In the first six months of 2016, Washington State Investment Board’s private equity portfolio realized about $1.9 billion in distributions, while adding nine new fund commitments. This wave of returns was led by megafunds from Kohlberg Kravis Robertsand TPG Capital.
KKR’s Millennium Fund produced the most with $125.7 million over those six months. KKR’s 2006 vintage followed by distributing $109.5 million. TPG’s 2006-vintage TPG Partners V cashed out $108.5 million, while 2008’s Fund VI handed back $70.6 million.
In terms of distribution percentage (cash out divided by cash in), TowerBrook Capital Partners led the way. Towerbrook Investors Fund IV from 2013 turned out a 45.5 percent distribution, while also boasting a 40 percent internal rate of return, the highest of the funds highlighted here and one of the top within the entire portfolio.
Next was FountainVest Partners’ sophomore China pool. China Growth Capital Fund II generated a 33.8 distribution percentage. Affinity Equity Partners’ Asia Pacific Fund IV churned out a 31.9 distribution percentage.
All told, Washington State Investment Board’s PE portfolio has about $50.8 billion committed to 317 active funds. Those active funds have combined for nearly $43 billion drawn down, with $48.2 billion cashed out as of June 30, 2016.
Action Item: Download LP Scorecard table as a spreadsheet: LP Scorecard Table