LP Scorecard: Technology, Energy, S. Africa Are NY Common’s Top Performers

  • 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

 

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

 

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

 

9. Blackstone Capital Partners IV LP

Vintage Year: 2001

NY State Commitment: $300,000,000

Total Value: $717,564,999

Investment Multiple: 2.51x

 

8. TPG Partners III LP

Vintage Year: 1999

New York Common Commitment: $224,031,634

Total Value: $562,741,628

Investment Multiple: 2.53x

 

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

 

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

 

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

 

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

 

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

 

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

 

1. T3 Partners

Vintage Year: 1999

New York Common Commitment: $29,962,140

Total Value: $112,378,069

Investment Multiple: 3.85x