PRIM Posts VC Results

August 25, 2004 ( - Massachusetts has released results for the 103 venture capital funds the Pension Reserve Investment Management board (PRIM) invested in from 1986 through 1998.

Massachusetts Treasurer Timothy Cahill released the information in response to public-records requests by the Boston Globe.   The release of investment information, which omitted information on venture funds launched in the past five years, marked the first time Massachusetts has released individual performance figures for venture capital funds, according to a Boston Globe report.

Returns in the private equity and venture capital funds ranged from a 127% annual gain – Menlo Ventures VII in 1997 – to a 46% annual decline – Invexco in 1988.  The vast majority produced annual returns of 10% to 30%.

Since the state started investing in venture capital in 1986, it has reported an average annual return of 12.7%, through March 31 of this year. The $32.5 billion PRIM currently has $1.8 billion invested in venture capital and other private funds.

Cahill omitted information on venture funds launched in the past five years and said the pension plan will release data on 1999 funds next year.   ”Because the returns are always negative in the beginning, we feel it makes sense to give it some time before we release those numbers,” he told the Globe.