Research

LP Scorecard: This Carlyle/Riverstone fund is among lowest performing pools for CalPERS

The California Public Employees’ Retirement System is widely regarded as one of the largest and most successful pension funds in the United States. However, for all its hits, there are some misses mixed in there as well. The accompanying table shows the worst funds by IRR, excluding vintage 2010 funds and younger.

Chart of the week: Will U.S. fundraising set high-water mark in 2015?

For the past four years the Q1 fundraising totals average 16.9 percent of what turned out to be the the yearly tallies. Using that same formula the year-end fundraising total for U.S. sponsors of buyout and mezzanine funds is projected to burst through the $300 billion threshold and set a new record this year. The surge in fundraising stems from a combination of high demand from institutional investors recycling record levels of distributions along with a healthy supply of mid-market and mega-funds raising capital.

Chart of the week: These top 10 oversubscribed funds have nearly $4.5 bln more than they sought

Investors can’t seem to get enough of their favorite buyout and mezzanine funds sponsored by U.S. firms. Of the funds that have closed this year, nearly three-fourths finished above their targets. The accompanying table shows the top ten funds closed in 2015 by the amount of capital they were oversubscribed by.

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Market at a glance

U.S.-based buyout and mezzanine fundraising has gotten off to a rapid start in 2015 thanks in part to a number of firms opening up new funds. This year’s tally remains more than $14 billion ahead of last year’s total at this time.

Get your Q1 2015 PE slide show

Download the “Buyouts Insider Q1 2015 Highlights” slide show from the “related files” tab to see the latest trends and statistics in private equity fundraising, deals and exits.

LP Scorecard: TPG, PAI Partners generate highest cash-on-cash returns for Pennsylvania PSERS

TPG Capital and PAI Partners lead the way in generating the highest cash-on-cash returns for Pennsylvania Public School Employees’ Retirement System’s portfolio as of June 30.

Chart of the week: Many portfolio companies getting long in the tooth

A lot of portfolio companies are showing their age, according to PitchBook research on about 7,800 U.S.-based portfolio companies. True, a shade over half of the deals date from within the past five years. But more than a third date from the 2005-2009 period, and more than 10 percent are even older.

Chart of the week: Hold periods stretch out

It’s getting harder and harder to find good deals. So once sponsors do find companies they like they are holding on to them for longer than in the past. Six years was the median hold period for U.S. portfolio companies last year among nearly 7,800 looked at by data provider PitchBook.

Market at a glance

The private equity markets continued to cruise in 2015 as deal-making and fundraising both kept charging ahead toward the end of the first quarter. Over the past two weeks, deals done by U.S.-based buyout and mezzanine firms have added nearly $11 billion to the year-to-date total. As it currently sits, the 2015 sum is about $13 billion ahead of where it was at this point in time last year.