LP Scorecard: Large buyouts, secondaries pay off for PERSI

Public Employee Retirement System of Idaho (PERSI) has received more than $16.4 million in distributions from its 2016 investments, most by way of large buyout funds, according to an analysis by Buyouts. That year was the pension’s largest commitment to PE on record.

All told, PERSI in 2016 committed $275 million to seven PE funds: five focused on buyouts (two mega, two large, one small); one focused on secondaries; and one focused on venture capital. The pension contributed $140 million of its commitment, or 51 percent, as of June 30, 2018.

The $16.4 million in distributed capital produced a median IRR of 18.5 percent.

The majority of PERSI’s capital distribution — $11.4 million — came from two large buyout funds managed by TPG and Bridgepoint. These funds also received the pension’s largest contributions.

TPG received $33.3 million of its $40 million commitment. It distributed $7.4 million and produced an IRR of 27.7 percent, second highest of 2016. It had the highest investment multiple at 1.3x.

Bridgepoint’s fifth European fund received $30.7 million of its $44.2 million commitment. It distributed $3.9 million, had an IRR of 20.9 percent and an investment multiple of 1.3x.

Blackstone and Hamilton Lane received the pension’s biggest commitments at $50 million each.

Hamilton Lane’s fourth secondaries fund received $19.8 million of its commitment and distributed $3.5 million, which produced the highest IRR from 2016 at 39.3 percent. It had an investment multiple of 1.2.

Blackstone’s seventh mega-buyout fund received $12.9 million of its commitment and distributed $793,000. It had a net IRR of 18.5 percent and an investment multiple of 1.2x.

All numbers for PERSI go back to 1996. Since that time, PERSI has received $1.4 billion in capital distributions from $2.3 billion in commitments across all private equity funds.