State of Rhode Island Investment Commission realized $107.6 million and saw its distribution pool rise 7 percent in the first nine months of 2015. Rhode Island’s own Nautic Partners played the biggest part in that growth.
Nautic Partners VI was the top fund by distribution percentage (distributions during the year as a percent of contributed capital), at 62.2 percent, for Rhode Island during that stretch. The 2007-vintage led the portfolio in absolute distribution as well, by returning $14.9 million in that time frame.
Nautic also made another appearance in the top 10 with its Fund VII coming in sixth and posting a distribution percentage of 22.7.
Birch Hill Equity Partners recorded the second-highest distribution percentage. The Toronto-based middle-market firm saw a 29 percent distribution for its third flagship fund. Coming in third place was Leonard Green & Partners. Green Equity Investors V generated a 28.7 percent distribution.
TPG Partners V was fourth in line. TPG Partners’ subsequent fund also made the list, coming in seventh with 21.8 percent, making it the second firm to have a pair of funds in the top 10. Rounding out the top five was CVC Capital Partners’ fifth Europe-focused vehicle.
All told, the U.S.’s smallest state has a private equity portfolio with about $1.8 billion committed across 91 active funds. Those active funds combined have drawn down $1.5 billion and returned $1.2 billion in realizations as of September 30, 2015.
Action Item: Download the LP Scorecard table as a spreadsheet here: bit.ly/1YptRhF