Across the first nine months of 2017, California Public Employees’ Retirement System brought in about $6.5 billion in distributions. TPG Capital, CVC Capital Partners and Silver Lake rode the crest of the distribution wave.
TPG’s sixth flagship, a 2008 vintage fund, had the strongest individual performance for CalPERS, churning out $190.1 million in distributions.
CVC European Equity Partners V, also a fund from 2008, closely followed, producing $185.1 million over the period. Silver Lake Partners III was third, generating $177.4 million.
As far as distribution percentage is concerned, (cash out within the three-quarter year divided by overall cash in) Francisco Partners led the way. The firm’s third primary vehicle posted a 103.5 percent distribution.
Next up was Enterprise Investors’ Polish Enterprise Fund VI. Enterprise is one of the largest private equity firms in Central and Eastern Europe, specializing in succession-driven buyout transactions in the middle market. Its 2006 vintage turned out a 102.6 distribution percentage.
CalPERS’s co-investment with Wellspring Capital Management’s fifth fund finished third, generating a 96.8 percent distribution percentage while also boasting the highest internal rate of return on either top five list at 26.6 percent.
Overall, the portfolio’s distribution percentage from the nine months was 11.2 percent.
All told, CalPERS’s PE portfolio has about $58.1 billion committed to 242 active funds. Those active funds have combined for $57.4 billion drawn down, with $60.5 billion cashed out as of Sept. 30, 2017.