LP Scorecard: EnCap is hot, Terra Firma is not for Indiana

It is the 2004 vintage EnCap Energy Capital Fund V LP that comes top of this selection with a 71.58 percent IRR for the period. This is followed by the 2006 EnCap Energy Capital Fund VI LP with a 62.23 percent IRR and the 2009 vintage EnCap Energy Infrastructure Fund LP in third place with a 45.96 percent IRR. The 2007 EnCap Energy Capital Fund VII also features in this top ten in seventh place with a 35.67 percent IRR.

There were three 2002 vintages featuring in this top ten—OCM Opportunities Fund IVb LP in fourth place with a 44.51 percent IRR, Charterhouse Capital Partners VII taking fifth place with a 38.31 percent IRR and Blackstone Capital Partners IV LP taking sixth place with 37.31 percent.

Not doing so well for the pension fund is the 2006 Terra Firma Capital Partners III LP, which came bottom of the selection with an IRR of -9.93 percent. This was followed by another 2006 vintage pool, Greenpark International Investors III LP, which posted an IRR of -7.75 percent for the period. Third from the bottom comes the 2007 vintage Fortress V Coinvestment with an IRR of -7.22 percent.

With approximately $30.2 billion in assets under management at fiscal year-end 2014, the Indiana Public Retirement System is among the largest 100 pension funds in the United States. The pension fund has a target allocation of 10 percent with a target range of 7 percent to 13 percent. Around $2.8 billion was committed to private equity as of June 30, 2013, reaching the maximum target allocation of 13 percent for the pension fund. The pension fund has committed to some 235 private equity and venture capital related funds ranging in vintage from 1999 to 2013.