Vintage-2007 funds are aging like fine wine for the New Jersey Division of Investment. The most recent data from the state reveals that four of the top five distributing funds from February 2014 to November of 2014 date from 2007 and generated over $230 million in returns in that 9-month span alone.
Atop the leader board in absolute distributions over those nine months stands Oak Hill Capital Partners’s third flagship fund. It paid out a hair over $64 million to New Jersey just in those nine months. Placing second was SONJ Private Opportunities Fund II LP, a separate account co-investment vehicle, distributing almost $62 million. Warburg Pincus followed that with its Warburg Pincus Private Equity X LP fund making $53.6 million in distributions. In fourth place came the 2007-vintage Hellman & Friedman Capital Partners VI, distributing $51.3 million.
Also analyzed were top funds for New Jersey in distributions as a percentage of contributed capital. Hellman & Friedman’s sixth primary fund is the only fund to appear on both lists, and holds the premier spot in distribution percentage from February to November with 53.7 percent. Following that at 48.0 percent is the NB/NJ Custom Investment Fund, a co-investment fund managed by Neuberger Berman. Onex Partners II LP comes in third with its 46.3 distribution percentage. It also has the highest investment multiple (2.00x) out of all the funds on both top 5 lists.
Overall, New Jersey’s private equity portfolio enjoyed $1.45 billion in distributions from February ’14 to November ’14, and an unweighted average of 15.8 percent distribution percentage.
Source: New Jersey Division of Investment; data is current as of November 30, 2014
|Rank||Fund Name||Vintage Year||Contributed Capital||Cash Out||Distributions from Feb ’14 to Nov ’14||Investment Multiple|
|1||Oak Hill Capital Partners III LP||2007||$291,730,277||$180,902,489||$64,079,361||1.32x|
|2||SONJ Private Opportunities Fund II LP||2007||$362,486,987||$100,185,356||$61,430,456||1.71x|
|3||Warburg Pincus Private Equity X LP||2007||$400,000,000||$236,107,415||$53,603,925||1.46x|
|4||Hellman & Friedman Capital Partners VI||2007||$95,547,475||$129,305,116||$51,303,952||1.73x|
|5||CSFB/NJDI Investment Fund 2006-1 Series||2006||$275,499,031||$201,809,038||$46,580,342||1.39x|
|Source: New Jersey Division of Investment; data is current as of November 30, 2014|
|Rank||Fund Name||Vintage Year||Contributed Capital||Cash Out||Distributions From Feb ’14 to Nov ’14 as Percent Of Contributed Capital||Investment Multiple|
|1||Hellman & Friedman Capital Partners VI||2007||$95,547,475||$129,305,116||53.7%||1.73x|
|2||NB/NJ Custom Investment Fund||2012||$88,921,905||$59,452,536||48.0%||1.92x|
|3||Onex Partners II LP||2006||$88,772,814||$162,065,393||46.3%||2.00x|
|4||Welsh, Carson, Anderson & Stowe XI LP||2008||$89,241,082||$55,095,051||40.5%||1.43x|
|5||JLL Partners Fund V LP||2005||$52,634,435||$61,729,913||39.6%||1.61x|