Slideshow: Texas County & District’s Top-Performing Funds

It’s not often that we contributors to peHUB come across a stash of private-equity return data from a fresh source. But we managed to do it twice in just the past few weeks. First came data from a young portfolio managed by the New Jersey State Investment Council. And now we’ve got our hands on data from a young portfolio managed by the Texas County & District Retirement System. All told we know of some dozen U.S. pensions that make their return data easily accessible, such as by posting it on their websites.

The 65-fund Texas Country & District portfolio stretches from vintage 2006 to vintage 2011, and includes buyout, energy, mezzanine, venture capital and non-US funds. The results, like those in New Jersey, are modest to date. Not a big surprise for a fund launched near a market peak and one still suffering from the j-curve effect, whereby returns on funds tend to be negative in the early going as management fees get drawn down while distributions remain scarce. With $1.9 billion committed, and $674.6 million (or just over a third) drawn down, the portfolio as a whole has posted, as of year-end, a 3.08 percent net IRR and a 1.05x total value investment multiple.

For now, the energy funds are leading the way in performance, with a 9.53 percent net IRR and 1.17x investment multiple, followed by mezzanine (6.45 percent; 1.11x), venture capital (2.43 percent, 1.04x), buyout (2.26 percent, 1.04x) and non-US (-1.09 percent, .98x).

Click through below to see the top 10 performing funds (from the 47 that are two years or older) in the Texas County & District portfolio.

(Note: All data in the following slideshow are from the Texas County & District Retirement System.)

David M. Toll is editor-in-charge of Buyouts Magazine. Follow him @davidmtoll. Follow @Buyouts.

[slideshow]

[slide title=”No. 10 – Coller International Partners V LP”]

Net IRR: 7.25%

Total Value Multiple:1.14x

Vintage Year: 2006

Capital Committed: $25 million

Capital Contributed: $16.1 million

[slide title=”No. 9 – CVC European Equity Partners V”]

Net IRR: 7.71%

Total Value Multiple:1.08x

Vintage Year: 2008

Capital Committed: $46.4 million

Capital Contributed: $22.9 million

[slide title=”8 – Carlyle Partners V LP”]

Net IRR: 7.95%

Total Value Multiple: 1.18x

Vintage Year: 2007

Capital Committed: $50 million

Capital Contributed: $23.3 million 

[slide title=”No. 7 – OrbiMed Private Investments III”]

Net IRR: 8.52%

Total Value Multiple: 1.20x

Vintage Year: 2007

Capital Committed: $10 million

Capital Contributed: $8.4 million

[slide title=”No. 6 – Odyssey Investment Partners IV”]

Net IRR: 10.96%

Total Value Multiple: 1.12x

Vintage Year: 2008

Capital Committed: $30 million

Capital Contributed: $8.8 million 

[slide title=”No. 5 – EnCap Energy Capital VII LP”]

Net IRR: 17.98%

Total Value Multiple: 1.28x

Vintage Year: 2007

Capital Committed: $30 million

Capital Contributed: $17.6 million

[slide title=”No. 4 – R/C Global Energy & Power Fund IV”]

Net IRR: 18.16%

Total Value Multiple: 1.25x

Vintage Year: 2008

Capital Committed: $40 million

Capital Contributed: $24.7 million

[slide title=”No. 3 – Centerbridge Capital Partners LP”]

Net IRR: 18.82%

Total Value Multiple: 1.46x

Vintage Year: 2006

Capital Committed: $25 million

Capital Contributed: $23.2 million

[slide title=”No. 2 – Carlyle Asia Partners III LP”]

Net IRR: 23.00%

Total Value Multiple: 1.25x

Vintage Year: 2008

Capital Committed: $30 million

Capital Contributed: $13.9 million

[slide title=”No. 1 – EnCap Energy Capital VI LP”]

Net IRR: 24.65%

Total Value Multiple: 1.66x

Vintage Year: 2006

Capital Committed: $10 million

Capital Contributed: $8.4 million 

[/slideshow]