California Public Employees’ Retirement System’s private equity portfolio realized $14.4 billion in 2015, an analysis of return data shows.
That total was supercharged by Apollo Global Management, Carlyle Group and TPG Capital. The top five funds by total distributions last year came from those three buyout shops.
Apollo Investment Fund VII led by absolute distribution. The 2008-vintage fund brought in $534.7 million and an impressive 23.9 percent IRR. Its predecessor, 2006-vintage Fund VI, came in fourth by cashing out $335.2 million.
Coming in second was Carlyle Partners V, raking in $490.6 million. TPG Partners VI came in third by producing $390.3 million, while TPG V fund realized $331.6 million to round out the top five.
The leading fund by distribution percentage (cash out divided by cash in) was KPS Special Situations Fund III LP. KPS Capital Partners’ third turnaround vehicle generated an 81.2 distribution percentage in the 12-month span.
Next up was Birch Hill Equity Partners’ third flagship. The 2005 vintage had a distribution percentage of 69.4. Third was Apollo’s European Principal Finance Fund, producing a 69 percent distribution percentage.
Both top five lists were composed of 2005-2008 vintages.
All told, CalPERS’s PE portfolio has about $55.8 billion committed across 261 active funds. Those active funds combined have drawn down more than $55.3 billion and returned almost $54.3 billion in cash out as of December 31, 2015.
Action Item: Download LP Scorecard table as a spreadsheet: http://bit.ly/2bb83ZC