CalPERS Summary of PE Fund Performance

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International Pymp

13y

very cool list. It's so easy to notice that bloated follow up funds where the commitment jumps from like 100m to 500m typically fail.... it seems like every single instance backs up that statement

CompBanker

13y

What's great about this list is the fact that as secretive as each PE shop would like to be, they can't hide from poor performance. The only thing to be cautious of is the fact that many of these IRRs can be over- (and under-) stated when the unrealized value makes up a significant portion of the investment. Funds aren't exactly conservative when reporting out how much their investments are worth to their L.P's, but such is the nature of dealing with illiquid assets.

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cphbravo96

13y

Best Response

CompBanker:
What's great about this list is the fact that as secretive as each PE shop would like to be, they can't hide from poor performance. The only thing to be cautious of is the fact that many of these IRRs can be over- (and under-) stated when the unrealized value makes up a significant portion of the investment. Funds aren't exactly conservative when reporting out how much their investments are worth to their L.P's, but such is the nature of dealing with illiquid assets.

I'm a fan of MOI, or cash on cash, vs. IRR, partially because IRR can be heavily skewed depending on length of investment.

Regards

"The trouble with our liberal friends is not that they're ignorant, it's just that they know so much that isn't so." - Ronald Reagan

gomes3pc

13y

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