It is 2008 vintages that have been working the hardest for the California Public Employees’ Retirement System looking at IRR percentage point increases for the year to December 2013.
The 2008 vintage Carlyle Europe Technology Partners II took first place in this scorecard and was up 14 percentage points to 14.8 percent in 2013 from 0.8 percent in 2012. In second place came another 2008 vintage pool—Carlyle Asia Partners III, which leapt 12.8 percentage points to 10.9 percent from -0.8 percent in 2012.
Also a 2008 vintage high climber, Huntsman Gay Capital Partners Fund takes third place, up nine percentage points to an IRR of 19.6 percent in 2013 from 10.6 percent in 2012.
The selection takes into account buyout-related vehicles CalPERS has committed to of 2009 vintage and older.
Other 2008 vintages included in this top ten include the third Carlyle vehicle in this selection—Carlyle Asia Growth Partners IV, along with Silver Lake Credit Fund, California Asia Investors and KKR European Fund III.
Not doing so well, registering the greatest decrease for this selection of funds, is the 2007 vintage Craton Equity Investors I, which was down 9.3 percentage points to an IRR of -17.4 percent in 2013 from -8.1 percent in 2012. The 2006 vintage Acon-Bastion Partners II came second from last in this selection in terms of decrease in IRR, falling 7.1 percentage points to an IRR of 12.2 percent in 2013 from 19.3 percent in 2012.
CalPERS, which has a private equity portfolio worth some $31 billion, saw that portfolio return 20 percent in the nine months ending March 31. in June, the $300 billion retirement system disclosed a $300 million commitment to Onex Partners IV.
Since the start of 2014, CalPERS’s private equity activity has included a 225 million euro ($305 million) commitment to Permira V, a $300 million re-up to Blackstone Tactical Opportunities Fund II and a $200 million commitment to CDH Fund V.
CalPERS is committed to some 288 private equity and venture capital related funds and within these are included various fund-of-funds vehicles targeting sub sectors such as emerging markets, cleantech and venture. Other prominent buyout fund managers CalPERS is committed to include Advent International, Apollo Global Management, First Reserve, Hellman & Friedman, Kohlberg Kravis Roberts & Co, Silver Lake and TPG Capital.