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Santa Barbara County Employees’ Retirement System Fourth Quarter 2017 Private Real Return (PRR) Performance Update Agenda • Q4 Private Real Return Performance 1 • Deal Review 10 • Real Assets Market Update 13 • Appendix 19 Q4 Private Real Return Performance PRR Portfolio Highlights - December 31, 2017 Performance and Value Creation • Portfolio outperforms the Consumer Price Index – All Urban Consumers (designated public benchmark) across all time periods • 391 bps since inception; 511 bps for the 3-year period • 8.61% point-to-point IRR for the one-year period, with three of four quarters positive performance • $4.3M net gains for the year with total distributions of $4.1M PRR Portfolio Returns PRR Portfolio Value Created 15% $20 10.91% $15 $14.4 10% 8.89% 9.00% 9.72% $10 $8.5 5% 3.41% $6.3 2.87% 2.36% $5 ($ Millions) ($ in $2.2 (0.54%) $1.3 $1.7 $1.2 0% $0 ($0.3) (5%) ($5) 3/31/2017 6/30/2017 9/30/2017 12/31/2017 3/31/2017 6/30/2017 9/30/2017 12/31/2017 Point to Point IRR Since Inception IRR Net Value Gain Market Value Growth Page 2 Portfolio Snapshot Portfolio Snapshot • Four investments added to the $ millions 12/31/2016 12/31/2017 Change Portfolio in 2017; two new managers (EQT and Stonepeak) Active Partnerships 11 15 4 Active GP Relationships 10 12 2 • Portfolio IRR moderated over the Capital Committed1 $119.0 $173.6 $54.6 year; expected volatility for young Unfunded Commitment $82.7 $108.5 $25.8 portfolio Capital Contributed $38.5 $69.2 $30.7 • Average age of commitments at Capital Distributed $2.3 $6.5 $4.2 1.7 years Market Value $41.7 $72.6 $30.9 Total Value Multiple 1.14x 1.14x - Since Inception IRR 10.68% 9.72% (96 bps) Avg Age of Commitments 1.3 years 1.7 years 0.4 years 1The “change” in the capital committed from 12/31/2016 to 12/31/2017 is due to currency fluctuations from existing foreign partnerships, as well as four new commitments Annual NAV Growth $ in Million Annual NAV Growth • Continued Portfolio NAV growth: 74% $80 $80 $72.6 over the year $70 $70 • Net invested capital increase as 14 of $60 $60 15 partnerships called capital by the $50 $50 $41.7 end of 2017 $40 $40 $30 $20.7 $30 $20 $20 $7.7 $10 $4.1 $10 $0.0 $0 $0 2012 2013 2014 2015 2016 2017 Commitments Net Invested NAV Page 3 Top Five Portfolio Drivers Top Five Drivers for the Year Ending December 31, 2017 Vintage Net Value Point to Point Since Total Value Investment Name Investment Strategy Year Change ($M) IRR Inception IRR Multiple KKR Global Infrastructure Investors II, L.P. Infrastructure 2015 $1.0 21.72% 12.43% 1.11x Actis Energy 3, L.P. Infrastructure 2013 $0.8 16.90% 16.39% 1.37x GSO Energy Select Opportunities Fund, L.P. Natural Resources 2015 $0.7 15.26% 21.20% 1.23x Apollo Natural Resources Partners II, L.P. Natural Resources 2015 $0.5 13.55% 23.11% 1.29x Avenue Energy Opportunities Fund, L.P. Natural Resources 2015 $0.5 4.08% 10.91% 1.24x Subtotal $3.5 11.74% 14.87% 1.23x • The top five partnerships accounted for 72% of positive net value gain during the year • Top drivers diversified among infrastructure and natural resources strategies • KKR Global Infrastructure II driven by underlying investment performance Page 4 Portfolio Summary Portfolio Summary Year Quarter Ending Ended $ Millions 3/31/2017 6/30/2017 9/30/2017 12/31/2017 12/31/2017 Beginning Market Value $41.7 $48.0 $49.7 $58.2 $41.7 Paid-in Capital 6.3 4.0 7.4 13.0 30.7 Distributions (1.2) (2.0) (0.1) (0.8) (4.1) Net Value Change 1.3 (0.3) 1.2 2.2 4.3 Ending Market Value $48.0 $49.7 $58.2 $72.6 $72.6 Unfunded Commitments $95.6 $108.1 $106.1 $108.5 $108.5 Total Exposure $143.6 $157.8 $164.3 $181.1 $181.1 Point-to-Point IRR 2.87% (0.54%) 2.36% 3.41% 8.61% Since Inception IRR 10.91% 8.89% 9.00% 9.72% 9.72% • Three of four quarters with positive performance in 2017, leading to one-year IRR of 8.61% • Twelve partnerships generated net value gains of $4.8M • Significant market value growth in the fourth quarter • KKR Global Infrastructure II and EQT added combined $6.2M Page 5 Performance Summary IRR Performance IRR Performance as of DecemberAs of December 31, 31, 2017 2017 8.61% 1-Year IRR 6.12% 11.72% 10.73% 3-Year IRR 5.62% 5.41% 9.72% Since Inception IRR 5.81% 4.88% 0% 2% 4% 6% 8% 10% 12% 14% Portfolio IRR CPI- U + 400 bps Thomson / Cambridge Natural Resources and Infrastructure Benchmark *Portfolio since inception is 9/24/2013 • Portfolio outperforms designated public benchmark, the Consumer Price Index – All Urban Consumers (CPI-U) across all time periods • Since inception outperformance of 391 bps • Since inception, Portfolio outperforms Thomson/Cambridge Natural Resources and Infrastructure benchmark by 484 bps Page 6 Commitment Activity 2017 Commitment Activity - PRR Closing Date Partnership Investment Strategy Geographic Focus Commitment ($mil) 2/15/2017 EQT Infrastructure III, L.P. Infrastructure Global €8.0/$9.1 3/28/2017 EnCap Energy Capital Fund XI, L.P.* Natural Resources North America $15.0 5/4/2017 Avenue Energy Opportunities Fund II, L.P.* Natural Resources North America $15.0 10/13/2017 Stonepeak Infrastructure Fund III. L.P. Infrastructure North America $15.0 1/31/2018 Hancock Timberland and Farmland Fund LP** Natural Resources Global $15.0 2017 Total $69.1 *Existing manager **Closed in 2018, but part of 2017 allocation 2018 YTD Commitment Activity - PRR Closing Date Partnership Investment Strategy Geographic Focus Commitment ($mil) 3/29/2018 KKR Global Infrastructure Investors III, L.P.* Infrastructure Global $15.0 6/30/2018 Fund A Natural Resources North America $15.0 6/30/2018 Fund B Natural Resources Global $15.0 TBD 2Q Fund C Infrastructure Global $15.0 2018 YTD Total $60.0 *Existing manager • 2017 commitment activity in-line with strategic objectives for the year • 2018 allocation: one commitment closed; three additional commitments expected to close by end of Q2 • Three commitments represent re-ups to existing managers, one to new manager Page 7 Activity Review Underlying Diversification Strategic Diversification UnderlyingUnderlying Investment Investment Diversification byUnderlying GeographicDiversification Location by Total Exposure Diversificationby Industry by Industry Asby of Geographic December Location 31, 2017 AsStrategic of DecemberDiversification 31, 2017 by AsAs of of December December 31, 31, 2017 2017 As of December 31, 2017 Total Exposure As of December 31, 2017 Asia Other 3% 1% Europe Power & 14% Infrastructure Renewables 46% Oil & Gas 24% 33% Natural ROW Resources Transportation 14% 54% North 4% America Mining and 69% Minerals Agriculture 5% 13% Energy Communications 14% 6% • Geography – Europe increased by 1% due to underlying investments, North America declined as a result • Strategy – No change to exposure year-over-year; expect 2018 commitments to be equally weighted to each strategy • Industry – Communications increased by 4% from prior year due to investments made by Infrastructure partnerships Page 8 Quarterly Cash Flow Summary Net Portfolio Cash Flow Activity Net Portfolio Cash Flow Activity $3.0 $2.0 $1.2 $1.1 $0.8 $0.1 $0.0 ($3.0) ($4.0) ($6.0) ($6.3) ($ Millions) ($ in ($9.0) ($7.4) ($12.0) ($13.0) ($13.9) ($15.0) Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Paid-In Capital Capital Distributed Net Cash Flow • Increased paid-in capital activity continues through the first quarter of 2018 • Hancock Timberland and Farmland began investing and called $3.3M • Slight uplift to quarterly distribution activity, GSO returned $0.6M Page 9 Deal Reviews KKR Global Infrastructure Investors III, L.P. KKR Global Infrastructure Investors III, L.P. Fund Information General Partner: Kohlberg Kravis Roberts & Co. L.P. (“KKR”) Fund: KKR Global Infrastructure Investors III, L.P. Firm Inception: 1976 Fund Size: $5 billion Strategy: Real Assets Geography: Primarily Europe and North America Team: 25 investment professionals Senior Partners: Joseph Bae, Raj Agrawal, Brandon Freiman, Tara Davies and Vincent Policard Location New York (headquarters), Menlo Park, Houston, London and Madrid Industries Diversified Target Number of Investments 10 to 15 Approach: • Target brownfield infrastructure assets with an opportunistic allocation to greenfield investments for alpha generation • Expects to invest globally with a focus on North America and OECD-member countries • Target investments in at least one of the three following categories: regulated investments, contracted investments, and investments with market or structural protections • Historically invested between $15 million and $300 million in portfolio companies, excluding co-investment capital Page 11 KKR Global Infrastructure Investors III, L.P. Kohlberg Kravis Roberts & Co. L.P. - Prior Investment Performance As of 12/31/17 ($mm) Capital Capital Vintage Fund Size NAV DPI TVPI Net IRR Fund Drawn Distributed Fund I 2011 $1,045 $1,049.5 $821.6 $760.4 0.8x 1.5x 12.9% Fund II* 2014 3,079 2,459.3 202.5 2,566.1 0.1x 1.1x 14.1% Total $3,508.8 $1,024.1 $3,326.5 0.3x 1.2x 13.2% *SBCERS is invested in Fund II Key Features: • Generated top-quartile net returns across prior Funds on an IRR basis • Large unrealized portfolio from which it expects to capture additional upside • KKR broke the Fund I and Fund II j-curves well before private market peers and continue to outperform On behalf of SBCERS’, Hamilton Lane approved a $15.0 million commitment to KKR Global Infrastructure Investors III, L.P.
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