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LP Scorecard: Young funds from EnCap, Thoma Bravo off to fast start for Nevada PERS

Thoma BravoInstitutional Venture Partners and EnCap Investments lead the way, each sporting two funds in the table. Altogether Nevada PERS backed five private equity funds (including venture capital) in 2010, 14 in 2011, 15 in 2012 and 13 in 2013. 

Thoma Bravo dominates the 2012 and 2013 vintages with the top funds of those years–Thoma Bravo X (1.46x investment multiple) and Thoma Bravo SOF I (1.42x), respectively. Institutional Venture Partners has the top fund of 2010, IVP XIII (1.38x), and the second place 2013-vintage IVP XIV (1.12x). EnCap Investments has two third-place finishers, the 2010-vintage EnCap VIII (1.17x) and the 2011-vintage EnCap VIII Co-Investors (1.28x). 

Other notable funds come from Battery Ventures and Advent International. Battery Ventures’s 2011 Battery IX has the highest investment multiple (1.51x) and IRR (32.6 percent) of all the budding funds from 2010-2013 vintages. Advent International VII sports a 1.30x investment multiple, good for second place among 2012-vintage funds backed by the pension fund.

Nevada PERS itself is a relatively young and growing limited partner, with funds dating back to 1999. All told, its private equity portfolio consists of $2.2 billion committed to more than 157 funds, with $1.5 billion drawn down and $1.0 billion in distributions. The remaining holdings are valued at $1.0 billion. Overall, the LP has realized a 1.40x investment multiple and 18.7 percent IRR on its investments.