CPPIB Q3 2010 General Partner performance numbers

I missed the initial release of the results, but lo and behold, they are out. Here are the stats for some of the high profile GPs that count the CPP Investment Board as a direct limited partner (as at Sept. ‘10).

Some of the more notable large moves between Q2 2008, Q1 2009 and Q3 2010 are below (vintage year of the fund is in brackets):

– Apollo Inv. Fund V (2002) reported a return drop from 252% to 97%; holding now at +105%

– Apollo VI (2005), with 118% drawn, saw its 26.4% positive return turn into a negative 36%, and has recovered to a positive 17%…up 6% in the quarter

– Apollo VII (2007) has drawn 58%, and is up 9% in the quarter alone to +20%

-Blackstone IV (2002)’s return fell from +171.6% to 95%; now up 5% in the quarter to +121%

-Blackstone V (2005)’s return fell from +7.7% to a loss of 28%; now flat with 92% drawn

– Blackstone VI (2008) is still undrawn on CPPIB’s US$500MM commitment, unlike Apollo’s 2007/08 vintage fund

– First Reserve XI (2006) has invested 82%, and is up 4%

– First Reserve XII (2008) has put out 44% of their 2008-vintage year fund, and the carrying value is down another point this quarter to -33%

– KKR Millenium Fund (2002)’s return dropped from 63.3% to 15%; now up 3 points in the quarter to +45%

– KKR 2006 is 78% drawn, and a positive 5% return became a negative 27%, and has risen to positive 12%

– Providence’s VI (2006) fund is now 78% drawn, but went from being flat to down 28%; improved 4% during the quarter and is now down just 2%

– Terra Firma Capital Partners III (2006) is 65% drawn, and CPPIB’s E196.2 million investment (of a E300 million commitment) is down 67%

– TPG Partners IV (2003)’s return dropped from +80.8% to +18.7%; now +48% with 107% drawn

– TPG Partners V (2006) is drawn at 99% of CPPIB’s US$500 million, and they went from being down 5.6% to down 35%; now down 18%. This fund is the one with the unfortunate investment experience in WaMu bank

– TPG Partners VI (2008) is drawn at 30% of CPPIB’s US$750 million, and the fund is down 11%

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 Sept. 30, 2010, 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:

Apollo Fund V (2002): $150MM, $217.3 (145%), $62MM, $444.6MM; +105%

Apollo VI (2005): $400MM, $470.1MM (118%), $403.3MM, $549.5MM; +17%

Apollo VII (2007): $600MM, $350MM (58%), $305.5MM, $419.1MM; +20%

Birch Hill Equity Partners III (2005): $85MM, $86.5MM (102%), 99.9MM, 119.1MM; +38%

Birch Hill Equity Partners IV (2009): $85MM, $0, $0, $0

Blackstone Capital Partners IV (2002): $185MM, $198MM (107%), $136.3MM, $436.9MM; +121%

Blackstone Capital Partners V (2005): $410MM, $375.1MM (92%), $333.3MM, $375.1MM; 0%

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

Brookfield Special Situation I (2001): $150MM, $187.1MM (124.7%), $19MM, $301.7MM; +61%

Brookfield Special Situation II (2006): $300MM, $344.9MM (115%), $317.6MM, $442MM; +28%

Carlyle Venture Partners II (2002): $60MM, $75MM (125%), $19.3MM, $72.7MM; -3%

CCMP Capital Investors II (2006): $367.7MM, $220MM (60%), $208.3MM, $208.3MM (-5%)

Clairvest Equity Partners I (2001): $50MM, $46.8MM (93.6%), $13.3MM, $73.3MM; +57%

Clairvest Equity Partners III (2006): $40MM, $31.4MM (78.5%), $30.7MM, $30.2MM; -4%

CSFB Mid Market Opportunity Fund (2003): $140MM, $131MM (94%), $112.7MM, $157.7MM; +20%

CSFB Mid Market Opportunity Fund II (2005): $300MM, $188.5MM (62.8%), $174.2MM, $207.7MM; +10%

CSFB Mid Market Opportunity Fund III (2007): $400MM, $107.4MM (27%), $97.7MM, $107.4MM; +0%

First Reserve Fund XI (2006): $300MM, $244.6MM (82%), $225MM, $253.5MM; +4%

First Reserve Fund XII (2008): $500MM, $221.8MM (44%), $128.5MM, $147.8MM; -33%

Goldman Sachs Vintage Fund IV (2006): $200MM, $160.8MM (80%), $143.5MM, $164MM; +2%

Goldman Sachs Vintage Fund V (2008): $300MM, $101.3M (34%), $105.7MM, $111.1MM; +10%

Heartland Industrial Partners (2001): $150MM, $145.9MM (97%), $44.5MM, $52.2MM; -64%

Hellman & Friedman Capital Partners V (2004): $75MM, $66.7MM (89%), $64.4MM, $144.7MM; +117%

Hellman & Friedman Capital Partners VI (2006): $400MM, $304.7MM (76%), $333.9MM, $363.2MM; +19%

Hellman & Friedman Capital Partners VII (2009): $600MM, $0MM (0%), $0MM, $0MM; +0%

JP Morgan Partners Global Investors (2001): $175MM, $168MM (96%), $84MM, $239.6MM; +43%

KKR Millenium Fund (2002): $282.5MM, $329.6MM (117%), $263MM, $479.4MM; +45%

KKR 2006 (2006): $475MM, $370.7MM (78%), $385.9MM, $416.9MM; +12%

Lightyear Fund II (2006): $100MM, $80.6MM (81%), $84.1MM, $88.3MM; +10%

MidOcean Partners (2003): $273.1MM, $261.7MM (96%), $31MM, $563.9MM; +115%

MidOcean Partners II (2005): $100MM, $73.9MM (74%), $0.1MM, $0.1MM; nmf%

New Mountain Partners III (2007): $200MM, $90.5MM (45%), $72.5MM, $87MM; -4%

NorthLeaf / CFOF Legacy VC Holdings (2002): $550MM, $245.8MM (45%), $222.2MM, $261MM; +6%

NorthLeaf / CFOF Legacy Buyout Holdings (2002): $121MM, $114.5MM (94%), $70.8MM, $130.2MM; +14%

NorthLeaf / CFOF PE Holdings I (2006): $400MM, $224.6MM (50%), $178.8MM, $200.1MM; -11%

NorthLeaf / CFOF PE Holdings II (2010): $400MM, $2.4MM (0%), $1.4MM, $1.4MM; -42%

Onex Partners (2003): $150MM, $140.7MM (94%), $143.1MM, $353MM; +151%

Onex Partners III (2008): $400MM, $115.3MM (29%), $99.1MM, $99.1MM; -14%

Paul Capital Holdings II (2004): $120MM, $107.6MM (90%), $62.5MM, $235.1MM; +118%

Paul Capital Partners VII (2001): $90MM, $87.4MM (97%), $22.4MM, $137.1MM; +57%

Paul Capital Partners VIII (2004): $100MM, $95.5MM (96%), $58.9MM, $121.3MM; +27%

Paul Capital Partners IX (2007): $100MM, $51MM (51%), $42.6MM, $50.9MM; -0%

Paul Capital Top Tier II (2002): $96MM, $85.6MM (89%), $68.5MM, $88.5MM; +3%

Paul Capital Top Tier Investments III (2005): $160MM, $116.8MM (73%), $110.9MM, $125.1MM; +7%

Performance Venture Capital (2005): $185MM, $127.4MM (69%), $111.5MM, $129.8MM; +2%

Providence Equity Partners VI (2006): $400MM, $312MM (78%), $276.8MM, $306.4MM; -2%

Resolute Fund II (2007): $200MM, $64MM (32%), $58.2MM, $59.8MM; -7%

Silver Lake Partners II (2004): $100MM, $95.8MM (96%), $84.2MM, $126.9MM; +32%

Silver Lake Partners III (2006): $500MM, $295MM (59%), $311.1MM, $330.2MM; +12%

Sterling Group Partners III (2010): $100MM, $1.7MM (0%), -0.5MM, -1.1MM; nmf%

Terra Firma Capital Partners II (2002): E150MM, E196.1MM (131%), E96.4MM, E263.6MM; +34%

Terra Firma Capital Partners III (2006): E300MM, E196.2MM (65%), E58.7MM, E65MM; -67%

Thomas H. Lee Parallel Fund VI (2006): $250MM, $154.5MM (62%), $164.5MM, $164.5MM; +5%

Thomas Weisel Partners GGP II (2003): $50MM, $46MM (92%), $35.1MM, $54.8MM; +19%

TPG Partners IV (2003): $100MM, $106.7MM (107%), $83.2MM, $158.3MM; +48%

TPG Partners V (2006): $500MM, $495.3MM (99%), $315.2MM, $406.4MM; -18%

TPG VI (2008): $750MM, $223.2MM (30%), $191.4MM, $199.4MM; -11%

Welsh, Carson, Anderson & Stowe X (2005): $200MM, $174MM (87%), $159.2MM, $168.1MM; -3%

Welsh, Carson, Anderson & Stowe XI (2008): $300MM, $88.5MM (30%), $78.1MM, $78.1MM; -12%

MRM