1. Private Equity
Performance Update
Returns as reported
through March 2013

2. Contents
Page
Private Equity Benchmarks ……………………………………………………………………………….
3
Cambridge Associates …………………………………………………………………………………….
5
Preqin …………………………………………………………………………………………………………..
6
PitchBook………………………………………………………………………………………………………
8
Pension Funds ……………………………………………………………………………………………………
9
Appendix …………………………………………………………………………………………………………….
14
Description of Private Equity Benchmarks …………………………………………………………
15
Detailed Performance of Pension Funds ……………………………………………………………
16
2
2

3. Private Equity Benchmarks
3

4. Private Equity Performance
(as of March 31, 2013)
Private Equity Benchmark Returns (Horizon IRR)1
1-Year
3-Year
5-Year
10-Year
Cambridge Associates U.S. Private Equity Index (excluding venture capital)
12.6%
15.2%
8.0%
14.6%
Cambridge Associates U.S. Buyout Fund Index
14.6%
15.6%
7.8%
14.8%
Cambridge Associates U.S. Growth Equity Index
10.0%
15.3%
9.1%
13.4%
Preqin Performance Analyst (including venture capital)
11.3%
14.2%
6.3%
19.2%
13.4%
16.0%
7.2%
24.7%
ILPA U.S. Private Equity Index (excluding venture capital)
12.8%
15.3%
8.0%
14.5%
Public Market Returns
1-Year
3-Year
5-Year
10-Year
Russell 3000 Index (including dividends)
14.6%
13.0%
6.3%
9.2%
S&P 500 Index (excluding dividends)
11.4%
10.3%
3.5%
6.3%
S&P 500 Index (including dividends)
14.0%
12.7%
5.8%
8.5%
Analysis
1-Year
3-Year
5-Year
10-Year
Median Private Equity Benchmark Return (excluding venture capital)2
12.8%
15.3%
8.0%
14.6%
Private Equity Benchmark Outperformance (excluding venture capital)3
-1.1%
2.6%
2.2%
6.1%
Preqin Performance Analyst (buyouts only)
(Performance figures are based on most recent publicly available information.)
Cambridge Associates U.S. Buyout Fund Index, Cambridge Associates U.S. Growth Equity Index and ILPA (Institutional Limited Partners Association) U.S.
Private Equity Index are newly introduced in this quarter. Please see slide 15 for more details. March 31, 2013 performance figures from PitchBook and
Thomson Reuters are not available at the time of analysis (October 1, 2013).
2. Calculated by taking the median of Cambridge Associates U.S. Private Equity Index (excluding venture capital), Preqin Performance Analyst (buyouts only)
and ILPA U.S. Private Equity Index (excluding venture capital).
3. Calculated by subtracting the S&P 500 Index (including dividends) return from the median private equity benchmark return.
1.
Returns are reported net of fees, unless otherwise stated. Returns exceeding one year are annualized.
4
4

5. Cambridge Associates
U.S. Private Equity Indices
Annual One-Year Horizon IRR
Private Equity
60%
Buyout
Growth Equity
55.9%
50%
45.4%
40%
30%
25.0%
20%
14.6%
12.6%
10%
0%
10.0%
3.0%
2.1%
-10%
-13.6%
-20%
-16.7%
-30%
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
Each data point represents an annual growth rate. Data points above 0% represent positive growth. Annual one-year horizon IRRs are as of March 31st.
Returns for Cambridge Associates U.S. Growth Equity Index begin at March 31, 2004.
Source: Cambridge Associates LLC
5
5

6. Preqin
Performance Analyst: Private Equity
Annual One-Year Horizon IRR
All Private Equity
Buyouts Only
40%
32.3%
30%
22.6%
29.1%
20%
15.1%
10.1%
10%
0%
13.4%
18.8%
12.9%
11.3%
3.6%
-10%
-20%
-27.6%
-30%
-31.0%
-40%
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Mar.
2013
Each data point represents an annual growth rate. Data points above 0% represent positive growth. Except for March 2013, annual one-year horizon IRRs are
as of December 31st.
Source: Preqin
8
6

7. Private Equity Performance
(as of December 31, 2012)
Private Equity Benchmark Returns (Horizon IRR)1
1-Year
3-Year
5-Year
10-Year
Cambridge Associates U.S. Private Equity Index (excluding venture capital)
13.8%
15.2%
6.7%
14.1%
PitchBook U.S. Private Equity Median Return (excluding venture capital)
11.2%
12.9%
4.6%
16.9%
Preqin Performance Analyst (including venture capital)
12.9%
13.3%
4.1%
17.9%
15.1%
15.3%
4.5%
24.3%
Public Market Returns
1-Year
3-Year
5-Year
10-Year
Russell 3000 Index (including dividends)
16.4%
11.2%
2.0%
7.7%
S&P 500 Index (excluding dividends)
13.4%
8.5%
-0.6%
4.9%
S&P 500 Index (including dividends)
16.0%
10.9%
1.7%
7.1%
Analysis
1-Year
3-Year
5-Year
10-Year
Median Private Equity Benchmark Return (excluding venture capital)2
13.8%
15.2%
4.6%
16.9%
Private Equity Benchmark Outperformance (excluding venture capital)3
-2.2%
4.3%
3.0%
9.8%
Preqin Performance Analyst (buyouts only)
(Performance figures are based on most recent publicly available information.)
December 31, 2012 performance figures from Thomson Reuters are not available at the time of analysis (October 1, 2013).
Calculated by taking the median of Cambridge Associates U.S. Private Equity Index (excluding venture capital), PitchBook U.S. Private Equity Median
(excluding venture capital) and Preqin Performance Analyst (buyouts only).
3. Calculated by subtracting the S&P 500 Index (including dividends) return from the median private equity benchmark return.
1.
2.
Returns are reported net of fees, unless otherwise stated. Returns exceeding one year are annualized.
6
7

8. PitchBook
U.S. Private Equity Median Return
Annual One-Year Horizon IRR
25%
19.9%
20%
15%
12.6%
11.2%
9.0%
10%
8.4%
5%
0.9%
0%
-4.7%
-5%
-10%
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Each data point represents an annual growth rate. Data points above 0% represent positive growth. Annual one-year horizon IRRs are as of December 31st.
Source: PitchBook
7
8

9. Pension Funds
9

10. Pension Fund Private Equity Performance
(as of March 31, 2013)
Pension Fund Private Equity Returns (Time-Weighted Return)1
1-Year
3-Year
5-Year
10-Year
California Public Employees' Retirement System
13.8%
14.3%
5.5%
11.9%
Colorado Public Employees’ Retirement Association
4.5%
12.5%
4.0%
N/A
Connecticut Retirement Plans and Trust Funds
9.1%
11.6%
5.3%
9.0%
Louisiana Teachers' Retirement System
11.8%
13.3%
4.3%
14.2%
Michigan Public School Employees Retirement System
14.5%
15.3%
6.1%
14.0%
Minnesota State Board of Investment
11.7%
12.9%
5.5%
15.3%
Mississippi Public Employees' Retirement
10.8%
7.1%
N/A
N/A
Nebraska Investment Council
6.2%
13.3%
4.8%
N/A
New Jersey Division of Investment
13.1%
11.1%
4.7%
N/A
North Carolina Retirement System
5.3%
8.4%
2.6%
6.7%
Oregon Public Employees' Retirement System
14.1%
13.1%
5.6%
N/A
Pennsylvania Public School Employees' Retirement System
13.2%
12.7%
4.6%
14.2%
Texas Teacher Retirement System
16.0%
14.8%
5.2%
N/A
Virginia Retirement System
13.3%
12.9%
4.7%
14.7%
Washington State Investment Board
13.8%
12.7%
3.8%
13.5%
1-Year
3-Year
5-Year
10-Year
Russell 3000 Index (including dividends)
14.6%
13.0%
6.3%
9.2%
S&P 500 Index (excluding dividends)
11.4%
10.3%
3.5%
6.3%
S&P 500 Index (including dividends)
14.0%
12.7%
5.8%
8.5%
Public Market Returns
(Performance figures are based on most recent publicly available information.)
Pension fund private equity investment returns reflect the performance of the asset class itself, as well as the fund manager’s ability to identify profitable
investment opportunities. The private equity asset class may be defined differently depending on the pension fund. Pension funds included in this report are
among the top 50 largest pension funds with publicly available information at the time of analysis (October 1, 2013). These pension funds do not fully
represent the performance of private equity investments in the entire universe of pension funds.
1.
Returns are reported net of fees, unless otherwise stated. Returns over periods exceeding one year are annualized.
10
10

11. Private Equity Performance Compared to Public
Market Returns (as of March 31, 2013)
Return
Private Equity Benchmark 1
Pension Fund Private Equity Investments 2
Russell 3000 Index Total Return
S&P 500 Index Total Return
16%
15.3%
14%
12%
14.6%
14.0%
14.6%
14.0%
12.8%13.1%
12.9%13.0%12.7%
10%
9.2%
8%
8.5%
8.0%
6%
6.3%
5.8%
4.8%
4%
2%
0%
1-Year
1.
2.
3-Year
5-Year
10-Year
Median of Cambridge Associates U.S. Private Equity Index, Preqin Performance Analyst and ILPA U.S. Private Equity Index. See slide 4 for details.
Median return of pension fund private equity investments included in this report. See slide 10 for details.
Performance figures of private equity benchmarks are reported as IRRs, while those of pension fund private equity investments are reported as time-weighted
returns. Pension fund private equity investment returns reflect the performance of the asset class itself, as well as the fund manager’s ability to identify
profitable investment opportunities. The private equity asset class may be defined differently depending on the pension fund.
11
11

12. Pension Fund Private Equity Performance
(as of December 31, 2012)
Pension Fund Private Equity Returns (Time-Weighted Return)1
1-Year
3-Year
5-Year
10-Year
California Public Employees' Retirement System
12.2%
15.3%
5.8%
11.5%
Connecticut Retirement Plans and Trust Funds
10.2%
12.8%
5.7%
9.1%
Kentucky Teachers' Retirement System
9.0%
14.6%
10.9%
N/A
Louisiana Teachers' Retirement System
13.0%
12.8%
3.8%
13.8%
Michigan Public School Employees Retirement System
14.3%
16.3%
5.7%
13.5%
Nebraska Investment Council
9.6%
15.0%
4.6%
N/A
New Jersey Division of Investment
12.1%
11.5%
3.8%
N/A
North Carolina Retirement System
5.7%
8.4%
2.7%
6.3%
Oregon Public Employees' Retirement System
14.4%
14.0%
5.2%
N/A
Pennsylvania Public School Employees' Retirement System
13.3%
12.9%
4.7%
13.7%
Texas Teacher Retirement System
16.4%
15.6%
4.8%
N/A
Virginia Retirement System
14.4%
13.5%
4.5%
14.2%
Washington State Investment Board
14.6%
13.9%
2.5%
12.5%
1-Year
3-Year
5-Year
10-Year
Russell 3000 Index (including dividends)
16.4%
11.2%
2.0%
7.7%
S&P 500 Index (excluding dividends)
13.4%
8.5%
-0.6%
4.9%
16.0%
10.9%
1.7%
7.1%
Public Market Returns
S&P 500 Index (including dividends)
(Performance figures are based on most recent publicly available information.)
Pension fund private equity investment returns reflect the performance of the asset class itself, as well as the fund manager’s ability to identify profitable
investment opportunities. The private equity asset class may be defined differently depending on the pension fund. Pension funds included in this report are
among the top 50 largest pension funds with publicly available information at the time of analysis (October 1, 2013). These pension funds do not fully
represent the performance of private equity investments in the entire universe of pension funds.
1.
Returns are reported net of fees, unless otherwise stated. Returns over periods exceeding one year are annualized.
12
12

13. Private Equity Performance Compared to Public
Market Returns (as of December 31, 2012)
Private Equity Benchmark
Return
1
Pension Fund Private Equity Investments
2
Russell 3000 Index Total Return
S&P 500 Index Total Return
18%
16%
15.2%
14%
13.9%
13.8%
12%
16.9%
16.4%
16.0%
13.0%
13.0%
11.2%
10.9%
10%
8%
7.7%
6%
7.1%
4.6% 4.7%
4%
2%
2.0%
1.7%
0%
1-Year
3-Year
5-Year
10-Year
Median of Cambridge Associates U.S. Private Equity Index, PitchBook U.S. Private Equity Median Return and Preqin Performance Analyst. See slide 6 for
details.
2. Median return of pension fund private equity investments included in this report. See slide 12 for details.
1.
Performance figures of private equity benchmarks are reported as IRRs, while those of pension fund private equity investments are reported as time-weighted
returns. Pension fund private equity investment returns reflect the performance of the asset class itself, as well as the fund manager’s ability to identify
profitable investment opportunities. The private equity asset class may be defined differently depending on the pension fund.
13
13

14. Appendix
14

15. Private Equity Benchmarks
Cambridge Associates U.S. Private Equity Indices
The U.S. Private Equity Index is compiled using data from 1,052 U.S. private equity funds formed between 1986 and 2013.
These funds include leveraged buyout, growth equity, private equity energy and mezzanine funds and exclude venture capital
funds. The U.S. Buyout Fund Index and U.S. Growth Equity Index reflect the performance of 667 U.S. buyout funds and 143
U.S. growth equity funds, respectively. Funds making up both samples were formed between 1986 and 2013.
ILPA (Institutional Limited Partners Association) U.S. Private Equity Index
The ILPA U.S. Private Equity Index is a subset of ILPA Private Markets Benchmark and excludes the performance of venture
capital funds. The ILPA Private Markets Benchmark is compiled using data from 2,626 global (U.S. & ex U.S.) funds formed
between 1981 and 2013. Fund types included in the ILPA Private Markets Benchmark are private equity, venture capital,
distressed securities, fund of funds, secondary funds and natural resource funds.
PitchBook U.S. Private Equity Median Return
The PitchBook U.S. Private Equity Median Return is calculated using data from approximately 4,250 U.S. investment funds and
excludes venture capital fund. The database of funds includes leveraged buyout, growth equity, fund-of-funds, mezzanine,
energy, real estate and venture capital funds.
Preqin Performance Analyst: Private Equity
Compiled using a subset of data from over 5,800 global funds, including leveraged buyout, venture capital, fund-of-funds,
mezzanine funds and real estate funds.
All returns reported by private equity benchmarks are calculated on an aggregated basis, net of fees, expenses and carried interest. Returns over periods
exceeding one year are annualized.
15
15

16. California Public Employees’ Retirement
System
•
As of March 31, 2013, private equity investments1 held by California
Public Employees’ Retirement System (CalPERS) were valued at $32.0
billion.
•
These investments accounted for approximately 12.4% of assets under
management, which is below the target allocation of 14.0%.
•
As of March 31, 2013, CalPERS’ current private equity investments
achieved a gain2 of $18.9 billion and a 1.4x multiple on contributed
capital.
(Time-Weighted Return as of Mar. 31, 2013)
1-Year
3-Year
5-Year
10-Year
Private Equity Investments
13.8%
14.3%
5.5%
11.9%
Custom Benchmark3
20.3%
12.8%
11.2%
12.9%
Investments in leveraged buyout, expansion capital, venture capital, credit related and opportunistic funds.
(Fair value of remaining investments + distributions) – contributed capital.
3. (67% FTSE US TMI + 33% FTSE AW x-US TMI) + 300bps, lagged one quarter.
1.
2.
Source: California Public Employees’ Retirement System Performance Review by Wilshire – March 2013
16
16

17. Colorado Public Employees’ Retirement
Association
•
As of March 31, 2013, private equity investments1 held by Colorado Public
Employees’ Retirement Association were valued at $3.4 billion.
•
These investments accounted for approximately 8.1% of assets under
management, which is above the target allocation of 7.0%.
(Time-Weighted Return as of Mar. 31, 2013)
1-Year
3-Year
5-Year
10-Year
Private Equity Investments1
4.5%
12.5%
4.0%
N/A
1.
2.
Investments in leveraged buyout, opportunistic, venture capital and fund of funds.
Lagged one to three quarters.
Source: Colorado Public Employees Retirement Association Website – Retrieved on October 1, 2013
17
17

18. Connecticut Retirement Plans and Trust
Funds
•
As of March 31, 2013, private equity investments1 held by Connecticut
Retirement Plans and Trust Funds were valued at $2.5 billion.
•
These investments accounted for approximately 9.4% of assets under
management, which is below the target allocation of 11.0%.
(Time-Weighted Return as of Mar. 31, 2013)
1-Year
3-Year
5-Year
10-Year
Private Equity Investments
9.1%
11.6%
5.3%
9.0%
S&P 500 Index Benchmark
14.0%
12.7%
5.8%
8.5%
1.
Investments in leveraged buyout, growth capital, distressed debt and venture capital funds.
Source: Connecticut Retirement Plans and Trust Funds Performance – March 31, 2013
18
18

19. Louisiana Teachers’ Retirement System
•
As of March 31, 2013, private equity investments1 held by Teachers’
Retirement System of Louisiana were valued at $3.8 billion.
•
These investments accounted for approximately 26.0% of assets under
management, below the 29.0% target allocation.
(Time-Weighted Return as of Mar. 31, 2013)
1-Year
3-Year
5-Year
10-Year
Private Equity Investments
11.8%
13.3%
4.3%
14.2%
TRSL Private Asset Benchmark
13.9%
12.5%
7.0%
11.1%
1.
Investments in private equity, real estate, private market debt, and infrastructure/commodities.
Source: Teachers’ Retirement System of Louisiana Monthly Report – March 31, 2013
19
19

20. Michigan Public School Employees
Retirement System
•
As of March 31, 2013, private equity investments1 held by Michigan
Public School Employees Retirement System were valued at $7.8 billion.
•
These investments accounted for approximately 19.9% of assets under
management, which is above the target allocation of 18.5%.
(Time-Weighted Return as of Mar. 31, 2013)
1-Year
3-Year
5-Year
10-Year
Private Equity Investments
14.5%
15.3%
6.1%
14.0%
Custom Benchmark2
18.9%
15.9%
9.1%
11.8%
1.
2.
Investments in leveraged buyout, special situation funds, venture capital, fund-of-funds, liquidation portfolio, mezzanine funds, and other funds.
Ending market value weighted blend of 10 yr yield +300 bps and S&P 500 Index+ 300 bps, lagged one quarter.
Source: State of Michigan Retirement System Quarterly Investment Review – June 18, 2013
20
20

21. Minnesota State Board of Investment
•
As of March 31, 2013, private equity investments1 held by Minnesota
State Board of Investment were valued at $7.5 billion.
•
These investments accounted for approximately 14.5% of assets under
management, which is below the target allocation of 20.0%.
(Time-Weighted Return as of Mar. 31, 2013)
1-Year
3-Year
5-Year
10-Year
Private Equity Investments
11.7%
12.9%
5.5%
15.3%
1.
Investments in private equity, real estate, yield oriented and resource funds.
Source: Minnesota State Board of Investment Website – Retrieved on October 1, 2013
21
21

22. Mississippi Public Employee’s Retirement
System
•
As of March 31, 2013, private equity investments1 held by Mississippi
Public Employee’s Retirement System were valued at $0.65 billion.
•
These investments accounted for approximately 3.0% of assets under
management.
(Time-Weighted Return as of Mar. 31, 2013)
1-Year
3-Year
5-Year
10-Year
Private Equity Investments
10.8%
7.1%
N/A
N/A
1.
Investments in leveraged buyouts, special situation and venture capital funds.
Source: Minnesota State Board of Investment Website – Retrieved on October 1, 2013
22
22

23. Nebraska Investment Council
•
As of March 31, 2013, private equity investments1 held by Nebraska
Investment Council’s defined benefit plan were valued at $0.3 billion.
•
These investments accounted for approximately 3.7% of assets under
management, which is below the target allocation of 5.0%.
(Time-Weighted Return as of Mar. 31, 2013)
1-Year
3-Year
5-Year
10-Year
Private Equity Investments
6.2%
13.3%
4.8%
N/A
Custom Benchmark2
17.9%
16.4%
9.7%
N/A
1.
2.
Investments in buyout/corporate finance, venture capital, and special situation funds.
Dow Jones U.S. Total Stock Market Index + 300bps.
Source: Nebraska Investment Council First Quarter 2013 Performance Review by Hewitt
23
23

24. New Jersey Division of Investment
•
As of March 31, 2013, private equity investments1 held by New Jersey
Division of Investment were valued at $5.7 billion and accounted for
approximately 7.9% of assets under management.
•
Specifically, buyout investments were valued at $3.0 billion and
accounted for approximately 4.1% of assets under management.
•
As of March 31, 2013, the private equity investments achieved a gain2
of $1.5 billion and a 1.2x multiple on contributed capital.
•
Buyout investments achieved a gain of $0.8 billion and a 1.2x multiple
on contributed capital.
(Time-Weighted Return as of Mar. 31, 2012)
1-Year
3-Year
5-Year
10-Year
Private Equity Investments
13.1%
11.1%
4.7%
N/A
Cambridge Associates Benchmark
13.8%
15.0%
6.0%
N/A
1.
2.
Investments in leveraged buyout, distressed debt, mezzanine debt, secondaries, co-investments and venture capital funds.
(Fair value of remaining investments + distributions) – contributed capital.
Source: New Jersey Division of Investment’s Investment Reporting Package – March 31, 2013
24
24

25. North Carolina Retirement System
•
As of March 31, 2013, private equity investments1 held by North
Carolina State Treasury were valued at $3.6 billion.
•
These investments accounted for approximately 4.4% of assets under
management.
(Time-Weighted Return as of Mar. 31, 2013)
1-Year
3-Year
5-Year
10-Year
Private Equity Investments
5.3%
8.4%
2.6%
6.7%
Custom Benchmark2
13.2%
13.8%
4.7%
10.3%
1.
2.
Investments in leveraged buyout, venture capital, growth equity and special situation funds.
Cambridge Associates as modified by North Carolina State Treasury.
Source: North Carolina State Investment Advisory Committee Meeting Material – May 29, 2013
25
25

26. Oregon Public Employees’ Retirement
System
•
As of March 31, 2013, private equity investments1 held by Oregon
Public Employees’ Retirement System were valued at $14.1 billion.
•
These investments accounted for approximately 22.6% of assets under
management, which is above the target allocation of 16.0%.
(Time-Weighted Return as of Mar. 31, 2013)
1-Year
3-Year
5-Year
10-Year
Private Equity Investments3
14.1%
13.1%
5.6%
N/A
Russell 3000 Index4 + 300bps Benchmark
19.9%
14.5%
5.9%
N/A
1.
2.
3.
4.
Investments in leveraged buyout, distressed debt, mezzanine debt, venture capital and sector funds, as well as fund-of-funds.
(Fair value of remaining investments + distributions) – contributed capital.
Lagged one quarter.
Lagged one quarter.
Source: Oregon Public Employees’ Retirement System Quarterly Performance– March 31, 2013
26
26

27. Pennsylvania Public School Employees’
Retirement System
•
As of March 31, 2013, private equity investments1 held by Pennsylvania
Public School Employees’ Retirement System were valued at $10.5
billion.
•
These investments accounted for approximately 21.0% of assets under
management, achieving the target allocation.
(Time-Weighted Return as of Mar. 31, 2013)
1-Year
3-Year
5-Year
10-Year
Private Equity Investments
13.2%
12.7%
4.6%
14.2%
1.
Investments in private equity, private debt and venture capital funds.
Source: Pennsylvania Public School Employees’ Retirement System Quarterly Performance – March 31, 2013
27
27

28. Texas Teacher Retirement System
•
As of March 31, 2013, private equity investments1 held by Teacher
Retirement System of Texas were valued at $13.9 billion.
•
These investments accounted for approximately 11.8% of assets under
management, which is slightly below the target allocation of 12.0%.
(Time-Weighted Return as of Mar. 31, 2013)
1-Year
3-Year
5-Year
10-Year
Private Equity Investments
16.0%
14.8%
5.2%
N/A
State Street Private Equity Index2 Benchmark
12.2%
12.1%
7.4%
N/A
1.
2.
Investments in leveraged buyout, mezzanine debt, special situation and venture capital funds.
Lagged one quarter.
Source: Teacher Retirement System of Texas Board Meeting Book: Fourth Quarter Performance Review– July 2013
28
28

29. Virginia Retirement System
•
As of March 31, 2013, private equity investments1 held by Virginia
Retirement System were valued at $4.8 billion.
•
These investments accounted for approximately 8.3% of assets under
management.
(Time-Weighted Return as of Mar. 31, 2013)
1-Year
3-Year
5-Year
10-Year
Private Equity Investments
13.3%
12.9%
4.7%
14.7%
Russell 3000 Index2 + 250bps Benchmark
18.9%
13.7%
4.6%
10.2%
1.
2.
Investments in leveraged buyout, growth equity, special situation, energy, subordinated debt, turnaround and venture capital funds.
Lagged one quarter.
Source: Virginia Retirement System Performance Summary – March 31, 2013
29
29

30. Washington State Investment Board
•
As of March 31, 2013, private equity investments1 held by Washington
State Investment Board were valued at $16.1 billion and accounted for
approximately 23.7% of assets under management.
•
Specifically, buyout investments were valued at $12.0 billion and
accounted for approximately 17.6% of assets under management.
•
As of March 31, 2013, the private equity investments achieved a gain2
of $16.5 billion and a 1.5x multiple on contributed capital.
•
Buyout investments achieved a gain of $12.4 billion and a 1.5x
multiple on contributed capital.
(Time-Weighted Return as of Mar. 31, 2012)
1-Year
3-Year
5-Year
10-Year
Private Equity Investments
13.8%
12.7%
3.8%
13.5%
Russell 3000 Index3 + 300bps Benchmark
19.4%
14.2%
5.0%
10.7%
Investments in leveraged buyout, growth equity, distressed debt, mezzanine debt, special situation and venture capital funds.
(Fair value of remaining investments + distributions) – contributed capital.
3. Lagged one quarter.
1.
2.
Source: Washington State Investment Board Quarterly Report and Portfolio Overview by Strategy – March 31, 2013
30
30