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LP Scorecard: Lone Star and Lindsay Goldberg are big cheeses for Wisconsin

Aside from the Green Bay Packers, Wisconsin is also home to 65-year-old State of Wisconsin Investment Board, which manages nearly $100 billion in pension assets.

Lone Star Funds and Lindsay Goldberg headlined the Badger State’s private equity portfolio.

As far as distribution percentage (cash out divided by cash in) goes, 2001’s Lone Star Fund IV topped the chart by producing a 232.8 percent distribution.

Chicago’s Wind Point Partners followed in second with its third flagship. Wind Point Partners III delivered a distribution of 220.3 percent. In third place was another Fund III, this time from Vista Equity Partners. The 2007 vintage put up a 213.4 distribution percentage.

The top five PE funds in distribution percentage combined to produce $462.9 million in realizations.

In terms of IRR, Lindsay Goldberg IV landed on top. The 2015 vintage has an IRR of 68.4 percent.

EnCap Investments’ Flatrock Midstream Fund III was next with a 58.2 percent IRR. Cortec Group’s Fund V came in third, with a 52.1 percent IRR.

Lone Star and Wind Point are the only firms with multiple funds across both top five lists.

All told, Wisconsin’s PE portfolio has about $11.5 billion committed across 184 active funds. Those funds combined have drawn down more than $9.1 billion and realized $7.5 billion – an overall 82 distribution percentage – as of Dec. 31, 2015.

Action Item: Download LP Scorecard table as a spreadsheet: 

A voter casts his ballot in the Wisconsin presidential primary election at a voting station in Milwaukee on April 5, 2016.  Photo courtesy Reuters/Jim Young