CalPERS today disclosed that its private equity program, which has $19.5 billion in active commitments, has produced a net internal rate of return of 11.4% since it was started in March 1990.
Among private equity funds at least 5 years old, the top performers were: Information Technology Ventures, 90.1%; Conseco Capital Partners II, 89.6%; Doughty Hanson Fund II, 46.7%; Candover 1994 Fund, 43.2%; Blackstone Capital Partners II, 39.9%; and Media Communications Partners II, 39.2%. The worst performers were: LM Capital Fund II, -59%; Kid Kamm Equity Partners, -46%; and INROADS Capital Partners, -28%. Many of those funds are still in the early stages of their investment life cycle.
The $133 billion California Public Employees' Retirement System, Sacramento, agreed to release performance numbers for the second, third and fourth quarters of 2002 and the first quarter of 2003, settling a lawsuit filed by the San Jose Mercury News. Subsequently, CalPERS officials anticipate adopting a new reporting standard. The staff, working with the Institutional Limited Partners Association, plans to propose new standards at the CalPERS investment committee meeting on March 17.