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LP Scorecard: UTIMCO’s buyout IRR climbers and decliners

U.S. mid-market player Francisco Partners’ 2010 vintage fund scored the biggest leap in IRR for University of Texas Investment Management Co, according to a comparison of performance data for periods ending Feb. 28, 2013, and Feb. 28, 2014.

The data compares some 148 buyout-related vehicles with vintages ranging from 1991 to 2010. Real estate vehicles were not included in the analysis.

The 2010 vintage Francisco Partners III LP leapt out of negative territory by some 22.12 percentage points to an IRR of 16.03 percent in 2014 from -6.09 percent in 2013.

In second place came the 2008 vintage U.S. growth fund TCV VII LP, up 13.27 percentage points to 18.63 percent in 2014 percent from 5.36 percent the previous year.

This was followed by the 2010 vintage U.S. natural resources fund Oaktree Power Opportunities Fund III LP, up 8.27 percentage points to 18.28 percent from 10.01 percent.

A European mid-market fund features in fourth place in this scorecard. The 2007 Doughty Hanson & Co V was up 6.64 percentage points to 8.03 percent from 1.4 percent.

Those that suffered the biggest fall by percentage points included the 2010 vintage mining-focused vehicle Resource Capital Fund V LP, which fell 20.19 percentage points to a -14.62 percent IRR in 2014 from 5.57 percent in 2013.

The 2008 vintage U.S. energy opportunistic vehicle SCF-VII LP fell 11.62 percentage points to an IRR of 33.95 percent from 45.57 percent.

Third from the bottom in this scorecard came another 2008 vintage fund—Sindicatum Climate Change Partners, a global natural resources vehicle that fell further into negative territory, down 10.18 percentage points to an IRR of -18.06 percent in 2014 from -7.88 percent a year earlier.

However, it is also a natural resources focused buyout fund that comes top of this selection of buyout funds in terms of overall IRR, posting performance of 58.48 percent in 2014, down very slightly from 58.68 in 2013. OCM/GFI Power Opportunities Fund II LP is a 2005 vintage fund.

The 2004 vintage global distressed debt control vehicle MatlinPatterson Global Opportunities Partners II comes bottom of the pile for this fund selection, posting an IRR of -28.51 percent, up slightly from the previous year’s -29.14 percent.

Private investments have generated an IRR of 10.60 percent for UTIMCO since inception of the investment period. UTIMCO began investing in private investments on Dec. 15, 1982.