Apollo had three funds that ranked among CalPERS’s top five in absolute distributions during that period, producing about $1.4 billion in distributions out of the $8.4 billion in total distributions received by CalPERS.
Apollo Credit Opportunities Fund I LP was the top fund overall, netting a shade under $900 million in distributions; the fund as of June 30 was generating an IRR of 28.1 percent and investment multiple of 2.90x. The fund also came in second place by distribution percentage (distributions divided by contributed capital), at 92.2 percent. Two other Apollo funds in the top five by absolute distributions were Apollo Investment Fund VI and VII LP, combining for about $509 million in total.
As for distribution percentage, Wayzata Investment Partners’s Wayzata Opportunities Fund II LLC was head and shoulders above the rest, posting an imposing 159.7 percent.
Overall, CalPERS’s private equity program has created $31 billion in profits since its inception in 1990. It currently has around $57 billion in committed capital, $47 billion in contributed capital and $41 billion in cash out, across 291 active funds. Additionally, the PE portfolio has an unweighted average net IRR of 11.2 percent and unweighted average investment multiple of 1.52x.