Slideshow: UTIMCO in 17 Active Funds with IRRs > 25%

Judging by UTIMCO’s latest performance numbers, producing an internal rate of return above 25% is quite a feat. Of the 216 funds the University of Texas Management Co. lists as “active relationships,” just 17 (or 7.8%) can boast the distinction of such a large IRR.

Some quick observations about the before we get to the list.

  • PE has outperformed VC by a long shot. Thirteen of the 17 funds with IRRs above 25% are private equity funds.
  • Energy has been especially good for UTIMCO. Six of the 13 PE funds with IRRs above 25% are focused on energy investments.
  • Distressed debt funds accounted for three of the 13 top-performing PE funds.
  • Mid-market and small buyouts each had two funds in the top 13.
  • Early stage tech VC has paid off in a big way for UTIMCO, accounting for three of the four VC funds that made it into the top 17. (See my prior post on UTIMCO’s success with early stage tech VC here.)

Other than where noted, all data are provided by UTIMCO and are current as of May 31, 2011. Without further ado, here are the 17 active funds in the UTIMCO portfolio that have produced IRRs above 25 percent.

[slideshow]
[slide title="No. 17: Hellman & Friedman Capital Partners II"]
Hellman & Friedman Investors
Partnership Name: Hellman & Friedman Capital Partners II, L.P.
Capital Invested: $8,837,541.25
Capital Returned to UTIMCO: $26,747,342.31
Current Value: $7,102.00
Cash-on-Cash Return: 3.03
IRR: 25.01%
Fund Formation Date: 6/28/91
Fund Focus: Small buyouts in sectors such as health care, IT and financials in the U.S.
UTIMCO Commitment: $8,831,440.00
UTIMCO % Ownership: 1.16%

[slide title="No. 16: EnCap Energy Infrastructure Fund"]
EnCap Investments
Partnership Name: EnCap Energy Infrastructure Fund, L.P.
Capital Invested: $26,807,424.71
Capital Returned to UTIMCO: $4,631,126.38
Current Value: $26,849,132.34
Cash-on-Cash Return: 0.17
IRR: 25.46%
Fund Formation Date: 10/14/08
Fund Focus: Opportunistic energy investments in the U.S.
UTIMCO Commitment: $66,666,667.00
UTIMCO % Ownership: 5.88%

[slide title="No. 15: SCF-VI"]
SCF Partners
Partnership Name: SCF-VI, L.P.
Capital Invested: $31,146,280.85
Capital Returned to UTIMCO: $20,926,693.17
Current Value: $34,171,410.32
Cash-on-Cash Return: 0.67
IRR: 25.65%
Fund Formation Date: 7/15/05
Fund Focus: Opportunistic energy investments in the U.S.
UTIMCO Commitment: $35,734,082.00
UTIMCO % Ownership: 8.82%

[slide title="No. 14: ZN Mexico II"]
ZN Mexico General Partner (aka Zephyr Management, L.P.)
Partnership Name: ZN Mexico II, L.P.
Capital Invested: $25,132,546.71
Capital Returned to UTIMCO: $74,219,170.76
Current Value: $2,947,905.21
Cash-on-Cash Return: 2.95
IRR: 27.19%
Fund Formation Date: 6/11/02
Fund Focus: Mid-market investments in Mexico and growth opportunities created by the North American Free Trade Agreement.*
UTIMCO Commitment: $25,000,000.00
UTIMCO % Ownership: 20.92%
*Description from Zephyr Management website.

[slide title="No. 13: MSouth Equity Partners"]
MSouth Equity Partners
Partnership Name: MSouth Equity Partners, L.P.
Capital Invested: $40,152,282.89
Capital Returned to UTIMCO: $1,011,693.89
Current Value: $56,959,360.87
Cash-on-Cash Return: 0.03
IRR: 27.67%
Fund Formation Date: 7/21/06
Fund Focus: Small buyouts in industrial and consumer companies in the U.S.
UTIMCO Commitment: $50,000,000.00
UTIMCO % Ownership: 18.93%

[slide title="No. 12: OCM Opportunities Fund IV"]
Oaktree Capital Management
Partnership Name: OCM Opportunities Fund IV, L.P.
Capital Invested: $40,000,000.00
Capital Returned to UTIMCO: $65,917,014.82
Current Value: $98,641.19
Cash-on-Cash Return: 1.65
IRR: 28.04%
Fund Formation Date: 8/31/01
Fund Focus: Distressed debt in the U.S
UTIMCO Commitment: $40,000,000.00
UTIMCO % Ownership: 1.88%

[slide title="No. 11: AG Capital Recovery Partners IV"]
Angelo, Gordon & Co.
Partnership Name: AG Capital Recovery Partners IV, L.P.
Capital Invested: $14,166,086.00
Capital Returned to UTIMCO: $22,111,746.00
Current Value: $272,074.97
Cash-on-Cash Return: 1.56
IRR: 28.71%
Fund Formation Date: 10/15/02
Fund Focus: Distressed debt in the U.S.
UTIMCO Commitment: $20,000,000.00
UTIMCO % Ownership: 2.00%

[slide title="No. 10: Austin Ventures V"]
Austin Ventures
Partnership Name: Austin Ventures V, L.P.
Capital Invested: $15,001,997.50
Capital Returned to UTIMCO: $29,402,273.79
Current Value: $338,026.32
Cash-on-Cash Return: 1.96
IRR: 31.90%
Fund Formation Date: 12/23/96
Fund Focus: Early stage and growth companies in health care, telecom and IT sectors in the U.S.
UTIMCO Commitment: $15,000,000.00
UTIMCO % Ownership: 8.82%

[slide title="No. 9: Fortress Credit Opportunities Fund"]
Fortress Investment Group
Partnership Name: Fortress Credit Opportunities Fund, L.P.
Capital Invested: $148,053,454.50
Capital Returned to UTIMCO: $137,467,323.03
Current Value: $52,300,416.23
Cash-on-Cash Return: 0.93
IRR: 33.81%
Fund Formation Date: 12/14/07
Fund Focus: Global distressed debt opportunities.
UTIMCO Commitment: $75,000,000.00
UTIMCO % Ownership: 3.75%

[slide title="No. 8: SCF-V"]
SCF Partners
Partnership Name: SCF-V, L.P.
Capital Invested: $19,399,004.72
Capital Returned to UTIMCO: $26,003,743.03
Current Value: $16,833,098.03
Cash-on-Cash Return: 1.34
IRR: 34.39%
Fund Formation Date: 7/1/03
Fund Focus: Opportunistic energy investments in the U.S.
UTIMCO Commitment: $24,220,000.00
UTIMCO % Ownership: 12.1%

[slide title="No. 7: Barclays Private Equity European Fund A"]
Barclays Private Equity
Partnership Name: Barclays Private Equity European Fund A, L.P.
Capital Invested: $28,719,344.01
Capital Returned to UTIMCO: $58,151,752.44
Current Value: $10,578,917.82
Cash-on-Cash Return: 2.02
IRR: 34.97%
Fund Formation Date: 5/10/02
Fund Focus: Mid-market buyouts in areas such as health care, industrials and financials in Europe.
UTIMCO Commitment: $30,727,950.89
UTIMCO % Ownership: 4.52%

[slide title="No. 6: EnCap Energy Capital Fund IV-B"]
EnCap Investments
Partnership Name: EnCap Energy Capital Fund IV-B, L.P.
Capital Invested: $17,380,345.06
Capital Returned to UTIMCO: $29,508,884.12
Current Value: $425,139.64
Cash-on-Cash Return: 1.70
IRR: 50.60%
Fund Formation Date: 11/19/01
Fund Focus: Opportunistic energy investments in the U.S.
UTIMCO Commitment: $15,000,000.00
UTIMCO % Ownership: 2.84%

[slide title="No. 5: OCM/GFI Power Opportunities Fund II"]
Oaktree Capital Management
Partnership Name: OCM/GFI Power Opportunities Fund II, L.P.
Capital Invested: $16,685,196.82
Capital Returned to UTIMCO: $43,139,040.90
Current Value: $6,391,092.55
Cash-on-Cash Return: 2.59
IRR: 59.09%
Fund Formation Date: 10/14/04
Fund Focus: Opportunistic energy investments in the U.S.
UTIMCO Commitment: $30,000,000.00
UTIMCO % Ownership: 3.31%

[slide title="No. 4: Spark Capital II"]
Spark Management Partners
Partnership Name: Spark Capital II, L.P.
Capital Invested: $16,668,500.00
Capital Returned to UTIMCO: $6,963,789.00
Current Value: $35,188,438.51
Cash-on-Cash Return: 0.42
IRR: 69.47%
Fund Formation Date: 7/9/07
Fund Focus: Early stage technology companies in the U.S.
UTIMCO Commitment: $25,000,000.00
UTIMCO % Ownership: 6.89%

[slide title="No. 3: Foundry Venture Capital 2007"]
Foundry Group
Partnership Name: Foundry Venture Capital 2007, L.P.
Capital Invested: $30,650,000.01
Capital Returned to UTIMCO: $10,190,279.35
Current Value: $98,355,372.33
Cash-on-Cash Return: 0.33
IRR: 79.17%
Fund Formation Date: 9/7/2007
Fund Focus: Early stage technology companies in the U.S.
UTIMCO Commitment: $40,000,000.00
UTIMCO % Ownership: 17.24%

[slide title="No. 2: Union Square Ventures 2004"]
Union Square Ventures
Partnership Name: Union Square Ventures 2004, L.P.
Capital Invested: $22,250,000.00
Capital Returned to UTIMCO: $39,780,110.00
Current Value: $160,640,942.60
Cash-on-Cash Return: 1.79
IRR: 82.15%
Fund Formation Date: 10/20/04
Fund Focus: Early stage technology companies in the U.S.
UTIMCO Commitment: $25,000,000.00
UTIMCO % Ownership: 19.92%

[slide title="No. 1: Resource Capital Fund V"]
Resource Capital Funds
Partnership Name: Resource Capital Fund V, L.P.
Capital Invested: $14,424,175.06
Capital Returned to UTIMCO: $4,217,828.22
Current Value: $24,058,558.74
Cash-on-Cash Return: 0.29
IRR: 152.12%
Fund Formation Date: 5/1/10
Fund Focus: Global energy opportunities.
UTIMCO Commitment: $50,000,000.00
UTIMCO % Ownership: 4.9%

[/slideshow]

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