Report to Board of Administration

Transcription

1 Report to Board of Administration Agenda of: DECEMBER 12, 2017 From: Thomas Moutes, General Manager ITEM: IV-I SUBJECT: DISCLOSURE REPORT OF FEES, EXPENSES, AND CARRIED INTEREST OF ALTERNATIVE INVESTMENT VEHICLES FOR THE FISCAL YEAR ENDING JUNE 30, 2017 PURSUANT TO GOVERNMENT CODE SECTION Recommendation: That the Board receive and file this report. Discussion: Background California Government Code Section (enacted into law by the passage of Assembly Bill 2833) requires to obtain and disclose specific fee, expense, and other information relating to alternative investment vehicles within the investment. The disclosure must be made at least annually at a meeting open to the public. The law defines an alternative investment vehicle as a private equity fund, venture fund, hedge fund, or absolute return fund; considers private real estate funds to fall within the scope of the alternative investment vehicles definition. Pursuant to Section , alternative investment vehicles must provide the following information for public disclosure by : 1. The fees and that pays directly to the alternative investment vehicle, the management company or related parties. 2. pro rata share of fees and not included in (1) that are the alternative investment vehicle to the management company or related parties. 3. pro rata share of carried interest distributed by the alternative investment vehicle to the management company or related parties. 4. pro rata share of aggregate fees and of the held by the alternative investment vehicle to the fund manager or related parties. 5. The gross and net internal rate of return of the fund, since inception. 1

2 6. Any additional information described in the California Public Records Act [Government Code Section (b)]: i. The name, address, and vintage year of each alternative investment vehicle. ii. The dollar amount of the commitment made by to each alternative investment vehicle since inception. iii. The dollar amount of cash contributions made by to each alternative investment vehicle since inception. iv. The dollar amount, on a fiscal year-end basis, of cash distributions received by from each alternative investment vehicle. v. The dollar amount, on a fiscal year-end basis, of cash distributions received by plus remaining value of partnership assets attributable to investment in each alternative investment vehicle. vi. The net internal rate of return of each alternative investment vehicle since inception. vii. The investment multiple of each alternative investment vehicle since inception. viii. The dollar amount of the total management fees and costs paid on an annual fiscal year-end basis, by to each alternative investment vehicle. ix. The dollar amount of cash profit received by from each alternative investment vehicle on a fiscal year-end basis. The law applies mandatorily to funds committed to on and after January 1, Through the fiscal year ending June 30, 2017, 11 private equity funds and zero real estate funds within the were required by contract to comply with Section The law is voluntary for funds committed to prior to January 1, 2017, and for which no new capital commitments have been made (pre-2017 funds), subject to using reasonable effort to acquire the information. Staff issued letters to all pre-2017 private equity funds (227 funds) and real estate funds (51 funds) requesting information in accordance with Section Of these funds, 48 private equity funds and 16 real estate funds provided the data. The attached report contains alternative investments disclosures for the fiscal year ending June 30, 2017, pursuant to Section This report was prepared by Bryan Fujita, Chief Operating Officer, Division. RJ:BF:ag Attachments: A) Mandatory Disclosure Report for Private Equity s B) Mandatory Disclosure Report for Real Estate s C) Voluntary Disclosure Report for Private Equity s D) Voluntary Disclosure Report for Real Estate s 2

3 ATTACHMENT A MANDATORY DISCLOSURE BY FUNDS COMMITTED TO ON OR AFTER JANUARY 1, 2017 ABRY Senior Equity V, LP Brentwood Associates Private Equity VI, LP CVC Capital Partners VII, LP DEFY Partners I, LP EnCap Energy Capital XI, LP Glendon Opportunities II, LP New Enterprise Associates 16, LP Oak HC/FT Partners II, LP Palladium Equity Partners V, LP Stripes Growth Partners IV, LP Upfront VI, LP Remaining Profit 111 Huntington Ave 29th Floor Boston, MA , ,000, , , ,333 (10,437) 26.2% -9.3% Santa Monica Blvd Suite 1200 Los Angeles, CA ,000, % 0.0% Strand London, England WCZR 0AG ,196, % 0.0% Hillview Ave Palo Alto, CA ,000, % 0.0% Louisiana Street Suite 3150 Houston, TX ,000, % 0.0% th Street, 2000N Santa Monica, CA ,000, % 0.0% Wisconsin Ave Suite 800 Chevy Chase, MD , ,000, , , ,670 (209) -48.9% -62.2% 0.9 Three Pickwick Plaza Suite 302 Greenwich, CT ,000, % 0.0% Avenue of the Americas, Suite 2200 New York, NY ,000, % 0.0% West 13th Street New York, NY ,000, % 0.0% th Street Santa Monica, CA ,000, % 0.0% - MANDATORY DISCLOSURE - Page 1 of 1

4 ATTACHMENT B MANDATORY DISCLOSURE BY FUNDS COMMITTED TO ON OR AFTER JANUARY 1, 2017 PRIVATE REAL ESTATE FUNDS None Contribution s Remaining Profit Rate of MANDATORY DISCLOSURE - REAL ESTATE FUNDS Page 1 of 1

5 ATTACHMENT C ACON Equity Partners III, LP Acon-Bastion Partners II, LP Advent International GPE VII-B, LP Advent International GPE VIII-B-2 American Securities VII Angeles Equity Partners I Apollo VI, LP Apollo VII, LP Apollo VIII, LP BC European X, LP Blue Sea Capital I CenterGate Capital Partners I Remaining Profit 1133 Connecticut Ave NW Suite 500 Washington, DC , ,428 20,000,000 15,384,793 19,660, ,061 19,962,919 9,614 NA 10.0% Connecticut Ave NW Suite 500 Washington, DC ,518-88,596 4,880 5,000,000 4,721, , ,446 1,546, ,781 NA 13.5% State Street Boston, MA , ,258 30,000,000 27,000,000 32,412,381 4,995,000 37,407,381 4,107, % 17.2% State Street Boston, MA , ,000,000 8,190,000 8,733,768 2,400,000 11,133,768 61, % 207.6% Park Avenue 34th Floor New York, NY ,463 NA NA NA 25,000,000 8,714,568 5,939,419-5,939,419 NA 31.5% -61.6% San Vicente Blvd Suite 808 Los Angeles, CA , ,278 10,000,000 1,052, ,900 83, ,684 - NA -6.2% Manhattanville Road Suite 201 Purchase, NY , ,133 15,000,000 14,372,999 4,842, ,427 5,067,379 92, % 9.0% Manhattanville Road Suite 201 Purchase, NY , ,596 15,851 20,000,000 16,949,586 5,019,170 1,400,091 6,419,261 1,025, % 23.8% Manhattanville Road Suite 201 Purchase, NY ,124-37, ,753 40,000,000 23,822,873 27,795,391 1,705,922 29,501, , % 14.2% Madison Avenue New York, NY , ,238, NA 0.0% Royal Palm Way Floor 2 Palm Beach, FL ,537 4,134-55,688 10,000,000 4,247,693 5,324,057-5,324,057 - NA 13.1% Via Fortuna Suite 145 Austin, TX , ,000, , ,575 62, ,852 - NA -13.4% 0.7 Note: Report excludes funds that are not required to comply with Section and have opted not to provide such information upon request. VOLUNTARY DISCLOSURE - Page 1 of 5

6 ATTACHMENT C Craton Equity Investors I, LP DFJ Growth 2013, LP DFJ Growth III Draper, Fisher & Jurvetson XII, LP EIG Energy XVI EnCap Energy Capital VIII, LP EnCap Energy Capital X, LP EnCap Energy IX First Reserve XI, LP First Reserve XII, LP Remaining Profit 8750 Wilshire Blvd Suite 250 Beverly Hills, CA , ,000,000 9,973,980 1,401, ,174 1,708,860 (217,943) NA -19.5% Sand Hill Road Suite 150 Menlo Park, CA , ,000,000 22,501,311 27,123,115-27,123,115 - NA 8.9% Sand Hill Road Suite 150 Menlo Park, CA , ,000, , , ,344 - NA -84.6% Sand Hill Road Suite 150 Menlo Park, CA ,102 NA NA NA 10,000,000 2,275,000 2,274,308-2,274,308 - NA -0.1% Pennsylvania Ave NW Suite 800 Washington, DC , ,000,000 15,412,306 14,977,325 1,787,465 16,764, , % 8.7% Louisiana Street Suite 3150 Houston, TX , ,000,000 13,746,702 6,640,456 2,221,482 8,861,938 (1,195,261) -0.5% -3.4% Louisiana Street Suite 3150 Houston, TX , ,000,000 16,029,712 15,776,197 2,575,633 18,351,830 3,059, % 17.9% Louisiana Street Suite 3150 Houston, TX , ,000,000 24,428,990 20,089,655 10,975,454 31,065,109 9,550, % 16.9% 1.4 One Lafayette Place Greenwich, CT , ,000,000 30,000,000 2,149,261 1,108,035 3,257,296 (6,431,764) NA -7.6% 0.7 One Lafayette Place Greenwich, CT , ,677 25,000,000 25,417,087 7,112, ,885 7,365,363 (4,183,239) NA -8.7% 0.8 Gilde Buyout Partners V, LP 2-8, avenue Charles de Gaulle, L-1653 Luxembourg R.C.S. Luxembourg: B , ,084,371 4,796,758 4,031,439-4,031,439 - NA -28.2% 0.8 Glendon Opportunities, LP th Street, 2000N Santa Monica, CA ,000 NA 1,000 NA 20,000,000 12,990,996 15,595,337-15,595, % 8.1% 1.2 Note: Report excludes funds that are not required to comply with Section and have opted not to provide such information upon request. VOLUNTARY DISCLOSURE - Page 2 of 5

7 ATTACHMENT C Incline Equity Partners IV, LP Oak HC/FT Partners, LP Oak Partners XII, LP Oaktree Opportunities X, LP Oaktree Opportunities Xb, LP Permira Europe III (EUR), LP Permira Europe IV (EUR), LP Searchlight Capital Partners II, LP StarVest Partners II, L.P. StepStone Pioneer Capital I, LP StepStone Pioneer Capital II, LP Remaining Profit 625 Liberty Ave EQT Plaza Suite 340 Pittsburgh, PA , ,000, NA 0.0% - Three Pickwick Plaza Suite 302 Greenwich, CT , ,000,000 6,961,965 8,125, ,333 8,661, ,903 NA 15.4% Main Ave Suite 600 Norwalk, CT , ,000,000 15,000,000 4,735, ,463 5,001, ,836 NA 0.4% South Grand Ave 28th Floor Los Angeles, CA ,183 NA - NA 7,500,000 2,250,000 2,968,020 92,949 3,060, ,208 NA 29.2% South Grand Ave 28th Floor Los Angeles, CA ,500, % 0.0% - PO Box No 503 Trafaigar Court Les Banques St. Peter Port, Guernsey GY1 6DJ , , ,506,160 21,506, , , ,162 (917,465) NA 26.0% 1.7 PO Box No 503 Trafaigar Court Les Banques St. Peter Port, Guernsey GY1 6DJ ,018-1,433,711 3,822 14,922,127 14,664,448 3,266,254 2,890,830 6,157, ,826 NA 8.7% Fifth Ave New York, NY , ,258 25,000,000 6,964,191 8,829,017-8,829,017 - NA 22.0% Lexington Ave New York, NY , ,000,000 4,922,712 3,604, ,448 4,421, ,197 NA -1.3% Executive Square Suite 500 La Jolla, CA , ,000,000 9,751,776 3,455, ,160 3,885, ,995 NA 5.8% Executive Square Suite 500 La Jolla, CA , ,000,000 9,421,683 7,565,543 2,162,896 9,728,439 1,529,415 NA 9.0% 1.8 Note: Report excludes funds that are not required to comply with Section and have opted not to provide such information upon request. VOLUNTARY DISCLOSURE - Page 3 of 5

8 ATTACHMENT C StepStone Secondary Opportunities Fd III TA X, LP TA XI, LP TA XII-A, LP Thoma Bravo XII, LP Thoma Bravo Special Opportunities II Thoma Bravo XI TPG Growth II, LP TPG Partners III, LP TPG Partners IV, LP TPG Partners V, LP TPG Partners VI, LP Remaining Profit 4275 Executive Square Suite 500 La Jolla, CA , ,000,000 5,511,922 6,365,246 7,104 6,372, ,317 NA 19.1% Clarendon Street 56th Floor Boston, MA ,857-6,000,000 6,186, , , ,756 NA 10.3% 5.2% Clarendon Street 56th Floor Boston, MA , ,664 1,235 20,000,000 19,650,000 17,714,655 5,671,119 23,385,774 NA 30.4% 20.3% Clarendon Street 56th Floor Boston, MA , ,000,000 7,687,500 8,149, ,500 8,712,000 NA 42.9% 19.7% N. LaSalle Street Suite 4350 Chicago, IL ,864 NA - 103,517 25,000,000 10,125,100 10,136,080 1,795 10,137,875 - NA 0.2% N. LaSalle Street Suite 4350 Chicago, IL ,911 NA - 48,867 10,000,000 9,874,789 11,846,543-11,846,543 - NA 11.9% N. LaSalle Street Suite 4350 Chicago, IL ,896 NA - 221,780 15,000,000 14,915,896 19,292,594-19,292,594 - NA 14.0% 1.3 Fort Worth, TX ,192 NA - NA 30,000,000 25,821,842 47,937,614 8,560,465 56,498,079 5,621,852 NA 26.7% 2.2 Fort Worth, TX ,051 NA - NA 21,458,107 22,442, , ,121 (276,500) NA 24.6% 2.5 Fort Worth, TX ,170 NA 443,857 NA 23,256,237 27,436,973 2,525,501 1,837,776 4,363, ,373 NA 15.5% 2.0 Fort Worth, TX ,399 NA - NA 28,726,546 31,415,182 9,284,221 4,170,355 13,454,576 1,909,035 NA 5.2% 1.4 Fort Worth, TX ,294 NA 426,410 NA 22,500,000 23,863,728 12,289,818 4,639,303 16,929,121 2,545,806 NA 11.3% 1.5 Note: Report excludes funds that are not required to comply with Section and have opted not to provide such information upon request. VOLUNTARY DISCLOSURE - Page 4 of 5

9 ATTACHMENT C TPG Star, LP Remaining Profit Fort Worth, TX ,120 NA - NA 20,000,000 21,133,903 10,323,859 1,329,320 11,653, ,586 NA 10.6% 1.6 Note: Report excludes funds that are not required to comply with Section and have opted not to provide such information upon request. VOLUNTARY DISCLOSURE - Page 5 of 5

10 ATTACHMENT D PRIVATE REAL ESTATE FUNDS Almanac Realty Securities VI, LP Asana Partners I, LP Berkshire Multifamily Income Realty California Smart Growth IV, LP CIM III, LP CIM Urban REIT, LLC CIM VI-I (Urban REIT), LLC CityView LA Urban Land I, LP Jamestown Premier Property, LP JP Morgan Alternative Property II Prime Property, LLC Principal U.S. Property Separate Account by Remaining Profit 1140 Ave of the Americas 17th Floor New York, NY ,595-87,540-25,000,000 15,475,571 10,308,109 2,089,016 12,397, ,544 NA 16.7% Camden Road Suite 210 Charlotte, NC ,337 NA NA NA 20,000,000 5,411,739 5,546,392-5,546,392 (24,141) NA 12.7% California Street Suite 1750 San Francisco, CA ,036,849-24, ,833 20,000,000 20,000,000 23,632, ,686 24,308,520 - NA 13.6% Santa Monica Blvd Suite 1000 Los Angeles, CA , ,000,000 31,448,081 7,981,531 6,142,910 14,124, ,818 NA 2.4% Hollywood Blvd 9th Floor Los Angeles, CA , ,000,000 16,763,475 9,343,947 6,912,836 16,256,783 2,513,215 NA 10.6% Hollywood Blvd 9th Floor Los Angeles, CA , ,000,000 46,417,723 28,408,235 20,857,742 49,265,977 3,056,573 NA 4.8% Hollywood Blvd 9th Floor Los Angeles, CA , ,000,000 25,000,000 30,338, ,864 31,275,559 - NA 8.4% Wilshire Blvd 12th Floor Los Angeles, CA , ,000,000 61,459,547 2,388,177-2,388,177 2,475,647 NA 11.8% Ponce de Leon Av NE 7th Floor Atlanta, GA ,534,851 11, , ,293 50,000,000 50,399,573 47,976,285 5,599,551 53,575,836 (291,842) NA 7.3% Park Avenue New York, NY , ,000,000 25,000, ,274 29, , ,172 NA -4.3% Broadway 37th Floor New York, NY , ,000,000 50,000,000 53,326,823 2,044,682 55,371,505 - NA 9.0% High Street Des Moines, IA , ,000,000 50,000,000 56,929,161-56,929,161 NA NA 9.1% 1.1 Note: Report excludes funds that are not required to comply with Section and have opted not to provide such information upon request. VOLUNTARY DISCLOSURE - REAL ESTATE FUNDS Page 1 of 2

11 ATTACHMENT D PRIVATE REAL ESTATE FUNDS Southern California Smart Growth I The Buchanan V, LLC Tuckerman Residential Income & Value Added, LLC Walton Street Real Estate V, LP by Remaining Profit Santa Monica Blvd Suite 1000 Los Angeles, CA ,000,000 18,836,734 1,104, ,629 1,682,431 - NA -1.8% Jamboree Rd Suite 4200 Newport Beach, CA ,022 3, ,000,000 27,000,000 3,588, ,091 4,315,884 - NA -0.7% International Drive Suite 230 Rye Brook, NY , ,000,000 26,064,010 7,759,067-7,759,067 NA NA 0.2% North Michigan Ave Suite 1900 Chicago, IL , ,000,000 25,000,001 7,092,540 4,087,052 11,179,592 NA NA -2.5% 0.8 Note: Report excludes funds that are not required to comply with Section and have opted not to provide such information upon request. VOLUNTARY DISCLOSURE - REAL ESTATE FUNDS Page 2 of 2