Spark Capital III
Spark Capital Vintage 2011 Reported by Los Angeles City Employees' Retirement System (LACERS)
What each LP reports
| LP | As of | Committed | Paid in | Distributed | Remaining value | Net IRR | TVPI | DPI | Paid in vs. value |
|---|---|---|---|---|---|---|---|---|---|
| Los Angeles City Employees' Retirement System (LACERS) | 2025-12-31 | $10M | $10M | $18M | $16M | 23.9% | 3.40x | 1.77x |
Paid in Distributed Remaining value
2011 vintage in Los Angeles City Employees' Retirement System (LACERS)’s portfolio
All 11 funds of vintage 2011 in Los Angeles City Employees' Retirement System (LACERS)’s report, ranked by net IRR. Private equity, venture, and other strategies are mixed, so treat this as context rather than a strategy benchmark.
| # | Fund | Net IRR | TVPI | DPI |
|---|---|---|---|---|
| 1 | Hellman & Friedman Capital Partners VII | 24.5% | 3.36x | 3.30x |
| 2 | Spark Capital III | 23.9% | 3.40x | 1.77x |
| 3 | Khosla Ventures IV | 21.9% | 4.04x | 3.53x |
| 4 | TPG Growth II | 16.5% | 2.40x | 1.99x |
| 5 | Green Equity Investors VI | 13.7% | 2.40x | 1.97x |
| 6 | Vista Equity Partners Fund IV | 13.0% | 2.17x | 1.41x |
| 7 | Blackstone Capital Partners VI | 12.0% | 1.91x | 1.72x |
| 8 | Blackstone Energy Partners | 11.3% | 1.80x | 1.65x |
| 9 | BC European Capital IX | 9.8% | 1.63x | 1.40x |
| 10 | Avenue Europe Special Situations Fund II | 3.5% | 1.14x | 1.14x |
| 11 | Hony Capital Fund V | -3.7% | 0.73x | 0.46x |
Other reported funds by this firm
| Fund | Vintage | Net IRR | TVPI | Versus vintage |
|---|---|---|---|---|
| Spark Capital Fund VIII | 2024 | -3.9% | 0.98x | Third quartile |
| Spark Capital Growth Fund V | 2024 | N/M | — | |
| Spark Capital VIII | 2024 | N/M | — | |
| Spark Capital Growth Fund IV | 2021 | 43.6% | 2.29x | Top quartile |
| Spark Capital VII | 2021 | 19.7% | 1.57x | Top quartile |
| Spark Capital Growth Fund III | 2020 | 21.4% | 2.29x | Top quartile |
| Spark Capital VI | 2020 | 7.8% | 1.37x | Bottom quartile |
| Spark Capital Growth Fund II | 2017 | 16.5% | 1.99x | Second quartile |
| Spark Capital Growth Fund | 2014 | 28.3% | 6.12x | Top quartile |
| Spark Capital IV | 2013 | N/M | — | |
| Spark Capital II | 2008 | 51.4% | 5.42x | Top quartile |
| Spark Capital | 2005 | 7.8% | 1.37x | Second quartile |
| SPARK CAPITAL II | — | N/M | — | |
| Spark Capital VIII | — | N/M | — | |
| Spark Capital VIII, Growth Fund V | — | N/M | — | |
| Spark Growth V | — | N/M | — |
About this data
Los Angeles City Employees' Retirement System (LACERS): LACERS Private Equity Portfolio Performance Report, as of December 31, 2025. "Net IRR" and "Net TVPI" as printed in the fund-by-fund appendix of the Private Equity Portfolio Performance Report that LACERS posts semiannually (prepared on its private equity consultant's template; the cover gives www.aksia.com). The report defines TVPI as (cumulative distributions + fair market value) / cumulative contributions and labels IRRs of investments held less than two years "n.m."; 27 funds have no IRR (n.m., or "-" in the report) and 14 have no multiple ("-", mostly commitments with nothing contributed yet), all shown as blank. Dollar amounts are whole US dollars as reported (inception-to-date contributions and distributions). Total value = distributions + fair market value, and DPI = distributions / contributions, are computed. All 408 partnerships in the report are included: 305 active and 103 liquidated (no remaining fair market value), of which 23 are in LACERS' Specialized Portfolio and the rest in its Core Portfolio. LACERS counts 36 Credit/Distressed and 15 Natural Resources (energy) partnerships as private equity in this report, alongside buyout, growth equity, venture capital, secondaries, co-investment and fund-of-funds vehicles; its separate private credit and real estate reports are not imported. 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.