Mega / PE Fund Performance

Anybody know of a resource that that tracks performance of specific firms / funds so you can actually compare across over the same time periods? Or is this more known just by word of mouth / word on the street?

Thanks in advance.

 
ibanker09:
Anybody know of a resource that that tracks performance of specific firms / funds so you can actually compare across over the same time periods? Or is this more known just by word of mouth / word on the street?

Thanks in advance.

One way to do this is to look into the filings of large public LPs (i.e., Calpers, etc.). They usually publish some performance data on the funds they are invested in.

 

I think Samoanboy has answered the question. Either you use a paid data provider like Preqin or you have to use publicly available information from the big public LPs. Calpers would be the biggest but try other large public pension funds too. Someone here might have a list if you're lucky.

 

Pretty much every fund on that list returned between (2%) and +5% (i.e. terrible performance), other than Apollo.

"For all the tribulations in our lives, for all the troubles that remain in the world, the decline of violence is an accomplishment we can savor, and an impetus to cherish the forces of civilization and enlightenment that made it possible."
 

Just wrote a huge report on this, sorry not willing to share.

You can find all historical fund performance at the back of their quarterly press releases and filings (fund tables). As for new fundraising, they provide color in the earnings transcripts/presentations.

For some smaller funds that are just starting fundraising, talk to their IR.

 
tiger2012:
Just wrote a huge report on this, sorry not willing to share.

You can find all historical fund performance at the back of their quarterly press releases and filings (fund tables). As for new fundraising, they provide color in the earnings transcripts/presentations.

For some smaller funds that are just starting fundraising, talk to their IR.

cool, you're the man

 
Best Response

You can't really compare funds across firms unless they're in the same vintage (i.e. an '06 fund is probably going to be much shittier than an '04 fund). Also, anything later than 2008 probably hasn't fully exited so the IRRs aren't meaningful.

These are for their main buyout funds (no Europe, Asia, or industry/strategy specific funds).

2004: Bain Capital VIII (11.2%) Hellman & Friedman V (12%)

2005: Carlyle Partners IV (13.6%) Warburg Pincus IX (10.4%)

2006: Blackstone Capital Partners V (2.0%) KKR Fund 2006 (6.9%) Bain Capital IV (6.2%) TPG Partners V (-3.0%) Apollo Investment Fund IV (7.4%) First Reserve XI (2.9%)

2007: Carlyle Partners V (9.5%) Warburg Pincus X (5.5%) Helman & Friedman VI (7.0%)

2008: Bain Capital X (-0.3%) Apollo Investment Fund VII (21.8%) TPG Partners VI (6.0%) First Reserve XII (0.4%)

Not sure about fundraising or who's in the market, but I've heard lots of the megafunds are struggling to hit their targets (except maybe Apollo).

 
bugattiveyron:
Not sure about fundraising or who's in the market, but I've heard lots of the megafunds are struggling to hit their targets (except maybe Apollo).

Can confirm that fundraising has been rough for megafunds this cycle.

"For all the tribulations in our lives, for all the troubles that remain in the world, the decline of violence is an accomplishment we can savor, and an impetus to cherish the forces of civilization and enlightenment that made it possible."
 
bugattiveyron:
You can't really compare funds across firms unless they're in the same vintage (i.e. an '06 fund is probably going to be much shittier than an '04 fund). Also, anything later than 2008 probably hasn't fully exited so the IRRs aren't meaningful.

These are for their main buyout funds (no Europe, Asia, or industry/strategy specific funds).

2004: Bain Capital VIII (11.2%) Hellman & Friedman V (12%)

2005: Carlyle Partners IV (13.6%) Warburg Pincus IX (10.4%)

2006: Blackstone Capital Partners V (2.0%) KKR Fund 2006 (6.9%) Bain Capital IV (6.2%) TPG Partners V (-3.0%) Apollo Investment Fund IV (7.4%) First Reserve XI (2.9%)

2007: Carlyle Partners V (9.5%) Warburg Pincus X (5.5%) Helman & Friedman VI (7.0%)

2008: Bain Capital X (-0.3%) Apollo Investment Fund VII (21.8%) TPG Partners VI (6.0%) First Reserve XII (0.4%)

Not sure about fundraising or who's in the market, but I've heard lots of the megafunds are struggling to hit their targets (except maybe Apollo).

Thanks this was really helpful! Where'd you get this info?

 
bugattiveyron:
You can't really compare funds across firms unless they're in the same vintage (i.e. an '06 fund is probably going to be much shittier than an '04 fund). Also, anything later than 2008 probably hasn't fully exited so the IRRs aren't meaningful.

These are for their main buyout funds (no Europe, Asia, or industry/strategy specific funds).

2004: Bain Capital VIII (11.2%) Hellman & Friedman V (12%)

2005: Carlyle Partners IV (13.6%) Warburg Pincus IX (10.4%)

2006: Blackstone Capital Partners V (2.0%) KKR Fund 2006 (6.9%) Bain Capital IV (6.2%) TPG Partners V (-3.0%) Apollo Investment Fund IV (7.4%) First Reserve XI (2.9%)

2007: Carlyle Partners V (9.5%) Warburg Pincus X (5.5%) Helman & Friedman VI (7.0%)

2008: Bain Capital X (-0.3%) Apollo Investment Fund VII (21.8%) TPG Partners VI (6.0%) First Reserve XII (0.4%)

Not sure about fundraising or who's in the market, but I've heard lots of the megafunds are struggling to hit their targets (except maybe Apollo).

Do you have any info on Silver Lake, General Atlantic, or Cerberus?

 

Thanks for your responses. I've looked thru Calpers but they're not on there. I'm trying to get trial access on Preqin.

Would it be a good idea to ask about the fund performance in the interview?

Anyone else know any other resources?

 
Bullet-Tooth Tony:

You do realize there are databases that track and aggregate these stats, right? Some of these resources are also free.

Would you mind giving me few example of free (and few of paid) databases that more or less reliably track performance of PE funds?

In my experience even preqin (standard for funds, managers and LPs intelligence) contains very unreliable information which at best outdated and more likely outright wrong.

And you say so easily that there are even free databases... Care to share please?

 

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