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LP Scorecard: Washington’s top-performing buyout managers coming back to market

Fortress is expected to come back to market with Fortress Credit Opportunities Fund III as Fortress Credit Opportunities Fund II was fully drawn down, according to research from the Buyouts Performance Database and Thomson One.

In second place comes Evergreen Pacific Partners’ 2008 vintage Evergreen Pacific Partners II LP with an IRR of 28.62 percent. Evergreen is earmarked to potentially come back to market this year with Evergreen Pacific Partners III LP, as Evergreen Pacific Partners II LP was around 50 percent drawn down, according to Washington.

Oaktree takes third and tenth place in the scorecard with its 2001 vintage OCM Opportunities Fund IV LP posting a 28.02 percent IRR for the period and the 2008 OCM Opportunities Fund VII-B LP posting an 18.22 percent IRR. Oaktree is expected to come back to market this year with Oaktree European Principal Fund IV LP.

Washington has committed to some 216 buyout-related investment vehicles ranging in vintage year from 1984 to 2013. Of these funds, there are some 52 buyout fund managers with a vehicle due to come to market this year, according to research from the Buyouts Performance Database and Thomson One. The fund vintages from this selection ranged from 1995 to 2013.

As of June 30, the market value of Washington’s private equity portfolio was $16.1 billion. Washington’s top buyout performers in terms of IRR are the 2001 vintage GTCR Fund VII-A LP, which posted an IRR of 83.01 percent and 2.8x multiple, followed by the 1996 vintage Doughty Hanson Fund II LP with a 48.83 percent IRR and 2.1 x multiple.

The 2001 vintage First Reserve Fund IX LP came in third place with a 48.12 percent IRR and 2.8x multiple.