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The 5 best and 5 worst private equity funds
????The California Public Employees Retirement System (CalPERS) has the nation's largest private equity portfolio, and recently updated fund-by-fund performance data on its website. These are the numbers by which PE investors really are judged, so I figured it was worth a quick look to see the five best -- and five worst -- performing funds within the CalPERS portfolio. ????Because private equity is a long-term asset class characterized by J-curvature, I've excluded all funds raised between 2007 and 2010. The relevant metric is net IRR. All data is through March 31. Here goes: ????THE BEST: ????1. Clearstone Venture Partners 1-B (1999): 154.7% ????2. T3 Partners II (2001): 95.6% ????3. GCP California Fund (2003): 91.9% ????4. WLR Recovery Fund II (2002): 79.5% ????5. Permira Europe I (1997): 74.5% ????THE WORST ????1. Aberdare II Annex Fund (2006): -46.6% ????2. Exxel Capital Partners V (1998): -41.7% ????3. Opportunity Capital Partners IV: -28.9% ????4. Convergence Ventures II (1999): -28.5% ????5. Richardson Capital Private Equity 2 (2006): -28.1%
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