LP Scorecard: Ten young funds off to a hot start for Montana

Montana has a bunch of encouraging young funds in its portfolio. However, the 2012-vintage Eureka III LP stands head-and-shoulders above the rest. Eureka Capital Partners’ third fund boasts a stratospheric 205.06 percent IRR. We know that private equity returns have high variability in the short term and can give way to aberrations on occasion. But this fund has displayed strong returns and a 1.81x investment multiple after just three years.

HarbourVest Partners came in second place with another 2012-vintage, Dover Street VIII LP. The $3.6 billion global secondary fund sported an IRR of 51.40 percent. The bronze went to Neuberger Berman for NB Strategic Co-Investment Partners II. Its second co-investment pool, also from 2012, has an IRR of 39.44 percent.

Coming in fourth is Affinity Equity Partners, with its 2013-vintage Affinity Asia Pacific Fund IV LP, which sports a 33.59 percent IRR. Rounding out the top five is CIVC Partners with its fourth flagship fund. That 2010-vintage fund has the highest distribution total out of the top 10 ($13.9 million) and an IRR of 31.09 percent.

Montana’s private equity portfolio has a total value approaching $2.5 billion. As of December 31, the pension has $1.6 billion drawn down across 115 active funds. Those active investments have produced $1.4 billion in returns, collecting $147.9 million in 2014 alone.