CPPIB general partner Q1 2007 performance numbers

If you are a regular visitor to the site, you’ll have seen the post (see “CPP Investment Board GP performance numbers“, July 18-07) showing the performance results that the Canada Pension Plan Investment Board put up on their website. We did a long summary for the Q4 2006 figures. Now that the Q1 figures are up for March 31, 2007 (CPPIB’s fiscal year ends in April), here are the Canadian GP results:

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 March 31, 2007, subject to GAAP fair value accounting. MM means millions:

Canadian Venture Funds

Celtic House VP Fund II (2002 US$):
$13.5MM, $12.7MM (94.1%), $14.9MM, $20.2MM (+59.1%)

Celtic House VP Fund III (2005):
$50MM, $15MM (30%), $11.9MM, $11.9MM (-20.7%)

Edgestone Venture Fund (2000):
$50MM, $44.4MM (88.8%), $11.6MM, $50.4MM (+13.5%)

Edgestone Venture Fund II (2004):
$50MM, $27.7MM (55.4%), $24.5MM, $24.5MM (-11.6%)

Skypoint Telecom Fund II (2001 US$):
$25MM, $19MM (76%), $11.1MM, $14.3MM (-24.7%)

TD Capital Legacy VC Fund (2002):
$100MM, $45.4MM (45.4%), $30.4MM, $37MM (-18.5%)

Ventures West 8 (2003):
$50MM, $25MM (50%), $23.9MM, $23.9MM (-4.4%)

Canadian Buyout Funds

Birch Hill Equity Partners III (2005):
$85MM, $27.5MM (31.9%), $27.4MM, $27.4MM (-0.4%)

Edgestone Equity Fund II (2002):
$100MM, $77.3MM (77.3%), $67.7MM, $113.3MM (+46.6%)

Edgestone Equity Fund III (2006):
$100MM, $14.3MM (14.3%), $11.9MM, $12MM (-16.1%)

Kensington Co-investment Fund (2002):
$40MM, $37.1MM (92.8%), $54.8MM, $59.1MM (+59.3%)

Onex Partners (2003 US$):
$150MM, $127.3MM (84.9%), $217.4MM, $311.2MM (+144.5%)

Perseis Private Equity (2002):
$75MM, $56MM (74.7%), $39.7MM, $53.9MM (-3.8%)

TD Capital Legacy Buyout (2002):
$121MM, $83.7MM (69.2%), $88.3MM, $103.1MM (+23.2%)

Tricap Restructuring Fund (2001):
$150MM, $150.8MM (100.5%), $73.6MM, $214MM (+41.9%)

Tricap II (2006):
$300MM, $64MM (21.3%), $62.2MM, $63.8MM (-0.3%)

Note that not a single new direct commitment has been disclosed to any Canadian general partner during the first quarter of 2007. And the last venture fund to get a direct commitment was Celtic House in 2005. With Ventures West, Edgestone and VenGrowth all out in the market this fall with venture fund LP opportunities, let’s hope that CPPIB looks seriously at each of them.

I’ll tackle the U.S. and European figures later.

MRM
(disclosure – our Fund II is one of the funds that received a commitment in 2004 from the TD Capital Legacy VC Fund of Funds when it was managed by Edgestone Capital Partners; we are pleased to have earned double digit net returns on a 1 and 3 year basis for CPPIB {indirectly} and our other LPs since our Fund II began investing in 2004)