This document provides performance updates for private equity benchmarks and selected public pension funds' private equity portfolios as of March 2013. It includes 1, 3, 5, and 10-year returns for various private equity indexes from Cambridge Associates, Preqin, PitchBook, and ILPA, showing private equity outperforming public markets over the long term. It also displays 1, 3, 5, and 10-year time-weighted returns for 17 pension funds, with median returns outperforming public market indexes like the S&P 500 over 3, 5, and 10 years. An appendix describes the private equity benchmarks and provides more pension fund performance details.
Five Trends Reshaping the Global Pension Fund IndustryState Street
This executive briefing explores how pension funds are adapting to the challenges of a new investment environment. The research presented in this report is based on an international State Street survey, conducted by the Economist Intelligence Unit in August 2014, of 134 senior executives in the pension fund industry.
Five Trends Reshaping the Global Pension Fund IndustryState Street
This executive briefing explores how pension funds are adapting to the challenges of a new investment environment. The research presented in this report is based on an international State Street survey, conducted by the Economist Intelligence Unit in August 2014, of 134 senior executives in the pension fund industry.
By 2025, many DC plan sponsors will likely adopt characteristics of the most successful pension plans to help put them on a path to create a fully funded retirement income stream for plan participants. Here are ten considerations
Why do many retail investors buy SRI funds and why do others stay away from ...ECCE_UM
In this webinar, dr. Paul Smeets will present his research on motivations of retail investors to buy socially responsible (SRI) mutual funds. He has been conducting research together with several national and international financial institutions including Robeco, Deutsche Bank and Triodos Bank. He will show that most retail investors expect lower financial returns on SRI funds than on conventional funds and this holds even for socially responsible investors. The main reason that investors buy SRI funds is because of their social preferences. These findings follow from a combination of administrative trading records, online experiments and surveys. Paul will also show how banks and mutual fund providers can develop financial products and marketing strategies that effectively target retail investors.
For more information see www.paulsmeets.eu
By 2025, many DC plan sponsors will likely adopt characteristics of the most successful pension plans to help put them on a path to create a fully funded retirement income stream for plan participants. Here are ten considerations
Why do many retail investors buy SRI funds and why do others stay away from ...ECCE_UM
In this webinar, dr. Paul Smeets will present his research on motivations of retail investors to buy socially responsible (SRI) mutual funds. He has been conducting research together with several national and international financial institutions including Robeco, Deutsche Bank and Triodos Bank. He will show that most retail investors expect lower financial returns on SRI funds than on conventional funds and this holds even for socially responsible investors. The main reason that investors buy SRI funds is because of their social preferences. These findings follow from a combination of administrative trading records, online experiments and surveys. Paul will also show how banks and mutual fund providers can develop financial products and marketing strategies that effectively target retail investors.
For more information see www.paulsmeets.eu
Mercer Capital's Business Development Companies Quarterly Newsletter | Q4 201...Mercer Capital
Business development companies are an important and growing source of funding for middle market companies. Along with private equity and other investment funds, BDCs provide billions of dollars of investment capital to private companies in every segment of the economy.
For over thirty years, Mercer Capital has met the valuation needs of the same middle market companies to which BDCs and other funds provide capital.
This quarterly newsletter tracks the financial and stock market performance of the public BDCs.
Discussion 1 Analysis of Financial Statements.A. This discussi.docxfelipaser7p
Discussion 1: Analysis of Financial Statements
.
A. This discussion assignment will allow for the completion of a ratio analysis. It will also provide information that will be useful as you prepare the written report for Assignment 1: Financial Research Report, which is due at the end of Week 9.
Step 1
: Select a publicly-traded company that you will (or might) use for Assignment 1: Financial Research Report, which is due at the end of Week 9.
Step 2
: Locate financial ratio data from Mergent Online. Financial statements, ratios, and other useful information are available from the Mergent Online database that is available through the Strayer University Learning Resource Center (online). Please notice that financial ratios are grouped into appropriate categories (Profitability Ratios, Liquidity Ratios, Debt Management Ratios, and Asset Management Ratios), which makes it easy to set up the ratios and use them in the analysis.
Accessing the Mergent Online Database – Financial Statements for companies, financial ratios, and Form 10K annual reports can be obtained from the Strayer University Learning Resource Center, which is accessible from the Online Classroom (see tab at the top of the screen).
Select – Learning Resource Center
Select – Databases
Select Mergent Online
Then, in the block titled “Company Search – Enter Symbol or Company Name” enter the company’s name or its Stock Ticker Symbol (e.g., for McCormick & Company, enter MKC). Next, select the company from the drop-down menu.
For Financial Statements – Select “Company Financials” tab
For Financial Ratios – Select “Company Financials” tab and “Ratios” sub-tab
For Form 10K Annual Reports – Select “Filings” tab (and then select the most recent Annual Form 10K report)
Step 3
: Enter the financial ratio data into the Financial Ratio Analysis Model (the attached Excel spreadsheet). The data need to be entered into the yellow-coded cells (column is titled “Oldest Year”) progressing to the most recent year on the left (column is titled “Most Recent Year”).
The model presently contains financial information for McCormick & Company (Stock Ticker MKC).
You will note that the Excel spreadsheet model is programmed to identify if each ratio improved or deteriorated over the time period. And, the spreadsheet is programmed to calculate the percentage change in each of the ratios during the same period. This information should be helpful as you prepare your analysis.
(Note: This spreadsheet could be “imported” into the Assignment 1: Financial Research Report due at the end of Week 10.)
Step 4
: Prepare an analysis and discussion of the financial ratio data that are examined in the Financial Ratio Analysis Model. It is always appropriate to include the actual ratio data in the written analysis in addition to its presentation in a table, chart or graph.
(Note: In addition to Mergent, another good source of financial data and company information is:
http://www.advfn.com
.)
B. Fr.
This report is written to do financial analysis of National Grid Plc. (NGP) – a multinational gas and utility company headquartered in London. The entire analysis will be done using trend and ratios analysis using different groups of ratios such as profitability, efficiency, Liquidity etc. Besides these the presentation style of report will be analyzed to check the way use by company to communicate various strategies to shareholders
JM Financial's loan against property is designed to meet the financial needs of a person to get loan at low interest to meet your current financial requirements. To know more about availing loan against property click jmfl.com
JM Financial's loan against property is designed to meet the financial needs of a person to get loan at low interest to meet your current financial requirements. To know more about availing loan against property click jmfl.com
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Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
4. Private Equity Performance
(as of March 31, 2013)
Private Equity Benchmark Returns (Horizon IRR)1
1-Year
3-Year
5-Year
10-Year
Cambridge Associates U.S. Private Equity Index (excluding venture capital)
12.6%
15.2%
8.0%
14.6%
Cambridge Associates U.S. Buyout Fund Index
14.6%
15.6%
7.8%
14.8%
Cambridge Associates U.S. Growth Equity Index
10.0%
15.3%
9.1%
13.4%
Preqin Performance Analyst (including venture capital)
11.3%
14.2%
6.3%
19.2%
13.4%
16.0%
7.2%
24.7%
ILPA U.S. Private Equity Index (excluding venture capital)
12.8%
15.3%
8.0%
14.5%
Public Market Returns
1-Year
3-Year
5-Year
10-Year
Russell 3000 Index (including dividends)
14.6%
13.0%
6.3%
9.2%
S&P 500 Index (excluding dividends)
11.4%
10.3%
3.5%
6.3%
S&P 500 Index (including dividends)
14.0%
12.7%
5.8%
8.5%
Analysis
1-Year
3-Year
5-Year
10-Year
Median Private Equity Benchmark Return (excluding venture capital)2
12.8%
15.3%
8.0%
14.6%
Private Equity Benchmark Outperformance (excluding venture capital)3
-1.1%
2.6%
2.2%
6.1%
Preqin Performance Analyst (buyouts only)
(Performance figures are based on most recent publicly available information.)
Cambridge Associates U.S. Buyout Fund Index, Cambridge Associates U.S. Growth Equity Index and ILPA (Institutional Limited Partners Association) U.S.
Private Equity Index are newly introduced in this quarter. Please see slide 15 for more details. March 31, 2013 performance figures from PitchBook and
Thomson Reuters are not available at the time of analysis (October 1, 2013).
2. Calculated by taking the median of Cambridge Associates U.S. Private Equity Index (excluding venture capital), Preqin Performance Analyst (buyouts only)
and ILPA U.S. Private Equity Index (excluding venture capital).
3. Calculated by subtracting the S&P 500 Index (including dividends) return from the median private equity benchmark return.
1.
Returns are reported net of fees, unless otherwise stated. Returns exceeding one year are annualized.
4
4
5. Cambridge Associates
U.S. Private Equity Indices
Annual One-Year Horizon IRR
Private Equity
60%
Buyout
Growth Equity
55.9%
50%
45.4%
40%
30%
25.0%
20%
14.6%
12.6%
10%
0%
10.0%
3.0%
2.1%
-10%
-13.6%
-20%
-16.7%
-30%
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
Each data point represents an annual growth rate. Data points above 0% represent positive growth. Annual one-year horizon IRRs are as of March 31st.
Returns for Cambridge Associates U.S. Growth Equity Index begin at March 31, 2004.
Source: Cambridge Associates LLC
5
5
6. Preqin
Performance Analyst: Private Equity
Annual One-Year Horizon IRR
All Private Equity
Buyouts Only
40%
32.3%
30%
22.6%
29.1%
20%
15.1%
10.1%
10%
0%
13.4%
18.8%
12.9%
11.3%
3.6%
-10%
-20%
-27.6%
-30%
-31.0%
-40%
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Mar.
2013
Each data point represents an annual growth rate. Data points above 0% represent positive growth. Except for March 2013, annual one-year horizon IRRs are
as of December 31st.
Source: Preqin
8
6
7. Private Equity Performance
(as of December 31, 2012)
Private Equity Benchmark Returns (Horizon IRR)1
1-Year
3-Year
5-Year
10-Year
Cambridge Associates U.S. Private Equity Index (excluding venture capital)
13.8%
15.2%
6.7%
14.1%
PitchBook U.S. Private Equity Median Return (excluding venture capital)
11.2%
12.9%
4.6%
16.9%
Preqin Performance Analyst (including venture capital)
12.9%
13.3%
4.1%
17.9%
15.1%
15.3%
4.5%
24.3%
Public Market Returns
1-Year
3-Year
5-Year
10-Year
Russell 3000 Index (including dividends)
16.4%
11.2%
2.0%
7.7%
S&P 500 Index (excluding dividends)
13.4%
8.5%
-0.6%
4.9%
S&P 500 Index (including dividends)
16.0%
10.9%
1.7%
7.1%
Analysis
1-Year
3-Year
5-Year
10-Year
Median Private Equity Benchmark Return (excluding venture capital)2
13.8%
15.2%
4.6%
16.9%
Private Equity Benchmark Outperformance (excluding venture capital)3
-2.2%
4.3%
3.0%
9.8%
Preqin Performance Analyst (buyouts only)
(Performance figures are based on most recent publicly available information.)
December 31, 2012 performance figures from Thomson Reuters are not available at the time of analysis (October 1, 2013).
Calculated by taking the median of Cambridge Associates U.S. Private Equity Index (excluding venture capital), PitchBook U.S. Private Equity Median
(excluding venture capital) and Preqin Performance Analyst (buyouts only).
3. Calculated by subtracting the S&P 500 Index (including dividends) return from the median private equity benchmark return.
1.
2.
Returns are reported net of fees, unless otherwise stated. Returns exceeding one year are annualized.
6
7
8. PitchBook
U.S. Private Equity Median Return
Annual One-Year Horizon IRR
25%
19.9%
20%
15%
12.6%
11.2%
9.0%
10%
8.4%
5%
0.9%
0%
-4.7%
-5%
-10%
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Each data point represents an annual growth rate. Data points above 0% represent positive growth. Annual one-year horizon IRRs are as of December 31st.
Source: PitchBook
7
8
10. Pension Fund Private Equity Performance
(as of March 31, 2013)
Pension Fund Private Equity Returns (Time-Weighted Return)1
1-Year
3-Year
5-Year
10-Year
California Public Employees' Retirement System
13.8%
14.3%
5.5%
11.9%
Colorado Public Employees’ Retirement Association
4.5%
12.5%
4.0%
N/A
Connecticut Retirement Plans and Trust Funds
9.1%
11.6%
5.3%
9.0%
Louisiana Teachers' Retirement System
11.8%
13.3%
4.3%
14.2%
Michigan Public School Employees Retirement System
14.5%
15.3%
6.1%
14.0%
Minnesota State Board of Investment
11.7%
12.9%
5.5%
15.3%
Mississippi Public Employees' Retirement
10.8%
7.1%
N/A
N/A
Nebraska Investment Council
6.2%
13.3%
4.8%
N/A
New Jersey Division of Investment
13.1%
11.1%
4.7%
N/A
North Carolina Retirement System
5.3%
8.4%
2.6%
6.7%
Oregon Public Employees' Retirement System
14.1%
13.1%
5.6%
N/A
Pennsylvania Public School Employees' Retirement System
13.2%
12.7%
4.6%
14.2%
Texas Teacher Retirement System
16.0%
14.8%
5.2%
N/A
Virginia Retirement System
13.3%
12.9%
4.7%
14.7%
Washington State Investment Board
13.8%
12.7%
3.8%
13.5%
1-Year
3-Year
5-Year
10-Year
Russell 3000 Index (including dividends)
14.6%
13.0%
6.3%
9.2%
S&P 500 Index (excluding dividends)
11.4%
10.3%
3.5%
6.3%
S&P 500 Index (including dividends)
14.0%
12.7%
5.8%
8.5%
Public Market Returns
(Performance figures are based on most recent publicly available information.)
Pension fund private equity investment returns reflect the performance of the asset class itself, as well as the fund manager’s ability to identify profitable
investment opportunities. The private equity asset class may be defined differently depending on the pension fund. Pension funds included in this report are
among the top 50 largest pension funds with publicly available information at the time of analysis (October 1, 2013). These pension funds do not fully
represent the performance of private equity investments in the entire universe of pension funds.
1.
Returns are reported net of fees, unless otherwise stated. Returns over periods exceeding one year are annualized.
10
10
11. Private Equity Performance Compared to Public
Market Returns (as of March 31, 2013)
Return
Private Equity Benchmark 1
Pension Fund Private Equity Investments 2
Russell 3000 Index Total Return
S&P 500 Index Total Return
16%
15.3%
14%
12%
14.6%
14.0%
14.6%
14.0%
12.8%13.1%
12.9%13.0%12.7%
10%
9.2%
8%
8.5%
8.0%
6%
6.3%
5.8%
4.8%
4%
2%
0%
1-Year
1.
2.
3-Year
5-Year
10-Year
Median of Cambridge Associates U.S. Private Equity Index, Preqin Performance Analyst and ILPA U.S. Private Equity Index. See slide 4 for details.
Median return of pension fund private equity investments included in this report. See slide 10 for details.
Performance figures of private equity benchmarks are reported as IRRs, while those of pension fund private equity investments are reported as time-weighted
returns. Pension fund private equity investment returns reflect the performance of the asset class itself, as well as the fund manager’s ability to identify
profitable investment opportunities. The private equity asset class may be defined differently depending on the pension fund.
11
11
12. Pension Fund Private Equity Performance
(as of December 31, 2012)
Pension Fund Private Equity Returns (Time-Weighted Return)1
1-Year
3-Year
5-Year
10-Year
California Public Employees' Retirement System
12.2%
15.3%
5.8%
11.5%
Connecticut Retirement Plans and Trust Funds
10.2%
12.8%
5.7%
9.1%
Kentucky Teachers' Retirement System
9.0%
14.6%
10.9%
N/A
Louisiana Teachers' Retirement System
13.0%
12.8%
3.8%
13.8%
Michigan Public School Employees Retirement System
14.3%
16.3%
5.7%
13.5%
Nebraska Investment Council
9.6%
15.0%
4.6%
N/A
New Jersey Division of Investment
12.1%
11.5%
3.8%
N/A
North Carolina Retirement System
5.7%
8.4%
2.7%
6.3%
Oregon Public Employees' Retirement System
14.4%
14.0%
5.2%
N/A
Pennsylvania Public School Employees' Retirement System
13.3%
12.9%
4.7%
13.7%
Texas Teacher Retirement System
16.4%
15.6%
4.8%
N/A
Virginia Retirement System
14.4%
13.5%
4.5%
14.2%
Washington State Investment Board
14.6%
13.9%
2.5%
12.5%
1-Year
3-Year
5-Year
10-Year
Russell 3000 Index (including dividends)
16.4%
11.2%
2.0%
7.7%
S&P 500 Index (excluding dividends)
13.4%
8.5%
-0.6%
4.9%
16.0%
10.9%
1.7%
7.1%
Public Market Returns
S&P 500 Index (including dividends)
(Performance figures are based on most recent publicly available information.)
Pension fund private equity investment returns reflect the performance of the asset class itself, as well as the fund manager’s ability to identify profitable
investment opportunities. The private equity asset class may be defined differently depending on the pension fund. Pension funds included in this report are
among the top 50 largest pension funds with publicly available information at the time of analysis (October 1, 2013). These pension funds do not fully
represent the performance of private equity investments in the entire universe of pension funds.
1.
Returns are reported net of fees, unless otherwise stated. Returns over periods exceeding one year are annualized.
12
12
13. Private Equity Performance Compared to Public
Market Returns (as of December 31, 2012)
Private Equity Benchmark
Return
1
Pension Fund Private Equity Investments
2
Russell 3000 Index Total Return
S&P 500 Index Total Return
18%
16%
15.2%
14%
13.9%
13.8%
12%
16.9%
16.4%
16.0%
13.0%
13.0%
11.2%
10.9%
10%
8%
7.7%
6%
7.1%
4.6% 4.7%
4%
2%
2.0%
1.7%
0%
1-Year
3-Year
5-Year
10-Year
Median of Cambridge Associates U.S. Private Equity Index, PitchBook U.S. Private Equity Median Return and Preqin Performance Analyst. See slide 6 for
details.
2. Median return of pension fund private equity investments included in this report. See slide 12 for details.
1.
Performance figures of private equity benchmarks are reported as IRRs, while those of pension fund private equity investments are reported as time-weighted
returns. Pension fund private equity investment returns reflect the performance of the asset class itself, as well as the fund manager’s ability to identify
profitable investment opportunities. The private equity asset class may be defined differently depending on the pension fund.
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13
15. Private Equity Benchmarks
Cambridge Associates U.S. Private Equity Indices
The U.S. Private Equity Index is compiled using data from 1,052 U.S. private equity funds formed between 1986 and 2013.
These funds include leveraged buyout, growth equity, private equity energy and mezzanine funds and exclude venture capital
funds. The U.S. Buyout Fund Index and U.S. Growth Equity Index reflect the performance of 667 U.S. buyout funds and 143
U.S. growth equity funds, respectively. Funds making up both samples were formed between 1986 and 2013.
ILPA (Institutional Limited Partners Association) U.S. Private Equity Index
The ILPA U.S. Private Equity Index is a subset of ILPA Private Markets Benchmark and excludes the performance of venture
capital funds. The ILPA Private Markets Benchmark is compiled using data from 2,626 global (U.S. & ex U.S.) funds formed
between 1981 and 2013. Fund types included in the ILPA Private Markets Benchmark are private equity, venture capital,
distressed securities, fund of funds, secondary funds and natural resource funds.
PitchBook U.S. Private Equity Median Return
The PitchBook U.S. Private Equity Median Return is calculated using data from approximately 4,250 U.S. investment funds and
excludes venture capital fund. The database of funds includes leveraged buyout, growth equity, fund-of-funds, mezzanine,
energy, real estate and venture capital funds.
Preqin Performance Analyst: Private Equity
Compiled using a subset of data from over 5,800 global funds, including leveraged buyout, venture capital, fund-of-funds,
mezzanine funds and real estate funds.
All returns reported by private equity benchmarks are calculated on an aggregated basis, net of fees, expenses and carried interest. Returns over periods
exceeding one year are annualized.
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16. California Public Employees’ Retirement
System
•
As of March 31, 2013, private equity investments1 held by California
Public Employees’ Retirement System (CalPERS) were valued at $32.0
billion.
•
These investments accounted for approximately 12.4% of assets under
management, which is below the target allocation of 14.0%.
•
As of March 31, 2013, CalPERS’ current private equity investments
achieved a gain2 of $18.9 billion and a 1.4x multiple on contributed
capital.
(Time-Weighted Return as of Mar. 31, 2013)
1-Year
3-Year
5-Year
10-Year
Private Equity Investments
13.8%
14.3%
5.5%
11.9%
Custom Benchmark3
20.3%
12.8%
11.2%
12.9%
Investments in leveraged buyout, expansion capital, venture capital, credit related and opportunistic funds.
(Fair value of remaining investments + distributions) – contributed capital.
3. (67% FTSE US TMI + 33% FTSE AW x-US TMI) + 300bps, lagged one quarter.
1.
2.
Source: California Public Employees’ Retirement System Performance Review by Wilshire – March 2013
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17. Colorado Public Employees’ Retirement
Association
•
As of March 31, 2013, private equity investments1 held by Colorado Public
Employees’ Retirement Association were valued at $3.4 billion.
•
These investments accounted for approximately 8.1% of assets under
management, which is above the target allocation of 7.0%.
(Time-Weighted Return as of Mar. 31, 2013)
1-Year
3-Year
5-Year
10-Year
Private Equity Investments1
4.5%
12.5%
4.0%
N/A
1.
2.
Investments in leveraged buyout, opportunistic, venture capital and fund of funds.
Lagged one to three quarters.
Source: Colorado Public Employees Retirement Association Website – Retrieved on October 1, 2013
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18. Connecticut Retirement Plans and Trust
Funds
•
As of March 31, 2013, private equity investments1 held by Connecticut
Retirement Plans and Trust Funds were valued at $2.5 billion.
•
These investments accounted for approximately 9.4% of assets under
management, which is below the target allocation of 11.0%.
(Time-Weighted Return as of Mar. 31, 2013)
1-Year
3-Year
5-Year
10-Year
Private Equity Investments
9.1%
11.6%
5.3%
9.0%
S&P 500 Index Benchmark
14.0%
12.7%
5.8%
8.5%
1.
Investments in leveraged buyout, growth capital, distressed debt and venture capital funds.
Source: Connecticut Retirement Plans and Trust Funds Performance – March 31, 2013
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19. Louisiana Teachers’ Retirement System
•
As of March 31, 2013, private equity investments1 held by Teachers’
Retirement System of Louisiana were valued at $3.8 billion.
•
These investments accounted for approximately 26.0% of assets under
management, below the 29.0% target allocation.
(Time-Weighted Return as of Mar. 31, 2013)
1-Year
3-Year
5-Year
10-Year
Private Equity Investments
11.8%
13.3%
4.3%
14.2%
TRSL Private Asset Benchmark
13.9%
12.5%
7.0%
11.1%
1.
Investments in private equity, real estate, private market debt, and infrastructure/commodities.
Source: Teachers’ Retirement System of Louisiana Monthly Report – March 31, 2013
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20. Michigan Public School Employees
Retirement System
•
As of March 31, 2013, private equity investments1 held by Michigan
Public School Employees Retirement System were valued at $7.8 billion.
•
These investments accounted for approximately 19.9% of assets under
management, which is above the target allocation of 18.5%.
(Time-Weighted Return as of Mar. 31, 2013)
1-Year
3-Year
5-Year
10-Year
Private Equity Investments
14.5%
15.3%
6.1%
14.0%
Custom Benchmark2
18.9%
15.9%
9.1%
11.8%
1.
2.
Investments in leveraged buyout, special situation funds, venture capital, fund-of-funds, liquidation portfolio, mezzanine funds, and other funds.
Ending market value weighted blend of 10 yr yield +300 bps and S&P 500 Index+ 300 bps, lagged one quarter.
Source: State of Michigan Retirement System Quarterly Investment Review – June 18, 2013
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21. Minnesota State Board of Investment
•
As of March 31, 2013, private equity investments1 held by Minnesota
State Board of Investment were valued at $7.5 billion.
•
These investments accounted for approximately 14.5% of assets under
management, which is below the target allocation of 20.0%.
(Time-Weighted Return as of Mar. 31, 2013)
1-Year
3-Year
5-Year
10-Year
Private Equity Investments
11.7%
12.9%
5.5%
15.3%
1.
Investments in private equity, real estate, yield oriented and resource funds.
Source: Minnesota State Board of Investment Website – Retrieved on October 1, 2013
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22. Mississippi Public Employee’s Retirement
System
•
As of March 31, 2013, private equity investments1 held by Mississippi
Public Employee’s Retirement System were valued at $0.65 billion.
•
These investments accounted for approximately 3.0% of assets under
management.
(Time-Weighted Return as of Mar. 31, 2013)
1-Year
3-Year
5-Year
10-Year
Private Equity Investments
10.8%
7.1%
N/A
N/A
1.
Investments in leveraged buyouts, special situation and venture capital funds.
Source: Minnesota State Board of Investment Website – Retrieved on October 1, 2013
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23. Nebraska Investment Council
•
As of March 31, 2013, private equity investments1 held by Nebraska
Investment Council’s defined benefit plan were valued at $0.3 billion.
•
These investments accounted for approximately 3.7% of assets under
management, which is below the target allocation of 5.0%.
(Time-Weighted Return as of Mar. 31, 2013)
1-Year
3-Year
5-Year
10-Year
Private Equity Investments
6.2%
13.3%
4.8%
N/A
Custom Benchmark2
17.9%
16.4%
9.7%
N/A
1.
2.
Investments in buyout/corporate finance, venture capital, and special situation funds.
Dow Jones U.S. Total Stock Market Index + 300bps.
Source: Nebraska Investment Council First Quarter 2013 Performance Review by Hewitt
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24. New Jersey Division of Investment
•
As of March 31, 2013, private equity investments1 held by New Jersey
Division of Investment were valued at $5.7 billion and accounted for
approximately 7.9% of assets under management.
•
Specifically, buyout investments were valued at $3.0 billion and
accounted for approximately 4.1% of assets under management.
•
As of March 31, 2013, the private equity investments achieved a gain2
of $1.5 billion and a 1.2x multiple on contributed capital.
•
Buyout investments achieved a gain of $0.8 billion and a 1.2x multiple
on contributed capital.
(Time-Weighted Return as of Mar. 31, 2012)
1-Year
3-Year
5-Year
10-Year
Private Equity Investments
13.1%
11.1%
4.7%
N/A
Cambridge Associates Benchmark
13.8%
15.0%
6.0%
N/A
1.
2.
Investments in leveraged buyout, distressed debt, mezzanine debt, secondaries, co-investments and venture capital funds.
(Fair value of remaining investments + distributions) – contributed capital.
Source: New Jersey Division of Investment’s Investment Reporting Package – March 31, 2013
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25. North Carolina Retirement System
•
As of March 31, 2013, private equity investments1 held by North
Carolina State Treasury were valued at $3.6 billion.
•
These investments accounted for approximately 4.4% of assets under
management.
(Time-Weighted Return as of Mar. 31, 2013)
1-Year
3-Year
5-Year
10-Year
Private Equity Investments
5.3%
8.4%
2.6%
6.7%
Custom Benchmark2
13.2%
13.8%
4.7%
10.3%
1.
2.
Investments in leveraged buyout, venture capital, growth equity and special situation funds.
Cambridge Associates as modified by North Carolina State Treasury.
Source: North Carolina State Investment Advisory Committee Meeting Material – May 29, 2013
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26. Oregon Public Employees’ Retirement
System
•
As of March 31, 2013, private equity investments1 held by Oregon
Public Employees’ Retirement System were valued at $14.1 billion.
•
These investments accounted for approximately 22.6% of assets under
management, which is above the target allocation of 16.0%.
(Time-Weighted Return as of Mar. 31, 2013)
1-Year
3-Year
5-Year
10-Year
Private Equity Investments3
14.1%
13.1%
5.6%
N/A
Russell 3000 Index4 + 300bps Benchmark
19.9%
14.5%
5.9%
N/A
1.
2.
3.
4.
Investments in leveraged buyout, distressed debt, mezzanine debt, venture capital and sector funds, as well as fund-of-funds.
(Fair value of remaining investments + distributions) – contributed capital.
Lagged one quarter.
Lagged one quarter.
Source: Oregon Public Employees’ Retirement System Quarterly Performance– March 31, 2013
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27. Pennsylvania Public School Employees’
Retirement System
•
As of March 31, 2013, private equity investments1 held by Pennsylvania
Public School Employees’ Retirement System were valued at $10.5
billion.
•
These investments accounted for approximately 21.0% of assets under
management, achieving the target allocation.
(Time-Weighted Return as of Mar. 31, 2013)
1-Year
3-Year
5-Year
10-Year
Private Equity Investments
13.2%
12.7%
4.6%
14.2%
1.
Investments in private equity, private debt and venture capital funds.
Source: Pennsylvania Public School Employees’ Retirement System Quarterly Performance – March 31, 2013
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28. Texas Teacher Retirement System
•
As of March 31, 2013, private equity investments1 held by Teacher
Retirement System of Texas were valued at $13.9 billion.
•
These investments accounted for approximately 11.8% of assets under
management, which is slightly below the target allocation of 12.0%.
(Time-Weighted Return as of Mar. 31, 2013)
1-Year
3-Year
5-Year
10-Year
Private Equity Investments
16.0%
14.8%
5.2%
N/A
State Street Private Equity Index2 Benchmark
12.2%
12.1%
7.4%
N/A
1.
2.
Investments in leveraged buyout, mezzanine debt, special situation and venture capital funds.
Lagged one quarter.
Source: Teacher Retirement System of Texas Board Meeting Book: Fourth Quarter Performance Review– July 2013
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29. Virginia Retirement System
•
As of March 31, 2013, private equity investments1 held by Virginia
Retirement System were valued at $4.8 billion.
•
These investments accounted for approximately 8.3% of assets under
management.
(Time-Weighted Return as of Mar. 31, 2013)
1-Year
3-Year
5-Year
10-Year
Private Equity Investments
13.3%
12.9%
4.7%
14.7%
Russell 3000 Index2 + 250bps Benchmark
18.9%
13.7%
4.6%
10.2%
1.
2.
Investments in leveraged buyout, growth equity, special situation, energy, subordinated debt, turnaround and venture capital funds.
Lagged one quarter.
Source: Virginia Retirement System Performance Summary – March 31, 2013
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30. Washington State Investment Board
•
As of March 31, 2013, private equity investments1 held by Washington
State Investment Board were valued at $16.1 billion and accounted for
approximately 23.7% of assets under management.
•
Specifically, buyout investments were valued at $12.0 billion and
accounted for approximately 17.6% of assets under management.
•
As of March 31, 2013, the private equity investments achieved a gain2
of $16.5 billion and a 1.5x multiple on contributed capital.
•
Buyout investments achieved a gain of $12.4 billion and a 1.5x
multiple on contributed capital.
(Time-Weighted Return as of Mar. 31, 2012)
1-Year
3-Year
5-Year
10-Year
Private Equity Investments
13.8%
12.7%
3.8%
13.5%
Russell 3000 Index3 + 300bps Benchmark
19.4%
14.2%
5.0%
10.7%
Investments in leveraged buyout, growth equity, distressed debt, mezzanine debt, special situation and venture capital funds.
(Fair value of remaining investments + distributions) – contributed capital.
3. Lagged one quarter.
1.
2.
Source: Washington State Investment Board Quarterly Report and Portfolio Overview by Strategy – March 31, 2013
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