Mezzanine is the Word for OPPRS: Slideshow

Oklahoma Police Pension
 and Retirement System is currently 3% over allocated to its private equity programme. For the period ended May 31, 2012 OPPRS had committed $438,000,000 to private equity capturing a market value of $226,777,000 which accounted for 13% of the total pension portfolio, 3% over its 10% target allocation.

The fund received distributions of $283,404,804 from its private equity investments achieving a multiple to cost of 1.33x and a total value of $510,181,812.

OPPRS has committed to two new funds so far in 2012. It has committed $7,500,000 to buyout fund Arsenal Capital Partners III which held a first close at around $300 million in May and has set a cap of $825 million on the fund.

It has also committed $7,500,000 to Actis Emerging Markets IV which has a target of $3.5 billion and is focused on emerging markets across Asia and the rest of the world.

The majority of the pension fund’s private equity investments are divided between venture, buyout and distressed funds. To date, it has also made six commitments to mezzanine funds, one to a secondary fund-of-funds, Lexington VI and one emerging markets fund, the already mentioned Actis EM IV.

Top buyout performers for the fund include the 2003 vintage Arsenal Capital Partners (hence its recent commitment to Arsenal Capital’s third fund) which has so far generated a multiple of 1.93x on a $15,000,000 commitment. And a 2001 Hicks Muse vintage is also bearing fruit for the pension fund so far generating a 1.73x multiple on a $15,000,000 commitment.

On the venture side, Firstmark IV (Pequot Ventures), a 2005 vintage has generated an investment multiple of 2.07x on a commitment of $5,000,000.

And distressed funds, while only making an appearance in the top ten from number 5, still take five spots in the slideshow with Oaktree dominating four of those slots

But the top performer by multiple to date for OPPRs is one of its mezzanine bets. Scroll down today’s slideshow to see which fund manager takes the top spot.

Image of street sign courtesy of Shutterstock

[slideshow]

[slide title=” 10. Oaktree Opportunities Fund II “]

Fund Type: Distressed

Vintage Year: 1998

OPPRS Commitment: $ 3,000,000

Distribution: $ 4,523,349

Investment Multiple: 1.51x

[slide title=” 9. Siguler Guff Dist Opp I “]

Fund Type: Distressed

Vintage Year: 2003

OPPRS Commitment: $ 20,000,000

Distribution: $21,979,724

Investment Multiple: 1.55x

[slide title=” 8. Oaktree Opportunities Fund V “]

Fund Type: Distressed

Vintage Year: 2004

OPPRS Commitment: $4,000,000

Distribution: $ 5,824,037

Investment Multiple: 1.61x

[slide title=” 7. Oaktree Opportunities VII B “]

Fund Type: Distressed

Vintage Year: 2008

OPPRS Commitment: $ 7,500,000

Distribution: $ 6,343,788

Investment Multiple: 1.62x

[slide title=” 6. Marathon Fund Limited Partnership V “]

Fund Type: Buyouts

Vintage Year: 2004

OPPRS Commitment: $10,000,000

Distribution: $ 6,561,794

Investment Multiple: 1.68x

[slide title=” 5. Oaktree Opportunities Fund IV “]

Fund Type: Distressed

Vintage Year: 2001

OPPRS Commitment: $ 10,000,000

Distribution: $ 16,764,538

Investment Multiple: 1.68x

[slide title=” 4. Hicks, Muse “]

Fund Type: Buyouts

Vintage Year: 2001

OPPRS Commitment: $15,000,000

Distribution: $ 27,120,114

Investment Multiple: 1.73x

[slide title=” 3. Arsenal Capital Partners”]

Fund Type: Buyouts

Vintage Year: 2003

OPPRS Commitment: $15,000,000

Distribution: $27,730,615

Investment Multiple: 1.93x

[slide title=” 2. Firstmark IV (Pequot Ventures)”]

Fund Type: Venture Capital

Vintage Year: 2005

OPPRS Commitment: $5,000,000

Distribution: $4,423,450

Investment Multiple: 2.07x

[slide title=” 1. TCW Crescent Mezzanine Partner III “]

Fund Type: Mezzanine

Vintage Year: 2001

OPPRS Commitment: $10,000,000

Distribution: $20,514,811

Investment Multiple: 2.08x

[/slideshow]