Research

LP scorecard: University of California’s top performing fundraising buyout managers

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  • Blackstone tops list, followed by Lindsay Goldberg
  • 20 firms in portfolio are fundraising or expected to
  • Madison Dearborn places two funds on the list

The 2001 vintage Blackstone Capital Partners IV comes in first place in this scorecard with an IRR of 36.6 percent and multiple of 2.61x, according to performance data for the state pension fund as of June 30, 2013. Blackstone is reported to be coming back to market with its second energy fund this year.

There are some 20 vehicles within the Regents of the University of California’s portfolio that were raised by buyout managers that are currently in the market with a new fund or are predicted to come back to market this year.

In second place is the 2002 vintage Lindsay, Goldberg, & Bessemer, with a 33.8 percent IRR and multiple of 2.44x, and in third comes the 2008 vintage Flexpoint Ford Fund II, with a 28.7 percent IRR and 1.63x multiple.

Lindsay Goldberg is currently in the market raising Lindsay Goldberg IV, according to sister website peHUB. And Buyouts research recently found that financial services and healthcare specialist Flexpoint Ford is due to come back to market this year with Flexpoint Ford Fund III.

Other vehicles making this top ten include the 2007 vintage Apollo Investment Fund VII in fourth place, with a 24.9 percent IRR and 1.83x multiple, and the 2008 vintage Ares Corporate Opportunities Fund III in fifth place, with a 23 percent IRR and 1.64x multiple.

Madison Dearborn takes both sixth and seventh place with its 2007 vintage Madison Dearborn Capital Partners VI, posting an IRR of 17.7 percent and multiple of 1.31x for the period, and the 2000 vintage Madison Dearborn Capital Partners IV, with a 16.6 percent IRR and 1.99x multiple.

Since inception in 1979 through June 30, 2013, the pension fund’s private equity portfolio has consisted of $8.9 billion in commitments with 210 active partnerships. Including the current net asset value of $4.4 billion as of June 30, 2013, the private equity portfolio has produced $4 billion in profits and a 1.6x multiple on contributed capital. The private equity portfolio has generated a total return of 13.2 percent for the 10-year period ended June 30, 2013.