The PE portfolio of the Oregon Public Employees Retirement Fund enjoyed a lucrative 12-month span ending June 2015, generating $3.7 billion in distributions.
Five funds returned more than $100 million each during the time frame. Kohlberg Kravis Roberts & Co played a prominent role with two of the top five funds as measured by absolute distributions. KKR 2006 Fund produced $267.4 million in distributions and KKR European Fund III generated $189.3 million.
TPG Partners generated the second-highest level of distributions, with its sixth flagship fund from 2008 returning $193.6 million to Oregon. Apollo Global Management’s Apollo Investment Fund VII posted the fourth-highest distribution tally with $137.4 million; it has also posted a noteworthy IRR of 25.7 percent and investment multiple of 2.17x.
As for distribution percentage (distributions as a percent of contributed capital), the London-based Palamon Capital Partners held the top spot. The 2005-vintage Palamon European Equity II posted a 57.3 percent distribution percentage from June 2014 to June of this year.
Coming in second place was Riverside Co’s Capital Appreciation Fund V. The 2008-vintage pool posted a 55.8 distribution percentage. KSL Capital Partners III, the youngest fund to make the list, placed third. The 2011-vintage vehicle from KSL Capital Partners scored a 49.9 percent distribution percentage.
All told, OPERF’s private equity portfolio had about $37.5 billion in committed capital across 319 active funds as of June 30, 2015. Those active investments have a combined $33.6 billion drawn down and have produced over $37.2 billion in realized returns.
Download the LP Scorecard table as a spreadsheet: OPERF’s LP Scorecard Table