Go to where the growth is. That might be the best advice an investor can get.
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.
No. 1: Innova Fund V
No. 2: Baring India Private Equity Fund III
No. 3: Evergreen 5
No. 4: Actis India 3
No. 5: CDH Ventures Partners Fund 2
No. 6: Mayfield India
No. 7: SVB India Capital Partners
No. 8: DT Capital China Growth Fund
No. 9: SBCVC Fund 3
No. 10: Samara Capital Partners Fund I
No. 11: Actis Africa 3
No. 12: Turkish Private Equity Fund II
No. 13: New Horizon Capital III
No. 14: Actera Partners
No. 15: DLJ South American Partners
No. 16: GSR Ventures III
Vintage: 2009
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
IRR: -22.2%
Vintage: 2008
Firm: Baring Private Equity Asia
Fund Location: China
Commitment: $19.8 million
Cash In: $4.7 million
Cash Out: $956,000
Portfolio Value and Cash Out: $3.7 million
IRR: -18%
Vintage: 2007
Firm: Evergreen Venture Partners
Fund Location: Israel
Commitment: $5 million
Cash In: $3.7 million
Cash Out: $376,000
Portfolio Value and Cash Out: $2.4 million
IRR:-16.3%
Vintage: 2008
Firm: Actis Capital
Fund Location: India
Commitment: $9.9 million
Cash In: $4.5 million
Cash Out: $1.1 million
Portfolio Value and Cash Out: $4.3 million
IRR: -3.1%
Vintage: 2008
Firm: CDH China Management Co.
Fund Location: China
Commitment: $9.9 million
Cash In: $7.4 million
Cash Out: $1.2 million
Portfolio Value and Cash Out: $7.1 million
IRR: -2.9%
Vintage: 2008
Firm: Mayfield Fund
Fund Location: United States
Commitment: $5 million
Cash In: $2.6 million
Cash Out: 0
Portfolio Value and Cash Out: $2.7 million
IRR: 1.5%
Vintage: 2007
Firm: SVB Capital
Fund Location: United States
Commitment: $5 million
Cash In: $4.1 million
Cash Out: $368,000
Portfolio Value and Cash Out: $4.6 million
IRR: 4.4%
Vintage: 2008
Firm: DT Capital Partners
Fund Location: China
Commitment: $14.9 million
Cash In: $10.9 million
Cash Out: $18,000
Portfolio Value and Cash Out: $12.6 million
IRR: 6.7%
Vintage: 2008
Firm: Softbank China Venture Capital
Fund Location: China
Commitment: $9.9 million
Cash In: $5.7 million
Cash Out: 0
Portfolio Value and Cash Out: $6.5 million
IRR: 8.5%
Vintage: 2008
Firm: Samara Capital Partners
Fund Location: Mauritus
Commitment: $9.9 million
Cash In: $5.9 million
Cash Out: $201,000
Portfolio Value and Cash Out: $7.1 million
IRR: 8.6%
Vintage: 2008
Firm: Actis Capital
Fund Location: South Africa
Commitment: $9.9 million
Cash In: $4.5 million
Cash Out: $1,400
Portfolio Value and Cash Out: $5.6 million
IRR: 10.3%
Vintage: 2008
Firm: NA
Fund Location: NA
Commitment: $8.6 million
Cash In: $7 million
Cash Out: $327,000
Portfolio Value and Cash Out: $9.1 million
IRR: 12.8%
Vintage: 2009
Firm: New Horizon Capital
Fund Location: China
Commitment: $9.9 million
Cash In: $7 million
Cash Out: $478,000
Portfolio Value and Cash Out: $8 million
IRR: 13.9%
Vintage: 2007
Firm: Actera Partners
Fund Location: Turkey
Commitment: $8 million
Cash In: $5 million
Cash Out: $2.3 million
Portfolio Value and Cash Out: $9.5 million
IRR: 26.9%
Vintage: 2007
Firm: Victoria Capital Partners
Fund Location: Brazil
Commitment: $19.8 million
Cash In: $16.3 million
Cash Out: $19.1 million
Portfolio Value and Cash Out: $40.3 million
IRR: 41.9%
Vintage: 2008
Firm: GSR Ventures
Fund Location: China
Commitment: $9.9 million
Cash In: $6.2 million
Cash Out: 0
Portfolio Value and Cash Out: $14.4 million
IRR: 88.7%
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