LP Scorecard: Austin Ventures, KKR bring in Texas-sized cash-on-cash return for Washington

The 1994-vintage Austin Ventures IV LP fund leads the way by a huge margin for the state, having posted an 8.4x cash-on-cash multiple and a 742.2 percent cash-on-cash gain. The next two funds that follow are significantly larger by capital committed. Although they have impressive cash-on-cash return multiples and percentage numbers in their own right, they cannot match the mammoth figures of the Austin Ventures IV LP. Coming in second and third place are the vintage-1986 KKR 1986 Fund, which produced a 5.5x cash-on-cash investment multiple (447.7 percent) and the vintage-1994 Warburg Pincus Ventures LP, which produced a 5.1x cash-on-cash investment multiple (412.9 percent).

All told, Washington State’s private equity portfolio consisted of $42.1 billion in committed money over 285 active funds as of March 31. Of that committed total, sponsors had drawn down $37.1 billion, returned $38.5 billion and valued the remaining holdings at $17.7 billion.

In the first quarter of 2014, the state received an estimated $1.1 billion in distributions. It is an impressive figure over a three-month span, especially because it equates to roughly 6.2 percent of its remaining holdings value.