Did CPPIB really make US$4.2B on TPG IV?

9 responses

  1. Brad J. says:

    What in the world did the fund invest in to generate those kind of returns?

    The TPG website is, of course, mum. Kudos to WF displaying its portfolio companies transparently.

  2. AT says:

    That is a typo. Here are the TPG IV Sept 30, 2009 metrics from another source:

    TPG IV (2003)
    Performance Overview
    (%) Called
    (%) Distributed
    (%) DPI Rem. Value
    (%) RVPI Multiple
    (%) Net IRR

    110.3 60.1 68.6 1.29 11.2

    That would be a pretty unrealistic net multiple for a private equity fund of that vintage. But I think CPPIB also includes co-investments in their published fund returns. In this case though, I think you move the decimal over a couple spots.

    • Mark McQueen says:

      AT

      If it is a typo, you’d think the CPPIB webmaster would reply to my email from last week, or at least change the site data once he found out. How many emails a day does a webmaster get that are a potential call to action?

      MRM

  3. AT says:

    Sorry the metrics should read:

    1) % Called
    2) % Distributed
    3) % Remaining Value
    4) % Total Value
    5) Net IRR (%)

  4. Nosy VC says:

    Calpers also publishes this type of data and they too are invested in TPG IV (2003). Their reported net IRR is 10% and investment multiple is 1.3x. Their data, which covers hundreds of funds, is on the Calpers website – navigate thru CalPERS Investments > CalPERS Assets > Equities > Alternative Investment Management Program > Private Equity Performance Review > AIM Program Fund Performance.

  5. TJ says:

    I guess the webmaster just does not care. There is no way that number is correct. All the other funds TPG had were not very stellar. And with the size of the fund they would have had to been leveraged short the housing market(like paulson) to get returns like this.

  6. AT says:

    Nosy VC and I seem to have gotten the same result from 2 different sources…

  7. T F says:

    Are we really debating whether or not TPG is running a ~40x multiple of cost on their Fund IV?

    Let me settle the debate quickly for everyone in one second. No, they didn’t. The end.

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