| peHUB Wire -- Tuesday, February 9 |
Random Ramblings
A large number of public pension funds now report fund-by-fund private equity performance (if you ask nicely), but they also report on a lag. The CalSTRS website, for example, only reports data through the end of March 2009. CalPERS does one quarter better, while Mass PRIM only releases 12/31 data – which means we won’t see those numbers until May or June. Oregon and Washington are among the best, with their websites currently showing data through the end of Q3 2009.
But Oregon and Washington are not the gold standard. That would be the University of Texas Investment Management Co. (UTIMCO), which seems to operate on one of those calendars that begins being sold around Halloween. You know, the ones with November, December and then all of next year…
Yesterday I asked UTIMCO for its most current PE performance data, and it sent a file that includes numbers through the end of November 2009. That makes it the most current sheet out there, and I’ve posted it to peHUB. I’ve also posted UTIMCO’s performance data through November 2008, for the sake of comparison.
One might assume that the November 2009 marks would be almost-universally higher than the November 2008 marks, but it’s just not the case. Ups and downs all over the place.
The Blackstone Group’s fifth fund, for example, saw its IRR drop from -4.85% in November 2008 to -14.09% in November 2009. Its fourth fund also experienced a slight decline (albeit its IRR remains above 40%). The Carlyle Group’s fourth fund’s IRR turned from positive to negative, while its fifth fund’s IRR increased. Polaris Venture Partners’ fourth fund went from 7.89% to 0.91%, while its fifth fund rose from -2.1% to 2.33 percent.
KKR’s 1996 and 2006 funds remained relatively flat, as did Hellman & Friedman’s second fund.
The one place we did see notable increases were in funds that have distressed debt as a primary investment strategy. The IRR for Centrbridge Partners’ debut fund, for example, rose from -22.07% to 10.74 percent. H.I.G. Capital’s second Bayside debt and LBO fund’s IRR increased from -.02% to a whopping 22.41 percent.
Again, go here for the sheets.
New at peHUB
* First Read, including things learned while raising $33m in venture capital, Sorkin on the HCA dividend, Google's Twitter-killer, fighting words from CITIC Capital and an argument that individuals should be regulated like Wall Street banks.
* Second Opinion, including rising stars on Wall Street, the Kleen Energy deal was an award-winner, Tim Horton's bans complaining customers and four German pensioners kidnap their financial advisor.
* M&A Monday: Latest from the auction block
* Q&A with tax attorney Steven Franklin, on Obama's proposal to eliminate capital gains taxes on small business investment.
* Redpoint Ventures raises $400 million for new fund
* Illinois TRS gets "bold" about bribery
* Markstone and Wetherly settle pay-to-play cases with Cuomo
* Wharton PE Conference Notebooks, written by a trio of first-year Wharton MBAs
* A biological reason for why you're afraid to lose money.
* At SuperReturn, Leon Black says that PE financing has (sort of) returned
* New in The File Room: Review of Chinese VC sector by size, China VC Confidence Index, risks created by new FTC endorsement/advertising guidelines and Neuberger Berman's 2010 PE outlook.
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