In the opening half of 2016, Florida State Board of Administration’s private equity portfolio generated $564.4 million in distributions, while the program increased by 11 funds. This wave of returns was led by a pair of funds from Carlyle Group and Blackstone Group.
Carlyle Partners V led the way, producing $29.3 million over the six-month period. Blackstone Capital Partners V followed by distributing $22.1 million. Leonard Green & Partners’ sixth flagship cashed out $21.6 million, good for third place within that time span.
In terms of distribution percentage (cash out divided by cash in), Cortec Group led the way. Cortec Group Fund V turned out a 45.6 percent distribution, while also boasting a 77.2 percent internal rate of return, the highest within the entire portfolio. It was also the only fund to make both top-five lists, having distributed $20.8 million, the fifth most for the pension.
Next was KPS Capital Partners’ Special Situations Fund IV. The vehicle, specializing in turning around distressed assets, churned out a 42.4 distribution percentage. Atlas Capital Resources II, the sophomore offering from Atlas Holdings, generated a 32.1 distribution percentage.
All told, Florida SBA’s PE portfolio has about $26.2 billion committed to 224 active funds. Those active funds have combined for nearly $19.7 billion drawn down, with $18 billion cashed out as of June 30, 2016.
Action Item: Download LP Scorecard table as a spreadsheet: LP Scorecard Table