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LP Scorecard: UTIMCO Finds Power In Energy

Top of the scorecard list this week is the 2008 vintage EnCap Energy Infrastructure Fund LP, which focuses on opportunistic energy investments in the United States. That fund posted an IRR of 64.93 percent and multiple of 1.9x for the period.

UTIMCO’s active portfolio comprises some 253 private equity funds with vintages from 1988 to 2012. The total value of UTIMCO’s private equity assets under management was $5.5 billion posting a return of 10.9 percent as of October 2012. The state pension fund’s actual allocation to private equity stands at 26.5 percent for the period. This is over its specified target allocation of 23 percent.

This top ten includes no fewer than seven energy-focused buyout funds. EnCap Investments features two vehicles, including the top ranked 2008-vintage EnCap Energy Infrastructure Fund LP; OakTree Capital Management ranks second with the 2004 vintage OCM/GFI Power Opportunities Fund II LP, posting an IRR of 58.82 percent and 3.1x multiple. And SCF Partners sweeps the board by number, with four of its energy-focused funds making this top ten in fourth, sixth, eighth and ninth place.

Other vehicles to feature in the ranking include two European mid-market focused funds—the 1995 vintage Doughty Hanson & Co. II in fifth place, posting an IRR of 48.94 and a 2.1x multiple, and the 2002 vintage Equistone Partners Europe Fund A LP in seventh place, posting an IRR of 34.77 percent and multiple of 2.4x. In tenth place is a US small buyout focused fund, the 1987 vintage Wingate Partners LP, which posted a 30.34 percent IRR and 6.1x multiple.

UTIMCO is committed to a range of high profile global and domestic buyout and venture capital fund managers, including CVC Capital Partners, Doughty Hanson, EnCap Investments, Fortress Investment Group, Hellman & Friedman Capital Partners and TPG Partners on the buyout side and Austin Venture, Foundry Venture Capital, Union Square Ventures, Sofinnova Venture Partners and Spark Capital on the venture side.

Venture capital funds accounts for the top two performing vehicles in UTIMCO’s entire active portfolio. The top spot goes to Austin Ventures IV LP, posting a 73.14 percent IRR and 8.4x multiple, followed by Union Square Ventures 2004 LP, with a 68.71 percent IRR and 9.4x multiple.

UTIMCO also publishes returns from its realized portfolio, which comprises some 89 private equity fund managers of 1988 vintage and later. The top performer in UTIMCO’s realized portfolio is Information Technology Ventures LP, which realized a 89.71 per cent IRR for the state pension fund.

Scroll down to find out more about UTIMCO’s top buyout performers for the period.

 

10. Wingate Partners LP

Fund Focus: U.S. small buyout

Vintage: 1987

Multiple: 6.1x

IRR: 30.34 percent

 

9. SCF-VI LP

Fund Focus: Opportunistic energy investments in the U.S.

Vintage: 2005

Multiple: 2.6x

IRR: 33.13 percent

 

8. SCF Partners LP

Fund Focus: Opportunistic energy investments in the U.S.

Vintage: 1989

Multiple: 3.1x

IRR: 33.71 percent

 

7. Equistone Partners Europe Fund A LP

Fund Focus: European mid-market buyout

Vintage: 2002

Multiple: 2.4x

IRR: 34.77 percent

 

6. SCF-V LP

Fund Focus: Opportunistic energy investments in the U.S.

Vintage: 2003

Multiple: 3.2x

IRR: 38.15 percent

 

5. Doughty Hanson & Co. II

Fund Focus: European mid-market buyout

Vintage: 1995

Multiple: 2.1x

IRR: 48.94 percent

 

4.SCF-VII LP

Fund Focus: Opportunistic energy investments in the US

Vintage: 2008

Multiple: 1.9x

IRR: 50.09 percent

 

3. EnCap Energy Capital Fund IV-B LP

Fund Focus: Opportunistic energy investments in the U.S.

Vintage: 2001

Multiple: 1.7x

IRR: 50.5 percent

 

2. OCM/GFI Power Opportunities Fund II LP

Fund Focus: Opportunistic energy investments in the U.S.

Vintage: 2004

Multiple: 3.1x

IRR: 58.82 percent

 

1. EnCap Energy Infrastructure Fund LP

Fund Focus: Opportunistic energy investments in the U.S.

Vintage: 2008

Multiple: 1.9x

IRR: 64.93 percent