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LP Scorecard: Asia-focused fund leads Maryland pension’s 2015 vintage

Maryland State Retirement and Pension System received $55 million in distribution from its 2015 investments. Most of the distributed capital came from Bain Capital’s third Asia fund.

That year the pension made $1.5 billion in commitments across 19 PE Funds, including U.S. buyout, non-U.S. buyout and venture and growth equity. Maryland SRPS contributed more than $708 million, or 46 percent, of its $1.5 billion in commitments as of March 31, 2018.

Bain Capital’s third Asian fund led in both distribution and IRR. Maryland SRPS contributed $52.4 million of its $90 million commitment. It received $18.4 million in distributions, producing an IRR of 87.8 percent and an investment multiple of 1.4x.

U.S. buyout funds took the second and third spot for distributions, along with the third spot for IRR.

Vistria was the only other fund to distribute more than $10 million. Maryland SRPS contributed $44.9 million of its $50 million commitment and received $11.6 million in capital distribution. Vistria’s debut fund had an IRR of 12 percent with an investment multiple of 1.3x.

Clearlake was third in both capital distributed and IRR. Its fourth flagship received $18.7 million of its $30 million commitment and distributed $9.9 million. The fund had an IRR of 33.9 percent and an investment multiple of 1.6x.

The top performing venture fund in IRR was Frazier Life Sciences. Maryland SRPS contributed $14.6 million of its $25 million commitment to the firm’s eighth fund. The fund distributed $3.1 million for an IRR of 30 percent and an investment multiple of 1.3x.

All available numbers for Maryland SRPS go back to 2004. Since then, Maryland SRPS has received $5.1 billion in capital distribution from $13.7 billion commitments across all PE Funds.