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LP Scorecard: Early decade funds show promise for UTIMCO

From June 2015 to the end of May, University of Texas Investment Management Co’s private equity portfolio realized more than $1.5 billion in distributions. That 12-month prize was driven by funds from the early decade, specifically 2010 and 2012 vintages.

Värde Partners led the herd of firms in distributions for the pension. Fund X, a 2010 vintage, returned $34.2 million over those 12 months.

Oaktree Power Opportunities Fund III, Oaktree Capital Management’s third vehicle focused on the electricity and natural gas sectors, came in second by cashing out $29.8 million. The fund is also a 2010 vintage. Following in third place by absolute distributions, Wingate Partners’ fourth primary fund returned $26.4 million.

Cortec Group Fund V Parallel fund finished first in distribution percentage (cash out divided by cash in). The 2012 vintage received its first round of profits and turned out an absurd 431.7 percent distribution, more than quadrupling UTIMCO’s contribution.

Taking second place was the American Industrial Partners Capital Fund V Co-Investment vehicle. American Industrial Partners’ 2012 vintage generated a 67.6 distribution percentage. Taking bronze was Oaktree’s third Power Opportunities fund. The 2010 vintage produced a 60.4 distribution percentage.

The aforementioned funds from American Industrial Partners, Oaktree and Wingate each appeared on both top-five lists.

All told, UTIMCO’s PE portfolio has $13 billion drawn down across 364 active funds. Those active funds have combined to return $10.3 billion in cash out as of May 31, 2016.