It’s not often that we contributors to peHUB come across a stash of private-equity return data from a fresh source. But we managed to do it twice in just the past few weeks. First came data from a young portfolio managed by the New Jersey State Investment Council. And now we’ve got our hands on data from a young portfolio managed by the Texas County & District Retirement System. All told we know of some dozen U.S. pensions that make their return data easily accessible, such as by posting it on their websites.
The 65-fund Texas Country & District portfolio stretches from vintage 2006 to vintage 2011, and includes buyout, energy, mezzanine, venture capital and non-US funds. The results, like those in New Jersey, are modest to date. Not a big surprise for a fund launched near a market peak and one still suffering from the j-curve effect, whereby returns on funds tend to be negative in the early going as management fees get drawn down while distributions remain scarce. With $1.9 billion committed, and $674.6 million (or just over a third) drawn down, the portfolio as a whole has posted, as of year-end, a 3.08 percent net IRR and a 1.05x total value investment multiple.
For now, the energy funds are leading the way in performance, with a 9.53 percent net IRR and 1.17x investment multiple, followed by mezzanine (6.45 percent; 1.11x), venture capital (2.43 percent, 1.04x), buyout (2.26 percent, 1.04x) and non-US (-1.09 percent, .98x).
Click through below to see the top 10 performing funds (from the 47 that are two years or older) in the Texas County & District portfolio.
(Note: All data in the following slideshow are from the Texas County & District Retirement System.)
Net IRR: 7.25%
Total Value Multiple:1.14x
Vintage Year: 2006
Capital Committed: $25 million
Capital Contributed: $16.1 million