Second Quarter 2018 Private Equity Review Firefighters Retirement System of Louisiana
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1 Second Quarter 2018 Private Equity Review Firefighters Retirement System of Louisiana October 2018 David Barnes, CFA, CAIA Senior Consultant BOSTON ATLANTA CHARLOTTE CHICAGO DETROIT LAS VEGAS PORTLAND SAN FRANCISCO
2 Table of Contents Page Summary Letter 1 Trailing Period Returns 5 Portfolio Value 6 Portfolio Value by Lifecycle 7 Portfolio Value by Vintage Year 8 Portfolio Value by Strategy 9 Transaction Summary 10 Information Disclosure NEPC, LLC uses, as its data source, the plan s fund manager and custodian bank or fund service company, and NEPC, LLC relies on those sources for all transactions, including capital calls, distributions, income/expense and reported values. While NEPC, LLC has exercised reasonable professional care in preparing this report, we cannot guarantee the accuracy of all source information contained within. The Investment Performance Analysis is provided as a management aid for the client s internal use only. Portfolio performance reported in the Investment Performance Analysis does not constitute a recommendation by NEPC, LLC. Information in this report on market indices and security characteristics is received from sources external to NEPC, LLC. While efforts are made to ensure that this external data is accurate, NEPC, LLC cannot accept responsibility for errors that may occur. Q2 2018
3 October, 2018 Firefighters Retirement System of Louisiana (FRS) RE: Private Markets Strategy 2 nd Quarter 2018 Dear FRS, We are pleased to present the June 30, 2018 Private Equity Report for the Firefighters Retirement System of Louisiana. The report provides a variety of performance analysis for the overall portfolio. The reports include trailing performance, performance by investment stage and vintage year performance. The Firefighters Retirement System of Louisiana experienced a positive quarter, having a nominal IRR of 4.04%. The IRR since inception is 1.41%. The overall multiple (current valuation plus cumulative distributions, divided by total capital calls) is The following table presents the status of the Firefighters Retirement System of Louisiana private markets portfolio as of June 30, 2018: Commitments Terminated Amount Amount Reported Call Distribution Commitments Funded Distributed Value $199,730,000 $0 $179,618,091 $134,258,061 $56,647, % 74.75% Market Exposure Total Fund Alternative Reported Market Unfunded (Reported Value + Composite Assets Value Exposure Commitments Unfunded Commitments) as of Target as a % of as a % 6/30/2018 Total Fund Total Fund $19,538,705 $76,186,187 $1,665,480,184 4%* 3.40% 4.6% Total Value (Reported Value + Distributions) $190,905,543 Total Value To Paid In Capital 1.06 Internal Rate of Return IRR, Since Inception (January 2005) 1.41% 1
4 As of June 30, 2018, the Firefighters Retirement System of Louisiana had commitments totaling $ million to 13 private markets fund. Of the 13 funds in the private equity portfolio, 3 are in the investing stage, 6 are in the harvesting stage, 1 is liquidating, and 3 have been completed. The following charts illustrate the program s current life cycle: Capital Committed $199,730,000 Liquidating $20,000,000 Capital to be Funded $19,538,705 Harvesting $1,132,913 Liquidating $811,002 Completed $65,000,000 Investing $60,000,000 Harvesting $54,730,000 Investing $17,594,790 The following chart illustrates the commitment history of the Firefighters Retirement System of Louisiana private markets program through the quarter end: Commitment History $80,000,000 $70,000,000 $60,000,000 $50,000,000 $40,000,000 $30,000,000 $20,000,000 $10,000,000 $ Mezzanine Venture Buyouts Secondaries Fund of Funds 2
5 The following chart provides an analysis of the vintage year performance comparing the capital calls to the distributions and reported value: Vintage Year Analysis of Commitments, Value, and Cash Flows Since Inception $80,000,000 $70,000,000 $60,000,000 $50,000,000 $40,000,000 $30,000,000 $20,000,000 $10,000,000 $ Capital Called Distributions Reported Value Total Commitments During the quarter-ended June 30, funds in the Firefighters Retirement System of Louisiana private markets portfolio drew capital and 6 funds made a distribution. The summary of the cash flow follows: Calls & Expenses Funded for the Quarter Number of Funds Calling Capital & Expenses Distributions for the Quarter Number of Funds Making Distributions Net Cash/Stock Flows for the Quarter $3,009,640 4 $1,661,162 6 ($1,348,479) 3
6 Since inception the private markets program has gained $10.75 million in value for the Firefighters Retirement System of Louisiana. Mezzanine added $6.94 million, Fund of Funds added $2.67 million, Buyouts added $5.63 million and Secondaries added $4.53 million. Venture has lost ($9.03) million. $10,000,000 Value Add (Loss) Analysis By Strategy $5,000,000 $0 -$5,000,000 -$10,000,000 Mezzanine Venture Buyouts Secondaries Fund of Funds As of June 30, 2018, the 13 private markets funds in the Firefighters Retirement System of Louisiana portfolio had the following investment strategy diversification by the investment fund s reported value: Investment Strategy Diversification ($56.65 Million Reported Value) Secondaries 21% Fund of Funds 6% Mezzanine 1% Venture 19% Buyouts 53% We thank you for the opportunity to work with the Firefighters Retirement System of Louisiana and look forward to continued success in the future. Best regards, David Barnes, CFA, CAIA Senior Consultant 4
7 Executive IRR Summary 6/30/2018 Investment Name Vintage Year Commitment Amount QTD YTD 1 Year 3 Year 5 Year Inception CCMP Capital Investors III, L.P ,000, DCM Private Equity Fund II ,000, DTC Private Equity II-Q, L.P ,500, Franchise Capital Partners II, L.P ,000, Franchise Capital Partners III, L.P ,000, Greenspring Crossover Ventures, L.P ,000, Greenspring Global Partners III-A, L.P ,230, HarbourVest Partners Co-Investment IV ,000, Landmark Equity Partners XV, L.P ,000, Louisiana Fund I ,000, Murphree Venture Partners VI, LP ,000, Sail Sustainable Louisiana LP ,000,000 SAIL Venture Partners II ,000,000 Total: Firefighters' Retirement System of Louisiana 199,730,
8 Investment Name Vintage Year Commitment Amount Paid in Capital Performance Analysis Capital to be Funded 6/30/2018 Additional Fees Cumulative Distributions Valuation Total Value Net Benefit Call 1 CCMP Capital Investors III, L.P ,000,000 11,642,226 3,357, ,740 1,182,125 14,180,095 15,362,220 3,823,734 78% % 2 DCM Private Equity Fund II ,000,000 9,317, , ,269 8,382,828 1,727,569 10,110,397 79,041 93% % 3 DTC Private Equity II-Q, L.P ,500,000 7,050, , ,912,500 1,729,658 9,642,158 2,592,158 94% % 4 Franchise Capital Partners II, L.P ,000,000 19,188, , ,081, ,146 20,469,602 1,280,604 96% % 5 Franchise Capital Partners III, L.P ,000,000 19,426, ,089, ,089,905 5,663, % % 6 Greenspring Crossover Ventures, L.P ,000,000 25,000, ,219,022 4,373,664 50,592,686 25,592, % % 7 Greenspring Global Partners III-A, L.P ,230,000 9,230, ,074,811 4,105,060 17,179,871 7,949, % % 8 HarbourVest Partners Co-Investment IV ,000,000 13,972,907 6,027, ,779,871 15,779,871 1,806,964 70% % 9 Landmark Equity Partners XV, L.P ,000,000 16,790,077 8,209,923-74,562 9,316,241 11,931,304 21,247,545 4,532,030 67% % 10 Louisiana Fund I ,000,000 1,000, ,317 1,734,135 1,759, , % % 11 Murphree Venture Partners VI, LP ,000,000 2,000, , ,980 1,546, , % % 12 Sail Sustainable Louisiana LP ,000,000 15,000, , ,140-14,550, % N/A 13 SAIL Venture Partners II ,000,000 30,000, ,676, ,676,258-28,323, % N/A Total: 199,730, ,618,091 19,538, , ,258,061 56,647, ,905,543 10,751,485 90% % DPI TVPI IRR 6
9 Lifecycle Performance Analysis 6/30/2018 Investment Name Vintage Year Commitment Amount Paid in Capital Capital to be Funded Additional Fees Cumulative Distributions Valuation Total Value Net Benefit Call DPI TVPI IRR 2 Investing 1 CCMP Capital Investors III, L.P ,000,000 11,642,226 3,357, ,740 1,182,125 14,180,095 15,362,220 3,823,734 78% % 2 HarbourVest Partners Co-Investment IV ,000,000 13,972,907 6,027, ,779,871 15,779,871 1,806,964 70% % 3 Landmark Equity Partners XV, L.P ,000,000 16,790,077 8,209,923-74,562 9,316,241 11,931,304 21,247,545 4,532,030 67% % Subtotal: 2 Investing 60,000,000 42,405,210 17,594, ,302 10,498,366 41,891,270 52,389,636 10,162,728 71% % 3 Harvesting 1 DCM Private Equity Fund II ,000,000 9,317, , ,269 8,382,828 1,727,569 10,110,397 79,041 93% % 2 DTC Private Equity II-Q, L.P ,500,000 7,050, , ,912,500 1,729,658 9,642,158 2,592,158 94% % 3 Greenspring Crossover Ventures, L.P ,000,000 25,000, ,219,022 4,373,664 50,592,686 25,592, % % 4 Greenspring Global Partners III-A, L.P ,230,000 9,230, ,074,811 4,105,060 17,179,871 7,949, % % 5 Louisiana Fund I ,000,000 1,000, ,317 1,734,135 1,759, , % % 6 Murphree Venture Partners VI, LP ,000,000 2,000, , ,980 1,546, , % % Subtotal: 3 Harvesting 54,730,000 53,597,087 1,132, ,269 76,462,936 14,368,066 90,831,002 36,519,646 98% % 4 Liquidating 1 Franchise Capital Partners II, L.P ,000,000 19,188, , ,081, ,146 20,469,602 1,280,604 96% % Subtotal: 4 Liquidating 20,000,000 19,188, , ,081, ,146 20,469,602 1,280,604 96% % 5 Completed 1 Franchise Capital Partners III, L.P ,000,000 19,426, ,089, ,089,905 5,663, % % 2 Sail Sustainable Louisiana LP ,000,000 15,000, , ,140-14,550, % N/A 3 SAIL Venture Partners II ,000,000 30,000, ,676, ,676,258-28,323, % N/A Subtotal: 5 Completed 65,000,000 64,426, ,215, ,215,303-37,211,494 99% % Total: 199,730, ,618,091 19,538, , ,258,061 56,647, ,905,543 10,751,485 90% % 7
10 Vintage Year Performance Analysis 6/30/2018 Investment Name Vintage Year Commitment Amount Paid in Capital Capital to be Funded Additional Fees Cumulative Distributions Valuation Total Value Net Benefit Call DPI TVPI IRR DTC Private Equity II-Q, L.P ,500,000 7,050, , ,912,500 1,729,658 9,642,158 2,592,158 94% % 2 Louisiana Fund I ,000,000 1,000, ,317 1,734,135 1,759, , % % 3 Murphree Venture Partners VI, LP ,000,000 2,000, , ,980 1,546, , % % Subtotal: ,500,000 10,050, , ,786,276 4,161,773 12,948,049 2,898,049 96% % Greenspring Global Partners III-A, L.P ,230,000 9,230, ,074,811 4,105,060 17,179,871 7,949, % % Subtotal: ,230,000 9,230, ,074,811 4,105,060 17,179,871 7,949, % % DCM Private Equity Fund II ,000,000 9,317, , ,269 8,382,828 1,727,569 10,110,397 79,041 93% % Subtotal: ,000,000 9,317, , ,269 8,382,828 1,727,569 10,110,397 79,041 93% % 1 Franchise Capital Partners II, L.P ,000,000 19,188, , ,081, ,146 20,469,602 1,280,604 96% % 2 Greenspring Crossover Ventures, L.P ,000,000 25,000, ,219,022 4,373,664 50,592,686 25,592, % % 3 SAIL Venture Partners II ,000,000 30,000, ,676, ,676,258-28,323, % N/A Subtotal: ,000,000 74,188, , ,976,736 4,761,810 72,738,546-1,450,452 99% % Franchise Capital Partners III, L.P ,000,000 19,426, ,089, ,089,905 5,663, % % Subtotal: ,000,000 19,426, ,089, ,089,905 5,663,108 97% % Sail Sustainable Louisiana LP ,000,000 15,000, , ,140-14,550, % N/A Subtotal: ,000,000 15,000, , ,140-14,550, % N/A 1 CCMP Capital Investors III, L.P ,000,000 11,642,226 3,357, ,740 1,182,125 14,180,095 15,362,220 3,823,734 78% % 2 Landmark Equity Partners XV, L.P ,000,000 16,790,077 8,209,923-74,562 9,316,241 11,931,304 21,247,545 4,532,030 67% % Subtotal: ,000,000 28,432,303 11,567, ,302 10,498,366 26,111,399 36,609,765 8,355,764 71% % HarbourVest Partners Co-Investment IV ,000,000 13,972,907 6,027, ,779,871 15,779,871 1,806,964 70% % Subtotal: ,000,000 13,972,907 6,027, ,779,871 15,779,871 1,806,964 70% % Total: 199,730, ,618,091 19,538, , ,258,061 56,647, ,905,543 10,751,485 90% % 8
11 Investment Strategy Performance Analysis 6/30/2018 Investment Name Vintage Year Commitment Amount Paid in Capital Capital to be Funded Additional Fees Cumulative Distributions Valuation Total Value Net Benefit Call DPI TVPI IRR 100 Venture 1 Greenspring Crossover Ventures, L.P ,000,000 25,000, ,219,022 4,373,664 50,592,686 25,592, % % 2 Greenspring Global Partners III-A, L.P ,230,000 9,230, ,074,811 4,105,060 17,179,871 7,949, % % 3 Louisiana Fund I ,000,000 1,000, ,317 1,734,135 1,759, , % % 4 Murphree Venture Partners VI, LP ,000,000 2,000, , ,980 1,546, , % % 5 Sail Sustainable Louisiana LP ,000,000 15,000, , ,140-14,550, % N/A 6 SAIL Venture Partners II ,000,000 30,000, ,676, ,676,258-28,323, % N/A Subtotal: 100 Venture 82,230,000 82,230, ,293,007 10,910,839 73,203,846-9,026, % % 120 Buyouts 1 CCMP Capital Investors III, L.P ,000,000 11,642,226 3,357, ,740 1,182,125 14,180,095 15,362,220 3,823,734 78% % 2 HarbourVest Partners Co-Investment IV ,000,000 13,972,907 6,027, ,779,871 15,779,871 1,806,964 70% % Subtotal: 120 Buyouts 35,000,000 25,615,133 9,384, ,740 1,182,125 29,959,966 31,142,091 5,630,698 73% % 130 Mezzanine 1 Franchise Capital Partners II, L.P ,000,000 19,188, , ,081, ,146 20,469,602 1,280,604 96% % 2 Franchise Capital Partners III, L.P ,000,000 19,426, ,089, ,089,905 5,663, % % Subtotal: 130 Mezzanine 40,000,000 38,615, , ,171, ,146 45,559,507 6,943,712 97% % 140 Secondaries 1 Landmark Equity Partners XV, L.P ,000,000 16,790,077 8,209,923-74,562 9,316,241 11,931,304 21,247,545 4,532,030 67% % Subtotal: 140 Secondaries 25,000,000 16,790,077 8,209,923-74,562 9,316,241 11,931,304 21,247,545 4,532,030 67% % 170 Fund of Funds 1 DCM Private Equity Fund II ,000,000 9,317, , ,269 8,382,828 1,727,569 10,110,397 79,041 93% % 2 DTC Private Equity II-Q, L.P ,500,000 7,050, , ,912,500 1,729,658 9,642,158 2,592,158 94% % Subtotal: 170 Fund of Funds 17,500,000 16,367,087 1,132, ,269 16,295,328 3,457,227 19,752,555 2,671,199 94% % Total: 199,730, ,618,091 19,538, , ,258,061 56,647, ,905,543 10,751,485 90% % 9
12 Transaction Summary 4/1/2018-6/30/2018 Date Paid in Capital Additional Fees Distributions Net Cash Flow CCMP Capital Investors III, L.P. 05/24/ /24/ , , Total: CCMP Capital Investors III, L.P , , DCM Private Equity Fund II 04/16/2018 4, , /23/ , , /23/2018-1, , /23/ , , /29/ , , /29/2018 3, , Total: DCM Private Equity Fund II -134, , , , Franchise Capital Partners II, L.P. 05/08/ , , Total: Franchise Capital Partners II, L.P. 22, , Greenspring Crossover Ventures, L.P. 04/20/ , , Total: Greenspring Crossover Ventures, L.P. 554, , Greenspring Global Partners III-A, L.P. 05/03/ , , /14/ , , Total: Greenspring Global Partners III-A, L.P. 258, , HarbourVest Partners Co-Investment IV 04/11/2018 1,950, ,950, /14/ , ,472, Total: HarbourVest Partners Co-Investment IV 2,472, ,472,
13 Transaction Summary 4/1/2018-6/30/2018 Date Paid in Capital Additional Fees Distributions Net Cash Flow Landmark Equity Partners XV, L.P. 04/17/ , , /30/ , , /23/ , , /19/ , , /20/ , , Total: Landmark Equity Partners XV, L.P. 667, , , Total: 3,006, , ,661, ,348,
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