Union Square Ventures, an early backer of online crafts marketplace Etsy and taxi app Hailo, has been named as the world’s top-performing venture capital firm in a ranking computed by Oliver Gottschalg, a professor at HEC Business School in Paris.

The rankings were based on internal rates of return, cash-only return multiples and total value to paid-in capital, which measures accounting values of investments. The study was based on data from Dow Jones VentureSource and looked at firms that raised a minimum of $350 million for two or more funds between 2001 and 2011. Dow Jones is the parent company of Financial News.