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LP Scorecard: GTCR, CVC and Onex top Nevada IRRs

The stellar 2001 vintage GTCR VII-A wins by a mile, posting an IRR of 81.5 percent and multiple of 2.7x. In second place comes another 2001 vintage pool, CVC European III with a 41.1 percent IRR and 2.9x multiple. The 2003 vintage Onex Partners takes third place in this scorecard, achieving a 38.4 percent IRR and 2.9x multiple.

The research takes into account some 73 buyout-related funds in Nevada PERS’s portfolio, ranging in vintage year from 1999 to 2009.

The only 2008 vintage fund in the scorecard, Sentinel IV, takes fourth place with a 37.5 percent IRR and 1.7x multiple.

The 2003 vintage Blackstone IV, 2004 vintage First Reserve X and 2001 vintage OCM IV buyout vehicles take fifth, sixth and seventh paces respectively.

In ninth and tenth place come another two European buyouts offerings—the 2001 vintage Chequers Capital, posting an IRR of 27.4 percent and multiple of 2.1x, and the 2003 vintage Permira Europe III, with an IRR of 26.2 percent and multiple of 1.7x.

Leading the way in terms of distributions for the period, however, is European buyout house Nordic Capital. The 2003 vintage Nordic V realized returns of $38.9 million for the state pension fund. In second place for distributions came the 2003 Onex Partners, distributing $32.4 million back to the LP, and in third place comes The Jordan Company’s 2002 vintage Resolute Fund, posting distributions of $28.4 million.

The Nevada pension fund has invested in some 157 private equity and venture capital funds ranging in vintage from 1999 to 2014. Prominent buyout fund managers in the portfolio include Advent International, The Blackstone Group, The Carlyle Group, First Reserve, Permira Advisers, Thoma Bravo and TPG Capital.

Funds committed to by the pension fund this year include CVC VI, GTCR XI, KPS IV, Odyssey V, Onex IV, Sentinel V, TCV VIII and Trident VI (from Stone Point Capital).

The Nevada PERS private markets portfolio had a market value of $2.4 billion as of March 31, 2014. Of this total, the private equity portfolio had a market value of $1.03 billion and real estate had a value of $1.36 billion. The state pension fund’s target allocation to private equity is 5 percent, which it has not reached, with its actual allocation standing at 3.2 percent.