Flagship Ventures Fund IV
Flagship Pioneering Vintage — Reported by State of Michigan Retirement System (SMRS)
What each LP reports
| LP | As of | Committed | Paid in | Distributed | Remaining value | Net IRR | TVPI | DPI | Paid in vs. value |
|---|---|---|---|---|---|---|---|---|---|
| State of Michigan Retirement System (SMRS) | 2025-12-31 | — | — | — | — | N/M | — | — |
Paid in Distributed Remaining value
Other reported funds by this firm
| Fund | Vintage | Net IRR | TVPI | Versus vintage |
|---|---|---|---|---|
| Flagship Pioneering Fund VIII | 2024 | 7.0% | 1.08x | Bottom quartile |
| Flagship Pioneering Fund VII | 2021 | N/M | — | |
| Flagship Pioneering – Origination Fund VII | 2020 | 12.9% | 1.41x | Second quartile |
| Flagship Pioneering Fund VII | — | N/M | — | |
| Flagship Pioneering Fund VIII | — | N/M | — | |
| Flagship Pioneering Special Opportunities Fund II | — | N/M | — | |
| Flagship Pioneering VI | — | N/M | — | |
| Flagship Ventures Fund 2004 | — | N/M | — | |
| Flagship Ventures Fund 2007 | — | N/M | — | |
| Flagship Ventures Fund V | — | N/M | — | |
| Flagship Ventures Opportunities Fund I | — | N/M | — |
About this data
State of Michigan Retirement System (SMRS): State of Michigan Investment Board Report: SMRS Private Equity, Net Market Value by Entity, as of December 31, 2025. The State of Michigan Investment Board lists each private equity entity with only two amounts, an "Adjusted Reported Value" (shown here as the market value, in whole dollars as printed) and an "Unfunded Commitment" (not shown). It reports no commitment amount, contributions, distributions, vintage year, multiple or IRR per fund, so committed, paid-in, distributed, total value, IRR, TVPI and DPI are blank; nothing is derived or estimated. The report does not define how the reported value is adjusted. Every entity in the Private Equity table is included as classified by the Board (buyout, growth, venture, secondaries, co-investment and separate-account vehicles); the Real Estate and Infrastructure, Real Return and Opportunistic, and Absolute Return tables are not imported. The entities add up to the Board's printed Total of $24,750,150,762 reported value and $7,378,170,291 unfunded; its "Short Term Investments and Other" and "Income Accruals" lines are not funds and are left out. 4 entities are marked by the Board as new commitments made during the quarter. View source
Figures are as each LP reports them for its own investment, so they can differ between LPs because of timing, fees, and share class. Not investment advice.