LP Scorecard: Top U.S. Funds In CPP Investment Board Portfolio

The 2004 vintage Hellman & Friedman fund posted a 2.44x multiple for the period. CPP Investment Board committed $75 million to that fund.

That vehicle is followed in this scorecard by the 2002 vintage Blackstone Capital Partners IV, which recorded a 2.29x multiple and secured a $185 million commitment from CPP Investment Board. Three 2001-vintage funds on the list are Matlin Patterson Global Opportunities Fund in sixth place, Brookfield Special Situation I in ninth place and JP Morgan Partners Global Investors in the tenth spot. Ares Corporate Opportunities Fund II, a 2006-vintage fund, is the youngest fund in the scorecard, taking eighth place.

Funds managed by buyout behemoths Apollo Global Management and TPG Capital also feature in the top ten, in fourth and seventh places respectively.

CPP Investment Board began investing in private equity in 2001 and has committed around $41 billion to private equity, of which more than $31 billion has been invested to date. The state pension fund currently has a private equity portfolio of 174 funds with 81 managers. Private equity accounted for 16.5 percent of the total pension fund’s investment portfolio as of September 30, 2012.

As Buyouts noted in its last CPP Investment Board scorecard, the pension fund has a strong exposure to euro-denominated buyout vehicles; indeed, the top performer of the whole private equity portfolio is Advent International’s 2001 vintage Advent International GPE Fund IV, which posted a 2.89x multiple for the period. Also performing well for CPP Investment Board is the 2005 vintage Advent International GPE V, which posted a 2.36x multiple and another firm from across the pond, the 2001 vintage PAI Europe III, which posted a 2.71x multiple.

Other prominent private equity fund managers the pension fund has backed include AlpInvest, Apax Partners, BC Partners, The Carlyle Group, Coller Capital, Kohlberg Kravis Roberts & Co., Partners Group, Permira Advisers, Riverstone Holdings LLC, Veronis Suhler Stevenson and Welsh, Carson, Anderson & Stowe.

Angela Sormani is a special correspondent for Buyouts in London.

For more information on CPP Investment Board’s commitments to these fund managers click here. Below are the top 10-performing U.S.-based buyout funds in the private equity portfolio, by investment multiple (which takes into account both realized and unrealized gains or losses).

 

10. JPMorgan Partners Global Investors

Vintage: 2001

Capital Committed: $175 million

Distributions: $204.1 million

Multiple: 1.56x

 

9. Brookfield Special Situation I

Vintage: 2001

Capital Committed: $151.9 million

Distributions: $290.9 million

Multiple: 1.57x

 

8. Ares Corporate Opportunities Fund II

Vintage: 2006

Capital Committed: $200 million

Distributions: $209.9 million

Multiple: 1.60x

 

7. TPG Partners IV

Vintage: 2003

Capital Committed: $100 million

Distributions: $120.2 million

Multiple: 1.69x

 

6. MatlinPatterson Global Opportunities Fund

Vintage: 2001

Capital Committed: $100 million

Distributions: $166.6 million

Multiple: 1.76x

 

5. Lindsay, Goldberg & Bessemer

Vintage: 2002

Capital Committed: $99.9 million

Distributions: $183.8 million

Multiple: 2.06x

 

4. Apollo V

Vintage: 2002

Capital Committed: $150 million

Distributions: $389.6 million

Multiple: 2.08x

 

3. MidOcean Partners

Vintage: 2003

Capital Committed: $265.8 million

Distributions: $550.4 million

Multiple: 2.17x

 

2. Blackstone Capital Partners IV

Vintage: 2002

Capital Committed: $185 million

Distributions: $343.1 million

Multiple: 2.29x

 

1. Hellman & Friedman Capital Partners V

Vintage: 2004

Capital Committed: $75 million

Distributions: $121.2 million

Multiple: 2.44x