The Aloha State’s largest pension has many promising fledgling funds in its coffer. ECI Partners’ ninth flagship fund leads the way. The London-based firm’s 2009-vintage fund sports an IRR of 24 percent along with an impressive 1.6 investment multiple.
In second place is Advent International’s seventh global private equity fund from 2012 (22.8 percent IRR), followed by Spectrum Equity’s 2010-vintage Spectrum Equity Investors VI LP (21.4 percent IRR).
Rounding out the top five are GTCR and Harvest Partners, both with funds from 2011. GTCR Fund X LP has an IRR of 19.4 percent, while Harvest Partners VI LP follows closely with a 19.3 percent IRR.
While just missing out on the top five, TA Associates is the only firm boasting two funds on the list with TA XI LP at No. 6 and its third mezzanine fund at No. 10. The largest commitment in the top 10 is to Warburg Pincus Private Equity XI LP. Warburg Pincus’ 11th main fund received a $40 million commitment from Hawaii. It is also the fund with the most cash in, at $23 million. Welsh, Carson, Anderson & Stowe’s 11th primary fund has returned the most out of these, distributing $6.6 million since 2009.
Hawaii ERS’s PE portfolio has a total value approaching $1.3 billion. As of December 31, the pension’s active funds have drawn down total of $916.1 million and returned $663.4 million in distributions, including $94.2 million in 2014 alone.