TOP PERFORMING VENTURE CAPITAL FUNDS

TOP PERFORMING VENTURE CAPITAL FUNDS

TOP PERFORMING VENTURE CAPITAL FUNDS

We take a look at the top performing venture capital funds by region and fund type, as well as provide a sample of recent funds that have the potential to be top performers in the future. Fig. 1: Top Performing Venture Capital Funds (Vintage 2003-2015 Funds)

Fund

Ventech China III Vietnam Equity Fund NSI Ventures

Glilot Capital Partners I

CRCM-Managed Account (Farallon Capital Mgt)

CRCM Opportunity Fund

Firm Ventech China Finansa Fund Management Northstar Group

Glilot Capital Partners

Vintage 2015 2005 2015

2011

CRCM Venture Capital

2004

CRCM Venture Capital

2012

Fund Size (mn)

225 USD 15 USD 80 USD 30 USD

32 USD

50 USD

Type Early Stage Expansion/Late Stage Early Stage: Start-up Early Stage

Early Stage

Early Stage: Start-up

Geographic Focus

Asia

Asia

Asia

Middle East & Israel

Diversified Multi-Regional

Diversified Multi-Regional

GP Headquarters

China Thailand Singapore

Israel

Hong Kong

Hong Kong

Called (%) 58.0 91.8 71.6 92.5

100.0

95.9

Dist. (%) DPI 0.0 185.4 23.2 230.8

1026.8

8.0

Value (%) RVPI 177.0 0.0 186.5 137.5

0.0

841.8

Union Square Ventures

Union Square Ventures

2004

125 USD

Early Stage

US

US

89.2

1350.2

31.8

Net Multiple (X)

Net IRR (%)

1.77

105.0

1.85

104.9

2.10

90.6

3.68

89.8

10.27

86.0

8.50 13.82

75.1 66.9

Date Reported 30-Jun-17 31-Dec-17 30-Jun-17 30-Sep-17

31-Dec-17

30-Sep-17

30-Sep-17

Foresite Capital Fund I

Foresite Capital

2012

100 USD

Expansion/Late Stage

US

US

87.5

180.0

52.0

2.32

65.4

30-Sep-17

Seaya Ventures Fund New Science Ventures 2014 A

Seaya Ventures New Science Ventures

2013 2014

57 EUR 98 USD

Venture (General) Venture (General)

Europe US

Spain US

108.0 97.0

Fig. 2: Top Performing North America-Based Venture Capital Funds (Vintage 2003-2015 Funds)

Fund

Firm

Vintage

Fund Size (mn)

Type

Union Square Ventures

Union Square Ventures

2004

125 USD

Early Stage

Foresite Capital Fund I

Foresite Capital

2012

100 USD

Expansion/Late Stage

New Science Ventures 2014 A

New Science Ventures

2014

98 USD

Venture (General)

Revel Venture Fund I

Revel Partners

2011

10 USD

Early Stage: Seed

OrbiMed Private Investments V

OrbiMed Advisors

2013

735 USD

Venture (General)

Geographic Focus US US US US US

GP Headquarters

US US US US US

Called (%)

89.2 87.5 97.0 96.6 102.8

35.0 9.5

Dist. (%) DPI

1350.2 180.0

9.5 130.6 72.0

291.0 202.7

3.26 2.12

61.0 59.0

30-Sep-17 30-Sep-17 Source: Preqin

Value (%) RVPI 31.8 52.0 202.7 468.3 147.0

Net Multiple (X)

Net IRR (%)

13.82

66.9

2.32

65.4

2.12

59.0

5.99

58.7

2.19

57.9

Date Reported 30-Sep-17 30-Sep-17 30-Sep-17 31-Dec-16 30-Sep-17

Source: Preqin

IDENTIFY TOP PERFORMING FUNDS

Preqin's online platform can be used to identify top performing funds using a quartile ranking system, which can be filtered according to strategy. venturecapital

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TOP PERFORMING VENTURE CAPITAL FUNDS

Fig. 3: Top Performing Europe-Based Venture Capital Funds (Vintage 2003-2015 Funds)

Fund

Firm

Vintage

Fund Size (mn)

Type

Seaya Ventures Fund

Seaya Ventures

2013

57 EUR

Venture (General)

Phenomen Ventures I

Phenomen Ventures

2012

200 USD

Venture (General)

DN Capital - Global Venture Capital III

DN Capital

2012

144 EUR

Venture (General)

Atomico Ventures I

Atomico

2006

73 USD

Early Stage

Nordic Biotech Opportunity Fund

NB Capital

2008

14 EUR

Early Stage

Geographic Focus

Europe

Europe

GP Headquarters

Spain

UK

Called (%)

108.0 75.0

Europe

UK

103.1

US

UK

100.0

Europe

Denmark

100.0

Dist. (%) DPI 35.0 122.0

44.4

276.0

1339.0

Value (%) RVPI

291.0

-

Net Multiple (X)

Net IRR (%)

3.26

61.0

-

51.0

Date Reported

30-Sep-17

31-Mar-17

252.0

2.96

49.1

30-Sep-17

0.0

2.76

45.0

31-Dec-17

319.0

16.58

44.3

30-Sep-17

Source: Preqin

Fig. 4: Top Performing Asia-Based Venture Capital Funds (Vintage 2003-2015 Funds)

Fund

Firm

Vintage

Fund Size (mn)

Type

Ventech China III

Ventech China

2015

225 USD

Early Stage

Vietnam Equity Fund

Finansa Fund Management

2005

15 USD

Expansion/Late Stage

NSI Ventures

Northstar Group

2015

80 USD

Early Stage: Start-up

CRCM-Managed Account (Farallon Capital Mgt)

CRCM Venture Capital

2004

32 USD

Early Stage

CRCM Opportunity Fund

CRCM Venture Capital

2012

50 USD

Early Stage: Start-up

Geographic Focus

Asia

Asia

Asia

Diversified Multi-Regional

Diversified Multi-Regional

GP Headquarters

China Thailand Singapore

Hong Kong

Hong Kong

Called (%) 58.0 91.8 71.6 100.0

95.9

Dist. (%) DPI 0.0 185.4 23.2

1026.8

8.0

Value (%) RVPI 177.0 0.0

186.5

Net Multiple (X)

Net IRR (%)

1.77

105.0

1.85

104.9

2.10

90.6

Date Reported 30-Jun-17 31-Dec-17

30-Jun-17

0.0

10.27

86.0

31-Dec-17

841.8

8.5

75.1

30-Sep-17

Source: Preqin

Fig. 5: Top Performing Seed Funds (Vintage 2003-2015 Funds)

Fund

Firm

Vintage

Revel Venture Fund I Avalon Ventures VIII 5AM Ventures Fund III Illuminate Ventures Spotlight Fund Fund 1A

Revel Partners Avalon Ventures

5AM Ventures

Illuminate Ventures Click Ventures

2011 2007 2009

2011 2013

Fund Size (mn)

10 USD 150 USD 220 USD

2 USD

1 USD

Type Seed Seed Seed Seed Seed

Geographic Focus US US

US

GP Headquarters

US US

US

Called (%)

96.6 98.2 90.6

US

US

90.0

Asia

Hong Kong

100.0

Dist. (%) DPI 130.6 203.9 134.7

-

0.0

Value (%) RVPI 468.3 104.4

80.2

Net Multiple (X)

Net IRR (%)

5.99

58.7

3.08

51.3

2.15

36.1

Date Reported 31-Dec-16 30-Jun-17

31-Mar-16

-

-

32.0

30-Jun-16

293.0

2.93

30.8

30-Sep-17

Source: Preqin

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TOP PERFORMING VENTURE CAPITAL FUNDS

Fig. 6: Top Performing Early-Stage Funds (Vintage 2003-2015 Funds)

Fund

Firm

Vintage

Fund Size (mn)

Ventech China III

Ventech China

2015

225 USD

NSI Ventures

Northstar Group

2015

80 USD

Glilot Capital Partners I

Glilot Capital Partners

2011

30 USD

CRCM-Managed Account (Farallon Capital Mgt)

CRCM Venture Capital

2004

32 USD

CRCM Opportunity Fund

CRCM Venture Capital

2012

50 USD

Type Early Stage Early Stage: Start-up Early Stage

Early Stage

Early Stage: Start-up

Geographic Focus

Asia

Asia

Middle East & Israel

Diversified Multi-Regional

Diversified Multi-Regional

GP Headquarters

China Singapore

Israel

Hong Kong

Hong Kong

Called (%) 58.0 71.6 92.5

100.0

95.9

Dist. (%) DPI 0.0 23.2 230.8

1026.8

8.0

Value (%) RVPI

177.0

186.5

Net Multiple (X)

Net IRR (%)

1.77

105.0

2.10

90.6

Date Reported

30-Jun-17

30-Jun-17

137.5

3.68

89.8

30-Sep-17

0.0

10.27

86.0

31-Dec-17

841.8

8.50

75.1

30-Sep-17

Source: Preqin

Fig. 7: Top Performing Late-Stage Funds (Vintage 2003-2015 Funds)

Fund

Firm

Vintage

Fund Size (mn)

Vietnam Equity Fund

Finansa Fund Management

2005

15 USD

Foresite Capital Fund I

Foresite Capital

2012

100 USD

JVP Opportunity VI

Jerusalem Venture Partners

2011

80 USD

Acorn General Fund One FirstMark Capital I

Acorn Private Equity FirstMark Capital

2011 2005

100 ZAR 200 USD

Type Expansion/Late Stage Expansion/Late Stage Expansion/Late Stage Expansion/Late Stage Expansion/Late Stage

Geographic Focus Asia

US

Middle East & Israel

Africa

US

GP Headquarters

Thailand

US

Called (%)

91.8 87.5

Israel

100.0

South Africa US

100.0 99.0

Dist. (%) DPI 185.4 180.0

329.8

291.0 259.1

Value (%) RVPI

0.0

52.0

Net Multiple (X)

Net IRR (%)

1.85

104.9

2.32

65.4

Date Reported

31-Dec-17

30-Sep-17

2.0

3.32

50.0

30-Jun-17

0.0

2.91

415.7

6.75

39.4 36.1

31-Dec-17 30-Jun-17

Source: Preqin

Fig. 8: Top Performing Generalist Venture Capital Funds (Vintage 2003-2015 Funds)

Fund

Firm

Vintage

Fund Size (mn)

Type

Seaya Ventures Fund

Seaya Ventures

2013

57 EUR

Venture (General)

New Science Ventures 2014 A

New Science Ventures

2014

98 USD

Venture (General)

OrbiMed Private Investments V

OrbiMed Advisors

2013

735 USD

Venture (General)

Phenomen Ventures I

Phenomen Ventures

2012

200 USD

Venture (General)

DN Capital - Global Venture Capital III

DN Capital

2012

144 EUR

Venture (General)

Geographic Focus Europe US US Europe

Europe

GP Headquarters

Spain US US UK

Called (%)

108.0 97.0 102.8 75.0

UK

103.1

Dist. (%) DPI 35.0 9.5 72.0 122.0

44.4

Value (%) RVPI 291.0 202.7 147.0 -

Net Multiple (X)

Net IRR (%)

3.26

61.0

2.12

59.0

2.19

57.9

-

51.0

Date Reported 30-Sep-17 30-Sep-17 30-Sep-17 31-Mar-17

252.0

2.96

49.1

30-Sep-17

Source: Preqin

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TOP PERFORMING VENTURE CAPITAL FUNDS

Fig. 9: Top Performing Growth Funds (Vintage 2003-2015 Funds)

Fund

Firm

Vintage

Whiz Healthcare PE 1 Development Partners Fund DP Fund ChrysCapital III Essex Woodlands Special Situations Fund

Whiz Partners Development Principles Group

Ocean Equity Partners ChrysCapital

Essex Woodlands

2012 2005 2005 2004

2010

Fund Size (mn)

5,300 JPY 79 USD 78 USD 258 USD

87 USD

Type

Growth Growth Growth Growth

Growth

Geographic Focus Asia Asia Asia Asia

US

GP Headquarters

Japan Hong Kong Hong Kong

India

Called (%)

96.5 98.0 100.0 100.0

US

60.0

Dist. (%) DPI 288.3 208.8 240.0 396.5

242.7

Value (%) RVPI 42.8 0.0 0.0 0.0

Net Multiple (X)

Net IRR (%)

3.31

284.9

2.09

105.5

2.40

93.0

3.96

89.2

Date Reported 30-Jun-17 31-Dec-17 31-Dec-17 31-Dec-17

0.0

2.43

80.3

31-Dec-17

Source: Preqin

VENTURE CAPITAL FUNDS TO WATCH

As these funds are in the early part of their investment cycles, the IRR is less relevant; therefore the multiple is used as the key measure of performance. The multiple provides a good indication of the value added to the unrealized investments within the fund portfolio, as well as taking into account any early distributions. These `funds to watch' have the added stipulation that the fund must have called at least 20% of its committed capital.

FUND:

FIRM: FIRM HQ: VINTAGE: FUND SIZE (mn) TYPE: GEOGRAPHIC FOCUS: MULTIPLE (X): DATE REPORTED:

Summit Partners Venture Capital Fund IV Summit Partners Boston, MA 2016 730 USD Early Stage US 1.48 30-Sep-17

FUND:

FIRM:

FIRM HQ: VINTAGE: FUND SIZE (mn) TYPE: GEOGRAPHIC FOCUS: MULTIPLE (X): DATE REPORTED:

Clearstone Venture Partners III-A Clearstone Venture Partners Santa Monica, CA 2016 Early Stage US 1.54 30-Jun-17

FUND: FIRM: FIRM HQ: VINTAGE: FUND SIZE (mn) TYPE: GEOGRAPHIC FOCUS: MULTIPLE (X): DATE REPORTED:

Fund 1B Click Ventures Hong Kong 2016 1 USD Early Stage: Seed Asia 4.50 30-Sep-17

FUND:

FIRM: FIRM HQ: VINTAGE: FUND SIZE (mn) TYPE: GEOGRAPHIC FOCUS: MULTIPLE (X): DATE REPORTED:

New Science Ventures 2016 New Science Ventures New York, NY 2016 46 USD Venture (General) US 1.85 30-Sep-17

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