The Canada Pension Plan Investment Board realized a little over $3.9 billion in year-over-year distributions from its private equity portfolio in 2014.
Kohlberg Kravis Roberts & Co played a huge role in CPPIB’s success. KKR E2 Investors, a 2009 vintage, was the leading fund in distribution percentage (distributions as a percent of contributed capital) at a robust 100.3 percent. Coming in second was Canada’s Onex Partners with its eponymous 2003 debut fund. Of the 10 funds highlighted in the accompanying table, the Onex fund has the highest investment multiple, sporting a very impressive 3.1x.
KKR made a second appearance on the list with its 2007-vintage KKR Asian Fund. The firm’s first Asia-focused buyout fund had a distribution percentage of 55.3 percent. Trailing closely behind was Hellman & Friedman Capital Partners VI, with a distribution percentage of 52.3 percent last year.
The KKR Asian Fund and Hellman & Friedman’s Fund VI were also the only funds to make the top five in both distribution percentage and overall distributions for 2014. Hellman & Friedman’s sixth flagship fund returned $204.7 million as the portfolio’s runner up, while the KKR Asian Fund brought in $195.1 million, placing third. Coming in at No. 1 was Apollo Global Management’s behemoth Apollo VII. Apollo’s $14.7 billion 2007-vintage buyout fund returned $223 million for CPPIB last year, leading the way for the pension in absolute distribution.
As of December 31, 2014, CPPIB’s private equity portfolio had over $41.6 billion in committed capital across 178 active funds. Those active investments have drawn down a combined $29.2 billion and have produced $21.7 billion in combined returns.
Download Table: CPPIB’s Top Funds