Mark Boslet

SFERS, with $13 billion in net assets at the end of fiscal 2010 and 3.8% of its holdings in venture capital, has committed about $899 million to the asset class since the start of 2000, according to a peHUB analysis of its recent public portfolio report. That’s meant investing in 45 funds, the analysis found.

Last year, the venture capital arm of the computer chip maker backed five companies in this up and coming South American economy. It announced two of them on Friday. It also doubled its investment staff.

Quarterly, 1-year, 3-year, 5-year and 10-year returns favored late and expansion stage investing over early stage, according to the study released by the National Venture Capital Association and Cambridge Associates.

Zynga’s stock fell sharply Wednesday after the release of the now public company’s first quarterly earnings report. Perhaps this is no surprise given several red flags in the report and the shares’ run up to $14 from $8 in a month.

Total investment for the year came to $1.5 billion, up 34% to a four-year high. Money went to 444 Canadian firms, a 24% increase from 2010.

Last year, the state's investment council committed to three new funds: Khosla Ventures IV, Tenaya Capital VI and General Catalyst Group VI, according to a December 2011 investment report.

Last year, the venture capital arm of the chipmaker invested $526 million and completed 89 new deals. It hopes to adhere to its target range this year.

The concern of longevity is front and center at two new corporate efforts. The first is Castrol innoVentures, an effort kicked off 18 months ago to take BP’s Castrol unit beyond the lubricant’s business.

Ignite Game Technologies said it received $5 million of Series C funding from existing and new private investors.

Connecticut's VC portfolio boasts an overall IRR of nearly 13%, but eight of the 13 funds it has backed have negative IRRs.