Through the Looking Glass

It’s been a while since I’ve compiled a list of public pension systems that publish VC and buyout fund performance data on their websites. So here’s a semi-comprehensive list, ranked in order of usefulness:

California Public Employees’ Retirement System
CalPERS is the first public pension known to have disclosed fund-level performance data, even though its initial foray is said to have been the mistake of a keyboard happy junior staffer. Full data for more than 550 funds, including IRRs, cash in/out, current portfolio values and vintage years. Make sure to check out the hyperlinked “California Emerging Ventures” funds, because that’s where most of the VC stuff is (dedicated pools managed by Grove Street Advisors). Data currently through Q4 2007.

California State Teachers Retirement System
Not nearly as detailed as its public employees’ counterpart, nor as diverse. Around 300 funds, but almost all buyouts. IRRs and cash-in/cash-out, but no current portfolio values or investment multiples. Data through Sept. 30, 2007: CalSTRSdata.pdf

Washington State Investment Board
WBIB has a reputation for being KKR’s ATM machine, but nonetheless has a total of more than 225 VC and buyout funds. More importantly for our purposes, Washington provides detailed information – including the actual date of commitment (not just vintage year). Info through Q4 2007: WashingtonReturns1.pdf

Oregon State Treasury
Buyout-heavy portfolio, with data for more than 200 funds. IRRs, fair-market value, cash in/out, multiples. Not as big as the California systems, but more timely (March 31, 2008). Download Oregon data: OregonData.pdf

Pennsylvania State Employees’ Retirement System
Extensive and buyout portfolio, but the data is skimpy with just capital committed and cash-in/out: PSERS.pdf

New York State Common Retirement Fund
About 160 funds, including like-name buyout players like KKR, H&F, TH Lee and Warburg Pincus. Problem is lack of IRRs and a March 2007 stop date. On the upside, it does release both remaining market value and cash-in/out info: NyCommon.pdf

University of Texas Investment Management Co.
Considering that UTIMCO kicked off the whole public disclosure brouhaha a few years back, you’d think its info would be front and center. Or somewhere. But it’s not. Only way to get it is to file a FOIA request via its website, although they do then come fairly quickly.

Mass PRIM
Same as UTIMCO, except a FOIA request will only get you data for funds that are at least five years old (J-Curve protection). Here’s the website.

Got one I missed? Let me know and I’ll add it.