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Laxman Pai, Opalesque Asia:

Among the most active investors in US venture capital, seven are pension funds, led once again by San Francisco Employees' Retirement System with 68 known commitments to vintage 2009-2019 funds, says Preqin.

San Francisco Employee's Retirement System and Texas County & District Retirement System have notably upped their activity over the past year, committing to eight and seven new funds respectively between Q3 2018 and Q3 2019.

More than 10 different LP types commit to US-based venture capital funds on a global basis. Foundations account for the largest proportion (19%) of the investor pool, followed by the private sector (13%) and public (12%) pension funds.

Investors retain a preference for domestic managers as the majority (77%) of investors in US-based venture capital funds are based in North America.

The US venture capital industry continues to attract larger, more sophisticated investors, the report said.

The majority (67%) manage at least $1bn in assets, including 13% that manage at least $50bn. That said, smaller investors are still a sizeable presence in the space, with 33% managing less than $1bn.

VC managers return capital at an impressive rate

According to Preqin, the US-based venture capital funds have continued to perform well across all vintages since the Global Financial Crisis.

Vintages 2010-2016 are posting median IRRs in the double digits, with a high of 18.7% for vintage 2011 funds. ......................

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