Oregon Public Employees Retirement Fund’s 2004 vintage funds led the system’s active portfolio in distribution percentage (cash out divided by cash in) based on the system’s latest return data and excluding vintages earlier than 2000.
OPERF has nine vintage-2004 funds in its portfolio, representing $605.5 million in commitments, $684.3 million in contributions and about $1.3 billion in cash out. That surplus in returns amounted to a 194 distribution percentage.
Not far behind, the five vintage-2003 funds produced a 179.6 percent distribution. The first half of the 2000s were a string of good years for OPERF, as 15 vintage-2001 funds generated a 169.7 distribution percentage.
The vintage-2006 class was the largest in OPERF’s portfolio, with 29 funds, as well as the highest amounts of capital committed ($4.4 billion), contributed ($4.9 billion) and distributed ($4.7 billion). Vintage-1987 funds had the highest average amount per fund in each of those categories ($726.7 million, $1.2 billion and $2.1 billion), but OPERF has only one fund from that year.
Data from the 2012-2016 vintages is considered too early to be meaningful. Once matured, those investments can be properly measured based on their forthcoming waves of distributions.
As individual vehicles go, Kohlberg Kravis Roberts dominated with three of the top five. KKR 1986 Fund generated a 455.4 distribution percentage, followed by KKR 1984 Fund producing a 431.1 percent distribution. TPG Capital’s maiden fund from 1993 rounded out the top three by turning out a 353 percent distribution.
All told, Oregon’s PE portfolio has about $40.5 billion committed to 337 active funds. Those combine for $35.7 billion drawn down and $40.7 billion cashed out as of June 30, 2016.
Action Item: Download LP Scorecard table as a spreadsheet: LP Scorecard Table