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LP Scorecard: A Look At Florida’s European Bets

Just four out of the eleven European-based private equity funds that the $127 billion Florida SBA is committed to had generated positive IRRs through September. But the vintages of the European funds are relatively young, spanning 2005 to 2011.

Other European offerings within the portfolio include 3i Growth Capital Fund, BC European Capital IX, Carlyle Europe Partners III, KKR European Fund III and PAI Europe V. The median IRR for the European funds is -3.1 percent; bottom quartile is -11.15 percent and top quartile is 9.05 percent.

Private equity accounts for 5.1 percent of Florida SBA’s $127 billion assets under management. Of its private equity portfolio, 80.3 percent is allocated to buyouts, 11.7 percent to venture capital and about 8 percent to other private equity related funds.

Florida SBA has committed to some 128 private equity funds with vintages ranging from 1994 to 2012, including buyout, venture, special situations, energy-focused, fund-of-funds and secondary offerings. U.S.-focused buyout managers in the portfolio include names such as Apollo Global Management, The Carlyle Group, Hellman & Friedman Capital Partners, Platinum Equity Partners, Thoma Bravo and Wellspring Capital Partners; all have funds that have delivered IRRs in the top ten for Florida.

The 2004 vintage Platinum Equity Capital Partners I is the top buyout-focused fund of the overall portfolio, posting an IRR of 58.5 percent through September. Florida SBA committed $50 million to that vehicle. Energy was also a solid bet for the pension fund, with EnCap Energy Capital Fund VIII posting an IRR of 35.1 percent for the period. Florida SBA committed $75 million to that fund.

Scroll down the scorecard to find out the top five performing European private equity funds in the portfolio.

5. PAI Europe V
Vintage: 2007
Commitment: 27.5 million euros
IRR: -3.1 percent

4. Permira IV
Vintage: 2006
Commitment: €50 million
IRR: 4.3 percent

3. Charterhouse Capital Partners IX
Vintage: 2009
Commitment: €70 million
IRR: 8.9%

2. CVC European Equity Partners V
Vintage: 2008
Commitment: €70 million
IRR: 10.7%

1. Advent International GPE VI
Vintage: 2008
Commitment: $58 million
IRR: 11.2%