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Techstars Accelerator 2021

Techstars Vintage 2021 Reported by Texas Municipal Retirement System

Net IRR3.1%Texas Municipal Retirement System, as of June 30, 2026
TVPI1.10xTotal value / paid-in
DPI0.00xDistributions / paid-in
Versus vintageQ4Bottom quartile · #18 of 23

What each LP reports

LPAs ofCommittedPaid inDistributedRemaining valueNet IRRTVPIDPIPaid in vs. value
Texas Municipal Retirement System2026-06-30$40M$39M$0M$43M3.1%1.10x0.00x

Paid in Distributed Remaining value

2021 vintage in Texas Municipal Retirement System’s portfolio

All 23 funds of vintage 2021 in Texas Municipal Retirement System’s report, ranked by net IRR. Private equity, venture, and other strategies are mixed, so treat this as context rather than a strategy benchmark.

Arcline Capital Partners II LP: 22.7%Altimeter Growth Partners Fund VI, L.P.: 22.3%Greenoaks Capital Opportunities Fund IV LP: 21.4%Reverence Capital Partners Opportunities Fund V (PE Fund III), L.P.: 19.5%One Rock Capital Partners III, LP: 19.4%Dragoneer Opportunities Fund VI, L.P.: 17.9%Butterfly Fund II, LP: 14.8%Public Pension Capital, LLC: 14.4%HarbourVest TMRS Polaris SMA L.P. (Tranche 2): 8.9%Heartwood Partners IV, L.P.: 7.9%Activate Capital Partners II, LP: 7.5%PSG V L.P.: 7.3%GTCR Strategic Growth Fund I/A LP and GTCR Strategic Growth Fund I/B LP: 6.4%Insight Partners XII Buyout Annex Fund, L.P.: 6.0%Altaris V-4042, L.P.: 5.7%Tribe Capital Fund II, L.P.: 5.0%Tribe Capital Fund III, L.P.: 4.4%Techstars Accelerator 2021, L.P.: 3.1%Ara Fund II, LP: 2.8%Insight Partners XII, L.P.: 2.6%LightBay Investment Partners II LP: 1.1%FG Next Flatirons I, L.P.: -3.5%Techstars Ventures 2022, L.P.: -4.1%-4.1%22.7%
#FundNet IRRTVPIDPI
1Arcline Capital Partners II LP22.7%2.15x0.47x
2Altimeter Growth Partners Fund VI, L.P.22.3%2.00x0.01x
3Greenoaks Capital Opportunities Fund IV LP21.4%1.92x0.38x
4Reverence Capital Partners Opportunities Fund V (PE Fund III), L.P.19.5%1.62x0.14x
5One Rock Capital Partners III, LP19.4%1.82x1.09x
6Dragoneer Opportunities Fund VI, L.P.17.9%1.40x0.12x
7Butterfly Fund II, LP14.8%1.80x0.84x
8Public Pension Capital, LLC14.4%1.26x0.13x
9HarbourVest TMRS Polaris SMA L.P. (Tranche 2)8.9%1.33x0.16x
10Heartwood Partners IV, L.P.7.9%1.17x0.12x
11Activate Capital Partners II, LP7.5%1.30x0.12x
12PSG V L.P.7.3%1.39x0.41x
13GTCR Strategic Growth Fund I/A LP and GTCR Strategic Growth Fund I/B LP6.4%1.13x0.02x
14Insight Partners XII Buyout Annex Fund, L.P.6.0%1.23x0.00x
15Altaris V-4042, L.P.5.7%1.18x0.00x
16Tribe Capital Fund II, L.P.5.0%1.25x0.00x
17Tribe Capital Fund III, L.P.4.4%1.17x0.00x
18Techstars Accelerator 2021, L.P.3.1%1.10x0.00x
19Ara Fund II, LP2.8%1.08x0.00x
20Insight Partners XII, L.P.2.6%1.10x0.00x
21LightBay Investment Partners II LP1.1%1.02x0.00x
22FG Next Flatirons I, L.P.-3.5%0.89x0.00x
23Techstars Ventures 2022, L.P.-4.1%0.92x0.00x

Other reported funds by this firm

FundVintageNet IRRTVPIVersus vintage
Techstars Ventures 20222021-4.1%0.92xBottom quartile
TECHSTARS VENTURES 2014—N/M—
TECHSTARS VENTURES 2017—N/M—

About this data

Texas Municipal Retirement System: TMRS Private Investment Performance Since Inception (Private Equity), as of June 30, 2026. "Percentage Return" since inception as printed by TMRS for funds whose "Performance Methodology" is "IRR" (internal rate of return). TMRS does not label the IRR net or gross and does not say how or by whom it is calculated or when it is not meaningful, so IRRs of very young funds are shown as printed; it states that the information has not been prepared or approved by any manager or general partner and may not reflect their records. TMRS prints no multiple: total value = amount received + remaining value, TVPI = total value / amount invested and DPI = amount received / amount invested are computed from the reported whole-dollar columns. TMRS lists the date(s) of investment (the dates its commitments were completed, matching its Completed Investments Report) rather than a vintage year; the year of the earliest date is used as the vintage. 3 commitments are stated in euros and their committed amount is left blank (the invested, received and remaining amounts are in dollars). 9 commitments have nothing invested yet and so no IRR or multiples. 1 funded holding has no IRR because TMRS prints no return, or a time-weighted return, for it. Private Equity section only (as classified by TMRS; it includes venture, growth, buyout, co-investments and separately managed accounts); the Credit, Global Equity, Real Assets, Tactical Opportunities and Multi Asset Class sections 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.