In second place with an IRR of almost half that of KPS II at 31.9 percent and an investment multiple of 2.4x comes the 2007 vintage buyout fund Vista Equity III. Vista no doubt capitalised on the success of its third fund last year closing its largest fund to date Vista Equity Partners IV on $3.5 billion.
Third place in this scorecard goes to another 2002 vintage vehicle, Wellspring III, which posted an IRR of 27.4 percent and multiple of 2.2x.
The top ten also includes a 2008 vintage mezzanine fund in fifth place. Levine Leichtman IV posted an IRR of 26.1 percent and multiple of 1.5x.
Connecticut State Employees Retirement System has committed some $7 billion to 86 private equity funds including buyout, distressed debt, growth equity, mezzanine, multi-strategy, turnaround and venture capital. The IRR of the total portfolio for the period reached 8.5 percent and multiple reached 1.4x. Median IRR and multiple for the entire portfolio was 7.2 percent and 1.2x; top quartile was 13.0 percent and 1.5x, while bottom quartile was -1.3 percent and 0.9x.
Prominent buyout fund managers within the portfolio include The Blackstone Group; The Carlyle Group, Charterhouse, Kolhberg Kravis Roberts & Co, Lexington Partners and Thomas H. Lee Partners.
For the pension fund’s top ten performers see below.
Angela Sormani is a special correspondent for Buyouts in London.
10. Carlyle Asia I
Fund Type: Buyout
Vintage: 1998
Multiple: 2.1x
IRR 17.1 percent
9. Yucaipa II
Fund Type: Buyout
Vintage: 2008
Multiple: 1.5x
IRR: 19.9 percent
9. Wellspring II
Fund Type: Buyout
Vintage: 1998
Multiple: 1.5x
IRR: 19.9 percent
8. Landmark IV
Fund Type: Multi-strategy
Vintage: 2008
Multiple: 1.2x
IRR: 21 percent
7. Altaris II
Fund Type: Buyout
Vintage: 2008
Multiple: 1.3x
IRR: 21.2 percent
6. Green III
Fund Type: Buyout
Vintage: 1998
Multiple: 2.3x
IRR: 21.5 percent
5. Levine Leichtman IV
Fund Type: Mezzanine
Vintage: 2008
Multiple: 1.5x
IRR: 26.1 percent
4. Veritas I
Fund Type: Buyout
Vintage: 1997
Multiple: 2.6x
IRR: 26.9 percent
3. Wellspring III
Fund Type: Buyout
Vintage: 2002
Multiple: 2.2x
IRR: 27.4 percent
2. Vista Equity III
Fund Type: Buyout
Vintage: 2007
Multiple: 2.4x
IRR: 31.9 percent
1. KPS II
Fund Type: Turnaround
Vintage: 2002
Multiple: 3.5x
IRR: 63.6 percent