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LP Scorecard: PSERS’s top and bottom performers

Platinum Equity Capital Partners-A LP comes out atop this scorecard with a 60.75 percent IRR and 2.84x multiple. In second place comes the 2005 vintage Baring Asia Private Equity Fund III LP with a 55.94 percent IRR and 2.57x multiple. The 1993 TPG Partners LP is in third place with a 36.55 percent IRR and 3.65x multiple. Also featured in the top five is the 2003 vintage Strategic Partners Fund II LP with an IRR of 34.39 percent and 1.8x multiple in fourth place, and in fifth place comes the 2002 Lindsay Goldberg & Bessemer LP with a 34.33 percent and 2.33 x multiple.

Bottom of the pile comes the 1998 vintage Credit Suisse Equity Partners LP with an IRR of -18.01 percent and 0.28x multiple. Second from last comes another 1998 vintage fund, Sunrise Capital Partners LP with an IRR of -15.59 percent and a multiple of 0.36x. And third from bottom comes yet another 1998 vintage fund—Edgewater Private Equity Fund III LP, posting an IRR of -7.51 and multiple of 0.61x.

PSERS is invested in some 150 buyout-related investment vehicles. The research for this dataset included some 130 funds ranging in vintages from 1988 to 2010.

PSERS recently pledged $150 million to The Blackstone Group’s Strategic Partners Fund VI  in its 10th commitment to that fund family, according to Buyouts. The state pension fund also committed $200 million recently to LLR Partners’s LLR Equity Partners IV, which closed on $950 million.

PSERS’s total net assets as of Dec. 31, 2013, reached $50.4 billion. Of that total, private markets accounted for $10.3 billion with private equity accounting for $8.2 billion, private debt $1.3 billion and venture capital $0.9 billion. Real estate accounted for some $7 billion of total net assets as of that date.