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LP Scorecard: CPPIB’s Best and Worst Largest Buyout Fund Performers

And buyout behemoth TPG Capital comes bottom with three of its vehicles featuring in the bottom five performers within this ranking by investment multiple, which takes into account both realized and unrealized gains or losses. The analysis includes those fund managers that fall into the top ten largest private equity fund managers by aggregate buyout dry powder, according to a recent report by the Preqin, the alternative asset data provider.

According to Preqin, an aggregate $83 billion is available for buyout investments among the top ten largest fund managers, with a total of $122 billion available to all mega buyout fund managers. Some 30 private equity vehicles within CPPIB’s 145-strong fund portfolio were taken into account for the analysis. Fund managers included The Blackstone Group, which has some $13.5 billion dry powder according to Preqin; Advent International, which has some $12.8 billion; The Carlyle Group with $9.3 billion; Goldman Sachs Merchant Banking Division ($7.5 billion); Kohlberg Kravis Roberts & Co. ($7.2 billion); BC Partners ($7 billion); TPG ($6.5 billion); Hellman & Friedman ($6.4 billion) and CVC Capital Partners ($6.2 billion). Vintages ranged from 2001 to 2012.

CPPIB has been investing in private equity, including secondaries, infrastructure and private debt, since 2001 and has committed around $41 billion to private equity, of which more than $31 billion has been invested to date. The state pension fund is committed to some 145 private equity vehicles in total. Private equity accounted for 16.5 percent of the total pension fund’s investment portfolio as of September 30, 2012. As well as the above-mentioned fund managers other prominent players the pension fund has backed include AlpInvest, Apax PartnersBC PartnersColler Capital, KKR, Partners GroupPermira AdvisersRiverstone HoldingsVeronis Suhler Stevenson and Welsh, Carson, Anderson & Stowe.

For more information on CPP Investment Board’s commitments to these fund managers click here.

Angela Sormani is a special correspondent for Buyouts in London.

TOP FIVE

5. CVC European Equity Partners IV

Vintage: 2005

Capital Committed: $264.2 million

Multiple: 1.74x

 

4. Advent International GPE V

Vintage: 2005

Capital Committed: $264.2 million

Multiple: 2.31x

 

3. Blackstone Capital Partners IV

Vintage: 2002

Capital Committed: $185 million

Multiple: 2.34x
 
2. Hellman & Friedman Capital Partners V

Vintage: 2004

Capital Committed: $75 million

Multiple: 2.44x

 

1. Advent International GPE Fund IV

Vintage: 2001

Capital Committed: $174.2 million

Multiple: 2.86x

 

BOTTOM FIVE

5. TPG Partners VI

Vintage: 2008

Capital Committed: $750 million

Multiple: 1.11x

4. Blackstone Capital Partners V

Vintage: 2005

Capital Committed: $413.5 million

Multiple: 1.06x

 

3. TPG Asia Fund V

Vintage: 2007

Capital Committed: $350 million

Multiple: 0.94x

2. Hellman & Friedman Capital Partners VII

Vintage: 2009

Capital Committed: $600 million

Multiple: 0.93x

 

1.TPG Partners V

Vintage: 2006

Capital Committed: $500 million

Multiple: 0.88x