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Santa Barbara County Employees' Retirement System Santa Barbara County Employees’ Retirement System Fourth Quarter 2018 PE Performance Update Agenda • Q4 Private Equity Performance 1 • Deal Reviews 8 • Appendix 13 Hamilton Lane | Global Leader in the Private Markets Q4 Private Equity Performance PE Portfolio Highlights - December 31, 2018 Performance • Strong since inception performance • Generating 138 bps premium above SBCERS’ public benchmark (Russell 3000 + 300 bps) • IRR of 10.80% for the one-year period Value Creation • Portfolio generated $27.3M in net value gains in 2018 PE Portfolio Returns PE Portfolio Value Created 15% $20 12.57% 12.63% 12.35% 12.33% $14.8 $15 10% $12.4 $12.1 $10 $9.4 4.83% 5% 3.51% Millions) ($ in $5 $4.0 $4.0 1.60% $2.0 0.51% $1.4 0% $0 3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2018 6/30/2018 9/30/2018 12/31/2018 Point to Point IRR Since Inception IRR Net Value Gain Market Value Growth Hamilton Lane | Global Leader in the Private Markets Page 2 Portfolio Summary SBCERS PE Portfolio Since-Inception Summary $ in Million 12/31/2017 12/31/2018 Net Change Active Partnerships 64 70 6 2018: Continued value creation, market value Active GP Relationships 30 30 - growth and meaningful liquidity Capital Committed1 $537.5 $598.9 $61.4 • Market value up 13% YoY Unfunded Commitment $216.3 $228.3 $12.0 Paid-in Capital $395.3 $455.8 $60.5 • Distributed-to-paid-in ratio increased to Distributions $305.4 $360.2 $54.7 79% D/PI 77% 79% 2% Net Invested Capital $89.9 $95.6 $5.7 Market Value $249.5 $282.4 $32.9 Total Exposure $465.8 $510.7 $44.9 Average Age of Commitments 5.1 years 5.7 years 0.6 years 1 The “change” in the capital committed from 12/31/2017 to 12/31/2018 is due to seven new commitments made during the year and one liquidation (Enhanced Equity II) • All four quarters generated positive Portfolio Summary performance, leading to a one-year Quarter Ending Year Ended IRR of 10.80% $ in Million 3/31/2018 6/30/2018 9/30/2018 12/31/2018 12/31/2018 Beginning Market Value $249.5 $253.5 $268.3 $280.4 $249.5 • Portfolio generated positive per- Paid-in Capital 11.9 14.7 13.0 20.9 60.5 formance during Q4 2018 despite Distributions (11.8) (12.3) (10.3) (20.3) (54.7) volatility in public markets Net Value Change 4.0 12.4 9.4 1.4 27.3 Ending Market Value $253.5 $268.3 $280.4 $282.4 $282.4 Unfunded Commitments $227.5 $233.6 $245.1 $228.3 $228.3 Total Exposure $481.0 $501.9 $525.5 $510.7 $510.7 Point-to-Point IRR 1.60% 4.83% 3.51% 0.51% 10.80% Since Inception IRR 12.35% 12.57% 12.63% 12.33% 12.33% Hamilton Lane | Global Leader in the Private Markets Page 3 Performance Summary IRR Performance As of December 31, 2018 10.80% (2.24%) 1-Year IRR 13.07% (5.71%) 15.18% 11.96% 3-Year IRR 13.95% 9.30% 12.93% 10.91% 5-Year IRR 12.77% 7.56% 14.51% 16.17% 10-Year IRR 14.04% 12.66% 12.33% Since 10.95% Inception IRR 11.50% 8.25% (10%) (5%) 0% 5% 10% 15% 20% Portfolio IRR Russell 3000 + 300 bps Thomson / Cambridge All PE MSCI World + 300 bps • Portfolio generated double-digit performance across all periods • Portfolio outperformed designated public benchmark by 138 bps and all PE Benchmark by 83 bps since inception Hamilton Lane | Global Leader in the Private Markets Page 4 Commitment Activity Commitment Activity Closing Date Partnership Investment Strategy Geographic Focus Commitment ($M) 2019 Allocation 1/8/2019 Gridiron Capital Fund IV, L.P. Mid Buyout North America $10.0 3/29/2019 Blackstone Capital Partners VIII, L.P. Mega Buyout Global $10.0 4/18/2019 Cinven Seventh Fund* Mega Buyout Western Europe $8.6 May 2019 Fund A Mega Buyout Global $10.0 May/June 2019 Fund B Mega Buyout North America $10.0 Total $48.6 * Represents new manager relationship • 2019 activity - three commitments closed ($28.6M), Average Commitment Size by Vintage Year* ($ in Million) two pending legal ($20M) $12 12% • Consistent with the 2019 Strategic Plan, $10 10% $10.1 added new commitment to increase European $9.4 $8 $8.9 8% exposure $8.0 $8.3 $7.4 $7.5 $7.5 $6 $6.8 $6.9 6% • Pending commitments represent two strong $6.3 $6.5 existing managers $4 4% • Targeting $75M - $85M for the year $2 2% $0 0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Average Commitment PE Target Allocation Exposure *Program began with $30 million secondary commitment in 2005 to Lexington Capital Partners VI, L.P. Hamilton Lane | Global Leader in the Private Markets Page 5 Portfolio Diversification StrategicStrategic Diversification Underlying Investment Diversification* Underlying Investment Investment Diversification Diversification* Underlying Investment Diversification by Total Exposure by Industry by Total Exposure by Geographicby Geography Location by Industry As of December 31, 2018 As of December 31, 2018 As of December 31, 2018 As ofAs December of December 31, 31, 2018 2018 As of December 31, 2018 Consumer Staples Large Buyout 4% 15% Consumer Energy Discretionary Mid Buyout Europe 13% North America 22% 21% 17% 71% Financials 7% Mega Buyout Utilities 21% Asia 2% Real Estate 7% Small Buyout 1% Healthcare 9% Communication 9% ROW Services 5% 8% Venture Capital Distressed Debt Materials 10% 9% 5% Industrials Special Situations Growth Equity Information 16% 4% 9% Secondaries Technology Secondaries - 1% 13% Direct 1% • Portfolio is prudently diversified by strategy, geography and sector • Buyout represents 66% of total exposure though is well diversified by size • Geographic diversification static over the year, remains weighted towards North America • Information Technology sector experienced largest increase at 2.5% from prior year *The above data is excluding the Fund of Funds of Lexington VI, HL Venture Capital Fund (Series 2010, 2011, 2014, 2015, 2016, and 2017) Hamilton Lane | Global Leader in the Private Markets Page 6 Deal Reviews Blackstone Capital Partners VIII, L.P. The Seventh Cinven Fund Blackstone Capital Partners VIII, L.P. Fund Information General Partner: The Blackstone Group (“Blackstone”) Fund: Blackstone Capital Partners VIII, L.P. Firm Inception: 1985 Fund Size: $20 billion Strategy: Mega buyout Geography: Global Team: 136 investment professionals Stephen Schwarzman, Jonathan Gray, Tony James, Joseph Baratta and Senior Partners: 37 additional senior investment professionals New York (headquarters), London, Hong Kong, Dubai, Mumbai and 18 Location additional offices Industries: Diversified Equity Investments: $150 million to $2 billion Approach • Seeks to invest across its core sectors: TMT (technology, media, and telecom) consumer/leisure, energy, healthcare, industrials, services and FIG (financial institutions groups) • Expects to primarily invest in North America, then approximately 20% of the Fund in Europe, and up to 15% in Asia • Primarily pursues control positions • Employs an operationally intensive value creation model for each of its portfolio companies, leveraging the Portfolio Operations Group Hamilton Lane | Global Leader in the Private Markets Page 8 Blackstone Capital Partners VIII, L.P. The Blackstone Group Prior Investment Performance as of September 30, 20181 $M Capital Vintage Fund Size Capital Drawn NAV DPI TVPI Net IRR Fund Distributed Fund I 1987 $810 $751.0 $1,411.8 $0.0 1.9x 1.9x 18.9% Fund II 1993 1,271 1,269.0 2,671.4 0.0 2.1x 2.1x 32.3% Fund III 1997 3,750 3,850.0 7,444.1 0.0 1.9x 1.9x 14.0% Fund IV 2003 6,450 7,023.0 16,865.4 629.1 2.4x 2.5x 36.1% Fund V 2006 20,366 19,698.0 31,163.6 1,956.5 1.6x 1.7x 8.2% Fund VI 2011 15,114 13,354.0 7,463.8 15,214.8 0.6x 1.7x 15.0% Fund VII 2016 18,000 7,126.0 377.7 8,005.9 0.1x 1.2x 21.5% Total $53,070.8 $67,397.8 $25,806.3 1.3x 1.8x 16.0% 1 Capital drawn, capital distributed and NAV are calculated from the cash flows of fee-paying limited partners and excludes any cash flows from the General Partner’s commitment Key Features • Well-regarded brand name with stable leadership and local presence across targeted regions • Cohesive, well-tenured senior investment professionals • Consistent net performance across prior funds and through prior volatile market conditions • Attractive gross returns on both a gross multiple and gross IRR basis • Demonstrated ability to successfully deploy capital across market cycles • Strong capital preservation demonstrated through attractive dispersion of returns On behalf of SBCERS’, Hamilton Lane approved a $10.0 million commitment to Blackstone Capital Partners VIII, L.P. Hamilton Lane | Global Leader in the Private Markets Page 9 The Seventh Cinven Fund Fund Information General Partner: Cinven Partners LLP (“Cinven”) Fund: The Seventh Cinven Fund Firm Inception: 1977 Fund Size: € 8 billion Strategy: Mega buyout Geography: Western Europe Team: 64 investment professionals Managing Partner: Stuart McAlpine Location London, Paris, Frankfurt, Milan, Madrid, New York and Hong Kong Industries: Diversified Equity Investments: Greater than €200 million Approach • Targets large buyout investments based primarily in Western Europe and opportunistically in the U.S. • Focuses on six key sectors: business services, consumer, financial services, healthcare, industrials, and TMT • Expects to invest more than €200m of equity into 12 to 20 portfolio companies • Seeks to invest in healthy companies with strong management teams • Pursues controlling or co-controlling positions in portfolio companies • Leverages the Portfolio Support Team to develop value creation strategies for each investment Hamilton Lane | Global Leader in the Private Markets Page 10 The Seventh Cinven Fund Cinven Prior Investment Performance as of September 30, 20181 €M Capital Vintage Fund Size Capital Drawn NAV DPI TVPI Net IRR Fund Distributed
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