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LP Scorecard: H.I.G., Thoma Bravo lead IRR, total value for MassPRIM 2014

Massachusetts Pension Reserves Investment Management Board received more than $282.7 million in distributions from PE funds from its 2014 investments, the most in distributions for the past six years.

All told, MassPRIM in 2014 made 18 commitments to PE, totaling $1.2 billion. It contributed 83 percent of that, more than $1 billion, as of June 30, 2018.

The $282.7 million in distributions produced a median IRR of 20.4 percent.

MassPRIM invested in two H.I.G. funds during 2014: H.I.G. Middle Market LBO Fund II led all funds in IRR with 37.4 percent, while H.I.G. European Capital Partners II was on the opposite end with 3.4 percent.

The pension contributed more than $34 million of its $50 million commitment to H.I.G.’s second middle-market fund, receiving $13 million in cash back.

Quantum Energy Partners also netted an IRR of 37 percent. MassPRIM committed $100 million, contributed $66.9 million and received $33 million.

Thoma Bravo was third in IRR but led in total value as well as investment multiple. The total value of the fund was more than $295 million and it had an investment multiple of 1.9x. The pension committed $150 million to Thoma Bravo’s 11th flagship, and has surpassed that commitment, contributing more than $155 million. It’s received $68 million in return.

GTCR’s 11th flagship also had a total value of more than $200 million. MassPRIM committed $165 million and has contributed more than $141 million, receiving $69 million in return.

All available numbers for MassPRIM go back to 1995. Since then, MassPRIM has received $14.8 billion in capital distribution from $17.5 billion in commitments across all private equity funds.