CPPIB Canadian general partner Q2 2007 performance numbers

The snow is about the fly, but I’m only now able to bring you the CPPIB general partner Q2 2007 performance numbers (see post “CPPIB general partner Q1 2007 performance numbers“, August 26-07).

If you are a regular visitor to the site, you’ll know that we’ve previously pulled the figures showing the performance results that the Canada Pension Plan Investment Board is receiving from its GP relationships. Although the Q3 carrying values (they’ll want me to remind you that’s calendar Q3, not CPPIB’s fiscal Q3) for the funds can be found here, the entire performance chain hasn’t been updated as of yet and one will only find the commitments, drawns and profits returned as at Q2 here.

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 June 30, 2007, subject to GAAP fair value accounting. MM means millions.

And for the first time ever, in the interests of transparency, I’ve added our own Fund II returns as they get muddled when included as part of the CPPIB Legacy fund of fund program that committed $10 million in December 2004 (back when Edgestone ran the program for CPPIB) to our $83MM Wellington Financial Fund II. Fund II ceased pursuing new transactions in August 2006 with the first closing of our $125.9MM Fund III that month:

Canadian Venture Funds

Celtic House VP Fund II (2002 US$):
$13.5MM, $12.7MM (94.1%), $15.5MM, $21.8MM (+71.7%)

Celtic House VP Fund III (2005):
$50MM, $15.7MM (31.4%), $11MM, $11MM (-29.9%)

Edgestone Venture Fund (2000):
$50MM, $44.6MM (89.2%), $10.2MM, $50MM (+12.1%)

Edgestone Venture Fund II (2004):
$50MM, $29.6MM (59.2%), $25.8MM, $25.8MM (-12.8%)

MDS Life Sciences Technology Fund II (2002):
$200MM, $95.5MM (47.8%), $50.6MM, $92.7MM (-2.9%)

Skypoint Telecom Fund II (2001 US$):
$25MM, $20.3MM (81.2%), $11.3MM, $14.8MM (-27.1%)

TD Capital Legacy VC Fund (2002):
$82MM (originally $100MM), $45.6MM (55.6%), $30.4MM, $37.4MM (-18.0%)

Ventures West 8 (2003):
$50MM, $25MM (50%), $20.4MM, $20.4MM (-18.4%)

Wellington Financial Fund II (December 2004):
(CPPIB participated in our $83MM Fund II via a $10MM commitment by the Legacy VC Fund)
$83MM, $56.3MM (67.9%), $18.3MM, $69.6MM (23.5%)

Canadian Buyout Funds

Birch Hill Equity Partners III (2005):
$85MM, $31.3MM (36.8%), $31.2MM, $34.3MM (9.6%)

Edgestone Equity Fund II (2002):
$100MM, $77.8MM (77.8%), $70.5MM, $116.3MM (+49.5%)

Edgestone Equity Fund III (2006):
$100MM, $24.9MM (24.9%), $21.6MM, $22MM (-11.6%)

Kensington Co-investment Fund (2002):
$40MM, $39.7MM (99.3%), $57.3MM, $61.7MM (+55.4%)

Onex Partners (2003 US$):
$150MM, $127.3MM (84.9%), $189.7MM, $350.2MM (+175.1%)

Perseis Private Equity (2002):
$75MM, $56.1MM (74.8%), $31.3MM, $45.5MM (-18.9%)

TD Capital Legacy Buyout (2002):
$121MM, $84.2MM (69.6%), $88.3MM, $110.3MM (+31%)

Tricap Restructuring Fund (2001):
$150MM, $150.9MM (100.6%), $118.2MM, $259.1MM (+71.7%)

Tricap II (2006):
$300MM, $95.8MM (31.9%), $92.2MM, $96.2MM (0.4%)

Note that not a single new direct commitment has been disclosed to any Canadian general partner during the first half of 2007. And the last venture fund to get a direct commitment from CPPIB was Celtic House in 2005. With Celtic House, Edgestone, Venture Coaches, VenGrowth and Ventures West all out in the market right now, is there a chance that CPPIB will give some of them a commitment?

MRM