Los Angeles County Employees Retirement Association has been investing in private equity since the mid-1980s. Since 2000, TPG Capital has produced the highest-performing fund for the pension. The 2001-vintage T3 Partners II posted a 93.9 percent IRR and a multiple over 3x.
Following that were a pair of 2012 vintages. Institutional Venture Partners’ 14th flagship produced a 61.7 percent IRR, while Silver Lake Partners’ fourth fund posted an IRR of 51 percent. Overall, the average net IRR for the entire portfolio was 14 percent.
As far as pure distributions go, Morgan Stanley Alternative Investment’s GTB Capital Partners generated $269.1 million for Lacera.
Toronto-based Onex Partners’ eponymous debut fund came in second. The 2003-vintage made $203.9 million with an investment multiple of more than 3x for Los Angeles. In third place was Blackstone Group’s fourth primary buyout fund. Blackstone Capital Partners IV generated $192 million.
Permira came in fourth. The London firm’s third European buyout fund made $164.9 million. Rounding out the top five is Carlyle Group and its 2005 vintage. Carlyle Partners IV essentially doubled its cash in to realize $144.1 million.
The top five PE funds in distributions combined to produce nearly $1 billion.
All told, Lacera covers more than 162,000 members. Its PE portfolio has about $12.3 billion committed across 287 active funds. Those active funds combined have drawn down more than $9.2 billion and returned almost $11.1 billion in realizations as of June 30, 2015.
Action Item: Download the LP Scorecard table as a spreadsheet here: http://bit.ly/1szjyy3