Montana Data Sheds Light On GP Performance

A spreadsheet embedded deep within meeting documents of the $6 billion Montana Board of Investments contains return data for the 115 private equity funds the limited partner has committed to, 34 of which are funds of funds managed by Adams Street Partners or its predecessor firm Brinson Partners.

The remainder are mostly buyout and venture capital funds, with the earliest vintage being the KKR 1987 Fund. Aggregated returns for these 115 funds show a net IRR of 11.82 percent and an investment multiple of 1.3x, as of Dec. 31, 2009.

The data includes 48 funds that Buyouts previously had no return information on, including those in the accompanying table on p. 8. Although most are relatively young (vintage 2004 through 2009) and still in the grips of the J-curve, it will be an interesting exercise to follow their progress through Montana’s data as they mature.