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LP Scorecard: Mid-2000s funds drive distribution for Maryland

Anchored in the mid-Atlantic region of the U.S. is Maryland State Retirement and Pension System, an endowment with a private equity portfolio composed of 211 active funds.

The portfolio is marked by its success with vintages in the mid-aughts, most notably from Advent International.

The 2005 Advent International GPE V-D Partnership was the top fund in distribution percentage (cash out divided by cash in) with a 226.5 percent distribution. It also led the way for the pension in IRR, posting 46 percent.

Lion Capital, a British consumer-focused PE shop, followed in second place with another 2005 vintage. Lion’s debut produced a 219.2 percent distribution. In third place was Littlejohn & Co’s third primary fund from 2007. Littlejohn Fund III put out a 209.2 distribution percentage.

The top five PE funds in distribution percentage combined to produce $133.6 million in realizations.

As far as IRR goes, Siris Capital Group tied Advent with its sophomore fund. The telecom and technology vehicle from 2012 has a 46 percent IRR. New York’s New Mountain Capital came in third with its fund from 2013. While young, New Mountain Partners IV has a 39 percent IRR.

All told, Maryland’s PE portfolio of 211 funds combine for about $12.7 billion in committed capital, more than $7.5 billion drawn down and more than $4.4 billion realized – an overall 59.2 distribution percentage – as of Sept. 30, 2015.

Action Item: Download the LP Scorecard table as a spreadsheet here: