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Santa Barbara County Employees' Retirement System Santa Barbara County Employees’ Retirement System Third Quarter 2020 Private Real Return (PRR) Performance Update Agenda • Q3 Private Real Return Performance 3 • Deal Review 8 • Appendix 14 Q3 Private Real Return Performance PRR Portfolio Highlights - September 30, 2020 Young PRR Portfolio generated continued positive performance in Q3 after Q1 volatility caused by global pandemic • Generated positive IRR of 1.29% during Q3 with $2.3M of gains • Since inception IRR increased 16 bps QoQ • 71% of gains in Q2 and Q3 driven by Infrastructure funds as Natural Resource funds, particularly those focused on energy investing, have been slower to recover Q1 decline PRR Portfolio Returns PRR Portfolio Value Created 10% 7.02% $20 6.89% $15 $13.7 $14.1 5% 3.73% $11.1 0.46% 0.84% $10 3.57% 1.29% $5.5 0% $5 $2.3 $0.7 $0 (5%) ($5) ($2.9) ($ ($ in Millions) (10%) ($10) (11.94%) ($15) (15%) 12/31/2019 3/31/2020 6/30/2020 9/30/2020 ($20) ($19.4) 12/31/2019 3/31/2020 6/30/2020 9/30/2020 Point-to-Point IRR Since Inception IRR Net Value Gain Market Value Growth Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 4 Portfolio Snapshot Portfolio Snapshot Q3 2020: growth of young Portfolio $ millions 6/30/2020 9/30/2020 Change • Market value up 8%, or $14.1M, QoQ Active Partnerships 30 30 - Active GP Relationships 20 20 - • Portfolio distributed $1.9M in Q3 Capital Committed ¹ $408.0 $408.3 $0.4 • Portfolio is young, with an average age of Unfunded Commitment $226.6 $215.2 ($11.4) commitments of 2.5 years Capital Contributed $196.8 $210.6 $13.8 Capital Distributed $41.8 $43.7 $1.9 Market Value $168.9 $183.0 $14.1 Total Value Multiple 1.1x 1.1x - Since Inception IRR 3.57% 3.73% 16 bps Active Avg Age of Commitments 2.4 years 2.5 years 0.1 years ¹ The change in the capital committed quarter over quarter is due to currency movements of non-USD Portfolio investments Annual NAV Growth $ in Millions $160 $200 $183.0 • Measured growth towards 9% target $180 $140 $158.1 allocation $160 $120 • PRR allocation as of 9/30/20 is $117.6 $140 $100 5.54%, up 75 bps from one–year prior $120 $80 $72.6 $100 $60 $80 $41.7 $60 $40 $20.7 $40 $20 $4.1 $7.7 $0.0 $20 $0 $0 2012 2013 2014 2015 2016 2017 2018 2019 2020 Commitments Net Invested NAV *2020 net invested as of 12/31/20, NAV as of 9/30/20 Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 5 Performance Summary IRR Performance As of September 30, 2020 (3.15%) 1-Year IRR 5.37% (7.61%) 2.34% 3-Year IRR 5.78% (0.27%) 4.13% 5-Year IRR 5.81% 3.07% 3.73% Since 5.65% Inception IRR 2.37% (8%) (6%) (4%) (2%) 0% 2% 4% 6% Portfolio IRR CPI - U + 400 bps Thomson / Cambridge Natural Resources and Infrastructure • Portfolio underperformed designated public benchmark, the Consumer Price Index – All Urban Consumers (CPI-U), all time periods • CPI-U experienced limited volatility as a result of the global pandemic unlike the public and private markets • Portfolio outperformed peer benchmark (Thomson/Cambridge Natural Resources and Infrastructure) across all time periods • Since inception Portfolio IRR outperformed Thomson/Cambridge Natural Resources and Infrastructure benchmark by 136 bps Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 6 Activity Review Strategic Diversification Underlying Investment Diversification Underlying Investment Diversification by Total Exposure by Geography* by Industry* As of September 30, 2020 As of September 30, 2020 As of September 30, 2020 Other 2% Power & ROW Oil & Gas Renewables Natural Resources 16% 19% 18% 53% Asia 3% Transportation 10% Mining and Minerals 4% Timber 2% Energy Water 14% 1% Western Europe 23% Agriculture Infrastructure North America 47% 9% 57% Communications 21% Portfolio is prudently diversified by strategy, geography and sector • Geography – Geographic exposure remained relatively unchanged QoQ • Strategy – Infrastructure exposure increased by 1% and Natural Resources exposure decreased by 1% QoQ • Industry – Oil & Gas exposure decreased by 1% while Transportation increased 2% QoQ *Underlying exposures based on preliminary data and subject to change Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 7 Deal Review Digital Colony Partners II, L.P. EQT Infrastructure V, SCSp Hancock Timberland and Farmland Fund, L.P. ISQ Global Infrastructure Fund III, L.P. Tiverton AgriFinance II, L.P. Digital Colony Partners II, L.P. Firm Inception 2017 Approach • Invests in major subsectors within digital Fund Size $6 billion infrastructure including fiber, towers, data centers Strategy Infrastructure and small cell networks Geography Global • Targets investments globally with a primary focus on North America and Europe Team 37 investment professionals • Control investor with focus on downside protection Industries Digital infrastructure • Will create diversified portfolio, with mix of lower risk Investment Sizes $400 million to $600 million investments such as towers and hyperscale data centers and growth-focused investments such as small cells and enterprise fiber Digital Colony Partners • Seeks to partner with strong management teams 1 Prior Investment Performance and build robust long-term businesses through As of 6/30/2020 ($mm) Fund Capital Capital active investment management and strategic M&A Vintage NAV DPI TVPI Net IRR Fund Size Drawn Distributed Fund I 2018 $4,059 $1,828.0 $20.3 $1,735.0 0.0x 1.0x (5.3%) Total $1,828.0 $20.3 $1,735.0 0.0x 1.0x (5.3%) Key Features • Senior investment professionals have transacted in 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. the digital infrastructure space for over 25 years and have developed strong relationships with key customers in the industry • Established a robust network of dedicated Operating Partners and Senior Advisors who bring digital infrastructure and asset management expertise, including founding, operating and successfully exiting businesses in the sector • Fund I is young and generally performing well; all investments except one currently held at or above cost, with upside expected in near-term • Strong references of platform, team and network of On behalf of SBCERS’, Hamilton Lane approved a $15.0 million Operating Partners and Senior Advisors commitment to Digital Colony Partners II, L.P. Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 9 EQT Infrastructure V, SCSp Firm Inception 1994 Approach • EQT is well-known partner in the infrastructure space Fund Size €15 billion • Targets investments in transport & logistics, energy, Strategy Infrastructure environment, social and telecommunications Geography Global • Focus on Western Europe and the U.S., but may opportunistically invest in Asia Team 72 investment professionals • Breadth and reputation of the EQT platform, thematic Industries Diversified sourcing approach and Industrial Advisor network Investment Sizes €200 million to €1 billion drives robust deal flow • Benefits from a private equity-like operational approach, strategically repositioning investments EQT Partners AB and exiting to lower costs of capital Prior Investment Performance 1 As of 3/31/2020 (€mm) Fund Capital Capital Vintage NAV DPI TVPI Net IRR Fund Size Drawn Distributed Fund I 2008 € 1,167 € 1,258.5 € 2,363.6 € 5.2 1.9x 1.9x 17.1% Fund II 2012 1,938 1,892.0 2,538.9 607.5 1.3x 1.7x 19.2% Fund III 2016 4,041 3,593.7 81.9 4,430.4 0.0x 1.3x 14.6% Key Features Fund IV 2018 9,000 2,638.5 0.0 2,445.3 0.0x 0.9x -18.6% • Well-tenured and cohesive senior investment team that averages ~18 years of experience and 10 years Total € 9,382.7 € 4,984.4 € 7,488.3 0.5x 1.3x 16.2% at EQT 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. • Targets assets that display growth and scale characteristics where it can leverage its differentiated value creation approach to generate outsized returns • Generated top-quartile net performance in Funds I through III, both on a net IRR and TVPI basis • Attractive dispersion of returns in Funds I and II, with On behalf of SBCERS’, Hamilton Lane approved a $15.0 million 25% of investments realized above a 3.0x gross multiple commitment to EQT Infrastructure V, SCSp Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 10 Hancock Timberland and Farmland Fund, L.P. Approach Firm Inception 1995 • Aims to build a diversified portfolio of farmland, timberland and related infrastructure investments Fund Size Open-ended focused on generating consistent returns comprised of Strategy Natural Resources both income and capital appreciation via open-ended fund structure Geography Global • Seeks to invest up to 20% of the Fund in related Team 15 senior professionals infrastructure investments in order to increase revenue, augment diversification and enhance access to Industries Timber, permanent crops, and row crops investment opportunities Investment Sizes $5 million and greater • Invests across both permanent and row crops, but expects to allocate a larger amount to permanent Hancock Natural Resource Group, Inc. crops in the FundHancock Natural Resource Group, Inc. Prior Investment Performance • Seeks to invest primarilyRealized Investmentin the U.S., Performance but will also invest As of 12/31/19 in countries such as Australia, Brazil, Chile, Finland, ($mm) # of Inv. Amount Amount Unrealized Gross Gross Sweden, New Zealand, and Uruguay depending on the Vintage 2 Fund 1 Total Real.
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