This European performance makes up for one of NYC Police’s less successful Euro bets on Swiss-based LODH Private Equity’s (now Akina Partners) Euro Choice IV LP fund-of-funds, which is one the pension fund’s less lucrative commitments to date.
LODH Private Equity spun out of Lombard Odier in the summer of 2010 to become Akina Partners. Euro Choice IV closed on 776 million Swiss francs ($796 million) and is a 2008 vintage so hopefully has a bit of wind left in its sails for NYC Police yet. The vehicle is focused on the lower end of the European mid-market and invests in buyout, growth capital and selective turnaround funds.
Top performers in NYC Police are a mixed bag. A young fund putting in a strong performance is tech venture firm Scale Venture Partners’ third fund. This fund has a 2009 vintage and ranks in sixth place with a 32.1 percent IRR. The top ten also plays host to two 2008 vintage funds—Ares Corporate Opportunities Fund III LP and Landmark Equity Partners XIV LP, which post IRRs of 25.5 percent and 28.6 percent respectively. Ares Management LLC has a focus on majority/shared control investments in growth, rescue and de-leveraging situations. Landmark Partners is a secondary investor. Emerging technology investor FirstMark Capital’s 2005 vintage fund also put in a strong performance in fifth place with a 37.6 percent IRR.
In terms of commitments, NYC Police’s most generous to date have all been made this year with $80 million in Warburg Pincus Private Equity XI LP. and $75 million pledged to Summit Partners Growth Equity Fund VIII LP. The 2011 vintage BC European Capital IX takes the pension fund’s third largest commitment at $69.7 million.
Scroll down our scorecard to see which funds have generated the best IRRs to date for NYC Police and how much the pension fund has committed to these vehicles.
10. Lincolnshire Equity Fund II LP
Vintage Year: 1999
NYC Police Commitment: $12,000,000
Multiple: 2x
IRR: 25.1%
9. Ares Corporate Opportunities Fund III LP
Vintage Year: 2008
NYC Police Commitment: $25,000,000
Multiple: 1.66x
IRR: 25.5%
8. Landmark Equity Partners XIV LP
Vintage Year: 2008
NYC Police Commitment: $27,250,000
Multiple: 1.26x
IRR: 28.6%
7. Vista Equity Partners Fund III LP
Vintage Year: 2007
NYC Police Commitment: $20,000,000
Multiple: 1.99x
IRR: 28.8%
6. Scale Venture Partners III LP
Vintage Year: 2009
NYC Police Commitment: $10,000,000
Multiple: 1.4x
IRR: 32.1%
5. FirstMark IV LP
Vintage Year: 2005
NYC Police Commitment: $10,000,000
Multiple: 2.08x
IRR: 37.6%
4. Blackstone Capital Partners IV LP
Vintage Year: 2003
NYC Police Commitment: $50,000,000
Multiple: 2.59x
IRR: 38.4%
3. Apollo Investment Fund V LP
Vintage Year: 2001
NYC Police Commitment: $35,000,000
Multiple: 2.59x
IRR: 38.4%
2. Lincolnshire Equity Fund III LP
Vintage Year: 2004
NYC Police Commitment: $15,000,000
Multiple: 2x
IRR: 39.5%
1. CVC European Equity Partners III LP
Vintage Year: 2001
NYC Police Commitment: $25,000,000
Multiple: 2.87x
IRR: 41.4%