State of Wisconsin Investment Board committed more than $1.5 billion across 28 PE funds in 2015. The dollar figure was the largest the system ever committed to PE. And the number of PE funds was also a system record.
All told, SWIB has received more than $147.8 million from its 2015 investments. It had contributed more than $905 million as of June 30, 2018.
The 28 investments produced a median IRR of 13.4 percent.
Lindsay Goldberg’s fourth fund had the highest IRR at 63.5 percent. It received $29.5 million of its $75 million commitment and distributed $7 million.
Clearlake Capital Partners’ fourth fund also benefited SWIB. It distributed $30.9 million, the most the pension received from its 2015 investments. The fund received a $50 million commitment and produced an IRR of 34 percent.
SWIB committed $200 million across three TPG funds. It contributed $128 million and received $15.3 million from these investments.
The largest commitment of the three was to TSSP Adjacent Opportunities Partners. The fund received one of the pension’s two $100 million commitments. It has received $52.7 million in contributions and distributed $2.6 million for an IRR of 12 percent.
TPG Growth III received a $50 million commitment. SWIB contributed $41.6 million of its commitment and received $9.3 million in distribution for an IRR of 27.6 percent – the fourth highest IRR of 2015.
TPG Partners VII also received a $50 million commitment. SWIB contributed $33.7 million of its commitment and received $3.4 million in distribution for an IRR of 19.4 percent.
All told, numbers for SWIB go back to 1987. Since then, SWIB has received $11 billion in capital distribution from $14 billion in commitments across all PE funds.