Turnarounds Do it for CalPERS: Slideshow

Turnaround and recovery funds of 2001 and 2002 vintage are the money spinners for CalPERs, as of its private equity performance report to December 31, 2011. European-headquartered firms such as Permira, Clessidra, Advent International and CVC also make up almost half of the top ten performers for CalPERS for this period.

The largest US pension fund made eight new fund commitments in 2011. The largest of these was a $500,000,000 commitment to private equity behemoth Blackstone’s Blackstone Capital Partners VI, L.P., followed by a $300,000,000 commitment to Hellman & Friedman Capital Partners VII and $250,000,000 to GSO Capital Opportunities Fund II, LP. Other commitments last year focused on special situations with $200,000,000 going to Oaktree Opportunities Fund VIII-B and $150,000,000 going to Avenue Special Situations Fund VI (A), LP.

Distressed and special situations is a recurring theme for CalPERS. Reuters reported in May that the fund will again commit $500 million to a Blackstone-managed fund – Blackstone Tactical Opportunities Separate Account LP. Reuters also reported CalPERS is committing $400 million to Cerberus Institutional Partners V LP whose investments primarily fall into two categories — distressed private equity and distressed securities, including distressed corporate debt and mortgage investments, according to CalPERS.

CalPERS is also committing $100 million to Credit Suisse-Domestic Emerging Manager LP, which “will invest with Emerging Managers defined as funds raising their first, second, or third-time funds, ” according to Reuters. And another $100 million from CalPERS is slated for Pacific Alliance Group’s PAG Asia I LP.

Those funds that didn’t fare so well for CalPERS during the period also include some of the same big name fund managers that fall into the top ten performers, such as Advent’s 2008 Advent Japan Private Equity Fund, LP and Carlyle/Riverstone’s 2006 vintage Carlyle/Riverstone Renew Energy Infrastructure. Others that could do better include NGEN Partners’ 2005 vintage NGEN II, LP and Apollo’s 2007 European offering AP Investment Europe, Ltd.

Scroll down the list to find out more about CalPERS top performers.

Image credit: Recovery signpost of courtesy of Shutterstock

[slideshow]

[slide title=”10. Blackstone Capital Partners IV, L.P. “]

Vintage: 2003

CalPERS Commitment: $200,000,000

Distributions: $310,558,589

Multiple: 2.6x

IRR: 38.4%

[slide title=” 9. TowerBrook Investors I, L.P. “]

Vintage: 2001

CalPERS Commitment: $55,000,000

Distributions: $180,301,339

Multiple: 3x

IRR: 40.3%

[slide title=” 8. CVC European Equity Partners III, L.P.”]

Vintage: 2001

CalPERS Commitment: $200,000,000

Distributions: $482,515,669

Multiple: 2.9x

IRR: 41.4%

[slide title=” 7. Advent International GPE V-D, L.P. “]

Vintage: 2005

CalPERS Commitment: $81,693,746

Distributions: $99,806,070

Multiple: 2.3x

IRR: 51.2%

[slide title=” 6. Advent Global Private Equity IV-A, L.P.”]

Vintage: 2002

CalPERS Commitment: $25,000,000

Distributions: $75,851,503

Multiple: 3.2x

IRR: 52.1%

[slide title=” 5. Clessidra Capital Partners”]

Vintage: 2005

CalPERS Commitment: $68,293,089

Distributions: $67,604,385

Multiple: 1.4x

IRR: 53.6%

[slide title=” 4. Carlyle/Riverstone Glob Engy & Power II “]

Vintage: 2003

CalPERS Commitment: $75,000,000

Distributions: $139,048,207

Multiple: 2.6x

IRR: 54.4%

[slide title=” 3. Permira Europe I, L.P “]

Vintage: 1997

CalPERS Commitment: $90,616,030

Distributions: $216,464,549

Multiple: 2.6x

IRR: 74.5%

[slide title=”2. WLR Recovery Fund II, L.P. “]

Vintage: 2002

CalPERS Commitment: $50,000,000

Distributions: $110,849,053

Multiple: 2.4x

IRR: 78.9%

[slide title=” 1. T3 Partners II, L.P. “]

Vintage: 2001

CalPERS Commitment: $57,000,000

Distributions: $148,350,439

Multiple: 3.2x

IRR: 95.2%

[/slideshow]