I often get emails from private equiteers who want to know what public pension system websites contain fund-specific performance data. My guess is that they’re in charge of crunching the numbers to support their boss’ inevitable claim to be “top quartile.” So here’s a semi-comprehensive overview, 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 450 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). The board agenda are usually released a few weeks before the meetings, and generally contain a few paragraphs about each new commitment done directly by CalPERS. Data currently through Q2 2006.
Board agenda info
California State Teachers Retirement System
Not nearly as detailed as its public employees’ counterpart, nor as diverse. Around 275 funds, but almost all buyouts. IRRs and cash-in/cash-out, but no current portfolio values or investment multiples. Board agenda info not terribly insightful, although it looks like CalSTRs is about to issue an RFP for a new alternatives consultant. The current deal with McKinsey expires this summer.
Washington State Investment Board
This system has a reputation for being KKR’s ATM machine, but nonetheless has a total of more than 200 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 Q2 2006. Board agenda info is lacking, but minutes are good once finally released.
Oregon State Treasury
Buyout-heavy portfolio, with data for about 160 funds. IRRs, fair-market value, cash in/out, multiples. Not as big as the California systems, but more timely (Q3 2006). You can sometimes find some new fund info nuggets in the board meeting agendas, but it can take a while.
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, although it’s partially redeemed by remaining market value and cash-in/out info.
Pennsylvania State Employees’ Retirement System
Extensive VC portfolio with 107 funds, plus another 150 buyout funds. But the data is skimpy, with just capital committed and cash-in/out.
Pennsylvania Public School Employees’ Retirement System
No performance data, but in-depth discussions of funds to which PSERS has recently committed.
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, although they do then come fairly quickly.
Same as UTIMCO, except a FOIA request will only get you data for funds that are at least five years old (J-Curve protection).
Los Angeles County Employees Retirement System
Memory serves that there’s some decent info in its annual report, but I can’t get it to load properly. Nothing of value for board info. Just closed a pair of private equity-related RFPs.
Big portfolios, but no info:
Colorado Public Employees Retirement System
Florida State Board of Administration
Illinois Teachers Retirement System
Los Angeles City Employees’ Retirement System
Ohio Public Employees Retirement System
Orange County Employees Retirement System
State Teacher Retirement System of Ohio
State Universities Retirement System of Illinois
Virginia Retirement System