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LP Scorecard: Apollo leads New York City Fire Pension’s 2008 vintage

New York City Fire Pension Fund received $251.8 million in capital distributions from its PE investments in 2008, the most in distributions on file. That year, the pension invested across 29 PE funds, also a record.

All told, NYCFP committed $194.7 million. It contributed $222.2 million in capital and received $251.8 million in distribution as of Sept. 30, 2018.

The 29 investments produced a median IRR of 9.7 percent and a median investment multiple of 1.4x.

Apollo Global Management led most categories. Its seventh investment fund received NYCFP’s largest commitment and largest capital contribution at $25 million and $30.1 million. It also distributed the most capital with $46.9 million, more than double the nearest fund’s capital distribution.

Apollo Investment Fund VII had an IRR of 23.2 percent and an investment multiple of 1.7x.

CVC Capital Partners had the second highest distributed at $22.9 million. Its fifth European fund received a commitment of $13.7 million and received $14.8 million in contributions. The fund produced an IRR of 16.2 percent and an investment multiple of 1.9x.

Declaration Management & Research, a subsidiary of Manulife Asset Management, produced the highest IRR at 42.8 percent. Its debut mortgage opportunity fund received its entire commitment of $2.4 million and distributed $3.2 million.

Aisling Capital produced the second highest IRR at 25.3 percent. Its third fund received a commitment of $3.5 million and more than $3.9 million in contributions. It distributed $6.5 million.

All told, numbers for NYCFP go back to 1998. Since then, NYCFP has received $1.6 billion in capital distribution from $2.1 billion in commitments across all PE funds.