As of September 30, 2018, the since inception Net IRR is 10.7% and the Net Multiple is 1.5x.
The table below reflects the performance of all active PE partnership investments as of September 30, 2018. At the end of each quarter, the General Partners report on the value of invested capital. The General Partners have 120 days to provide Limited Partners with financial data, so there is generally a 2-quarter delay in performance reporting.
The table is updated quarterly and provides information on the status of all active CalPERS private equity commitments; it doesnt include any exited partnership investments.
The Fund column lists the names of all active partnership investments.
Vintage Year is the year in which CalPERS first cash flow for the investment occurred.
Capital Committed identifies the original amount CalPERS committed to each fund.
Cash In represents capital contributed for investments and management fees.
Cash Out represents distributions CalPERS has received back from the fund.
Cash Out & Remaining Value represents the distributions CalPERS has received plus the reported value of the invested capital.
Net IRR is the Net Internal Rate of Return based on CalPERS actual cash flows and the reported value of the invested capital.
Investment Multiple is the Cash Out & Remaining Value divided by the Cash In.
In evaluating private equity performance, CalPERS emphasizes using both the realized Internal Rate of Return (IRR) and Investment Multiple. Interim IRRs by themselves are not the best indicators of current or future fund performance.
The IRR is calculated based on CalPERS records of cash flows and financial statements from the investment managers.
57 Stars Global Opportunities Fund 2 (CalPERS), LLC
Advent International GPE VIII-B Limited Partnership
Advent Latin America Private Equity Fund IV-D, L.P.
Advent Latin America Private Equity Fund V-H L.P.
Advent Latin American Private Equity Fund III-D L.P.
Apollo Special Opportunities Managed Account, L.P.
Baring Vostok Private Equity Fund IV L.P. / Supplemental
Blackstone Tactical Opportunities Fund – C L.P.
Blackstone Tactical Opportunities Fund II – C L.P.
Blackstone Tactical Opportunities Fund III-C L.P.
Carlyle Global Financial Services Partners, L.P.
Carlyle/Riverstone Global Energy and Power Fund II
Carlyle/Riverstone Global Energy and Power Fund III, L.P.
Carlyle/Riverstone Renewable Energy Infrastructure Fund I
Clearwater Capital Partners Fund II Holdings, L.P.
CVC Capital Partners Strategic Opportunities Compounding Capital L.P.
CVC European Equity Partners Tandem Fund (B) L.P.
Essex Woodlands Health Ventures Fund VIII, L.P.
Hellman & Friedman Capital Partners VIII, L.P.
Insight Venture Partners Growth-Buyout Coinvestment Fund (B), L.P.
RFG Private Equity Limited Partnership No. 1A, 1B and 1C
Richardson Capital Private Equity Limited Partnership No.2A, 2B and 2C
Riverstone Global Energy and Power Fund V, L.P.
Riverstone Global Energy and Power Fund VI, L.P.
Riverstone/Carlyle Global Energy and Power Fund IV, L.P.
Riverstone/Carlyle Renewable & Alternative Energy Fund II, L.P.
Riverwood Capital Partners (Parallel – A) L.P.
Towerbrook Structured Opportunities Fund (Onshore), L.P.
Vicente Capital Partners Growth Equity Fund, L.P.
1Not Meaningful: Funds with a vintage year of 2014 or later are in the initial stages of their investment life cycle. Any performance analysis done on these funds would not generate meaningful results as private equity funds are understood to be long-term investments.
2Partnership investment is using a cash adjusted market value.
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