CPPIB U.S.A. general partner Q3 2008 performance numbers

Lots of action can be found in the U.S. and European GP figures that reside on the CPP Investment Board website for Q3 2008. This review covers those GPs that count the CPPIB as a direct limited partner (as at Sept. 2008). Five new general partner commitments were added by the CPPIB during the quarter.

Some of the more notable large moves between Q2 and Q3 are below (vintage year in brackets).  That’s barely 12 weeks of time, but look at the moves:

• Apollo Inv. Fund V (2002) saw its return cut from 252.4% to 113.5%
• Apollo VI (2005), with 90% drawn, saw it’s 26.4% positive return turn into a negative 8.3%
• Blackstone IV (2002) ‘s return fell from 171.6% to 104.8%
• Blackstone V (2005)’s return fell from 7.7% to a loss of 3.2%; 76% drawn
• First Reserve XII has already put out 23% of their 2008-vintage year fund 
• KKR Millenium Fund (2002)’s return dropped from 63.3% to 34.6%
• KKR 2006 is 73% drawn, and a positive 5% return is now showing up as a negative 5%
• MidOcean Partners’s #II (2005) fund has not closed a single deal since they raised their capital over 3 years ago, and they’ve only drawn the smallest amount of mgmt. fees
• Providence’s VI (2006) fund is just 46% drawn, but went from being flat to down 17% during the quarter
• TPG Partners IV (2003)’s return dropped from 80.8% to 47.3%
• TPG Partners V (2006) is now drawn 82% of CPPIB’s US$500 million as of Sept. 30th, and they went from being down 5.6% to down 15.4% 

The figures that follow cover four categories: CPPIB’s commitment, paid-in-capital (which tells you how much of the fund is invested in deals and/or drawn to pay management fees) reported value, and reported value + distributions (which tells you what the notional simple return of the fund is against the paid-in-capital figure). That figure is based in large part on what the manager believes the portfolio is worth as at June 30, 2008, subject to GAAP fair value accounting. The year in the brackets reflects the year that the investment commitment was made by CPPIB. MM equals millions. I’ve highlighted ones that stood out:

Apollo Investment Fund V (2002): $150MM, $208.6 (139%), $102MM, $445MM; +113.5%

Apollo VI (2005): $400MM, $358.6MM (90%), $272MM, $329MM; -8.3%

Apollo VII (2007): $600MM, $73.3MM (12%), $63.8MM, $63.8MM; -13.0%

Blackstone Capital Partners IV (2002): $185MM, $186MM (101%), $130MM, $381MM; +104.8%

Blackstone Capital Partners V (2005): $410MM, $313MM (76%), $276MM, $303MM; -3.2%

Blackstone Capital Partners VI (2008): $500MM, $0, $0, $0

Carlyle Venture Partners II (2002): $60MM, $68MM (113%), $41.4MM, $70MM; +3.7%

CCMP Capital Investors II (2006): $367.7MM, $90MM, $65MM, $64.9MM (-28.0%)

CIVC Partners Fund III (2002): $34.1MM, $20.3MM (60%), $26.1MM, $26.1MM; +28.6%

CSFB Mid Market Opportunity Fund (2003): $140MM, $104MM (74%), $107MM, $122.5MM; +17.8%

CSFB Mid Market Opportunity Fund II (2005): $300MM, $107.4MM (36%), $95.8MM, $104.7MM; -2.5%

CSFB Mid Market Opportunity Fund III (2007): $400MM, $22MM (6%), $19.6MM, $19.6MM; -11.7%

First Reserve Fund XI (2006): $300MM, $221MM (74%), $232MM, $232MM; +4.9%

First Reserve Fund XII (2008): $500MM, $113MM (23%), $110MM, $110MM (-2.0%)

Goldman Sachs Vintage Fund IV (2006): $200MM, $110MM (55%), $115MM, $120MM; +9.2%

Goldman Sachs Vintage Fund V (2008): $300MM, $0, $0, $0

Heartland Industrial Partners (2001): $150MM, $140.4MM (94%), $28.6MM, $36.1MM; -74.3%

Hellman & Friedman Capital Partners V (2004): $75MM, $66.7MM (89%), $67.5MM, $127.6MM; +91.3%

Hellman & Friedman Capital Partners VI (2006): $400MM, $248MM (62%), $232MM, $239MM; -3.8%

JP Morgan Partners Global Investors (2001): $175MM, $165.5MM (95%), $99.2MM, $241.9MM; +46.2%

KKR Millenium Fund (2002): $282.5MM, $322MM (114%), $250MM, $433.7MM; +34.6%

KKR 2006 (2006): $475MM, $346MM (73%), $325MM, $328.7MM; -5%

Lehman Brothers Venture Partners 2003 (2003): $75MM, $67.1MM (89%), $62.6MM, $77.6MM; +15.6%

Lightyear Fund II (2006): $100MM, $57.4MM (57%), $43.5MM, $44.7MM; -22.1%

MidOcean Partners (2003): $273.1MM, $258.5MM (95%), $43.7MM, $553.5MM; +114.1%

MidOcean Partners II (2005): $100MM, $0.8MM (1%), $0.2MM, $0.2MM; -75%

New Mountain Partners III (2007): $200MM, $26.6MM (13%), $22.4MM, $22.4MM; -15.8%

Paul Capital Holdings (2002): $81MM, $73.1MM (90%), $19.8MM, $157.6MM; +115.6%

Paul Capital Holdings II (2004): $120MM, $104.1MM (87%), $78.2MM, $227.1MM; +115.6%

Paul Capital Partners VII (2001): $90MM, $85.3MM (95%), $31.4MM, $138.5MM; +62.4%

Paul Capital Partners VIII (2004): $100MM, $81.7MM (82%), $75MM, $109.5MM; +34.0%

Paul Capital Partners IX (2007): $100MM, $18.3MM (18%), $17.2MM, $17.2MM; -6.0%

Paul Capital Top Tier II (2002): $96MM, $75.9MM (79%), $67.1MM, $81.7MM; +7.6%

Paul Capital Top Tier Investments III (2005): $160MM, $68.8MM (43%), $67.8MM, $72.4MM; +5.2%

Performance Venture Capital (2005): $185MM, $74.7MM (40%), $60.8MM, $70.1MM; -6.2%

Providence Equity Partners VI (2006): $400MM, $185.8 (46%), $152.7MM, $154.3MM; -17.0%

Resolute Fund II (2007): $200MM, $43.6MM (22%), $37MM, $37.1MM; -14.9%

Silver Lake Partners II (2004): $100MM, $92.8MM (93%), $72.9MM, $104.9MM; +13.0%

Silver Lake Partners III (2006): $500MM; $96.1MM (19%), $72.6MM, $72.6MM -24.5%

Thomas H. Lee Parallel Fund VI (2006): $250MM, $122.9MM (49%), $130.9MM, $131.4MM; +6.9%

Thomas Weisel Partners GGP II (2003): $50MM, $44.5MM (89%), $42MM, $59.7MM; +34.4%

TPG Partners IV (2003): $100MM, $105.3MM (105%), $96.1MM, $155.1MM; +47.3%

TPG Partners V (2006): $500MM, $409.8MM (82%), $339.3MM, $346.5MM; -15.4%

TPG VI (2008): $750MM, $39.3MM (5%), $15.8MM, $15.8MM; -59.8%

Welsh, Carson, Anderson & Stowe X (2005): $200MM, $152MM (76%), $163MM, $163MM; +7.2%

Welsh, Carson, Anderson & Stowe XI (2008): $300MM, no funds drawn

MRM