value: $36 million
NAV As A Percentage Of Cash In: 113%
[slide title=”No. 5: Bessemer Venture Partners VII Institutional”]
Vintage: 2007
Firm: Bessemer Venture Partners
Commitment: $10 million
Cash In: $5.7 million
Cash Out: $114,000
Net Asset Value: $6.5 million
NAV As A Percentage Of Cash In: 114%
[slide title=”No. 4: Canaan VIII”]
Vintage: 2007
Firm: Canaan Partners
Commitment: $35 million
Cash In: $13.8 million
Cash Out: $1.4 million
Net Asset Value: $15.9 million
NAV As A Percentage Of Cash In: 115%
[slide title=”No. 3: Insight Venture Partners VI”]
Vintage: 2007
Firm: Insight Venture Partners
Commitment: $50 million
Cash In: $41.5 million
Cash Out: $2.6 million
Net Asset Value: $48.6 million
NAV As A Percentage Of Cash In: 117%
[slide title=”No. 2: Bluerun Ventures IV”]
Vintage: 2008
Firm: Bluerun Ventures
Commitment: $35 million
Cash In: $14.4 million
Cash Out: $2.4 million
Net Asset Value: $17.1 million
NAV As A Percentage Of Cash In: 119%
[slide title=”No 1: W Capital Partners II”]
Vintage: 2007
Firm: W Capital Partners
Commitment: $60 million
Cash In: $38.8 million
Cash Out: $6.4 million
Net Asset Value: $55 million
NAV As A Percentage Of Cash In: 142%
[/slideshow]
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