CPPIB Q1 2011 General Partner performance numbers

Here are the stats for some of the high profile GPs that count the CPP Investment Board as a direct limited partner (as at March ‘11). Most funds reported an increase in NAV during the quarter, matching the concurrent rise in public equities during the period.

Some of the more notable large moves between Q2 2008, Q1 2009 and Q1 2011 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 +107%

– Apollo VI (2005), with 117% drawn, saw its 26.4% positive return turn into a negative 36%, and has recovered to a positive 31%…up 6% in the quarter on the heels of an 8% increase in the previous quarter

– Apollo VII (2007) has drawn 67%, and is up 14% during the past six months to +34%

-Blackstone IV (2002)’s return fell from +171.6% to 95%; up 5% on the quarter to +134%

-Blackstone V (2005)’s return fell from +7.7% to a loss of 28%; now sporting a 0% return overall

– 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 83%, and is up 5 on the quarter to +10%%

– First Reserve XII (2008) has put out 53% of their 2008-vintage year fund, and the carrying value is at -16%

– KKR Millenium Fund (2002)’s return dropped from 63.3% to 15%; now up 9 points in the quarter to +59%

– KKR 2006 is 82% drawn, and a positive 5% return became a negative 27%, and has risen to positive 19%

– Providence’s VI (2006) fund is now 83% drawn, but went from being flat to down 28%; now up 8%

– Terra Firma Capital Partners III (2006) is 72% drawn, and CPPIB’s E215.4 million investment (of a E300 million commitment) is down 59%

– TPG Partners IV (2003)’s return dropped from +80.8% to +18.7%; now +63% with 107% drawn (up 10% during the last quarter)

– TPG Partners V (2006) is drawn at 100% of CPPIB’s US$500 million, and they went from being down 5.6% to down 35%; now down 16%. This fund is the one with the unfortunate investment experience in WaMu bank

– TPG Partners VI (2008) is drawn at 50% of CPPIB’s US$750 million, and the fund is down 2%

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, 2011, 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%), $59.3MM, $448.9MM; +107%

Apollo VI (2005): $400MM, $466.2MM (117%), $446.3MM, $612.2MM; +31%

Apollo VII (2007): $600MM, $401MM (67%), $361.5MM, $537.7MM; +34%

Birch Hill Equity Partners III (2005): $85MM, $87.5MM (103%), 66.7MM, 120.4MM; +38%

Birch Hill Equity Partners IV (2009): $85MM, $3.4MM, $0, $3.4MM; +0%

Blackstone Capital Partners IV (2002): $185MM, $200.7MM (109%), $140MM, $470.3MM; +134%

Blackstone Capital Partners V (2005): $413.4MM, $382.9MM (93%), $335.1MM, $383.8MM; +0%

Blackstone Capital Partners VI (2008): $500MM, $0, $-0.4, NMF

Brookfield Special Situation I (2001): $150MM, $189.2MM (126.1%), $26.5MM, $313.8MM; +66%

Brookfield Special Situation II (2006): $300MM, $344.9MM (115%), $331.5MM, $455.9MM; +32%

Carlyle Venture Partners II (2002): $60MM, $75.9MM (127%), $18.5MM, $74.1MM; -2%

CCMP Capital Investors II (2006): $367.7MM, $227.1MM (62%), $240MM, $256MM; +13%

Clairvest Equity Partners I (2001): $50MM, $46.8MM (93.6%), $14.6MM, $80.9MM; +73%

Clairvest Equity Partners III (2006): $40MM, $31.4MM (78.5%), $37.4MM, $36.9MM; +18%

First Reserve Fund XI (2006): $300MM, $248.5MM (83%), $194.3MM, $274.2MM; +10%

First Reserve Fund XII (2008): $500MM, $266.7MM (53%), $202MM, $223.1MM; -16%

Goldman Sachs Vintage Fund IV (2006): $200MM, $173.4MM (87%), $144.2MM, $184.7MM; +7%

Goldman Sachs Vintage Fund V (2008): $300MM, $116.1M (39%), $122.1MM, $132.8MM; +14%

Heartland Industrial Partners (2001): $150MM, $145.8MM (97%), $50.3MM, $62.9MM; -57%

Hellman & Friedman Capital Partners V (2004): $75MM, $61.7MM (82%), $68.6MM, $159.7MM; +159%

Hellman & Friedman Capital Partners VI (2006): $400MM, $355.9MM (89%), $359.9MM, $433.5MM; +22%

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

JP Morgan Partners Global Investors (2001): $175MM, $168.3MM (96%), $78.8MM, $252.6MM; +50%

KKR Millenium Fund (2002): $282.5MM, $329.6MM (117%), $275.1MM, $524.8MM; +59%

KKR 2006 (2006): $475MM, $390.3MM (82%), $392.3MM, $463.7MM; +19%

Lightyear Fund II (2006): $100MM, $94MM (94%), $101.5MM, $105.7MM; +12%

MidOcean Partners (2003): $273.1MM, $262.5MM (96%), $27.5MM, $566.3MM; +116%

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

New Mountain Partners III (2007): $200MM, $101.6MM (50.8%), $84.7MM, $101.5MM; +0%

NorthLeaf / CFOF Legacy VC Holdings (2002): $550MM, $256.9MM (47%), $195.6MM, $271MM; +5%

NorthLeaf / CFOF Legacy Buyout Holdings (2002): $121MM, $116MM (94%), $63.4MM, $135.7MM; +17%

NorthLeaf / CFOF PE Holdings I (2006): $400MM, $257.9MM (50%), $214.6MM, $255.5MM; -1%

NorthLeaf / CFOF PE Holdings II (2010): $400MM, $4.2MM (1%), $1.4MM, $2.1MM; nmf%

Onex Partners (2003): $150MM, $140.9MM (94%), $181.8MM, $393.5MM; +179%

Onex Partners III (2008): $400MM, $149.5MM (37%), $95.6MM, $130.5MM; -13%

Paul Capital Holdings II (2004): $120MM, $107.6MM (90%), $62.3MM, $241.7MM; +125%

Paul Capital Partners VII (2001): $90MM, $88.2MM (98%), $58.9MM, $127.7MM; +31%

Paul Capital Partners VIII (2004): $100MM, $97.6MM (98%), $58.9MM, $127.7MM; +31%

Paul Capital Partners IX (2007): $100MM, $52.7MM (53%), $48.1MM, $60.7MM; +15%

Paul Capital Top Tier II (2002): $96MM, $86.5MM (90%), $72MM, $95.1MM; +10%

Paul Capital Top Tier Investments III (2005): $160MM, $121.6MM (76%), $127.4MM, $146.4MM; +20%

Performance Venture Capital (2005): $185MM, $133.7MM (72%), $132.5MM, $153.9MM; +15%

Providence Equity Partners VI (2006): $400MM, $332MM (83%), $315.4MM, $357MM; +8%

Resolute Fund II (2007): $200MM, $74.5MM (37%), $58.3MM, $73.4MM; -1%

Silver Lake Partners II (2004): $100MM, $95.8MM (96%), $78MM, $147.1MM; +54%

Silver Lake Partners III (2006): $500MM, $303.5MM (61%), $311MM, $370.6MM; +22%

Sterling Group Partners III (2010): $100MM, $8.6MM (9%), 5.8MM, $5.8MM; nmf%

Terra Firma Capital Partners II (2002): E150MM, E197.2MM (131.5%), E114.9MM, E284.7MM; +44%

Terra Firma Capital Partners III (2006): E300MM, E215.4MM (72%), E81.4MM, E87.7MM; -59%

Thomas H. Lee Parallel Fund VI (2006): $250MM, $169.3MM (68%), $182.2MM, $195.2MM; +15%

Thomas Weisel Partners GGP II (2003): $50MM, $46MM (92%), $31.5MM, $54.3MM; +18%

TPG Partners IV (2003): $100MM, $107.7MM (108%), $88.5MM, $176MM; +63%

TPG Partners V (2006): $500MM, $499.2MM (100%), $291.9MM, $419.2MM; -16%

TPG VI (2008): $750MM, $377MM (50%), $313.1MM, $371.1MM; -2%

Welsh, Carson, Anderson & Stowe X (2005): $200MM, $188MM (94%), $171MM, $201.6MM; +7%

Welsh, Carson, Anderson & Stowe XI (2008): $300MM, $110.4MM (37%), $100.9MM, $100.9MM; -9%

MRM