Return to search

LP Scorecard: Idaho’s Highs and Lows of 2012

The co/direct investment vehicle IDAWest Energy Fund came in pole position with a 57.04 percent IRR and 5.13x multiple. This was followed by the first of Apollo’s two entries in this top five — the 2001 vintage Apollo Investment Fund V LP, which posted a 39.02 percent IRR and 2.29x multiple. Apollo also took the third spot with its 2008 vintage Apollo Investment Fund VII LP, posting a 23.04 percent IRR and 1.47x multiple.

At the bottom of the range was Gores Capital Partners III LP, which posted an IRR of -5.41 percent and multiple of 0.94x. As it is still a relatively young vintage at 2010, the fund has some time yet to improve its performance. The older 2005 vintage Hamilton Lane CoInvestment Fund LP followed with an IRR of -2.67 percent and multiple of 0.86x. The 2008 vintage Apollo Investment Fund VII LP came in third place from the bottom with a -2.09 percent IRR and 0.92x multiple. The last two vehicles in the bottom five posted positive IRRs — the 2006 Blackstone Capital Partners V LP with a 1.34 percent IRR and 1.06x multiple, and the 2010 vintage J.H. Whitney VII LP with a 2.01 percent IRR and 1.01x multiple.

The Public Employee Retirement System of Idaho is invested in some 56 private equity funds (including venture capital, buyout, distressed, growth equity and secondaries) ranging in vintage from 1996 to 2012. The state pension fund commits $150 million to $300 million to private equity each year.

In total, the pension has committed $2.03 billion to private equity, generating an IRR of 7.95 percent. Top quartile IRR multiple and IRR for the entire portfolio for the period reached 14.28 percent and 1.42x, bottom quartile was 3.07 percent and 1.06x and median was 7.19 percent and 1.24x.

Angela Sormani is a special correspondent for Buyouts in London.

Top Five

5. Veritas Capital Fund IV LP

Vintage: 2010

Fund Type: Corporate Finance/Buyout Mid

Multiple: 1.29x

IRR: 118.66 percent

 

4. Newbridge Asia IV LP

Vintage: 2005

Fund Type: Growth Equity

Multiple: 2.27x

IRR: 21.40 percent

 

3. Apollo Investment Fund VII LP

Vintage: 2008

Fund Type: Corporate Finance/Buyout Mega

Multiple: 1.47x

IRR: 23.04 percent

 

2. Apollo Investment Fund V LP

Vintage: 2001

Fund Type: Corporate Finance/Buyout Large

Multiple: 2.29x

IRR: 39.02 percent

 

1. IDAWest Energy Fund

Vintage: 1996

Fund Type: Co/Direct Investment

Multiple: 5.13x

IRR: 57.04 percent

 

Bottom Five

5. J.H. Whitney VII LP

Vintage: 2010

Fund Type: Corporate Finance/Buyout Small

Multiple: 1.01x

IRR: 2.01 percent

 

4. Blackstone Capital Partners V LP

Vintage: 2006

Fund Type: Corporate Finance/Buyout Mega

Multiple: 1.06x

IRR: 1.34 percent

 

3. TPG Partners V LP

Vintage: 2006

Fund Type: Corporate Finance/Buyout Mega

Multiple: 0.92x

IRR: -2.09 percent

 

2. Hamilton Lane CoInvestment Fund LP

Vintage: 2005

Fund Type: Co/Direct Investment

Multiple: 0.86x

IRR: -2.67 percent

 

1. Gores Capital Partners III LP

Vintage: 2010

Fund Type: Corporate Finance/Buyout Mid

Multiple: 0.94x

IRR: -5.41 percent