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Private Equity Market Activity

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Private Equity Market Activity P e n s i o n C o n s u l t i n g A l l i a n c e, I n c. Los Angeles • Portland • New York Los Angeles Department of Water and Power Employees’ Retirement Plan Private Equity Program Performance Report June 30, 2007 Prepared by: Pension Consulting Alliance, Inc. 0 P e n s i o n C o n s u l t i n g A l l i a n c e, I n c. Los Angeles • Portland • New York Table of Contents Page Program Overview 2 Private Equity Market Overview 3 Evolution and Current Status of the Private Equity Program 6 Investment Performance 7 Portfolio Structure 9 Summary 11 Appendix Tab A Tracking Schedule A-1 Landmark Equity Partners XIII, LP A-2 Lexington Capital Partners VI, LP A-3 Tab B Return Calculation Discussion B-1 1 P e n s i o n C o n s u l t i n g A l l i a n c e, I n c. Los Angeles • Portland • New York Program Overview The Los Angeles Department of Water and Power Employees’ Retirement Plan (“WPERP” or the “Plan”) Private Equity Program consists entirely of secondary market fund-of-funds to date. The Program is very young as the initial commitments to private equity were made in 2006. As private equity partnerships are long-term investments that are invested over several years, the Program is expected to continue to grow and evolve over time. Funding Projections The Program’s current long-term target allocation is 4% of the Plan’s total portfolio representing approximately $324 million in current market value. An evolving allocation target has been proposed where the initial private equity asset allocation target would be 1% (representing approximately $81 million in current market value) until June 30, 2008. Thereafter, the target would increase annually until reaching the long-term target. As of 6/30/07, the Program had committed $60 million across two partnerships. Funding models utilized in the 2007 Investment Strategy suggested committing up to $80 million in private equity opportunities per year over the next several years to reach the Plan’s target over a multi-year period. Activity Summary Given near-term formation of the Program, performance to date is not very meaningful. However, both funds have been creating diversified private equity portfolios since investment activity began in 2006. Lexington Capital Partners VI (LCP VI) made its initial capital call on WPERP’s $30 million commitment in June of 2006. As of 6/30/07, LCP VI had drawn down $8.0 million in capital, distributed $1.5 million back to the Plan, and had a market value of $7.4 million. Landmark Equity Partners XIII (LEP XIII) made its initial capital call in November of 2006 and had drawn down $12.9 million in capital contributions, distributed $2.2 million back to the Plan, and had a market value of $11.9 million as of mid-year. Portfolio Summary (as of 6/30/07) Since Peer Vintage Committed Invested Distributed Market Partnership Type Age Inception Median Year Capital Capital Capital Value 1 Net IRR IRR Lexington VI Secondary Fund-of-Funds 2006 1.0 yrs. $30 M $8.0 M $1.5 M $7.4 M 17.0%* -10.5% Landmark XIII Secondary Fund-of-Funds 2006 0.6 yrs. $30 M $12.9 M $2.2 M $11.9 M 23.0%* -10.5% Total Program --- --- --- $60 M $20.9 M $3.7 M $19.3 M 20.1%* --- * investment activity is too early for meaningful results Approximately $20.9 million (35% of the Program’s committed capital) have been invested as of June 30, 2007 and distributions have begun to be made back to the Plan ($3.7 million). Given the unique cash flows of private equity partnerships and the necessity to continually commit capital to the asset class to reach and maintain target allocations, active private equity programs never become fully invested. Therefore, continued investment activity is required for WPERP to achieve its 4% target for private equity exposure. PCA is in the due diligence process on several fund-of- funds to bring forth for WPERP’s consideration over the near-term. 1 Source: Thomson Venture Economics/NVCA, Universe of All Private Equity by vintage year. 2 P e n s i o n C o n s u l t i n g A l l i a n c e, I n c. Los Angeles • Portland • New York Private Equity Market Overview The U.S. private equity market continues to recover from the difficult time period after the tech bubble burst which negatively impacted the private markets by reducing investor confidence, eliminating exit opportunities, and reducing valuations. The 2007 calendar year is on pace to set a new fund raising record, exceeding the 2006 achievement of over $215 billion in commitments raised. Commitments to All Types of Private Equity Partnerships 250 200 150 100 $ in Billions $ in 50 0 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 9 0 199 199 199 199 199 199 19 199 199 199 200 20 200 200 200 200 200 D 2007 T Y Source: The Private Equity Analyst, through September The continued record-setting amount of LBO fundraising was the big story for the first half of 2007. The last two calendar years have been the largest ever for capital raised in the LBO industry with new record fund sizes being achieved. Buyout funds were on pace to set a new record in 2007 as $108 billion had been raised in the first six months compared to $64 billion in the first half of 2006, representing a 69% increase in fund raising levels. The impact of the summer contraction in buyout financing on fund raising for the remainder of 2007 is uncertain. Large established firms continue to dominate the fundraising. According to Private Equity Analyst, nine U.S.-based buyout firms were raising funds as of mid-year 2007 targeting capital commitments of $5 billion or more. Those nine alone have raised $105 billion to date (including amounts raised in 2006). 3 P e n s i o n C o n s u l t i n g A l l i a n c e, I n c. Los Angeles • Portland • New York After closing on approximately $215.4 billion through calendar year-end 2006, $137.2 billion in aggregate commitments were raised during the first half of 2007. Commitments of U.S. Private Equity Partnerships by Segment $250,000 $200,000 $150,000 $100,000 $50,000 Commitments (M) Commitments $0 2006 1H 2007 LBO/Corporate Finance Venture Capital Mezzanine Fund of Funds Other Private Equity Source: The Private Equity Analyst, thru September LBO/Corporate Finance funds continue to lead the way raising approximately 78% of the capital committed to private equity during the first six months of 2007 with venture capital funds at nearly 7%. The proportion of commitments made to venture capital partnerships is slightly below prior levels, which was approximately 16%, due in large part to the significant fund raising activities of the “mega” buyout funds. Fund raising activities continued exhibiting strong trends in the first half of 2007 as approximately $137.2 billion was raised. This is a 70% increase from the $96.4 billion raised during the first half of 2006. 1H 07 vs 1H 06 Commitment Activity by Segment $150,000 $125,000 $100,000 $75,000 $50,000 Commitments (M) Commitments $25,000 $0 1H 2006 1H 2007 LBO/Corporate Finance Venture Capital Mezzanine Fund of Funds Other Private Equity Source: The Private Equity Analyst, thru September Buyout funds continued their domination of fund raising statistics, with 91 funds raising $107.6 billion in commitments. Only $63.8 billion was raised by 58 partnerships during the same time period of the prior year. Venture capital funds, raised $10.0 billion in commitments, less than the $15.8 billion raised in the first half of 2006. Fundraising activities have increased as investors have returned to the private markets and/or increased allocations after weathering the economic difficulties experienced over the past several years. In addition, exit opportunities have become more prevalent, resulting in improved performance and increased distributions to investors. 4 P e n s i o n C o n s u l t i n g A l l i a n c e, I n c. Los Angeles • Portland • New York According to the Venture Economics' U.S. Private Equity Performance Index as of 6/30/07, private equity returns have remained strong. This has resulted in an impressive 19.3% return for all private equity for the twelve months ending 6/30/07. However, the effects of earlier difficulties are still apparent in the five-year private equity return, particularly for venture capital. This five-year period captures some of the poor investment environment after the “tech bubble” burst. Buyouts significantly outperformed venture capital and outpaced the S&P 500 over this time period. Longer-term results (10-year and 20-year periods) continue to be attractive despite the poor return environment during that difficult investment environment. Venture Economics’ US Private Equity Performance Index*, as of 6/30/07 Fund Type 1 Yr 3 Yr 5 Yr 10 Yr 20 Yr Early Stage VC 13.0% 8.0% 0.8% 39.1% 21.5% Balanced VC 21.6% 13.2% 8.0% 15.9% 14.2% Later Stage VC 22.9% 9.6% 6.5% 8.9% 13.8% All Venture 17.5% 10.2% 4.6% 19.0% 16.4% Small Buyouts 25.4% 9.1% 7.0% 4.4% 24.4% Med Buyouts 25.7% 14.5% 9.1% 10.1% 13.4% Large Buyouts 12.1% 8.9% 11.1% 7.6% 12.2% Mega Buyouts 22.1% 15.6% 12.6% 8.8% 11.9% All Buyouts 21.1% 14.1% 11.8% 8.4% 12.9% Mezzanine 15.6% 5.2% 5.0% 5.8% 8.4% All Private Equity 19.3% 13.0% 9.6% 10.7% 13.9% Source: Thomson Venture Economics/ National Venture Capital Association *The Private Equity Performance Index is based on the latest quarterly statistics from Thomson Venture Economics’ Private Equity Performance Database analyzing the cash flows and returns for over 1860 US venture capital and private equity partnerships with a capitalization of $678 billion.
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