Research

LP Scorecard: Vintage-2007 PE funds generated most distributions for New Jersey in recent nine-month period

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Rickie Fowler
Photo: Rickie Fowler of the U.S. checks his scorecard on the 10th hole during the final round of the 2014 PGA Championship at Valhalla Golf Club in Louisville, Kentucky, August 10, 2014. REUTERS/Brian Snyder

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.

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
Source: New Jersey Division of Investment; data is current as of November 30, 2014