- TPG, Carlyle/Riverstone, H&F are top funds
- South Africa, NY state funds rank third
- NY Common has 10% allocation to buyouts
TPG Capital’s T3 Partners, which raised $511.8 million in 1999, comes out on top of this week’s scorecard with a 3.85x investment multiple as of March 31. That fund was launched to invest in technology-related deals alongside Texas Pacific Group Partners III, as the firm was known then, which raised $3.48 billion in 2000 and comes in sixth place with a multiple of 2.53x. Landmark deals from T3 Partners include semiconductor business MEMC, hard drive manufacturer Seagate, business intelligence software company Business Objects and digital security business Gemalto.
Energy-focused vehicle Carlyle/Riverstone Global Energy and Power Fund II LP comes in joint second place recording a 2.81x multiple for the period. That fund was raised in 2002 with $1.1 billion of equity commitments. In second place too is the 1999 vintage Hellman & Friedman Capital Partners IV LP also reaching a 2.81x multiple for the period and which closed on $.2.2 billion in 2000. Landmark transactions from that fund, according to industry sources, include power generation firm Texas Genco, which generated a 372 percent IRR and investment muliple of 6.8x on an original investment of $225 million, and German media conglomerate ProSiebenSat.1 Media, which achieved a 52 percent IRR and 3.5x multiple for the fund on an original investment of $200 million.
South African private equity shows its popularity in this list with South African investor Brait’s South African Private Equity Fund III LP, which raised $409 million in 1999 and was then one of the largest private equity funds in South Africa. That vehicle records a multiple of 2.64x for the period and comes in joint third place with Summer Street Capital NYS Fund LP.
The New York State Common Retirement Fund is responsible for the retirement assets of more than one million employees and retirees from New York state and local governments. The fund has a long term policy allocation of 10 percent and actual allocation of 9.6 percent (approximately $14.4 million) invested in private equity. Total value of the pension fund’s private equity portfolio reached $35.6 billion as of March 31, 2012, attaining an investment multiple of 1.46x. The pension fund is invested in some 246 private equity vehicles spanning vintages from 1993 to 2012. The fund is invested across across various investment strategies such as leveraged buyouts, growth equity, venture capital, distressed debt, turnarounds, restructurings, and other special situations. The pension fund will also selectively consider opportunistic strategies, such as co-investments with investment managers and secondary transactions. Prominent buyout investors the pension fund has backed include Apollo Global Management, The Blackstone Group, The Carlyle Group and Kohlberg Kravis Roberts & Co., in addition to TPG.
See below to find out more about New York Common’s private equity performance for its funds of 1999 to 2004 vintage.
12. TA IX LP
Vintage Year: 2000
New York Common Commitment: $70,000,000
Total Value: $160,528,798
Investment Multiple: 2.36x
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11. Providence Equity Partners IV LP
Vintage Year: 2000
New York Common Commitment: $154,915,620
Total Value: $341,672,327
Investment Multiple: 2.39x
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10. Hellman & Friedman Capital Partners V LP
Vintage Year: 2004
New York Common Commitment: $100,000,000
Total Value: $221,029,418
Investment Multiple: 2.47x
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9. Blackstone Capital Partners IV LP
Vintage Year: 2001
NY State Commitment: $300,000,000
Total Value: $717,564,999
Investment Multiple: 2.51x
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8. TPG Partners III LP
Vintage Year: 1999
New York Common Commitment: $224,031,634
Total Value: $562,741,628
Investment Multiple: 2.53x
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7. CVC European Equity Partners III LP
Vintage Year: 2000
New York Common Commitment: $222,653,901
Total Value: $439,720,011
Investment Multiple: 2.62x
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6. Apollo Investment Fund V LP
Vintage Year: 2000
New York Common Commitment: $300,000,000
Total Value: $732,486,222
Investment Multiple: 2.63x
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4. Summer Street Capital NYS Fund LP
Vintage Year: 2000
New York Common Commitment: $25,000,000
Total Value: $53,194,715
Investment Multiple: 2.64x
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4. South African Private Equity Fund III LP
Vintage Year: 1999
New York Common Commitment: $25,000,000
Total Value: $62,829,151
Investment Multiple: 2.64x
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2. Hellman & Friedman Capital Partners IV LP
Vintage Year: 1999
New York Common Commitment: $150,000,000
Total Value: $378,021,791
Investment Multiple: 2.81x
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2. Carlyle/Riverstone Global Energy and Power Fund II LP
Vintage Year: 2003
New York Common Commitment: $150,000,000
Total Value: $397,016,938
Investment Multiple: 2.81x
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1. T3 Partners
Vintage Year: 1999
New York Common Commitment: $29,962,140
Total Value: $112,378,069
Investment Multiple: 3.85x
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