LP Scorecard Slide Show: CVC is a Winner for NYC Police


European buyout veteran CVC Capital Partners’ 2001 vintage fund investments have proved to be the best bets of NYC Police Pension Fund for the period ending Dec. 31, 2011.

This European performance makes up for one of NYC Police’s less successful Euro bets on Swiss-based LODH Private Equity’s (now Akina Partners) Euro Choice IV LP fund of funds, which is one the pension fund’s less lucrative commitments to date.

LODH Private Equity spun out of Lombard Odier in summer 2010 to become Akina Partners. Euro Choice IV closed on 776 million Swiss francs ($796 million) and is a 2008 vintage so hopefully has a bit of wind left in its sails for NYC Police yet. The vehicle is focused on the lower end of the European mid-market and invests in buyout, growth capital and selective turnaround funds.

Top performers in NYC Police are a mixed bag. A young fund putting in a strong performance is tech venture firm Scale Venture Partners’ third fund. This fund has a 2009 vintage and ranks in sixth place with a 32.1% IRR. The top ten also plays host to two 2008 vintage funds—Ares Corporate Opportunities Fund III LP and Landmark Equity Partners XIV LP, which post IRRs of 25.5% and 28.6% respectively. Ares has a focus on majority/shared control investments in growth, rescue and de-leveraging situations. Landmark is a secondary investor. Emerging technology investor FirstMark Capital’s 2005 vintage fund also put in a strong performance in fifth place with a 37.6% IRR.

In terms of commitment, NYC Police’s most generous to date have all been made this year with $80 million in Warburg Pincus Private Equity XI LP and $75,000,000 pledged to Summit Partners Growth Equity Fund VIII LP. The 2011 vintage BC European Capital IX takes the pension fund’s third largest commitment at $69.7 million.

Scroll down our scorecard to see which funds have generated the best IRRs to date for NYC Police and how much the pension fund has committed to these vehicles.

Image of police car courtesy of Shutterstock

[slideshow]

[slide title=” 10. Lincolnshire Equity Fund II LP”]

Vintage Year: 1999

NYC Police Commitment: $12,000,000

Multiple: 2x

IRR: 25.1%

[slide title=” 9. Ares Corporate Opportunities Fund III LP”]

Vintage Year: 2008

NYC Police Commitment: $25,000,000

Multiple: 1.66x

IRR: 25.5%

[slide title=” 8. Landmark Equity Partners XIV LP”]

Vintage Year: 2008

NYC Police Commitment: $27,250,000

Multiple: 1.26x

IRR: 28.6%

[slide title=” 7. Vista Equity Partners Fund III LP”]

Vintage Year: 2007

NYC Police Commitment: $20,000,000

Multiple: 1.99x

IRR: 28.8%

[slide title=” 6. Scale Venture Partners III LP”]

Vintage Year: 2009

NYC Police Commitment: $10,000,000

Multiple: 1.4x

IRR: 32.1%

[slide title=” 5. FirstMark IV LP”]

Vintage Year: 2005

NYC Police Commitment: $10,000,000

Multiple: 2.08x

IRR: 37.6%

[slide title=” 4. Blackstone Capital Partners IV LP”]

Vintage Year: 2003

NYC Police Commitment: $50,000,000

Multiple: 2.59x

IRR: 38.4%

[slide title=” 3. Apollo Investment Fund V LP”]

Vintage Year: 2001

NYC Police Commitment: $35,000,000

Multiple: 2.59x

IRR: 38.4%

[slide title=” 2. Lincolnshire Equity Fund III LP”]

Vintage Year: 2004

NYC Police Commitment: $15,000,000

Multiple: 2x

IRR: 39.5%

[slide title=” 1. CVC European Equity Partners III LP”]

Vintage Year: 2001

NYC Police Commitment: $25,000,000

Multiple: 2.87x

IRR: 41.4%

[/slideshow]