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LP Scorecard: CalSTRS sees $5.3 bln payout in one year

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: