Offerings from US-focused buyout houses such as Platinum Equity Partners, Thoma Bravo and Wellspring Capital Partners, with vintages ranging between 2003 and 2008, all feature in the top five IRRs recorded to December 2011 for Florida.
Florida’s European bets don’t appear to be faring so well. Eight European funds are registering negative IRRs. The highest IRR coming from its European portfolio stands at 7.49 percent, from CVC European Equity Partners V, a 2008 vintage fund. (Here’s hoping for some stellar performances from Montagu Private Equity Fund IV and BC European Capital IX, to which Florida committed 40 million euros ($48.6 million) and 70 million euros respectively to last year.)
The SBA, which manages $157 billion in pension funds, committed to a total of 13 new funds last year, including EnCap Energy Capital Fund VIII; Cortec Group V; Francisco Partners III; Wellspring Capital Partners V; and TPG Growth II among others. Its two largest commitments each of $200 million, were to Hellman & Friedman Capital Partners VII LP and GS Partners Buyouts II.
Buyouts reported in May that the fund had made its first set of private equity commitments under new senior investment officer Trent Webster and his deputy, John Bradley. It committed $500 million to three buyout funds and another $300 million to a private equity real estate fund.
The commitments included a pledge of $200 million to Leonard Green & Partners’s Green Equity Investors VI LP; a commitment of $200 million to Platinum Equity Partners’s Platinum Equity Capital Partners III LP; a $100 million commitment to Thoma Bravo’s latest fund, Thoma Bravo X LP; and finally $300 million to The Blackstone Group’s latest real estate private equity fund, Blackstone Real Estate Partners VII LP. That commitment is its largest to date since a $500 million pledge to Lexington Co-Investment Partners 2005 LP.
Scroll down the scorecard to see who the best performers by IRR for Florida have been through year-end and how much Florida has committed to these funds.
10. Pantheon Global Secondary Fund IV, LP
Fund Type: Secondaries
Vintage Year: 2010
Florida Commitment: $ 100,000,000
IRR: 21.15%
9. Green Equity Investors III, LP
Fund Type: Large Buyouts
Vintage Year: 1999
Florida Commitment: $60,000,000
IRR: 21.49%
8. Ares Corporate Opportunities Fund III
Fund Type: Buyouts/Distressed
Vintage Year: 2008
Florida Commitment: $100,000,000
IRR: 22.32%
7. Carlyle Partners III, LP
Fund Type: Mega-Buyouts
Vintage Year: 2000
Florida Commitment: $200,000,000
IRR: 22.85%
6. Lexington Co-Investment Partners II, LP
Fund Type: Secondary and Co-Investment
Vintage Year: 2002
Florida Commitment: $500,000,000
IRR: 24.26%
5. Wellspring Capital Partners III, LP
Fund Type: Buyouts
Vintage Year: 2003
Florida Commitment: $50,000,000
IRR: 26.69%
4. Hellman & Friedman Capital Partners V, LP
Fund Type: Mega-Buyouts
Vintage Year: 2004
Florida Commitment: $75,000,000
IRR: 27.30%
3. Thoma Bravo Fund IX
Fund Type: Buyouts
Vintage Year: 2008
Florida Commitment: $50,000,000
IRR: 30.16%
2. Apollo Investment Fund V, LP
Fund Type: Buyouts and restructuring
Vintage Year: 2001
Florida Commitment: $150,000,000
IRR: 37.58%
1. Platinum Equity Capital Partners I, LP
Fund Type: Buyouts
Vintage Year: 2004
Florida Commitment: $50,000,000
IRR: 58.63%
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