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LP Scorecard: TPG, PAI Partners generate highest cash-on-cash returns for Pennsylvania PSERS

TPG Partners LP, a vintage 1993 fund, takes top honor out of more than 100 funds with a 3.7x return multiple and a robust 265 percent return percentage (see accompanying table). The 2001-vintage PAI Europe III LP has done great work for itself as well, producing a multiple of 3.3x and return percentage of 231.8 percent. It distributed a booming $1.1 billion. Those were the only two PE funds to surpass both the 200 percent and 3.0x multiple marks.

Coming in third place is another vintage-1993 fund, Landmark Equity Partners III LP. The Connecticut-based Landmark Partners’s third flagship fund generated a 2.8x cash-on-cash return multiple and a 182.3 percent cash-on-cash return percentage. Rounding out the top five are New York Life Capital Partners II LP and Platinum Equity Capital Partners-A LP. New York Life Capital, the investment boutique of New York Life that has since changed its name to GoldPoint Partners, produced a 2.6x cash-on-cash return. Platinum Equity accounted for the youngest fund of the list, with its 2004-vintage pool. It has generated a 2.4x return multiple, as well as the highest IRR of the bunch, at 60.1 percent.

PSERS listed 119 private equity funds in its portfolio as of June 30. Those 119 combined for around $17.1 billion in committed capital; of that, sponsors had drawn down about $15.0 billion in contributions and returned $14.2 billion in distributions.