Pe performance - Capital Distributed
Hi everyone
Long time lurker. I am currently looking at online published PE performance from a pension fund. And I can't get the numbers to make sense. What does "Capital Distributed" entail? First I thought that it was simply the money that was paid back, but that can't be right. Or what? Does anyone care to explain?
To give an example; Fund 1 - 2012 - Capital committed 100,000,00 Capital contributed 92,801,273.00 Capital Distributed 26,834,977.00 IRR since inception: 18.02
Fund 2 - 2006 - Capital Committed 100,000,000.00 Capital Contributed 100,000,000.00 Capital Distributed 119,636,055.48 IRR since inception 11.49
There's no trick - it is the capital that has been returned to the pension from the PE fund.
To add to this, depending on how dated this information is, you'd expect higher capital distributions than commitments for a performing fund that has already deployed all of its capital and exited all (or the majority) of its portfolio cos. For the 2012 fund, the distributions are much lower because it is still holding the majority of its investments and still investing the capital commitments.
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