California State Teachers’ Retirement System historically has been the Clippers to California Public Employees’ Retirement System’s Lakers. But the latest data shows CalSTRS rising in prominence: The pension enjoyed a payout of nearly $5.3 billion in the year through March 2016, while adding 28 new fund commitments.
Blackstone Group and its 2005-vintage brought the most to CalSTRS’s bottom line over those 12 months. Blackstone Capital Partners V generated $551.2 million to CalSTRS. Next up was another Fund V: TPG Partners fifth primary fund from 2006 distributed $263 million. A pair of Apax Partners European funds followed in absolute distributions: Apax Europe VI-A returned $165.7 million, while Apax Europe VII made $155.1 million.
TPG Opportunities Partners II, the firm’s second opportunistic credit fund, finished first in distribution percentage (cash out divided by cash in). The 2011-vintage received its first big round of profits and turned out an 85.5 percent distribution.
No. 2 was Irving Place Capital’s third flagship fund. The New York firm, formerly Bear Stearns Merchant Banking, saw its Fund III produce a 68.9 distribution percentage. Taking bronze was ICV Partners’ sophomore pool. The lower-middle-market-focused 2006 vintage produced a 68.7 distribution percentage.
While some firms placed two funds in one top-5 list or the other, TPG was the only firm to appear on both lists.
All told, CalSTRS’s PE portfolio has $46.2 billion committed to 319 active funds. Those active funds have a combined $35.7 billion drawn down, with more than $37.5 billion cashed out as of May 31, 2016.
Action Item: Download LP Scorecard table as a spreadsheet: http://bit.ly/2dVlLkA