The latest data released by the Los Angeles City Employees’ Retirement System, which has committed about $4.8 billion to private equity funds, shows that it realized an impressive $398 million in the one-year period ending June 2015. It also added 17 new funds to its portfolio in that time.
Vista Equity Partners added to the pension’s bottom line with its 2012-vintage Vista Equity Fund IV. The San Francisco-based firm’s fourth flagship fund led the way in both total distributions ($10 million) and distributions as a percent of contributed capital (99.4 percent) over the one-year period.
Following Vista in absolute distributions were CHS Capital and The Carlyle Group. CHS Private Equity V produced $10 million for the pension fund, while Carlyle Partners V returned almost $9.2 million.
As for distribution percentages, ACON Investments and BC Partners took second and third place. The 2012-vintage ACON Equity Partners III posted a lofty 95 percent distribution percentage, while BC Partners, with its headquarters in London, produced an 87.2 percent distribution percentage for its ninth European mega-buyout fund. International funds make up about a quarter of LACERS’s portfolio.
Among the top five lists, TPG Partners was noteworthy for generating both an 85.3 distribution percentage, as well as the highest IRR among the 10 funds highlighted, at 41.6 percent.
All told, LACERS’s private equity portfolio had about $4.8 billion in committed capital across 253 active funds as of June 30, 2015. Those active investments have a combined $3.7 billion drawn down and produced nearly $3.1 billion in realized returns.
Download the LP Scorecard table as a spreadsheet: LACERS LP Scorecard table