The 2011 fund class had a strong 2015, driving the distribution stimulus for Texas County & District Retirement System.
According to an analysis of the latest return data, TCDRS received $900.2 million from its private equity portfolio in the past full calendar year, with $233.9 million of that total generated by its 2011 vintages.
It also had the leading distribution percentage (cash out divided by cash in) among all the vintage classes, with 28 percent.
Following were 2008 and 2007. TCDRS’s 22 vintage 2008s produced $168 million, while $146.7 million was brought in by the 17 vintage 2007s.
Vintages from 2013-2015, which comprise the pension’s three largest vintage classes by fund count and capital committed, have yet to bear any significant fruit. Over the next few years, the maturity of those investments should bring a surge in growth based on their incoming distribution waves.
As individual funds go, Nautic Partners boasted the top-performing fund in 2015 from TCDRS’s portfolio. Nautic’s sixth flagship made $34.6 million and a 109.8 distribution percentage.
Crescent Capital came in second with its first direct lending fund. The vehicle is the youngest in the top five and earned $29.3 million for the pension system.
Waterland Private Equity Investors received the bronze. Waterland, a Dutch firm focused on investments in central and northwestern Europe, saw its fifth primary fund generate about $28 million to go with a 113.6 distribution percentage.
TCDRS has 216 active funds that date back to 2005. Overall, its PE portfolio has more than $8.3 billion committed and $5.2 billion drawn down. As of December 31, 2015, those active funds returned $2.8 billion in realizations.
Action Item: Download the LP Scorecard table as a spreadsheet here: LP Scorecard Table