These days, the growth is in places like China, Brazil and India. And the California Public Employees’ Retirement System seems poised to benefit through a pair of investments in 57 Stars funds of funds.
CalPERS made the investments in 2007 and 2009 and so far contributed $336 million of capital, according to its September 2011 portfolio report. The funds of funds have yet to return the investments in cash. But individual holdings in the funds of funds look solid, even if at an early stage.
Eleven of the individual funds have positive IRRs and five have negative ones, according to a peHUB analysis of the portfolio report. Most are vintage 2007 and 2008.
The individual funds are a diversified lot. Five appear to focus on China, four on India, two on Turkey, and one on Brazil and South America, the analysis found. Four look early, two late and nine have a generalist’s or balanced approach.
The top performing fund is from GSR Ventures, followed by the DLJ South American Partners and Actera Partners funds.
What follows is a slideshow of the 16 funds with IRRs, cash contributions and distributions. They are listed from worst to best IRR. The source is the CalPERS portfolio report with data from Thomson Reuters, publisher of this blog.
Photo courtesy of Shutterstock.
Firm: Innova Capital
Fund Location: Poland
Commitment: $26.6 million
Cash In: $4.8 million
Cash Out: $125
Portfolio Value and Cash Out: $3.9 million
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