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LP Scorecard: Apollo, Odyssey lead SFERS 2008

San Francisco Employees’ Retirement System received $677 million in distributions across its 2008 investments. Two Apollo Global Management funds were responsible for more than $102 million of that distribution.

SFERS committed $549 million across 20 PE funds that year. It has contributed 92 percent, or $506 million, of its commitments as of March 31, 2018.

The 20 funds produced a median IRR of 15 percent and a median investment multiple of 1.7x.

Odyssey Investment Partners led both in IRR and distribution for a single fund. The firm’s fourth flagship received a $30 million commitment, of which $23.6 million was contributed. It distributed more than $70.4 million. The fund had the only IRR over 30 percent — 33.4 percent — and the only investment multiple over 3x — 3.7x.

TCV’s seventh flagship was second in IRR at 23.9 percent. The fund received more than $24 million of its $25 million commitment and distributed $45.7 million back to the pension. The fund also had the second highest investment multiple at 2.8x.

SFERS committed more than $58 million across two Apollo funds.

The larger went to Apollo Investment Fund VII, which received $30 million in commitments. The pension contributed $25.7 million of that and received $45.5 million for an investment multiple of 2.1x and an IRR of 23.6, third highest of all 2008 funds.

Apollo Europe Principal Finance Fund received a $28.8 million commitment. The pension, however, contributed more than $40 million. The fund was second in distribution at $56.5 million and produced an IRR of 16.7 percent and an investment multiple of 1.7x.

All  numbers for SFERS go back to 1987. Since then, SFERS has received $7.9 billion in capital distribution from $10.5 billion in commitments across all PE funds.