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Public School Teachers Pension & Retirement Fund of Chicago Private December 31, 2019 Public School Teachers Pension & Retirement Fund of Chicago Private Equity Performance Report Investment Measurement Service Quarterly Review Information contained herein includes confidential, trade secret and proprietary information. Neither this Report nor any specific information contained herein is to be used other than by the intended recipient for its intended purpose or disseminated to any other person without Callan’s permission. Certain information herein has been compiled by Callan and is based on information provided by a variety of sources believed to be reliable for which Callan has not necessarily verified the accuracy or completeness of or updated. This content may consist of statements of opinion, which are made as of the date they are expressed and are not statements of fact. This content is for informational purposes only and should not be construed as legal or tax advice on any matter. Any decision you make on the basis of this content is your sole responsibility. You should consult with legal and tax advisers before applying any of this information to your particular situation. Past performance is no guarantee of future results. For further information, please see Appendix for Important Information and Disclosures. Table of Contents December 31, 2019 Total Portfolio Portfolio Profile and Financial Performance 2 Portfolio Diversification 3 Individual Manager Diversification Table 4 Manager Vehicle-Level Performance 8 Individual Managers Fund of Funds Developed Manager Program Adams Street Partners 13 Pantheon Ventures 14 HarbourVest Partners 15 Mesirow Financial Private Equity 16 Direct Developed Manager Program KKR 17 EQT Partners 18 Aberdeen Venture Partners 19 Emerging Manager Program Muller & Monroe 21 Hispania Capital Partners 22 Pharos Capital Group 23 Palladium Equity Partners 24 ICV Partners 25 SynCom Venture Partners 26 RLJ Equity Partners 27 NMS Capital 28 Turning Rock Partners 29 Farol Asset Management 30 Astra Partners 31 Estancia Capital Management 32 AUA Private Equity Partners 33 P4G Capital 34 Direct Emerging Market Manager Program African Development Partners 35 Private Equity Terms and Glossary 36 Callan Research/Education 41 Disclosures 44 Total Portfolio Total Portfolio CTPF Total Portfolio Period ended December 31, 2019 Private Equity Allocation Overview CTPF’s Private Equity Portfolio was initiated in 1996 and currently utilizes 22 managers across approximately 78 individual investment vehicles. Five of the firms are fund-of-funds providers and seventeen are direct partnership managers. CTPF’s private equity portfolio also consists of two program mandates or initiatives: 1) a developed manager program that focuses on established managers that invest globally, and 2) an emerging manager program that targets minority and women-owned business enterprise managers and developing managers in Illinois and the Midwest region. CTPF has a well-developed, mature portfolio that is highly diversified. In this report, the Total Private Equity Portfolio is reviewed followed by reviews of the individual managers. Fund-of-funds managers are listed first followed by direct partnership managers. Within each category the managers are listed chronologically by initial year of investment. December 31, 2019 Summary Vintage Years 26 in 1996-2019 # Total Partnerships 3,663 # Active Partnerships 2,612 # Liquidated Partnerships 1,050 Changes in Value Capital Commitments (Since Inception) $1,369,060,482 Paid-In Capital (Since Inception) $905,296,972 Uncalled Capital (Since Inception) $474,779,822 % Paid-In 65.32% Distributed Capital (Since Inception) $937,984,978 Net Asset Value $430,503,327 Total Realized and Unrealized Value $1,368,488,305 Ratios and Performance Distributions to Paid-In Capital (DPI) 1.04x Residual Value to Paid-In Capital (RVPI) 0.48x Total Value to Paid-In Capital (TVPI) 1.51x Quartile Ranking 2nd Additional Performance Metrics Distribution Rate, as % of Beginning NAV 3.23% Unrealized Gain/(Loss), Dollars $22,414,906 Unrealized Gain/(Loss), % 5.66% The private equity portfolio was 3.87% of the CTPF Total Portfolio as of December 31, 2019, against a target asset allocation of 5%. Total portfolio financial figures represent cash flows through the reporting quarter-end. The valuations represent a majority of NAVs from the reporting quarter (current values) with a minority of values from the prior quarter (lagged values). Quartile rankings against the All Private Equity, All Regions Refinitiv/Cambridge Database. Public School Teachers’ Pension & Retirement Fund of Chicago 2 Portfolio Exposure Mix Total Private Equity Period Ended December 31, 2019 The follow charts provide information on the portfolio mix with regards to Strategy, Geographic Region, and Industry. Strategy Mix by Net Asset Value Buyout 65.84% Venture Capital 28.51% Special Situations 5.21% Mezzanine 0.33% Distressed for Control 0.10% Geographic Mix by Net Asset Value West/Pacific Northwest 18.24% Southeast 11.16% Mid-West 11.00% Southwest/Rockies 9.41% North Atlantic 9.20% Mid-Atlantic 6.74% Europe 18.22% Asia/Pacific 9.43% Other 5.20% Canada 0.82% Africa 0.30% Latin America & Caribbean 0.26% Industry Mix by Net Asset Value Technology 24.91% Health Care 17.61% Industrials 15.14% Consumer Discretionary 15.01% Financial 10.44% Communication Services 4.29% Consumer Staples 4.17% Energy 4.12% Materials 3.15% Utilities 1.08% Real Estate 0.07% Public School Teachers Pension & Retirement Fund of Chicago 3 Individual Manager Diversification Table Table Individual Manager Diversification Portfolio Breakdown Period Ended December 31, 2019 The table below summarizes mangers’ breakdown by Strategy, Domestic & Global Geography and Industry. Total Private ASP HVP MPE PV KKR EQT AVP Equity Strategy Buyout 56% 62% 61% 65% 100% 100% 0% 66% Venture Capital 37% 37% 32% 25% 0% 0% 100% 29% Special Situations 7% 1% 3% 10% 0% 0% 0% 5% Mezzanine 0% 0% 3% 0% 0% 0% 0% 0% Distressed for Control 0% 0% 1% 0% 0% 0% 0% 0% Domestic & Global Geography West/Pacific Northwest 22% 15% 22% 9% 14% 1% 100% 18% North Atlantic 10% 5% 14% 7% 12% 0% 0% 9% Southwest/Rockies 9% 5% 5% 0% 13% 0% 0% 9% Mid-West 8% 8% 23% 4% 13% 1% 0% 11% Southeast 5% 4% 14% 12% 26% 1% 0% 11% Mid-Atlantic 3% 10% 0% 0% 10% 0% 0% 7% Europe 21% 28% 12% 40% 6% 79% 0% 18% Asia/Pacific 13% 19% 3% 20% 0% 0% 0% 9% Other 9% 6% 0% 8% 0% 0% 0% 5% Canada 0% 0% 5% 0% 5% 0% 0% 1% Latin America & Caribbean 0% 0% 2% 0% 0% 0% 0% 0% Africa 0% 0% 0% 0% 0% 0% 0% 0% Industry Technology 21% 32% 49% 20% 37% 9% 100% 25% Consumer Discretionary 20% 16% 20% 14% 0% 0% 0% 15% Industrials 16% 11% 9% 9% 10% 39% 0% 15% Health Care 14% 17% 8% 21% 29% 28% 0% 18% Financial 11% 11% 6% 18% 6% 0% 0% 10% Energy 7% 1% 3% 4% 0% 0% 0% 4% Communication Services 5% 1% 2% 2% 0% 24% 0% 4% Materials 5% 2% 1% 3% 0% 0% 0% 3% Utilities 1% 1% 0% 4% 0% 0% 0% 1% Consumer Staples 0% 7% 2% 4% 18% 0% 0% 4% Real Estate 0% 0% 0% 1% 0% 0% 0% 0% 5 Portfolio Breakdown Period Ended December 31, 2019 The table below summarizes mangers’ breakdown by Strategy, Domestic & Global Geography and Industry. Total NMS Private M2 Hispania Pharos Palladium ICV Syncom RLJ Equity Capital Equity Strategy Venture Capital 76% 42% 18% 0% 0% 100% 0% 0% 29% Buyout 24% 58% 82% 100% 100% 0% 100% 100% 66% Special Situations 0% 0% 0% 0% 0% 0% 0% 0% 5% Mezzanine 0% 0% 0% 0% 0% 0% 0% 0% 0% Distressed for Control 0% 0% 0% 0% 0% 0% 0% 0% 0% Domestic & Global Geography West/Pacific Northwest 36% 0% 7% 18% 0% 0% 33% 26% 18% North Atlantic 31% 0% 14% 0% 0% 100% 34% 0% 9% Mid-West 21% 51% 19% 12% 31% 0% 0% 31% 11% Southeast 6% 19% 27% 47% 49% 0% 0% 0% 11% Southwest/Rockies 4% 0% 10% 12% 11% 0% 0% 0% 9% Mid-Atlantic 2% 30% 23% 11% 9% 0% 33% 43% 7% Europe 0% 0% 0% 0% 0% 0% 0% 0% 18% Asia/Pacific 0% 0% 0% 0% 0% 0% 0% 0% 9% Other 0% 0% 0% 0% 0% 0% 0% 0% 5% Canada 0% 0% 0% 0% 0% 0% 0% 0% 1% Africa 0% 0% 0% 0% 0% 0% 0% 0% 0% Latin America & Caribbean 0% 0% 0% 0% 0% 0% 0% 0% 0% Industry Consumer Discretionary 37% 42% 3% 0% 13% 0% 0% 0% 15% Technology 27% 0% 9% 0% 11% 0% 33% 0% 25% Health Care 14% 0% 81% 6% 29% 0% 0% 82% 18% Industrials 14% 0% 0% 1% 47% 0% 34% 0% 15% Energy 8% 0% 0% 6% 0% 0% 0% 0% 4% Financial 0% 58% 7% 18% 0% 0% 0% 0% 10% Consumer Staples 0% 0% 0% 46% 0% 100% 33% 0% 4% Materials 0% 0% 0% 11% 0% 0% 0% 0% 3% Communication Services 0% 0% 0% 6% 0% 0% 0% 0% 4% Utilities 0% 0% 0% 6% 0% 0% 0% 18% 1% Real Estate 0% 0% 0% 0% 0% 0% 0% 0% 0% 6 Portfolio Breakdown Period Ended December 31, 2019 The table below summarizes mangers’ breakdown by Strategy, Domestic & Global Geography and Industry. Total Turning Astra P4G Private Rock Farol Partners Estancia AUA Capital ADP Equity Strategy Special Situations 100% 0% 0% 0% 0% 0% 0% 5% Buyout 0% 100% 100% 100% 100% 100% 0% 66% Venture Capital 0% 0% 0% 0% 0% 0% 100% 29% Mezzanine 0% 0% 0% 0% 0% 0% 0% 0% Distressed for Control 0% 0% 0% 0% 0% 0% 0% 0% Domestic & Global Geography Southwest/Rockies 28% 90% 0% 0% 0% 0% 0% 9% North Atlantic 23% 0% 0% 0% 25% 0% 0% 9% Mid-Atlantic 19% 0% 40% 100% 75% 100% 0% 7% Southeast 16% 10% 0% 0% 0% 0% 0% 11% Mid-West 13% 0% 0% 0% 0% 0% 0% 11% West/Pacific Northwest 0% 0% 60% 0% 0% 0% 0% 18% Africa 0% 0% 0% 0% 0% 0% 100% 0% Europe 0% 0% 0% 0% 0% 0% 0% 18% Asia/Pacific 0% 0% 0% 0% 0% 0% 0% 9% Other 0% 0% 0% 0% 0% 0% 0% 5% Canada 0% 0% 0% 0% 0% 0% 0% 1% Latin America & Caribbean 0% 0% 0% 0% 0% 0% 0% 0% Industry Industrials 56% 50% 0% 0% 0% 100% 0% 15% Financial 28% 0% 0% 100% 0% 0% 100% 10% Communication Services 16% 0% 100% 0% 0% 0% 0% 4% Real Estate 1% 0% 0% 0% 0% 0% 0% 0% Technology 0% 50% 0% 0% 0% 0% 0% 25% Consumer Staples 0% 0% 0% 0% 100% 0% 0% 4% Health Care 0% 0% 0% 0% 0% 0% 0% 18% Consumer Discretionary 0% 0% 0% 0% 0% 0% 0% 15% Energy 0% 0% 0% 0% 0% 0% 0% 4% Materials 0% 0% 0% 0% 0% 0% 0% 3% Utilities 0% 0% 0% 0% 0% 0% 0% 1% 7 Manager Vehicle-Level Performance Performance Manager Vehicle-Level Public School Teachers Pension & Retirement Fund of Chicago Manager Detail as of December 31, 2019 The following table summarizes changes in each manager’s aggregated cash flows and valuation information as of December 31, 2019.
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