A new source of data for the Buyouts performance database from Texas County & District Retirement System reveals the mid-market–focused 2009 vintage Odyssey Investment Partners IV as the top performer for the period with an IRR of 30.6 percent and 2.03x multiple. In second place comes the 2011 Davidson Kempner LT Distressed Opp. Fund with an IRR of 26.55 percent and 1.53x multiple. The 2011 vintage EnCap Energy Capital VIII Co-Investors takes third place with a 25.68 IRR and 1.26x multiple.
Four further energy-focused offerings feature in this top ten—another two from EnCap Investments LP—the 2006 EnCap Energy Capital VI and the 2007 EnCap Energy Capital VII in fourth and tenth places. The 2008 vintage Quantum Energy Partners V comes in seventh place and the 2009 vintage Kayne Anderson Energy Fund V in ninth place.
In terms of distributions, distressed debt comes out on top of the selection, with the 2007 Wayzata Opportunities Fund II distributing some $71,605 back to its LPs. This is followed by the 2008 vintage OCM Opportunities Fund VIIb with some $67,408 and the 2006 vintage Centerbridge Capital Partners in third place with $47,964.
TCDRS’ net assets reached around $23 billion as of Dec. 31, 2013. As of March 31, 2014 private equity portfolio value reached $1.8 billion.