California Public Employees’ Retirement System private equity portfolio generated more than $3.8 billion in distributions in 2016. This tidal wave of returns was headed by funds from Apollo Global Management, Carlyle Group and Advent International.
Apollo Special Opportunities Managed Account led the way, producing $192.7 million over the 12-month period. Carlyle Partners V followed by distributing $191.8 million. Advent International’s sixth global private equity flagship cashed out more than $189 million, good for third place within that time span.
In terms of distribution percentage (cash out from the year divided by overall cash in), TowerBrook Partners led the way. TowerBrook Investors IV turned out a 43.4 percent distribution, while also boasting a 42.6 percent internal rate of return, the fifth-highest within the entire portfolio.
Next was Clearlake Capital Partners’ Fund III. The firm’s third primary vehicle churned out a 40.8 distribution percentage. Advent International GPE VI generated a 38.4 distribution percentage and was also the only fund to make both top-five lists.
All told, CalPERS’s PE portfolio has about $55.9 billion committed to 242 active funds. Those active funds have combined for nearly $54.1 billion drawn down, with $54.6 billion cashed out as of December 31, 2016.
Action Item: Download LP Scorecard table as a spreadsheet: LP Scorecard Table