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LP Scorecard: Evergreen tops Washington’s small buyout rankings

The 2008 vintage Evergreen Pacific Partners II LP comes out top of Washington State Investment Board’s small buyout performers looking at a ranking of nineteen vehicles in that category, ranging from vintages 1994 to 2011, as of March 31, 2013.

In the top ten of that selection, Evergreen Pacific Partners II LP  recorded an IRR of 32.60 percent and multiple of 1.8x. The 1994 vintage Code, Hennessy & Simmons II LP comes in second place with a 32.59 percent IRR and 3.5x multiple. In third place comes the 1998 Nordic Capital Fund III LP with a 31.31 percent IRR and 3.6x multiple.

Endeavour Capital Fund IV LP, a 2004 vintage, takes fourth place with a 25.56 percent IRR and 3.1x multiple.

Looking at percentage point increases year on year, the 2008 vintage Banc Fund VIII LP made the biggest leap to gain a spot in the top ten from eleventh place last year. The fund was up 3.3 percentage points to an 11.01 percent IRR in March 2013 from a 7.72 percent IRR in March 2012.

In terms of distribution increases for the period, the 2008 vintage Endeavour Capital Fund V LP made the biggest leap, up to $17.87 million from $7.78 million. The 2000 vintage Accel-KKR Company LLC recorded the next highest leap in terms of distributions to $83.77 million in March 2013 from $80.9 million in March 2012. The 2004 vintage Endeavour Capital Fund IV LP posted the third most significant increase in distributions to $118.7 million in 2013, up from $117.95 million in 2012.

The total value of Washington’s small buyouts investments for the period reached $1.6 billion and posted an IRR of 11.4 percent and multiple of 1.6x. The pension fund has committed just over $1 billion to the category as of 31 March 2013. The total value of Washington’s private equity portfolio reached just over $50.6 billion with an IRR of 13.11 percent and 1.5x multiple for the period.

Last month Buyouts reported that Washington had made a decision to reduce its allocation target to the asset class to 23 percent from 25 percent. The fund is already at 23.8 percent actual allocation to private equity in the Commingled Trust Fund, a $67.9 billion pool of capital overseen by the investment board.

As of June 30, the market value of the fund’s private equity portfolio was $16.1 billion, according to the pension fund.