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LP Scorecard: Swedish firm is highest climber for University of California

Segulah IV LP is almost in positive IRR territory, reaching -0.8 percent in March 2013, up 6.5 percentage points from -7.3 percent in December 2012 (see accompanying table).

The second best buyout climber for the same period was another 2007 vintage—Vector Capital IV LP, which was up 5.1 percentage points to reach a positive IRR of 4.1 percent in 2013, just getting out of negative territory from a -1 percent IRR in 2012. That fund has invested in buyouts, spinouts and recapitalisations of established technology companies.

In third place it’s a 2007 vintage fund again—Bain Capital Fund X Co-Invest LP. That vehicle was up 2.9 percentage points to 0.5 percent from a negative IRR of -2.4 percent in December 2012.

The buyout fund with the highest IRR of this top ten comes in ninth place in terms of IRR increase. The 2007 Apollo Investment Fund VII was up 1.5 percentage points to an IRR of 24.4 percent in March 2013 from a 22.9 percent IRR in December 2012.

The top buyout performer for the state pension fund to March 2013 was the 2006 HIG Capital IV, which registered an IRR of 41.6 percent for the period. This was actually down 2.3 percentage points from 43.9 percent in 2012.

The second best buyout fund IRR for the period was posted by the 2001 vintage Blackstone Capital Partners IV LP with a 36.6 percent IRR, followed by the 2002 Lindsay, Goldberg, & Bessemer LP with a 33.9 percent IRR.

And while STAR Capital Partners II LP shouldn’t be too unhappy with its IRR of 21.2 percent, this fund registered the greatest decrease for the period down four percentage points from 25.1 percent in 2012.

Since inception in 1979 through March 31, 2013, The Regents of the University of California’s private equity portfolio has consisted of $8.8 billion in commitments with 210 active partnerships. As of March 31, 2013, $6.5 billion of these commitments have been called by the partnerships and $6 billion of distributions have been received from the partnerships. Including the current net asset value of $4.4 billion as of March 31, 2013, the private equity portfolio has produced $3.9 billion in profits and a 1.6x multiple on contributed capital. The private equity portfolio has generated a total return of 12.5 percent for the 10-year period ended March 31, 2013.