The Venture Capital Winners of 2011

  1. Capitalizing on Startups
    1

    Capitalizing on Startups

    Did someone say economic slump? Not in Silicon Valley. The initial public offerings of LinkedIn (LNKD) and Groupon (GRPN) brought billion-dollar paydays* to venture capital firms New Enterprise Associates, Sequoia Capital, and Greylock Partners, while Kleiner Perkins Caufield & is expected to profit handsomely from Zynga’s IPO on Dec. 16.

    For venture firms that missed out on those high fliers, plenty of money was made in vacation-rental site HomeAway (AWAY), which helped Redpoint Ventures crack the year’s top 10. Khosla Ventures was the only investor to make a splash unrelated to the Web with its majority ownership of KiOR (KIOR), a biofuel maker that is valued at over $1 billion even though the company has yet to generate a penny of revenue.

    As eyes turn to next year, IPO envy mounts for Accel Partners, which could rake in more than $10 billion, thanks to a 2005 investment in a little social-networking company known at the time as Thefacebook.

    *Profits reflect company share price on Dec. 12
    DATA: Regulatory filings

    Photography by: Michael Nagle/Bloomberg

  2. NEA
    2

    NEA

    No. of IPOs: 5
    Invested: $135 million
    Profit: $2.57 billion
    Companies: Groupon, Fusion-io, Clovis Oncology, Boingo, BCD Semiconductor

    Photography by: Scott Olson/Getty Images
  3. Sequoia
    3

    Sequoia

    No. of IPOs: 4
    Invested: $83 million
    Profit: $1.53 billion
    Companies: Jive Software*, LinkedIn, Qihoo 360 Technology, NetQin Mobile
    *For Jive we use the IPO price of $12

    Photography by: Michael Nagle/Bloomberg
  4. Greylock
    4

    Greylock

    No. of IPOs: 5
    Invested: $115 million
    Profit: $1.36 billion
    Companies: LinkedIn, Pandora, Zipcar, Imperva, Groupon

    Photography by: Ramin Talaie/Bloomberg
  5. Accel
    5

    Accel

    No. of IPOs: 4
    Invested: $52.5 million
    Profit: $917.2 million
    Companies: Fusion-io, Imperva, Responsys, Groupon
  6. Kleiner
    6

    Kleiner

    No. of IPOs: 4
    Invested: $154.9 million
    Profit: $875.1 million
    Companies: RPX, Zynga*, Groupon, Jive
    *For Zynga we assume an IPO price of $10 a share
  7. Khosla
    7

    Khosla

    No. of IPOs: 2
    Investment: $87.5 million
    Profit: $614.3 million
    Companies: KiOR, Gevo
  8. Redpoint
    8

    Redpoint

    No. of IPOs: 4
    Invested: $87 million
    Profit: $466.8 million
    Companies: HomeAway, Qihoo 360 Technology, Responsys, Intermolecular

    Photography by: Jin Lee/Bloomberg
  9. Technology Crossover Ventures
    9

    Technology Crossover Ventures

    No. of IPOs: 3
    Invested: $350 million
    Profit: $446.4 billion
    Companies: HomeAway, Zillow, Groupon

    Photography by: Scott Olsen/Getty Images
  10. Bessemer
    10

    Bessemer

    No. of IPOs: 2
    Investment: $26 million
    Profit: $434 million
    Companies: LinkedIn,Cornerstone OnDemand

    Photography by: Michael Nagle/Bloomberg
  11. Battery
    11

    Battery

    No. of IPOs: 2
    Invested: $93 million
    Profit: $410.9 million
    Companies: Groupon, Angie's List