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Santa Barbara County Employees’ Retirement System 2021 Private Equity Strategic Plan Agenda • Program Review 3 • Portfolio Snapshot and Performance Summary 9 • Strategic Plan 13 • Appendix 20 Program Review PE Portfolio Highlights - September 30, 2020 Hamilton Lane (“HL”) is entering our 15th year of building the Santa Barbara County Employees’ Retirement System (“SBCERS”) PE Program Performance • Since inception IRR of 12.67% outperforms the benchmark (Russell 3000 + 300 bps) by 28 bps • Double-digit performance for the one-year period, with a point-to-point IRR of 14.96% Strategic Objectives • Fulfilled all objectives outlined in the 2020 Strategic Plan • PE target of 10% established in 2016; Portfolio at 11.45% as of September 30, 2020 • Established a strong foundation of top tier managers Additional Highlights • Accessed highly sought, oversubscribed funds • Received preferred legal terms for one fund in 2020 as a result of the HL platform • Presented Private Equity 101 to new Board Members Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 4 SBCERS’ Private Equity Investment Milestones Hamilton Lane was hired by SBCERS in 2006 to select new investments, monitor, and provide advice for the private equity portfolio 2005 - Lexington Capital Partners VI • First private equity investment (made by SBCERS) 2006 - HL hired to build long-term PE allocation to 5% • Original contract allowed HL to invest $80M on behalf of SBCERS 2008 - Amendment to contract giving HL full discretion • Recommended annual commitment pacing of $40M to reach long term target 2009/2010 - Target allocation temporarily lowered • Cautious commitment pacing as a result of the Global Financial Crisis 2011 - Target increased to 8% as global markets recover • Annual commitment allocation increased to gradually reach target 2013 - Target allocation is set at 7% • Annual commitments of $60M in 2013 and 2014 to reach and maintain target 2015 - Investment Tranche extended • Approved allocation of up to $250M over three years 2016 - Target allocation is increased to 10% • Annual commitments of $60 - $70M to reach target 2019 - Allocation to PE within 10 bps of target amount • Allocation to PE is 9.94% as of September 30, 2019 SBCERS’ PE Allocation $90 14% $80 12% $70 Allocation Target PE 10% $60 $50 8% $40 6% $ Million$ $30 4% $20 2% $10 $0 0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Annual Commitment Allocation PE Target Allocation Exposure Actual PE Exposure Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 5 SBCERS’ Private Equity Activity SBCERS’ Portfolio Growth $800 80 $700 70 $600 Number of Funds 60 $500 50 $400 40 ($ ($ in Millions) $300 30 $200 20 $100 10 $0 0 9/30/06 9/30/07 9/30/08 9/30/09 9/30/10 9/30/11 9/30/12 9/30/13 9/30/14 9/30/15 9/30/16 9/30/17 9/30/18 9/30/19 9/30/20 SBCERS' Aggregate Commitments SBCERS' Market Value SBCERS' Aggregate Funds • As of September 30, 2020, SBCERS committed $729.4M to 81 partnerships across 35 managers • Consistent vintage year allocation, market environment and fund/manager quality all factors in annual commitment pacing Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 6 SBCERS’ Performance and Growth 2007 Initial IRR strong due to investment in Lexington secondary fund 2008 Net IRR decline as a result of investing in primary funds (j-curve effect) 2009 Performance increases through Global Financial Crisis (GFC) 2010 J-curve broken after two years 2011 Performance continues to improve post GFC 2012 Since inception IRR approaches double digits 2013 Performance increases each quarter reaching a new apex 2014 IRR apex of 13% achieved 2015 IRR stabilizes despite the lag in shorter-term public benchmarks performance 2016 NAV increase to just below $200M, IRR stable at 11% 2017 Since Inception IRR rises above 12% 2018 Total commitments reached just below $600M 2019 D/PI reached a high watermark of 0.8x 2020 Portfolio weathered impact from COVID-19 and rebounded strongly SBCERS’ PE Portfolio $400 20% 15% $300 10% $200 IRR 5% $100 Portfolio NAV Portfolio 0% $0 (5%) ($100) (10%) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Portfolio NAV Cumulative IRR Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 7 Strategically Building the Portfolio Strategic Diversification by Exposure 9/30/2015 9/30/2020 Secondaries - Direct Venture Capital Venture Capital 10% Secondaries 2% 9% Growth 3% Mega Buyout Mega Buyout Equity Growth Equity 21% Strategy: Buyout 27% exposure remains 9% Distressed3% largest exposure; Distressed Debt Debt 5% 10% Growth Equity Special Situations Strategy increased while Special 4% Situations Distressed Debt 4% Large Buyout Large Buyout declined Small Buyout 18% 13% 11% Small Buyout 11% Mid Buyout Mid Buyout 19% 19% ROW ROW 5% 6% North Asia Asia America 6% 5% 70% Geography: Continues to be North weighted towards Europe Europe America Geography 19% North America 18% 70% Utilities Consumer Real Estate Comm. Utilities 3% Discretionary Services 3% 2% Consumer Comm. 17% 9% Services Industry: Remains Discretionary Materials 23% 11% well diversified; IT 4% Materials Consumer 5% Staples and Consumer 3% Discretionary Information Information Consumer Technology exposure Technology Staples Energy increased while 15% 4% Industry 9% 16% Energy exposure Energy decreased 6% Industrials Financials Financials Industrials 13% 8% Healthcare 7% 16% Healthcare 12% 11% Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 8 Portfolio Snapshot and Performance Summary Portfolio and Performance Summary SBCERS PE Portfolio Since Inception Summary As of As of $ in Millions Net Change 9/30/2019 9/30/2020 • Active partnerships increased by six over the Active Partnerships 75 81 6 LTM ending September 30, 2020 Active GP Relationships 31 35 4 • Market value increased 19% over the year Committed Capital $657.3 $729.4 $72.1 Unfunded Commitment $247.8 $259.7 $11.9 Paid-In Capital $502.2 $566.5 $64.3 Distributions $401.3 $452.7 $51.4 D/PI 0.8x 0.8x - Net Invested Capital $100.8 $113.8 $13.0 Market Value $316.8 $378.3 $61.5 Total Exposure $564.6 $638.0 $73.4 Average Age of Commitments 5.9 years 5.9 years - SBCERS PE Portfolio Annual Performance Summary As of $ in Millions • Strong net value gains of $48.6M during the LTM period 9/30/2019 9/30/2020 Beginning Market Value $280.4 $316.8 • Three out of four quarters generated gains during Paid-in Capital 67.2 64.3 this period Distributions 61.4 51.4 • Since inception IRR increased 22 bps YoY Unrealized Gain/(Loss) 30.5 48.6 Ending Market Value $316.8 $378.3 Point-to-Point IRR 10.80% 14.96% Since Inception IRR 12.45% 12.67% Total Value Multiple 1.4x 1.5x Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 10 Activity Review Portfolio Cash Flow Activity $80 $60 $40 $20 $0 ($ ($ in Millions) ($20) ($40) ($60) ($80) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Contributions Distributions Net Cash Flow • Net cash outflow of $1.5M in 2020 • Record annual distribution activity in 2020 • 18 funds generated distributions greater than $1M during the year Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 11 Top Manager Exposure Investment Guidelines limits exposure to one manager to a maximum of 25% of total Program • Portfolio is well diversified by manager with top exposure at 9.7% of the total Program Top 5 GP Relationships by Total Exposure* As of September 30, 2020 Number of Total Exposure % of Total Since General Partner Investment Strategy Funds ($M) Portfolio Inception IRR Hamilton Lane Venture Capital 6 $61.8 9.7% 18.5% Gridiron Capital Small/Mid Buyout 3 49.8 7.8% 26.0% Technology Crossover Ventures Growth Equity 5 40.5 6.3% 23.9% Platinum Equity Capital Partners Mid/Large/Mega Buyout 4 36.1 5.7% 28.9% CVC Capital Partners Mega Buyout 4 33.8 5.3% 15.8% Total 22 $222.0 34.8% 21.1% *Total Exposure defined as Reported Market Value plus Unfunded Commitment • Top five manager exposures are all generating double-digit since inception returns • In aggregate the managers are generating an IRR over 20% • Technology Crossover Ventures and CVC Capital are new to the list; commitments to both managers closed in 2020 Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 12 Strategic Plan 2020 Strategic Plan Update Review of themes and objectives identified for 2020 Continue to Manage • Met target commitment range with $81M in commitments; reached PE PE Exposure Exposure target of 10% Manager • Four closed commitments represent existing managers, four new managers Concentration (Bridgepoint, Sterling Group, Symphony Technology Group, GTCR) Strategic Exposure • Added four commitments to Mid-Buyout Geographic Allocation • Added two commitments to European managers Board and Staff • Presented education on Private Markets in February 2020 Education Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 14 Portfolio Targets Sector Target Exposure vs. Actual Exposure • As of September 30, 2020, all strategy Current Proposed exposures are at or near target ranges Strategy/Sub-strategy 9/30/2019 9/30/2020 Target Range Target Range identified in the PE Investment Policy Corporate Finance/Buyout 60-70% 60-80% 70% 71% • Based on macro trends the bands have been Large/Mega Buyout 20-30% 25-45% 40% 40% updated to represent a more efficient Small/Mid Buyout 30-40% 25-45% 30% 30% portfolio Special Situations 10-20% 0-20% 12% 10% Distressed Debt 10-15% 0-10% 7% 5% • Venture/Growth breakout: Venture at Secondaries 0-10% 0-10% 1% 0% 10%, Growth Equity at 9% Secondaries – Direct 0-10% 0-10% 0% 0% Special Situations 0-10% 0-10% 4% 4% Venture/Growth Equity 5-15% 10-30% 18% 19% Geographic Target Exposure vs.
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