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LP Scorecard: 2005-2008 vintages keep Colorado’s returns Rocky Mountain High

The Colorado Public Employees’ Retirement Association enjoyed a strong spell of private equity distributions last year in its private equity portfolio, realizing over $899 million. Vintage funds from 2005-2008 did the heavy lifting, accounting for $606.8 million, or roughly two-thirds, of that total.

Zeroing in just on the buyout side of Colorado PERA’s portfolio, TSG Consumer Partners had a big hand in Colorado’s successful year, as two of its funds topped the charts in distribution percentage — distributions during the year as a percent of contributed capital (see accompanying table). Its fourth buyout fund led in distribution percentage with 53.4 percent, and its fifth fund came in third place with a distribution percentage of 49.6 percent. TSG 4 also produced a high net IRR, at 36.4 percent.

Sandwiched between them is the GSO Capital Solutions Fund, from the credit arm of Blackstone Group, posting a 50.3 percent distribution percentage.

Unsurprisingly, all five of the top buyout funds by absolute distribution produced in 2014 are vintages 2005-2008. Blackstone’s fifth flagship vehicle was the leading fund in total distributions from December 2013 to December 2014, returning about $63 million.

Apollo Global Management’s 2006-vintage Apollo Investment Fund VI placed second, with $48.4 million. Apollo’s successor LBO fund returned $37.1 million and came in fifth.

JLL Partners V took bronze in the category, distributing $43.6 million for Colorado PERA. JLL Partners’ fifth fund is the largest pool that the mid cap-focused firm has raised to date.

Colorado PERA reigns over almost $13.2 billion in committed capital across 291 active funds in its portfolio. Over time those funds have combined to distribute $13.9 billion on $12.1 billion drawn down.