The story is based on a database on returns of more than 400 funds from 10 public pension funds going back to 1981. Of course, our database isn’t comprehensive—certainly there could be worse funds out there that didn’t have the support of pensions that publish investment returns. But it’s an interesting look at how strategy changes, federal investigations and economic catastrophes, among other factors, can demolish a fund.
Below are the top (bottom?) six. Two of them lay ignoble claim to yet another fund in our top 10 worst. Can you name the firms?
1. The Exxel Group, Exxel Capital Partners V
2. Heartland Industrial Partners, Heartland Industrial Partners
3. The Beacon Group, Beacon Group III-Focus Value Fund LP
4. Heritage Partners, Heritage Fund III
5. BCI Partners, BCI Growth V
6. TSG Capital Group, TSG Capital Fund III