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Presenters Chris Schelling Director of Private EquityPeter Teneriello AnalystStepStone Group
2
I Executive SummaryII Due Diligence Process ReviewIII Portfolio Construction IV Manager Selection amp Recommendation V Requested Board ActionNames used in this presentation may be a shortened version of the full legal name that is used for ease of communication purposes throughout this document The formal recommendations to the Board on the last page of this presentation reflect the full legal names of the investments
Section I
3
4
Summary of Recommendation
Recommended ManagerFund Strategy Classification Target ReturnRecommended
Amount
Northlane Capital Partners II LP (ldquoNorthlane IIrdquo) Buy-Out 20 Net IRR $60 million
Total Approximate Recommended InvestmentsCommitments $60 million
Manager RecommendationExecutive Summary
Section II
5
$52500
$88130
$124558
$156255
$186019
$205151 $214646 $219075
$226354 $236280
$500 $525 $525 $525 $550 $600 $625 $650 $650 $650 0
2
4
6
8
10
12
14
16
$-
$200
$400
$600
$800
$1000
$1200
$1400
$1600
$1800
$2000
$2200
$2400
$2600
2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E
o
f Tot
al P
lan
Valu
e
Valu
e in
US$
(Mill
ions
)2018 Staff Pacing Model
Private Equity NAV Annual Commitment PE of Plan Target of Plan
6
Annual pacing plans are developed in the context of multiple year investment horizons This is necessary because private capital investments
deploy and return capital over time rather than all at once
2018 Staff Pacing Model
Private Equity NAV2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E52588131245578999999999715625542699999994186018632509999912051510547362998821464569185201885219074631792781292263543339258428223628039733620235Annual Commitment2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E500525525525550600625650650650PE of Plan 2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E1902923909023305E-230228659416296488E-240383332851056143E-247977055046536397E-254181684662894122E-256769838241507123E-256510611085906756E-254941634339036198E-254133496602978719E-253940914226060045E-2Target of Plan2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E005005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
Staff Pacing Model
Actual PE NAV20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E173922548952499999999998792985124999999931149798563124999914940274122531248173865029053970281880958571046371619589592210062406199639993921189582017771932829145Annual Commitment20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E317450450450450475475475500550600Actual of Plan
20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E73525024479141545E-489865597013107194E-318425082900150446E-228247625410545363E-238843643082067419E-247968098221891305E-25316653738100563E-255062328145578938E-254917658487389574E-253693868450405698E-252150314794368831E-2Target of Plan005005005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
Staff Pacing Model
Actual PE NAV20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E173922548952499999999998792985124999999931149798563124999914940274122531248173865029053970281880958571046371619589592210062406199639993921189582017771932829145Annual Commitment20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E317450450450450475475475500550600Actual of Plan
20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E73525024479141545E-489865597013107194E-318425082900150446E-228247625410545363E-238843643082067419E-247968098221891305E-25316653738100563E-255062328145578938E-254917658487389574E-253693868450405698E-252150314794368831E-2Target of Plan005005005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
2017 Staff Pacing Model
Actual PE NAV20172018E2019E2020E2021E2022E2023E2024E2025E27155504674999999999789631658749999997124513982918751517179511252187517659833599336671193241161272670212000314832063005720110978894296213Annual Commitment20172018E2019E2020E2021E2022E2023E2024E2025E447500525550575600635660675PE of Plan 20172018E2019E2020E2021E2022E2023E2024E2025E93527162492679731E-319113454861111111E-229925099742922009E-239972283512193223E-246832189616434469E-252415624213890809E-255149357149883012E-254891592632390636E-253064899662175077E-2Original Model16863309104688414E-227534205729166664E-238388039634248125E-247962233556161804E-253668533933747355E-255828169086240366E-255907002943792104E-254784162191872952E-253241001206111943E-2Target of Plan20172018E2019E2020E2021E2022E2023E2024E2025E005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
2017 Staff Pacing Model
Actual PE NAV20172018E2019E2020E2021E2022E2023E2024E2025E27155504674999999999789631658749999997124513982918751517179511252187517659833599336671193241161272670212000314832063005720110978894296213Annual Commitment20172018E2019E2020E2021E2022E2023E2024E2025E447500525550575600635660675PE of Plan 20172018E2019E2020E2021E2022E2023E2024E2025E93527162492679731E-319113454861111111E-229925099742922009E-239972283512193223E-246832189616434469E-252415624213890809E-255149357149883012E-254891592632390636E-253064899662175077E-2Original Model16863309104688414E-227534205729166664E-238388039634248125E-247962233556161804E-253668533933747355E-255828169086240366E-255907002943792104E-254784162191872952E-253241001206111943E-2Target of Plan20172018E2019E2020E2021E2022E2023E2024E2025E005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
2018 Staff Pacing Model
Private Equity NAV2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E52588131245578999999999715625542699999994186018632509999912051510547362998821464569185201885219074631792781292263543339258428223628039733620235Annual Commitment2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E500525525525550600625650650650PE of Plan 2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E1902923909023305E-230228659416296488E-240383332851056143E-247977055046536397E-254181684662894122E-256769838241507123E-256510611085906756E-254941634339036198E-254133496602978719E-253940914226060045E-2Target of Plan2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E005005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
2018 Staff Pacing Model
Private Equity NAV20172018E2019E2020E2021E2022E2023E2024E2025E27155258813124557899999999971562554269999999418601863250999991205151054736299882146456918520188521907463179278129Annual Commitment20172018E2019E2020E2021E2022E2023E2024E2025E447500525525525550600625650PE of Plan 20172018E2019E2020E2021E2022E2023E2024E2025E93527162492679731E-31902923909023305E-230228659416296488E-240383332851056143E-247977055046536397E-254181684662894122E-256769838241507123E-256510611085906756E-254941634339036198E-2Original Model16863309104688414E-228742673406901599E-239438181279987182E-248438361820181644E-25338395107128014E-254786718290128177E-254208738161829868E-252560002282510392E-250603617044044313E-2Target of Plan20172018E2019E2020E2021E2022E2023E2024E2025E005005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
0
10
20
30
40
50
60
70
80
90
100
Beg Year Q1 Q2 Q3 End Year
o
f Pa
cing
Pla
n Ut
ilize
d
2019 Private Equity Pacing Plan Progress
Buy-out GrowthVenture Special Situations Unallocated
7
MarchSearchlight III ($50mm)
February PSG IV ($50mm)
FGN 2018 Partner ($33mm)Reverence II ($50mm)
Arcline I ($50mm)
Search processes are approved in annual amounts Progress will be made throughout the year as opposed to all at once
The 2019 Private Equity search process has
culminated in ~$368 million of
closed andor recommended
investments in line with the $525 mm
primary pacing model goal for the
year2018
HIG SPF ($75mm)
JuneNorthlane II ($60mm)
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082172551941443706017827448058556272
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
2018 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977
of Pacing Plan Utilized
Section III
8
526
266
208
Private Equity Strategy Diversification by Commitment
Buy-out (40 to75)
GrowthVenture(10 to 40)
Special Situations(5 to 35)
9
Synthesize AnalysisDiversification Analysis
Strategy considerations
2015 Overweight special situations early for J-Curve mitigation efficiency of capital deployment and tactical opportunities
2016 Focus on growth opportunity set and continue to add buy-out exposure
2017 Round out buy-out portfolio and opportunistically add to growth and credit
2018 Steady state on pacing selectively adding new relationships and European exposure
2019 Steady state on pacing selectively adding new relationships and Venture and European exposure
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082172551941443706017827448058556272
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
2018 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977
of Pacing Plan Utilized
10
Synthesize AnalysisDiversification Analysis
The overall goal remains identifying top quartile performers to partner with
Position sizing considerations
Continue to reduce the unallocated portion of the private equity portfolio while sensibly balancing the trade-off between diversification and concentration
Areas of focus are enhancing manager diversification and building strategic relationships where possibleappropriate
Private Equity Manager Diversification by Commitment BO 1 BO 2
BO 3 BO 4BO 5 BO 6BO 7 BO 8BO 9 BO 10BO 11 BO 12BO 13 BO 14BO 15 BO 16BO 17 GE 1GE 2 GE 3GE 4 GE 5GE 6 SS 1SS 2 SS 3SS 4 SS 5SS 6
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082172551941443706017827448058556272
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
2018 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977
of Pacing Plan Utilized
11
Synthesize AnalysisDiversification Analysis
TMRS is focused on taking a measured approach to global geographic diversification
The Target Portfolio keeps a conservative stance on international exposure
780
220
Private Equity Geographic Diversification by Commitment
USA
International
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082172551941443706017827448058556272
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
2018 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977
of Pacing Plan Utilized
Section IV
12
13
Top Candidate Characteristics ndash Northlane II $60 million Recommendation
Northlane Capital Partners
Date of First TMRS Meeting5102018
Dates of Subsequent Meetings892018312019
5162019
Dates of Diligence AdvancementlsquoBrsquo Rating ndash 312019
lsquoArsquo Rating ndash 5162019
Reference ChecksYes
Date of Consultant IDD ReportSeptember 2018
Date of Consultant Board MemoJune 2019
Legal Negotiation InitiatedMay 2019
Comparable Strategies Reviewed18 (Business Services Buy-Out)
16 (Healthcare Buy-Out)
Northlane Capital Partners LLC (ldquoNorthlanerdquo)is a Washington DC-based buyout firmfounded in 2017 that focuses on acquiringlower-middle market companies in thebusiness services and healthcare sectorsThese target companies will be profitablemarket leaders within their niches typicallygenerating up to $30 million of EBITDA whileproviding critical outsourced services to theircustomers Northlane Capital Partners II LP(Northlane II) is targeting $375 million tobuild a portfolio of 10 to 12 businessesrequiring equity investments of up to $75million continuing to employ the prior fundrsquosstrategy that was developed during thefoundersrsquo tenure at American Capital
Section V
14
15
Approval of Recommendation
TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the selection of the following fund
Recommendations
bull Northlane Capital Partners II LP $60 million
16
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1390 | 2298 | |||||||
2016 | 394750000 | 1731 | 2862 | |||||||
2017 | 436750000 | 1915 | 3166 | |||||||
2018 | 481600000 | 2112 | 3491 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 7149 | 11817 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 780 | 822 | 1289 | |||||
International | 220 | 178 | 364 | |||||
Un-Allocated | -653 | |||||||
Total | 1000 | 1000 | 1000 | |||||
Strategy | Commitments | NAV | of Commitments to Date | of NAV to Date | of Target PE Allocation | ||||||||
BO | Buy-out (40 to 75) | 1200350000 | 214575006 | 526 | 385 | 870 | |||||||
GE | GrowthVenture (10 to 40) | 606000000 | 214251758 | 266 | 385 | 439 | |||||||
SS | Special Situations (5 to 35) | 473750000 | 127909154 | 208 | 230 | 343 | |||||||
Un-Allocated | -653 | ||||||||||||
Total | 2280100000 | 556735918 | 1000 | 1000 | 1000 | ||||||||
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 0 | 55 | 1216 | 60 | 0 | ||||||
GrowthVenture | 0 | 55 | 0 | 40 | 75 | ||||||
Special Situations | 0 | 75 | 0 | 0 | 0 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 0 | 55 | 1766 | 2366 | 2366 | ||||||
GrowthVenture | 0 | 55 | 55 | 95 | 170 | ||||||
Special Situations | 0 | 75 | 75 | 75 | 75 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 600 | 00 | 00 | ||||||
GrowthVenture | 00 | 833 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 650 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 2850 | ||||||
GrowthVenture | 0 | 833 | 833 | 833 | 833 | ||||||
Special Situations | 0 | 00 | 650 | 650 | 650 | ||||||
Unallocated | 450 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 |
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | 58000000 | 254 | 420 | |||||
BO 02 | 57000000 | 250 | 413 | |||||
BO 03 | 55000000 | 241 | 399 | |||||
BO 04 | 50000000 | 219 | 362 | |||||
BO 05 | 50000000 | 219 | 362 | |||||
BO 06 | 50000000 | 219 | 362 | |||||
BO 07 | 50000000 | 219 | 362 | |||||
BO 08 | 47000000 | 206 | 341 | |||||
BO 09 | 45000000 | 197 | 326 | |||||
BO 10 | 40000000 | 175 | 290 | |||||
BO 11 | 35000000 | 154 | 254 | |||||
BO 12 | 20000000 | 088 | 145 | |||||
BO 13 | 14250000 | 062 | 103 | |||||
BO 14 | 12500000 | 055 | 091 | |||||
BO 15 | 46600000 | 204 | 338 | |||||
BO 16 | 300000000 | 1316 | 2175 | |||||
BO 17 | 60000000 | 263 | 435 | |||||
BO 18 | 50000000 | 219 | 362 | |||||
BO 19 | 50000000 | 219 | 362 | |||||
BO 20 | 50000000 | 219 | 362 | |||||
GE 01 | 70000000 | 307 | 507 | |||||
GE 02 | 60000000 | 263 | 435 | |||||
GE 03 | 125000000 | 548 | 906 | |||||
GE 04 | 46000000 | 202 | 333 | |||||
GE 05 | 45000000 | 197 | 326 | |||||
GE 06 | 40000000 | 175 | 290 | |||||
GE 07 | 30000000 | 132 | 217 | |||||
GE 08 | 40000000 | 175 | 290 | |||||
GE 09 | 50000000 | 219 | 362 | |||||
GE 10 | 100000000 | 439 | 725 | |||||
SS 01 | 75000000 | 329 | 544 | |||||
SS 02 | 75000000 | 329 | 544 | |||||
SS 03 | 65000000 | 285 | 471 | |||||
SS 04 | 60000000 | 263 | 435 | |||||
SS 05 | 50000000 | 219 | 362 | |||||
SS 06 | 25000000 | 110 | 181 | |||||
SS 07 | 105000000 | 461 | 761 | |||||
SS 08 | 18750000 | 082 | 136 | |||||
UA | -6529 | |||||||
Total | 2220100000 | 9737 | 9565 | |||||
CHECK | CHECK | CHECK |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | $18727000 | BO 1 | BO | 132 | 217 | |||||||||||
Tritium | Buy-out | $110000000 | $58988138 | BO 2 | BO | 48 | 80 | ||||||||||||
Searchlight | Buy-out | $97000000 | $33454296 | BO 3 | BO | 43 | 70 | ||||||||||||
Marlin | Buy-out | $71250000 | $14717073 | BO 4 | BO | 31 | 52 | ||||||||||||
Altaris | Buy-out | $62500000 | $15328169 | BO 5 | BO | 27 | 45 | ||||||||||||
Northlane | Buy-out | $60000000 | BO 6 | BO | 26 | 43 | |||||||||||||
Capital Partners | Buy-out | $58000000 | $12317286 | BO 7 | BO | 25 | 42 | ||||||||||||
Providence | Buy-out | $55000000 | $0 | BO 8 | BO | 24 | 40 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $0 | BO 9 | BO | 22 | 36 | ||||||||||||
GTCR | Buy-out | $50000000 | $4985798 | BO 10 | BO | 22 | 36 | ||||||||||||
Reverence | Buy-out | $50000000 | $0 | BO 11 | BO | 22 | 36 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 22 | 36 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 34 | ||||||||||||
One Rock | Buy-out | $45000000 | $13180746 | BO 14 | BO | 20 | 33 | ||||||||||||
Incline | Buy-out | $40000000 | $11611636 | BO 15 | BO | 18 | 29 | ||||||||||||
Kainos | Buy-out | $35000000 | $19539188 | BO 16 | BO | 15 | 25 | ||||||||||||
Harvest | Buy-out | $20000000 | $11725676 | BO 17 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $82125840 | GE 1 | GE | 79 | 130 | ||||||||||||
Foundry | Venture Growth | $175000000 | $30834484 | GE 2 | GE | 77 | 127 | ||||||||||||
Updata | Venture Growth | $125000000 | $46209141 | GE 3 | GE | 55 | 91 | ||||||||||||
Main Post | Venture Growth | $40000000 | $0 | GE 4 | GE | 18 | 29 | ||||||||||||
FTV | Venture Growth | $46000000 | $31248971 | GE 5 | GE | 20 | 33 | ||||||||||||
Mercato | Venture Growth | $40000000 | $23833321 | GE 6 | GE | 18 | 29 | ||||||||||||
TSSP | Special Situations | $150000000 | $49206694 | SS 1 | SS | 66 | 109 | ||||||||||||
BlackstoneGSO | Special Situations | $93750000 | $37091463 | SS 2 | SS | 41 | 68 | ||||||||||||
BlackstoneBAAM | Special Situations | $65000000 | SS 3 | SS | 29 | 47 | |||||||||||||
Carlyle | Special Situations | $65000000 | $24236270 | SS 4 | SS | 29 | 47 | ||||||||||||
HIG | Special Situations | $60000000 | $17374728 | SS 5 | SS | 26 | 43 | ||||||||||||
LightBay | Special Situations | $40000000 | $0 | SS 6 | SS | 18 | 29 | ||||||||||||
Total | $2280100000 | $556735918 | 10000 | 16529 | |||||||||||||||
CHECK | |||||||||||||||||||
Altaris | |||||||||||||||||||
Arcline | |||||||||||||||||||
BlackstoneGSO | |||||||||||||||||||
Capital Partners | |||||||||||||||||||
CapVest | |||||||||||||||||||
Carlyle | |||||||||||||||||||
Dunes Point | |||||||||||||||||||
Foundry | |||||||||||||||||||
FTV | |||||||||||||||||||
GTCR | |||||||||||||||||||
HIG | |||||||||||||||||||
Harvest | |||||||||||||||||||
Incline | |||||||||||||||||||
Kainos | |||||||||||||||||||
LightBay | |||||||||||||||||||
Main Post | |||||||||||||||||||
Marlin | |||||||||||||||||||
Mercato | |||||||||||||||||||
One Rock | |||||||||||||||||||
Providence | |||||||||||||||||||
Reverence | |||||||||||||||||||
Searchlight | |||||||||||||||||||
Tritium | |||||||||||||||||||
TSSP | |||||||||||||||||||
Updata |
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Vintage Year | Report Name | Short Name | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | State Street NAV ($) | US Fund Div ( of Fund) | Intl Fund Div ( of Fund) | US Fund Div ( of Total Commits) | Intl Fund Div ( of Total Commits) | US Fund Div ( of Total NAV | Intl Fund Div ( of Total NAV | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 2015 | Special Situations Manager 3 | SS 03 | 2819243965 | Voting | 65000000 | 65000000 | 2423627012 | 75 | 25 | 2 | 1 | 3 | 1 | |||||||||||||||||||||
HIG | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2015 | Special Situations Manager 4 | SS 04 | 1100000000 | 60000000 | 60000000 | 1737472771 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 2016 | Buy-out Manager 12 | BO 12 | 2200000000 | 50000000 | 20000000 | 1172567574 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 2015 | Buy-out Manager 8 | BO 08 | 1939000000 | 50000000 | 47000000 | 3345429620 | 60 | 40 | 1 | 1 | 4 | 2 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 2014 | Buy-out Manager 4 | BO 04 | 309000000 | Voting | 50000000 | 50000000 | 5898813765 | 85 | 15 | 2 | 0 | 9 | 2 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 2014 | Special Situations Manager 1 | SS 01 | 3500000000 | 75000000 | 75000000 | 4920669401 | 60 | 40 | 2 | 1 | 5 | 4 | ||||||||||||||||||||||
BlackstoneGSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 2 | SS 02 | 6000000000 | 75000000 | 75000000 | 32285251 | 80 | 20 | 3 | 1 | 5 | 1 | ||||||||||||||||||||||
BlackstoneGSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 8 | SS 08 | 2000000000 | 18750000 | 18750000 | 4806212 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 2016 | GrowthVenture Manager 7 | GE 07 | 500000000 | 35000000 | 30000000 | 2644022252 | 100 | 0 | 1 | 0 | 5 | 0 | ||||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 2017 | GrowthVenture Manager 4 | GE 04 | 867000000 | Voting | 50000000 | 46000000 | 3124897116 | 75 | 25 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 2017 | Buy-out Manager 10 | BO 10 | 601000000 | 50000000 | 40000000 | 1161163584 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 2016 | Buy-out Manager 11 | BO 11 | 895000000 | Observer | 50000000 | 35000000 | 1953918849 | 75 | 25 | 1 | 0 | 3 | 1 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 2015 | GrowthVenture Manager 6 | GE 06 | 246000000 | Voting | 40000000 | 40000000 | 2383332060 | 100 | 0 | 2 | 0 | 4 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 2016 | GrowthVenture Manager 2 | GE 02 | 640000000 | Voting | 60000000 | 60000000 | 6665235799 | 100 | 0 | 3 | 0 | 12 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 2014 | GrowthVenture Manager 3 | GE 03 | 280000000 | Voting | 50000000 | 50000000 | 4620914142 | 90 | 10 | 2 | 0 | 7 | 1 | |||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 14 | BO 14 | 240000000 | 12500000 | 12500000 | 4140390 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 5 | BO 05 | 1000000000 | 50000000 | 50000000 | 11187778 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 2018 | Buy-out Manager 1 | BO 01 | 500000000 | Voting | 70000000 | 58000000 | 12317286 | 100 | 0 | 3 | 0 | 2 | 0 | |||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 2018 | Buy-out Manager 7 | BO 07 | 535000000 | Voting | 50000000 | 50000000 | - 0 | 80 | 20 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 2018 | Buy-out Manager 6 | BO 06 | 5250000000 | 75000000 | 50000000 | 498579807 | 75 | 25 | 2 | 1 | 1 | 0 | ||||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 2018 | Special Situations Manager 7 | SS 07 | 615000000 | Voting | 50000000 | 40000000 | - 0 | 80 | 20 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 2018 | Buy-out Manager 2 | BO 02 | 2500000000 | 60000000 | 57000000 | 946658473 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 2017 | Buy-out Manager 13 | BO 13 | 750000000 | 15000000 | 14250000 | 525048862 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 2017 | Buy-out Manager 9 | BO 09 | 964000000 | 50000000 | 45000000 | 1318074623 | 90 | 10 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 2018 | GrowthVenture Manager 1 | GE 01 | 1322000000 | Voting | 70000000 | 70000000 | 1547348223 | 100 | 0 | 3 | 0 | 3 | 0 | |||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 2018 | Buy-out Manager 15 | BO 15 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 2018 | GrowthVenture Manager 5 | GE 05 | 750000000 | 45000000 | 45000000 | 439426166 | 90 | 10 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 2018 | Buy-out Manager 16 | BO 16 | 1115000000 | 300000000 | 300000000 | 1872700007 | 60 | 40 | 8 | 5 | 2 | 1 | ||||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 2019 | GrowthVenture Manager 8 | GE 08 | 700000000 | Voting | 50000000 | 40000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 2017 | Buy-out Manager 3 | BO 03 | 5000000000 | 55000000 | 55000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 2019 | Buy-out Manager 17 | BO 17 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 6 | SS 06 | 3000000000 | 50000000 | 25000000 | - 0 | 60 | 40 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 5 | SS 05 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 2014 | GrowthVenture Manager 3 | GE 03 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | GE 09 | 2000000000 | Voting | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | GE 10 | 200000000 | 100000000 | 100000000 | - 0 | 90 | 10 | 4 | 0 | 0 | 0 | ||||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | BO 18 | 1000000000 | Voting | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | BO 19 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | Buy-out Manager 8 | BO 20 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | BO 21 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | |||||||||||||||||||||||
BlackstoneBAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | SS 07 | 4000000000 | Voting | 65000000 | 65000000 | - 0 | 80 | 20 | 2 | 1 | 0 | 0 | |||||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
2800000000 | |||||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||
TMRS (AUM) | $ 27589122062 | ltltltlt | As of 12312018 | |||||
PE Target () | 500 | |||||||
PE Target ($) | $ 1379456103 | |||||||
PE Commitments ($) | $ 2280100000 | |||||||
PE NAV ($) | $ 556735918 | ltltltlt | As of 12312018 | |||||
PE NAV () | 202 | |||||||
Un-Allocated () | -6529 | |||||||
Instructions by Sheet Name | ||||
Notes | Light blue-filled cells are hard-coded (not formula-driven) | |||
The green-colored tabs are the only ones to be updated right now | ||||
The red-colored tab does not need to be updated (still under construction) | ||||
Portfolio | ||||
1) | Input new Fund commitment into the next open row | |||
2) | Confirm and input the details for the row of the new Fund in columns A through G | |||
3) | Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I | |||
4) | Copy paste the formulas used in columns J and K for the row of the new Fund | |||
Manager | ||||
1) | If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated | |||
2) | Input the name of the Manager for the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Manager | |||
4) | Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option | |||
Fund | ||||
1) | Insert a row above the one beginning with UA (Un-Allocated) | |||
2) | Input the Short Name of the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Fund | |||
4) | Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option |
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1390 | 2298 | |||||||
2016 | 394750000 | 1731 | 2862 | |||||||
2017 | 436750000 | 1915 | 3166 | |||||||
2018 | 481600000 | 2112 | 3491 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 7149 | 11817 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 780 | 822 | 1289 | |||||
International | 220 | 178 | 364 | |||||
Un-Allocated | -653 | |||||||
Total | 1000 | 1000 | 1000 | |||||
Strategy | Commitments | NAV | of Commitments to Date | of NAV to Date | of Target PE Allocation | ||||||||
BO | Buy-out (40 to 75) | 1200350000 | 214575006 | 526 | 385 | 870 | |||||||
GE | GrowthVenture (10 to 40) | 606000000 | 214251758 | 266 | 385 | 439 | |||||||
SS | Special Situations (5 to 35) | 473750000 | 127909154 | 208 | 230 | 343 | |||||||
Un-Allocated | -653 | ||||||||||||
Total | 2280100000 | 556735918 | 1000 | 1000 | 1000 | ||||||||
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 0 | 55 | 1216 | 60 | 0 | ||||||
GrowthVenture | 0 | 55 | 0 | 40 | 75 | ||||||
Special Situations | 0 | 75 | 0 | 0 | 0 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 0 | 55 | 1766 | 2366 | 2366 | ||||||
GrowthVenture | 0 | 55 | 55 | 95 | 170 | ||||||
Special Situations | 0 | 75 | 75 | 75 | 75 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 600 | 00 | 00 | ||||||
GrowthVenture | 00 | 833 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 650 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 2850 | ||||||
GrowthVenture | 0 | 833 | 833 | 833 | 833 | ||||||
Special Situations | 0 | 00 | 650 | 650 | 650 | ||||||
Unallocated | 450 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 |
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | 58000000 | 254 | 420 | |||||
BO 02 | 57000000 | 250 | 413 | |||||
BO 03 | 55000000 | 241 | 399 | |||||
BO 04 | 50000000 | 219 | 362 | |||||
BO 05 | 50000000 | 219 | 362 | |||||
BO 06 | 50000000 | 219 | 362 | |||||
BO 07 | 50000000 | 219 | 362 | |||||
BO 08 | 47000000 | 206 | 341 | |||||
BO 09 | 45000000 | 197 | 326 | |||||
BO 10 | 40000000 | 175 | 290 | |||||
BO 11 | 35000000 | 154 | 254 | |||||
BO 12 | 20000000 | 088 | 145 | |||||
BO 13 | 14250000 | 062 | 103 | |||||
BO 14 | 12500000 | 055 | 091 | |||||
BO 15 | 46600000 | 204 | 338 | |||||
BO 16 | 300000000 | 1316 | 2175 | |||||
BO 17 | 60000000 | 263 | 435 | |||||
BO 18 | 50000000 | 219 | 362 | |||||
BO 19 | 50000000 | 219 | 362 | |||||
BO 20 | 50000000 | 219 | 362 | |||||
GE 01 | 70000000 | 307 | 507 | |||||
GE 02 | 60000000 | 263 | 435 | |||||
GE 03 | 125000000 | 548 | 906 | |||||
GE 04 | 46000000 | 202 | 333 | |||||
GE 05 | 45000000 | 197 | 326 | |||||
GE 06 | 40000000 | 175 | 290 | |||||
GE 07 | 30000000 | 132 | 217 | |||||
GE 08 | 40000000 | 175 | 290 | |||||
GE 09 | 50000000 | 219 | 362 | |||||
GE 10 | 100000000 | 439 | 725 | |||||
SS 01 | 75000000 | 329 | 544 | |||||
SS 02 | 75000000 | 329 | 544 | |||||
SS 03 | 65000000 | 285 | 471 | |||||
SS 04 | 60000000 | 263 | 435 | |||||
SS 05 | 50000000 | 219 | 362 | |||||
SS 06 | 25000000 | 110 | 181 | |||||
SS 07 | 105000000 | 461 | 761 | |||||
SS 08 | 18750000 | 082 | 136 | |||||
UA | -6529 | |||||||
Total | 2220100000 | 9737 | 9565 | |||||
CHECK | CHECK | CHECK |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | $18727000 | BO 1 | BO | 132 | 217 | |||||||||||
Tritium | Buy-out | $110000000 | $58988138 | BO 2 | BO | 48 | 80 | ||||||||||||
Searchlight | Buy-out | $97000000 | $33454296 | BO 3 | BO | 43 | 70 | ||||||||||||
Marlin | Buy-out | $71250000 | $14717073 | BO 4 | BO | 31 | 52 | ||||||||||||
Altaris | Buy-out | $62500000 | $15328169 | BO 5 | BO | 27 | 45 | ||||||||||||
Northlane | Buy-out | $60000000 | BO 6 | BO | 26 | 43 | |||||||||||||
Capital Partners | Buy-out | $58000000 | $12317286 | BO 7 | BO | 25 | 42 | ||||||||||||
Providence | Buy-out | $55000000 | $0 | BO 8 | BO | 24 | 40 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $0 | BO 9 | BO | 22 | 36 | ||||||||||||
GTCR | Buy-out | $50000000 | $4985798 | BO 10 | BO | 22 | 36 | ||||||||||||
Reverence | Buy-out | $50000000 | $0 | BO 11 | BO | 22 | 36 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 22 | 36 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 34 | ||||||||||||
One Rock | Buy-out | $45000000 | $13180746 | BO 14 | BO | 20 | 33 | ||||||||||||
Incline | Buy-out | $40000000 | $11611636 | BO 15 | BO | 18 | 29 | ||||||||||||
Kainos | Buy-out | $35000000 | $19539188 | BO 16 | BO | 15 | 25 | ||||||||||||
Harvest | Buy-out | $20000000 | $11725676 | BO 17 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $82125840 | GE 1 | GE | 79 | 130 | ||||||||||||
Foundry | Venture Growth | $175000000 | $30834484 | GE 2 | GE | 77 | 127 | ||||||||||||
Updata | Venture Growth | $125000000 | $46209141 | GE 3 | GE | 55 | 91 | ||||||||||||
Main Post | Venture Growth | $40000000 | $0 | GE 4 | GE | 18 | 29 | ||||||||||||
FTV | Venture Growth | $46000000 | $31248971 | GE 5 | GE | 20 | 33 | ||||||||||||
Mercato | Venture Growth | $40000000 | $23833321 | GE 6 | GE | 18 | 29 | ||||||||||||
TSSP | Special Situations | $150000000 | $49206694 | SS 1 | SS | 66 | 109 | ||||||||||||
BlackstoneGSO | Special Situations | $93750000 | $37091463 | SS 2 | SS | 41 | 68 | ||||||||||||
BlackstoneBAAM | Special Situations | $65000000 | SS 3 | SS | 29 | 47 | |||||||||||||
Carlyle | Special Situations | $65000000 | $24236270 | SS 4 | SS | 29 | 47 | ||||||||||||
HIG | Special Situations | $60000000 | $17374728 | SS 5 | SS | 26 | 43 | ||||||||||||
LightBay | Special Situations | $40000000 | $0 | SS 6 | SS | 18 | 29 | ||||||||||||
Total | $2280100000 | $556735918 | 10000 | 16529 | |||||||||||||||
CHECK | |||||||||||||||||||
Altaris | |||||||||||||||||||
Arcline | |||||||||||||||||||
BlackstoneGSO | |||||||||||||||||||
Capital Partners | |||||||||||||||||||
CapVest | |||||||||||||||||||
Carlyle | |||||||||||||||||||
Dunes Point | |||||||||||||||||||
Foundry | |||||||||||||||||||
FTV | |||||||||||||||||||
GTCR | |||||||||||||||||||
HIG | |||||||||||||||||||
Harvest | |||||||||||||||||||
Incline | |||||||||||||||||||
Kainos | |||||||||||||||||||
LightBay | |||||||||||||||||||
Main Post | |||||||||||||||||||
Marlin | |||||||||||||||||||
Mercato | |||||||||||||||||||
One Rock | |||||||||||||||||||
Providence | |||||||||||||||||||
Reverence | |||||||||||||||||||
Searchlight | |||||||||||||||||||
Tritium | |||||||||||||||||||
TSSP | |||||||||||||||||||
Updata |
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Vintage Year | Report Name | Short Name | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | State Street NAV ($) | US Fund Div ( of Fund) | Intl Fund Div ( of Fund) | US Fund Div ( of Total Commits) | Intl Fund Div ( of Total Commits) | US Fund Div ( of Total NAV | Intl Fund Div ( of Total NAV | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 2015 | Special Situations Manager 3 | SS 03 | 2819243965 | Voting | 65000000 | 65000000 | 2423627012 | 75 | 25 | 2 | 1 | 3 | 1 | |||||||||||||||||||||
HIG | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2015 | Special Situations Manager 4 | SS 04 | 1100000000 | 60000000 | 60000000 | 1737472771 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 2016 | Buy-out Manager 12 | BO 12 | 2200000000 | 50000000 | 20000000 | 1172567574 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 2015 | Buy-out Manager 8 | BO 08 | 1939000000 | 50000000 | 47000000 | 3345429620 | 60 | 40 | 1 | 1 | 4 | 2 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 2014 | Buy-out Manager 4 | BO 04 | 309000000 | Voting | 50000000 | 50000000 | 5898813765 | 85 | 15 | 2 | 0 | 9 | 2 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 2014 | Special Situations Manager 1 | SS 01 | 3500000000 | 75000000 | 75000000 | 4920669401 | 60 | 40 | 2 | 1 | 5 | 4 | ||||||||||||||||||||||
BlackstoneGSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 2 | SS 02 | 6000000000 | 75000000 | 75000000 | 32285251 | 80 | 20 | 3 | 1 | 5 | 1 | ||||||||||||||||||||||
BlackstoneGSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 8 | SS 08 | 2000000000 | 18750000 | 18750000 | 4806212 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 2016 | GrowthVenture Manager 7 | GE 07 | 500000000 | 35000000 | 30000000 | 2644022252 | 100 | 0 | 1 | 0 | 5 | 0 | ||||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 2017 | GrowthVenture Manager 4 | GE 04 | 867000000 | Voting | 50000000 | 46000000 | 3124897116 | 75 | 25 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 2017 | Buy-out Manager 10 | BO 10 | 601000000 | 50000000 | 40000000 | 1161163584 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 2016 | Buy-out Manager 11 | BO 11 | 895000000 | Observer | 50000000 | 35000000 | 1953918849 | 75 | 25 | 1 | 0 | 3 | 1 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 2015 | GrowthVenture Manager 6 | GE 06 | 246000000 | Voting | 40000000 | 40000000 | 2383332060 | 100 | 0 | 2 | 0 | 4 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 2016 | GrowthVenture Manager 2 | GE 02 | 640000000 | Voting | 60000000 | 60000000 | 6665235799 | 100 | 0 | 3 | 0 | 12 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 2014 | GrowthVenture Manager 3 | GE 03 | 280000000 | Voting | 50000000 | 50000000 | 4620914142 | 90 | 10 | 2 | 0 | 7 | 1 | |||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 14 | BO 14 | 240000000 | 12500000 | 12500000 | 4140390 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 5 | BO 05 | 1000000000 | 50000000 | 50000000 | 11187778 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 2018 | Buy-out Manager 1 | BO 01 | 500000000 | Voting | 70000000 | 58000000 | 12317286 | 100 | 0 | 3 | 0 | 2 | 0 | |||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 2018 | Buy-out Manager 7 | BO 07 | 535000000 | Voting | 50000000 | 50000000 | - 0 | 80 | 20 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 2018 | Buy-out Manager 6 | BO 06 | 5250000000 | 75000000 | 50000000 | 498579807 | 75 | 25 | 2 | 1 | 1 | 0 | ||||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 2018 | Special Situations Manager 7 | SS 07 | 615000000 | Voting | 50000000 | 40000000 | - 0 | 80 | 20 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 2018 | Buy-out Manager 2 | BO 02 | 2500000000 | 60000000 | 57000000 | 946658473 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 2017 | Buy-out Manager 13 | BO 13 | 750000000 | 15000000 | 14250000 | 525048862 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 2017 | Buy-out Manager 9 | BO 09 | 964000000 | 50000000 | 45000000 | 1318074623 | 90 | 10 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 2018 | GrowthVenture Manager 1 | GE 01 | 1322000000 | Voting | 70000000 | 70000000 | 1547348223 | 100 | 0 | 3 | 0 | 3 | 0 | |||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 2018 | Buy-out Manager 15 | BO 15 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 2018 | GrowthVenture Manager 5 | GE 05 | 750000000 | 45000000 | 45000000 | 439426166 | 90 | 10 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 2018 | Buy-out Manager 16 | BO 16 | 1115000000 | 300000000 | 300000000 | 1872700007 | 60 | 40 | 8 | 5 | 2 | 1 | ||||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 2019 | GrowthVenture Manager 8 | GE 08 | 700000000 | Voting | 50000000 | 40000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 2017 | Buy-out Manager 3 | BO 03 | 5000000000 | 55000000 | 55000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 2019 | Buy-out Manager 17 | BO 17 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 6 | SS 06 | 3000000000 | 50000000 | 25000000 | - 0 | 60 | 40 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 5 | SS 05 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 2014 | GrowthVenture Manager 3 | GE 03 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | GE 09 | 2000000000 | Voting | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | GE 10 | 200000000 | 100000000 | 100000000 | - 0 | 90 | 10 | 4 | 0 | 0 | 0 | ||||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | BO 18 | 1000000000 | Voting | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | BO 19 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | Buy-out Manager 8 | BO 20 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | BO 21 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | |||||||||||||||||||||||
BlackstoneBAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | SS 07 | 4000000000 | Voting | 65000000 | 65000000 | - 0 | 80 | 20 | 2 | 1 | 0 | 0 | |||||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
2800000000 | |||||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||
TMRS (AUM) | $ 27589122062 | ltltltlt | As of 12312018 | |||||
PE Target () | 500 | |||||||
PE Target ($) | $ 1379456103 | |||||||
PE Commitments ($) | $ 2280100000 | |||||||
PE NAV ($) | $ 556735918 | ltltltlt | As of 12312018 | |||||
PE NAV () | 202 | |||||||
Un-Allocated () | -6529 | |||||||
Instructions by Sheet Name | ||||
Notes | Light blue-filled cells are hard-coded (not formula-driven) | |||
The green-colored tabs are the only ones to be updated right now | ||||
The red-colored tab does not need to be updated (still under construction) | ||||
Portfolio | ||||
1) | Input new Fund commitment into the next open row | |||
2) | Confirm and input the details for the row of the new Fund in columns A through G | |||
3) | Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I | |||
4) | Copy paste the formulas used in columns J and K for the row of the new Fund | |||
Manager | ||||
1) | If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated | |||
2) | Input the name of the Manager for the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Manager | |||
4) | Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option | |||
Fund | ||||
1) | Insert a row above the one beginning with UA (Un-Allocated) | |||
2) | Input the Short Name of the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Fund | |||
4) | Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option |
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1390 | 2298 | |||||||
2016 | 394750000 | 1731 | 2862 | |||||||
2017 | 436750000 | 1915 | 3166 | |||||||
2018 | 481600000 | 2112 | 3491 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 7149 | 11817 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 780 | 822 | 1289 | |||||
International | 220 | 178 | 364 | |||||
Un-Allocated | -653 | |||||||
Total | 1000 | 1000 | 1000 | |||||
Strategy | Commitments | NAV | of Commitments to Date | of NAV to Date | of Target PE Allocation | ||||||||
BO | Buy-out (40 to 75) | 1200350000 | 214575006 | 526 | 385 | 870 | |||||||
GE | GrowthVenture (10 to 40) | 606000000 | 214251758 | 266 | 385 | 439 | |||||||
SS | Special Situations (5 to 35) | 473750000 | 127909154 | 208 | 230 | 343 | |||||||
Un-Allocated | -653 | ||||||||||||
Total | 2280100000 | 556735918 | 1000 | 1000 | 1000 | ||||||||
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 0 | 55 | 1216 | 60 | 0 | ||||||
GrowthVenture | 0 | 55 | 0 | 40 | 75 | ||||||
Special Situations | 0 | 75 | 0 | 0 | 0 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 0 | 55 | 1766 | 2366 | 2366 | ||||||
GrowthVenture | 0 | 55 | 55 | 95 | 170 | ||||||
Special Situations | 0 | 75 | 75 | 75 | 75 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 600 | 00 | 00 | ||||||
GrowthVenture | 00 | 833 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 650 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 2850 | ||||||
GrowthVenture | 0 | 833 | 833 | 833 | 833 | ||||||
Special Situations | 0 | 00 | 650 | 650 | 650 | ||||||
Unallocated | 450 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 |
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | 58000000 | 254 | 420 | |||||
BO 02 | 57000000 | 250 | 413 | |||||
BO 03 | 55000000 | 241 | 399 | |||||
BO 04 | 50000000 | 219 | 362 | |||||
BO 05 | 50000000 | 219 | 362 | |||||
BO 06 | 50000000 | 219 | 362 | |||||
BO 07 | 50000000 | 219 | 362 | |||||
BO 08 | 47000000 | 206 | 341 | |||||
BO 09 | 45000000 | 197 | 326 | |||||
BO 10 | 40000000 | 175 | 290 | |||||
BO 11 | 35000000 | 154 | 254 | |||||
BO 12 | 20000000 | 088 | 145 | |||||
BO 13 | 14250000 | 062 | 103 | |||||
BO 14 | 12500000 | 055 | 091 | |||||
BO 15 | 46600000 | 204 | 338 | |||||
BO 16 | 300000000 | 1316 | 2175 | |||||
BO 17 | 60000000 | 263 | 435 | |||||
BO 18 | 50000000 | 219 | 362 | |||||
BO 19 | 50000000 | 219 | 362 | |||||
BO 20 | 50000000 | 219 | 362 | |||||
GE 01 | 70000000 | 307 | 507 | |||||
GE 02 | 60000000 | 263 | 435 | |||||
GE 03 | 125000000 | 548 | 906 | |||||
GE 04 | 46000000 | 202 | 333 | |||||
GE 05 | 45000000 | 197 | 326 | |||||
GE 06 | 40000000 | 175 | 290 | |||||
GE 07 | 30000000 | 132 | 217 | |||||
GE 08 | 40000000 | 175 | 290 | |||||
GE 09 | 50000000 | 219 | 362 | |||||
GE 10 | 100000000 | 439 | 725 | |||||
SS 01 | 75000000 | 329 | 544 | |||||
SS 02 | 75000000 | 329 | 544 | |||||
SS 03 | 65000000 | 285 | 471 | |||||
SS 04 | 60000000 | 263 | 435 | |||||
SS 05 | 50000000 | 219 | 362 | |||||
SS 06 | 25000000 | 110 | 181 | |||||
SS 07 | 105000000 | 461 | 761 | |||||
SS 08 | 18750000 | 082 | 136 | |||||
UA | -6529 | |||||||
Total | 2220100000 | 9737 | 9565 | |||||
CHECK | CHECK | CHECK |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | $18727000 | BO 1 | BO | 132 | 217 | |||||||||||
Tritium | Buy-out | $110000000 | $58988138 | BO 2 | BO | 48 | 80 | ||||||||||||
Searchlight | Buy-out | $97000000 | $33454296 | BO 3 | BO | 43 | 70 | ||||||||||||
Marlin | Buy-out | $71250000 | $14717073 | BO 4 | BO | 31 | 52 | ||||||||||||
Altaris | Buy-out | $62500000 | $15328169 | BO 5 | BO | 27 | 45 | ||||||||||||
Northlane | Buy-out | $60000000 | BO 6 | BO | 26 | 43 | |||||||||||||
Capital Partners | Buy-out | $58000000 | $12317286 | BO 7 | BO | 25 | 42 | ||||||||||||
Providence | Buy-out | $55000000 | $0 | BO 8 | BO | 24 | 40 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $0 | BO 9 | BO | 22 | 36 | ||||||||||||
GTCR | Buy-out | $50000000 | $4985798 | BO 10 | BO | 22 | 36 | ||||||||||||
Reverence | Buy-out | $50000000 | $0 | BO 11 | BO | 22 | 36 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 22 | 36 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 34 | ||||||||||||
One Rock | Buy-out | $45000000 | $13180746 | BO 14 | BO | 20 | 33 | ||||||||||||
Incline | Buy-out | $40000000 | $11611636 | BO 15 | BO | 18 | 29 | ||||||||||||
Kainos | Buy-out | $35000000 | $19539188 | BO 16 | BO | 15 | 25 | ||||||||||||
Harvest | Buy-out | $20000000 | $11725676 | BO 17 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $82125840 | GE 1 | GE | 79 | 130 | ||||||||||||
Foundry | Venture Growth | $175000000 | $30834484 | GE 2 | GE | 77 | 127 | ||||||||||||
Updata | Venture Growth | $125000000 | $46209141 | GE 3 | GE | 55 | 91 | ||||||||||||
Main Post | Venture Growth | $40000000 | $0 | GE 4 | GE | 18 | 29 | ||||||||||||
FTV | Venture Growth | $46000000 | $31248971 | GE 5 | GE | 20 | 33 | ||||||||||||
Mercato | Venture Growth | $40000000 | $23833321 | GE 6 | GE | 18 | 29 | ||||||||||||
TSSP | Special Situations | $150000000 | $49206694 | SS 1 | SS | 66 | 109 | ||||||||||||
BlackstoneGSO | Special Situations | $93750000 | $37091463 | SS 2 | SS | 41 | 68 | ||||||||||||
BlackstoneBAAM | Special Situations | $65000000 | SS 3 | SS | 29 | 47 | |||||||||||||
Carlyle | Special Situations | $65000000 | $24236270 | SS 4 | SS | 29 | 47 | ||||||||||||
HIG | Special Situations | $60000000 | $17374728 | SS 5 | SS | 26 | 43 | ||||||||||||
LightBay | Special Situations | $40000000 | $0 | SS 6 | SS | 18 | 29 | ||||||||||||
Total | $2280100000 | $556735918 | 10000 | 16529 | |||||||||||||||
CHECK | |||||||||||||||||||
Altaris | |||||||||||||||||||
Arcline | |||||||||||||||||||
BlackstoneGSO | |||||||||||||||||||
Capital Partners | |||||||||||||||||||
CapVest | |||||||||||||||||||
Carlyle | |||||||||||||||||||
Dunes Point | |||||||||||||||||||
Foundry | |||||||||||||||||||
FTV | |||||||||||||||||||
GTCR | |||||||||||||||||||
HIG | |||||||||||||||||||
Harvest | |||||||||||||||||||
Incline | |||||||||||||||||||
Kainos | |||||||||||||||||||
LightBay | |||||||||||||||||||
Main Post | |||||||||||||||||||
Marlin | |||||||||||||||||||
Mercato | |||||||||||||||||||
One Rock | |||||||||||||||||||
Providence | |||||||||||||||||||
Reverence | |||||||||||||||||||
Searchlight | |||||||||||||||||||
Tritium | |||||||||||||||||||
TSSP | |||||||||||||||||||
Updata |
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Vintage Year | Report Name | Short Name | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | State Street NAV ($) | US Fund Div ( of Fund) | Intl Fund Div ( of Fund) | US Fund Div ( of Total Commits) | Intl Fund Div ( of Total Commits) | US Fund Div ( of Total NAV | Intl Fund Div ( of Total NAV | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 2015 | Special Situations Manager 3 | SS 03 | 2819243965 | Voting | 65000000 | 65000000 | 2423627012 | 75 | 25 | 2 | 1 | 3 | 1 | |||||||||||||||||||||
HIG | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2015 | Special Situations Manager 4 | SS 04 | 1100000000 | 60000000 | 60000000 | 1737472771 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 2016 | Buy-out Manager 12 | BO 12 | 2200000000 | 50000000 | 20000000 | 1172567574 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 2015 | Buy-out Manager 8 | BO 08 | 1939000000 | 50000000 | 47000000 | 3345429620 | 60 | 40 | 1 | 1 | 4 | 2 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 2014 | Buy-out Manager 4 | BO 04 | 309000000 | Voting | 50000000 | 50000000 | 5898813765 | 85 | 15 | 2 | 0 | 9 | 2 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 2014 | Special Situations Manager 1 | SS 01 | 3500000000 | 75000000 | 75000000 | 4920669401 | 60 | 40 | 2 | 1 | 5 | 4 | ||||||||||||||||||||||
BlackstoneGSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 2 | SS 02 | 6000000000 | 75000000 | 75000000 | 32285251 | 80 | 20 | 3 | 1 | 5 | 1 | ||||||||||||||||||||||
BlackstoneGSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 8 | SS 08 | 2000000000 | 18750000 | 18750000 | 4806212 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 2016 | GrowthVenture Manager 7 | GE 07 | 500000000 | 35000000 | 30000000 | 2644022252 | 100 | 0 | 1 | 0 | 5 | 0 | ||||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 2017 | GrowthVenture Manager 4 | GE 04 | 867000000 | Voting | 50000000 | 46000000 | 3124897116 | 75 | 25 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 2017 | Buy-out Manager 10 | BO 10 | 601000000 | 50000000 | 40000000 | 1161163584 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 2016 | Buy-out Manager 11 | BO 11 | 895000000 | Observer | 50000000 | 35000000 | 1953918849 | 75 | 25 | 1 | 0 | 3 | 1 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 2015 | GrowthVenture Manager 6 | GE 06 | 246000000 | Voting | 40000000 | 40000000 | 2383332060 | 100 | 0 | 2 | 0 | 4 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 2016 | GrowthVenture Manager 2 | GE 02 | 640000000 | Voting | 60000000 | 60000000 | 6665235799 | 100 | 0 | 3 | 0 | 12 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 2014 | GrowthVenture Manager 3 | GE 03 | 280000000 | Voting | 50000000 | 50000000 | 4620914142 | 90 | 10 | 2 | 0 | 7 | 1 | |||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 14 | BO 14 | 240000000 | 12500000 | 12500000 | 4140390 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 5 | BO 05 | 1000000000 | 50000000 | 50000000 | 11187778 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 2018 | Buy-out Manager 1 | BO 01 | 500000000 | Voting | 70000000 | 58000000 | 12317286 | 100 | 0 | 3 | 0 | 2 | 0 | |||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 2018 | Buy-out Manager 7 | BO 07 | 535000000 | Voting | 50000000 | 50000000 | - 0 | 80 | 20 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 2018 | Buy-out Manager 6 | BO 06 | 5250000000 | 75000000 | 50000000 | 498579807 | 75 | 25 | 2 | 1 | 1 | 0 | ||||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 2018 | Special Situations Manager 7 | SS 07 | 615000000 | Voting | 50000000 | 40000000 | - 0 | 80 | 20 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 2018 | Buy-out Manager 2 | BO 02 | 2500000000 | 60000000 | 57000000 | 946658473 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 2017 | Buy-out Manager 13 | BO 13 | 750000000 | 15000000 | 14250000 | 525048862 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 2017 | Buy-out Manager 9 | BO 09 | 964000000 | 50000000 | 45000000 | 1318074623 | 90 | 10 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 2018 | GrowthVenture Manager 1 | GE 01 | 1322000000 | Voting | 70000000 | 70000000 | 1547348223 | 100 | 0 | 3 | 0 | 3 | 0 | |||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 2018 | Buy-out Manager 15 | BO 15 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 2018 | GrowthVenture Manager 5 | GE 05 | 750000000 | 45000000 | 45000000 | 439426166 | 90 | 10 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 2018 | Buy-out Manager 16 | BO 16 | 1115000000 | 300000000 | 300000000 | 1872700007 | 60 | 40 | 8 | 5 | 2 | 1 | ||||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 2019 | GrowthVenture Manager 8 | GE 08 | 700000000 | Voting | 50000000 | 40000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 2017 | Buy-out Manager 3 | BO 03 | 5000000000 | 55000000 | 55000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 2019 | Buy-out Manager 17 | BO 17 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 6 | SS 06 | 3000000000 | 50000000 | 25000000 | - 0 | 60 | 40 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 5 | SS 05 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 2014 | GrowthVenture Manager 3 | GE 03 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | GE 09 | 2000000000 | Voting | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | GE 10 | 200000000 | 100000000 | 100000000 | - 0 | 90 | 10 | 4 | 0 | 0 | 0 | ||||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | BO 18 | 1000000000 | Voting | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | BO 19 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | Buy-out Manager 8 | BO 20 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | BO 21 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | |||||||||||||||||||||||
BlackstoneBAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | SS 07 | 4000000000 | Voting | 65000000 | 65000000 | - 0 | 80 | 20 | 2 | 1 | 0 | 0 | |||||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
2800000000 | |||||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||
TMRS (AUM) | $ 27589122062 | ltltltlt | As of 12312018 | |||||
PE Target () | 500 | |||||||
PE Target ($) | $ 1379456103 | |||||||
PE Commitments ($) | $ 2280100000 | |||||||
PE NAV ($) | $ 556735918 | ltltltlt | As of 12312018 | |||||
PE NAV () | 202 | |||||||
Un-Allocated () | -6529 | |||||||
Instructions by Sheet Name | ||||
Notes | Light blue-filled cells are hard-coded (not formula-driven) | |||
The green-colored tabs are the only ones to be updated right now | ||||
The red-colored tab does not need to be updated (still under construction) | ||||
Portfolio | ||||
1) | Input new Fund commitment into the next open row | |||
2) | Confirm and input the details for the row of the new Fund in columns A through G | |||
3) | Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I | |||
4) | Copy paste the formulas used in columns J and K for the row of the new Fund | |||
Manager | ||||
1) | If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated | |||
2) | Input the name of the Manager for the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Manager | |||
4) | Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option | |||
Fund | ||||
1) | Insert a row above the one beginning with UA (Un-Allocated) | |||
2) | Input the Short Name of the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Fund | |||
4) | Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option |
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1390 | 2298 | |||||||
2016 | 394750000 | 1731 | 2862 | |||||||
2017 | 436750000 | 1915 | 3166 | |||||||
2018 | 481600000 | 2112 | 3491 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 7149 | 11817 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 780 | 822 | 1289 | |||||
International | 220 | 178 | 364 | |||||
Un-Allocated | -653 | |||||||
Total | 1000 | 1000 | 1000 | |||||
Strategy | Commitments | NAV | of Commitments to Date | of NAV to Date | of Target PE Allocation | ||||||||
BO | Buy-out (40 to 75) | 1200350000 | 214575006 | 526 | 385 | 870 | |||||||
GE | GrowthVenture (10 to 40) | 606000000 | 214251758 | 266 | 385 | 439 | |||||||
SS | Special Situations (5 to 35) | 473750000 | 127909154 | 208 | 230 | 343 | |||||||
Un-Allocated | -653 | ||||||||||||
Total | 2280100000 | 556735918 | 1000 | 1000 | 1000 | ||||||||
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 0 | 55 | 1216 | 60 | 0 | ||||||
GrowthVenture | 0 | 55 | 0 | 40 | 75 | ||||||
Special Situations | 0 | 75 | 0 | 0 | 0 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 0 | 55 | 1766 | 2366 | 2366 | ||||||
GrowthVenture | 0 | 55 | 55 | 95 | 170 | ||||||
Special Situations | 0 | 75 | 75 | 75 | 75 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 600 | 00 | 00 | ||||||
GrowthVenture | 00 | 833 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 650 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 2850 | ||||||
GrowthVenture | 0 | 833 | 833 | 833 | 833 | ||||||
Special Situations | 0 | 00 | 650 | 650 | 650 | ||||||
Unallocated | 450 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 |
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | 58000000 | 254 | 420 | |||||
BO 02 | 57000000 | 250 | 413 | |||||
BO 03 | 55000000 | 241 | 399 | |||||
BO 04 | 50000000 | 219 | 362 | |||||
BO 05 | 50000000 | 219 | 362 | |||||
BO 06 | 50000000 | 219 | 362 | |||||
BO 07 | 50000000 | 219 | 362 | |||||
BO 08 | 47000000 | 206 | 341 | |||||
BO 09 | 45000000 | 197 | 326 | |||||
BO 10 | 40000000 | 175 | 290 | |||||
BO 11 | 35000000 | 154 | 254 | |||||
BO 12 | 20000000 | 088 | 145 | |||||
BO 13 | 14250000 | 062 | 103 | |||||
BO 14 | 12500000 | 055 | 091 | |||||
BO 15 | 46600000 | 204 | 338 | |||||
BO 16 | 300000000 | 1316 | 2175 | |||||
BO 17 | 60000000 | 263 | 435 | |||||
BO 18 | 50000000 | 219 | 362 | |||||
BO 19 | 50000000 | 219 | 362 | |||||
BO 20 | 50000000 | 219 | 362 | |||||
GE 01 | 70000000 | 307 | 507 | |||||
GE 02 | 60000000 | 263 | 435 | |||||
GE 03 | 125000000 | 548 | 906 | |||||
GE 04 | 46000000 | 202 | 333 | |||||
GE 05 | 45000000 | 197 | 326 | |||||
GE 06 | 40000000 | 175 | 290 | |||||
GE 07 | 30000000 | 132 | 217 | |||||
GE 08 | 40000000 | 175 | 290 | |||||
GE 09 | 50000000 | 219 | 362 | |||||
GE 10 | 100000000 | 439 | 725 | |||||
SS 01 | 75000000 | 329 | 544 | |||||
SS 02 | 75000000 | 329 | 544 | |||||
SS 03 | 65000000 | 285 | 471 | |||||
SS 04 | 60000000 | 263 | 435 | |||||
SS 05 | 50000000 | 219 | 362 | |||||
SS 06 | 25000000 | 110 | 181 | |||||
SS 07 | 105000000 | 461 | 761 | |||||
SS 08 | 18750000 | 082 | 136 | |||||
UA | -6529 | |||||||
Total | 2220100000 | 9737 | 9565 | |||||
CHECK | CHECK | CHECK |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | $18727000 | BO 1 | BO | 132 | 217 | |||||||||||
Tritium | Buy-out | $110000000 | $58988138 | BO 2 | BO | 48 | 80 | ||||||||||||
Searchlight | Buy-out | $97000000 | $33454296 | BO 3 | BO | 43 | 70 | ||||||||||||
Marlin | Buy-out | $71250000 | $14717073 | BO 4 | BO | 31 | 52 | ||||||||||||
Altaris | Buy-out | $62500000 | $15328169 | BO 5 | BO | 27 | 45 | ||||||||||||
Northlane | Buy-out | $60000000 | BO 6 | BO | 26 | 43 | |||||||||||||
Capital Partners | Buy-out | $58000000 | $12317286 | BO 7 | BO | 25 | 42 | ||||||||||||
Providence | Buy-out | $55000000 | $0 | BO 8 | BO | 24 | 40 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $0 | BO 9 | BO | 22 | 36 | ||||||||||||
GTCR | Buy-out | $50000000 | $4985798 | BO 10 | BO | 22 | 36 | ||||||||||||
Reverence | Buy-out | $50000000 | $0 | BO 11 | BO | 22 | 36 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 22 | 36 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 34 | ||||||||||||
One Rock | Buy-out | $45000000 | $13180746 | BO 14 | BO | 20 | 33 | ||||||||||||
Incline | Buy-out | $40000000 | $11611636 | BO 15 | BO | 18 | 29 | ||||||||||||
Kainos | Buy-out | $35000000 | $19539188 | BO 16 | BO | 15 | 25 | ||||||||||||
Harvest | Buy-out | $20000000 | $11725676 | BO 17 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $82125840 | GE 1 | GE | 79 | 130 | ||||||||||||
Foundry | Venture Growth | $175000000 | $30834484 | GE 2 | GE | 77 | 127 | ||||||||||||
Updata | Venture Growth | $125000000 | $46209141 | GE 3 | GE | 55 | 91 | ||||||||||||
Main Post | Venture Growth | $40000000 | $0 | GE 4 | GE | 18 | 29 | ||||||||||||
FTV | Venture Growth | $46000000 | $31248971 | GE 5 | GE | 20 | 33 | ||||||||||||
Mercato | Venture Growth | $40000000 | $23833321 | GE 6 | GE | 18 | 29 | ||||||||||||
TSSP | Special Situations | $150000000 | $49206694 | SS 1 | SS | 66 | 109 | ||||||||||||
BlackstoneGSO | Special Situations | $93750000 | $37091463 | SS 2 | SS | 41 | 68 | ||||||||||||
BlackstoneBAAM | Special Situations | $65000000 | SS 3 | SS | 29 | 47 | |||||||||||||
Carlyle | Special Situations | $65000000 | $24236270 | SS 4 | SS | 29 | 47 | ||||||||||||
HIG | Special Situations | $60000000 | $17374728 | SS 5 | SS | 26 | 43 | ||||||||||||
LightBay | Special Situations | $40000000 | $0 | SS 6 | SS | 18 | 29 | ||||||||||||
Total | $2280100000 | $556735918 | 10000 | 16529 | |||||||||||||||
CHECK | |||||||||||||||||||
Altaris | |||||||||||||||||||
Arcline | |||||||||||||||||||
BlackstoneGSO | |||||||||||||||||||
Capital Partners | |||||||||||||||||||
CapVest | |||||||||||||||||||
Carlyle | |||||||||||||||||||
Dunes Point | |||||||||||||||||||
Foundry | |||||||||||||||||||
FTV | |||||||||||||||||||
GTCR | |||||||||||||||||||
HIG | |||||||||||||||||||
Harvest | |||||||||||||||||||
Incline | |||||||||||||||||||
Kainos | |||||||||||||||||||
LightBay | |||||||||||||||||||
Main Post | |||||||||||||||||||
Marlin | |||||||||||||||||||
Mercato | |||||||||||||||||||
One Rock | |||||||||||||||||||
Providence | |||||||||||||||||||
Reverence | |||||||||||||||||||
Searchlight | |||||||||||||||||||
Tritium | |||||||||||||||||||
TSSP | |||||||||||||||||||
Updata |
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Vintage Year | Report Name | Short Name | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | State Street NAV ($) | US Fund Div ( of Fund) | Intl Fund Div ( of Fund) | US Fund Div ( of Total Commits) | Intl Fund Div ( of Total Commits) | US Fund Div ( of Total NAV | Intl Fund Div ( of Total NAV | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 2015 | Special Situations Manager 3 | SS 03 | 2819243965 | Voting | 65000000 | 65000000 | 2423627012 | 75 | 25 | 2 | 1 | 3 | 1 | |||||||||||||||||||||
HIG | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2015 | Special Situations Manager 4 | SS 04 | 1100000000 | 60000000 | 60000000 | 1737472771 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 2016 | Buy-out Manager 12 | BO 12 | 2200000000 | 50000000 | 20000000 | 1172567574 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 2015 | Buy-out Manager 8 | BO 08 | 1939000000 | 50000000 | 47000000 | 3345429620 | 60 | 40 | 1 | 1 | 4 | 2 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 2014 | Buy-out Manager 4 | BO 04 | 309000000 | Voting | 50000000 | 50000000 | 5898813765 | 85 | 15 | 2 | 0 | 9 | 2 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 2014 | Special Situations Manager 1 | SS 01 | 3500000000 | 75000000 | 75000000 | 4920669401 | 60 | 40 | 2 | 1 | 5 | 4 | ||||||||||||||||||||||
BlackstoneGSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 2 | SS 02 | 6000000000 | 75000000 | 75000000 | 32285251 | 80 | 20 | 3 | 1 | 5 | 1 | ||||||||||||||||||||||
BlackstoneGSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 8 | SS 08 | 2000000000 | 18750000 | 18750000 | 4806212 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 2016 | GrowthVenture Manager 7 | GE 07 | 500000000 | 35000000 | 30000000 | 2644022252 | 100 | 0 | 1 | 0 | 5 | 0 | ||||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 2017 | GrowthVenture Manager 4 | GE 04 | 867000000 | Voting | 50000000 | 46000000 | 3124897116 | 75 | 25 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 2017 | Buy-out Manager 10 | BO 10 | 601000000 | 50000000 | 40000000 | 1161163584 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 2016 | Buy-out Manager 11 | BO 11 | 895000000 | Observer | 50000000 | 35000000 | 1953918849 | 75 | 25 | 1 | 0 | 3 | 1 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 2015 | GrowthVenture Manager 6 | GE 06 | 246000000 | Voting | 40000000 | 40000000 | 2383332060 | 100 | 0 | 2 | 0 | 4 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 2016 | GrowthVenture Manager 2 | GE 02 | 640000000 | Voting | 60000000 | 60000000 | 6665235799 | 100 | 0 | 3 | 0 | 12 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 2014 | GrowthVenture Manager 3 | GE 03 | 280000000 | Voting | 50000000 | 50000000 | 4620914142 | 90 | 10 | 2 | 0 | 7 | 1 | |||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 14 | BO 14 | 240000000 | 12500000 | 12500000 | 4140390 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 5 | BO 05 | 1000000000 | 50000000 | 50000000 | 11187778 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 2018 | Buy-out Manager 1 | BO 01 | 500000000 | Voting | 70000000 | 58000000 | 12317286 | 100 | 0 | 3 | 0 | 2 | 0 | |||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 2018 | Buy-out Manager 7 | BO 07 | 535000000 | Voting | 50000000 | 50000000 | - 0 | 80 | 20 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 2018 | Buy-out Manager 6 | BO 06 | 5250000000 | 75000000 | 50000000 | 498579807 | 75 | 25 | 2 | 1 | 1 | 0 | ||||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 2018 | Special Situations Manager 7 | SS 07 | 615000000 | Voting | 50000000 | 40000000 | - 0 | 80 | 20 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 2018 | Buy-out Manager 2 | BO 02 | 2500000000 | 60000000 | 57000000 | 946658473 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 2017 | Buy-out Manager 13 | BO 13 | 750000000 | 15000000 | 14250000 | 525048862 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 2017 | Buy-out Manager 9 | BO 09 | 964000000 | 50000000 | 45000000 | 1318074623 | 90 | 10 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 2018 | GrowthVenture Manager 1 | GE 01 | 1322000000 | Voting | 70000000 | 70000000 | 1547348223 | 100 | 0 | 3 | 0 | 3 | 0 | |||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 2018 | Buy-out Manager 15 | BO 15 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 2018 | GrowthVenture Manager 5 | GE 05 | 750000000 | 45000000 | 45000000 | 439426166 | 90 | 10 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 2018 | Buy-out Manager 16 | BO 16 | 1115000000 | 300000000 | 300000000 | 1872700007 | 60 | 40 | 8 | 5 | 2 | 1 | ||||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 2019 | GrowthVenture Manager 8 | GE 08 | 700000000 | Voting | 50000000 | 40000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 2017 | Buy-out Manager 3 | BO 03 | 5000000000 | 55000000 | 55000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 2019 | Buy-out Manager 17 | BO 17 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 6 | SS 06 | 3000000000 | 50000000 | 25000000 | - 0 | 60 | 40 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 5 | SS 05 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 2014 | GrowthVenture Manager 3 | GE 03 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | GE 09 | 2000000000 | Voting | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | GE 10 | 200000000 | 100000000 | 100000000 | - 0 | 90 | 10 | 4 | 0 | 0 | 0 | ||||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | BO 18 | 1000000000 | Voting | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | BO 19 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | Buy-out Manager 8 | BO 20 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | BO 21 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | |||||||||||||||||||||||
BlackstoneBAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | SS 07 | 4000000000 | Voting | 65000000 | 65000000 | - 0 | 80 | 20 | 2 | 1 | 0 | 0 | |||||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
2800000000 | |||||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||
TMRS (AUM) | $ 27589122062 | ltltltlt | As of 12312018 | |||||
PE Target () | 500 | |||||||
PE Target ($) | $ 1379456103 | |||||||
PE Commitments ($) | $ 2280100000 | |||||||
PE NAV ($) | $ 556735918 | ltltltlt | As of 12312018 | |||||
PE NAV () | 202 | |||||||
Un-Allocated () | -6529 | |||||||
Instructions by Sheet Name | ||||
Notes | Light blue-filled cells are hard-coded (not formula-driven) | |||
The green-colored tabs are the only ones to be updated right now | ||||
The red-colored tab does not need to be updated (still under construction) | ||||
Portfolio | ||||
1) | Input new Fund commitment into the next open row | |||
2) | Confirm and input the details for the row of the new Fund in columns A through G | |||
3) | Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I | |||
4) | Copy paste the formulas used in columns J and K for the row of the new Fund | |||
Manager | ||||
1) | If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated | |||
2) | Input the name of the Manager for the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Manager | |||
4) | Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option | |||
Fund | ||||
1) | Insert a row above the one beginning with UA (Un-Allocated) | |||
2) | Input the Short Name of the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Fund | |||
4) | Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option |
2017 | 2018E | 2019E | 2020E | 2021E | 2022E | 2023E | 2024E | 2025E | |||||||||||||||||||
TMRS | $ 2902900 | $ 2919823 | $ 3087217 | $ 3267756 | $ 3452622 | $ 3642195 | $ 3836795 | $ 4036443 | $ 4241598 | ||||||||||||||||||
Target PE NAV | $ 145145 | $ 145991 | $ 154361 | $ 163388 | $ 172631 | $ 182110 | $ 191840 | $ 201822 | $ 212080 | ||||||||||||||||||
Distributions | $ (2500) | $ (7500) | $ (12500) | $ (20000) | ($317) | $ (39500) | $ (55875) | $ (70000) | $ (78750) | ||||||||||||||||||
Actual PE NAV | $ 27150 | $ 50000 | $ 85155 | $ 121441 | $ 153869 | $ 185360 | $ 207001 | $ 219790 | $ 227778 | ||||||||||||||||||
Original Model | $ 48953 | $ 79299 | $ 114980 | $ 149403 | $ 173865 | 18809585710464 | 19589592210062 | 19963999392119 | 20177719328292 | ||||||||||||||||||
Annual Commitment | $317 | $395 | $447 | $500 | $525 | $550 | $575 | $600 | $635 | $660 | $675 | ||||||||||||||||
308 | 342 | 340 | 337 | 333 | 329 | 331 | 327 | 318 | |||||||||||||||||||
Minus | |||||||||||||||||||||||||||
PE of Plan | 094 | 171 | 276 | 372 | 446 | 509 | 540 | 545 | 537 | ||||||||||||||||||
Plus | 169 | 272 | 372 | 457 | 504 | 516 | 511 | 495 | 476 | ||||||||||||||||||
Target of Plan | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | |||||||||||||||||
PE | 1270 | (27816) | (26088) | (33449) | (40730) | (48008) | (55583) | (63050) | (70395) | (78032) | (86213) | (93803) | |||||||||||||||
2017 | 2018E | 2019E | 2020E | 2021E | 2022E | 2023E | 2024E | 2025E | 2026E | 2027E | |||||||||||||||||
TMRS | $ 2902900 | $ 2758912 | $ 2915445 | $ 3084389 | $ 3256878 | $ 3433238 | $ 3613733 | $ 3798325 | $ 3987407 | $ 4181410 | $ 4380356 | ||||||||||||||||
Target PE NAV | $ 145145 | $ 137946 | $ 145772 | $ 154219 | $ 162844 | $ 171662 | $ 180687 | $ 189916 | $ 199370 | $ 209070 | $ 219018 | ||||||||||||||||
Distributions | $ (2500) | $ (7500) | $ (12500) | $ (20000) | ($317) | $ (39500) | $ (55875) | $ (70000) | $ (78750) | $ (78750) | $ (78750) | ||||||||||||||||
Private Equity NAV | $ 27150 | $ 52500 | $ 88130 | $ 124558 | $ 156255 | $ 186019 | $ 205151 | $ 214646 | $ 219075 | $ 226354 | $ 236280 | ||||||||||||||||
Original Model | $ 48953 | $ 79299 | $ 114980 | $ 149403 | $ 173865 | 18809585710464 | 19589592210062 | 19963999392119 | 20177719328292 | ||||||||||||||||||
Annual Commitment | $317 | $395 | $447 | $500 | $525 | $525 | $525 | $550 | $600 | $625 | $650 | $650 | $650 | ||||||||||||||
308 | 362 | 360 | 340 | 322 | 320 | 332 | 329 | 326 | 311 | 297 | |||||||||||||||||
Minus | |||||||||||||||||||||||||||
PE of Plan | 094 | 190 | 302 | 404 | 480 | 542 | 568 | 565 | 549 | 541 | 539 | ||||||||||||||||
Plus | 169 | 287 | 394 | 484 | 534 | 548 | 542 | 526 | 506 | ||||||||||||||||||
Target of Plan | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | |||||||||||||||
PE | 1300 | (27816) | (26088) | (33449) | (40730) | (48008) | (55583) | (63050) | (70395) | (78032) | (86213) | (93803) | |||||||||||||||
2017 | 2018E | 2019E | 2020E | 2021E | 2022E | 2023E | 2024E | 2025E | |||||||||||||||
TMRS | $ 2902900 | $ 2880000 | $ 2995200 | $ 3115008 | $ 3239608 | $ 3369193 | $ 3503960 | $ 3644119 | $ 3789884 | ||||||||||||||
Target PE NAV | $ 145145 | $ 144000 | $ 149760 | $ 155750 | $ 161980 | $ 168460 | $ 175198 | $ 182206 | $ 189494 | ||||||||||||||
Distributions | $ (2500) | $ (7500) | $ (12500) | $ (20000) | ($317) | $ (39500) | $ (55875) | $ (70000) | $ (78750) | ||||||||||||||
Actual PE NAV | $ 27150 | $ 55047 | $ 89632 | $ 124514 | $ 151718 | $ 176598 | $ 193241 | $ 200031 | $ 201110 | ||||||||||||||
Original Model | $ 48953 | $ 79299 | $ 114980 | $ 149403 | $ 173865 | 18809585710464 | 19589592210062 | 19963999392119 | 20177719328292 | ||||||||||||||
Annual Commitment | $317 | $395 | $447 | $500 | $525 | $550 | $575 | $600 | $635 | $660 | $675 | ||||||||||||
308 | 347 | 351 | 353 | 355 | 356 | 362 | 362 | 356 | |||||||||||||||
Minus | |||||||||||||||||||||||
PE of Plan | 094 | 191 | 299 | 400 | 468 | 524 | 551 | 549 | 531 | ||||||||||||||
Plus | 169 | 275 | 384 | 480 | 537 | 558 | 559 | 548 | 532 | ||||||||||||||
Target of Plan | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | ||||||||||||||
PE | 1050 | ||||||||||||||||||||||
2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | |||||||||||||||
Beginning NAV | 14609962 | 16305676 | 17992494 | 18571294 | 20490599 | 22468634 | 23727478 | 236518112346 | 250933184929355 | 265684014912086 | 280726295918652 | 296006880893161 | 31146271535345 | ||||||||||||||
Costs (other cash flow) | 18114 | 4981 | -3285 | -16664 | 10734 | 8346 | |||||||||||||||||||||
Actual Income | 610171 | 494700 | 424402 | 341039 | 293242 | 304804 | |||||||||||||||||||||
Actual Capital Gains | 873137 | 1001628 | 10363 | 1522241 | 1681646 | 98054 | 16609 | ||||||||||||||||||||
Actual Cash flow | 194292 | 185509 | 14732 | 72689 | -7587 | -34846 | -92276 | ||||||||||||||||||||
Candace cash flow estimate | -15499 | -218716 | -289139 | -366844 | -452463 | -546679 | |||||||||||||||||||||
Estimated Income | 471582 | 534601 | 613836 | 704314 | 805849 | 896763 | |||||||||||||||||||||
Estimated Capital Gains (Actuarial Return - Income) | 1124916 | 1159198 | 1179531 | 1190588 | 1192197 | 1205610 | |||||||||||||||||||||
Ending NAV | 16305676 | 17992494 | 18571294 | 20490599 | 22468634 | 23727478 | 23651811 | 25093318 | 265684014912086 | 280726295918652 | 296006880893161 | 31146271535345 | 327019658639808 | ||||||||||||||
Yield | 418 | 303 | 236 | 184 | 143 | 136 | 135 | 20 | 21 | 23 | 25 | 27 | 29 | ||||||||||||||
Allocation | |||||||||||||||||||||||||||
Core | 318 | 250 | 193 | 163 | 133 | 99 | |||||||||||||||||||||
Liquid credit | 66 | 80 | 100 | 110 | 125 | 149 | |||||||||||||||||||||
Direct Lending | 00 | 10 | 20 | 30 | 40 | 50 | |||||||||||||||||||||
US Equity | 267 | 250 | 230 | 205 | 185 | 175 | |||||||||||||||||||||
Intl Equity | 162 | 167 | 175 | 175 | 175 | 175 | |||||||||||||||||||||
Real Return | 41 | 65 | 75 | 90 | 100 | 100 | |||||||||||||||||||||
Real Estate | 62 | 75 | 85 | 95 | 100 | 100 | |||||||||||||||||||||
HF | 81 | 90 | 100 | 100 | 100 | 100 | |||||||||||||||||||||
PE | 00 | 10 | 20 | 30 | 40 | 50 | |||||||||||||||||||||
Cash | 03 | 03 | 02 | 02 | 02 | 02 | |||||||||||||||||||||
1000 | 1000 | 1000 | 1000 | 1000 | 1000 | ||||||||||||||||||||||
Yield | |||||||||||||||||||||||||||
Core | 18 | 18 | 18 | 18 | 18 | 18 | |||||||||||||||||||||
Liquid credit | 45 | 45 | 45 | 45 | 45 | 45 | |||||||||||||||||||||
Direct Lending | 80 | 80 | 80 | 80 | 80 | 80 | |||||||||||||||||||||
US Equity | 20 | 20 | 20 | 20 | 20 | 20 | |||||||||||||||||||||
Intl Equity | 16 | 16 | 16 | 16 | 16 | 16 | |||||||||||||||||||||
Real Return | 05 | 15 | 25 | 35 | 45 | 50 | |||||||||||||||||||||
Real Estate | 50 | 50 | 50 | 50 | 50 | 50 | |||||||||||||||||||||
HF | 00 | 00 | 00 | 00 | 00 | 00 | |||||||||||||||||||||
PE | 00 | 00 | 00 | 00 | 00 | 00 | |||||||||||||||||||||
Cash | 03 | 03 | 03 | 03 | 03 | 03 | |||||||||||||||||||||
SUMMED | |||||||||||||||||||||||||||
Yield | 0572400 | 05 | 03 | 03 | 02 | 02 | |||||||||||||||||||||
Core | 03 | 04 | 05 | 05 | 06 | 07 | |||||||||||||||||||||
Liquid credit | 00 | 01 | 02 | 02 | 03 | 04 | |||||||||||||||||||||
Direct Lending | 05 | 05 | 05 | 04 | 04 | 04 | |||||||||||||||||||||
US Equity | 03 | 03 | 03 | 03 | 03 | 03 | |||||||||||||||||||||
Intl Equity | 00 | 01 | 02 | 03 | 05 | 05 | |||||||||||||||||||||
Real Return | 03 | 04 | 04 | 05 | 05 | 05 | |||||||||||||||||||||
Real Estate | 00 | 00 | 00 | 00 | 00 | 00 | |||||||||||||||||||||
HF | 00 | 00 | 00 | 00 | 00 | 00 | |||||||||||||||||||||
PE | 00 | 00 | 00 | 00 | 00 | 00 | |||||||||||||||||||||
Cash | 00 | 00 | 00 | 00 | 00 | 00 | |||||||||||||||||||||
TOTAL | 20 | 21 | 23 | 25 | 27 | 29 |
2015 | 2016E | 2017E | 2018E | 2019E | 2020E | 2021E | 2022E | 2023E | 2024E | 2025E | |||||||||||||
TMRS | $ 2365181 | $ 2503739 | $ 2656840 | $ 2807263 | $ 2960069 | $ 3114627 | $ 3270197 | $ 3416053 | $ 3567084 | $ 3718115 | $ 3869146 | ||||||||||||
Target PE NAV | $ 117986 | $ 125187 | $ 132842 | $ 140363 | $ 148003 | $ 155731 | $ 163510 | $ 170803 | $ 178354 | $ 185906 | $ 193457 | ||||||||||||
Distributions | $ - 0 | $ (500) | $ (2500) | $ (7500) | $ (12500) | $ (20000) | ($317) | $ (45000) | $ (56250) | $ (63000) | $ (67500) | ||||||||||||
Actual PE NAV | $ 1739 | $ 22500 | $ 48953 | $ 79299 | $ 114980 | $ 149403 | $ 173865 | $ 188096 | $ 195896 | $ 199640 | $ 201777 | ||||||||||||
Annual Commitment | $317 | $450 | $450 | $450 | $450 | $475 | $475 | $475 | $500 | $550 | $600 | ||||||||||||
Minus | |||||||||||||||||||||||
Actual of Plan | 007 | 090 | 184 | 282 | 388 | 480 | 532 | 551 | 549 | 537 | 522 | ||||||||||||
Plus | |||||||||||||||||||||||
Target of Plan | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | ||||||||||||
PE | 1050 | ||||||||||||||||||||||
2
I Executive SummaryII Due Diligence Process ReviewIII Portfolio Construction IV Manager Selection amp Recommendation V Requested Board ActionNames used in this presentation may be a shortened version of the full legal name that is used for ease of communication purposes throughout this document The formal recommendations to the Board on the last page of this presentation reflect the full legal names of the investments
Section I
3
4
Summary of Recommendation
Recommended ManagerFund Strategy Classification Target ReturnRecommended
Amount
Northlane Capital Partners II LP (ldquoNorthlane IIrdquo) Buy-Out 20 Net IRR $60 million
Total Approximate Recommended InvestmentsCommitments $60 million
Manager RecommendationExecutive Summary
Section II
5
$52500
$88130
$124558
$156255
$186019
$205151 $214646 $219075
$226354 $236280
$500 $525 $525 $525 $550 $600 $625 $650 $650 $650 0
2
4
6
8
10
12
14
16
$-
$200
$400
$600
$800
$1000
$1200
$1400
$1600
$1800
$2000
$2200
$2400
$2600
2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E
o
f Tot
al P
lan
Valu
e
Valu
e in
US$
(Mill
ions
)2018 Staff Pacing Model
Private Equity NAV Annual Commitment PE of Plan Target of Plan
6
Annual pacing plans are developed in the context of multiple year investment horizons This is necessary because private capital investments
deploy and return capital over time rather than all at once
2018 Staff Pacing Model
Private Equity NAV2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E52588131245578999999999715625542699999994186018632509999912051510547362998821464569185201885219074631792781292263543339258428223628039733620235Annual Commitment2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E500525525525550600625650650650PE of Plan 2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E1902923909023305E-230228659416296488E-240383332851056143E-247977055046536397E-254181684662894122E-256769838241507123E-256510611085906756E-254941634339036198E-254133496602978719E-253940914226060045E-2Target of Plan2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E005005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
Staff Pacing Model
Actual PE NAV20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E173922548952499999999998792985124999999931149798563124999914940274122531248173865029053970281880958571046371619589592210062406199639993921189582017771932829145Annual Commitment20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E317450450450450475475475500550600Actual of Plan
20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E73525024479141545E-489865597013107194E-318425082900150446E-228247625410545363E-238843643082067419E-247968098221891305E-25316653738100563E-255062328145578938E-254917658487389574E-253693868450405698E-252150314794368831E-2Target of Plan005005005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
Staff Pacing Model
Actual PE NAV20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E173922548952499999999998792985124999999931149798563124999914940274122531248173865029053970281880958571046371619589592210062406199639993921189582017771932829145Annual Commitment20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E317450450450450475475475500550600Actual of Plan
20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E73525024479141545E-489865597013107194E-318425082900150446E-228247625410545363E-238843643082067419E-247968098221891305E-25316653738100563E-255062328145578938E-254917658487389574E-253693868450405698E-252150314794368831E-2Target of Plan005005005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
2017 Staff Pacing Model
Actual PE NAV20172018E2019E2020E2021E2022E2023E2024E2025E27155504674999999999789631658749999997124513982918751517179511252187517659833599336671193241161272670212000314832063005720110978894296213Annual Commitment20172018E2019E2020E2021E2022E2023E2024E2025E447500525550575600635660675PE of Plan 20172018E2019E2020E2021E2022E2023E2024E2025E93527162492679731E-319113454861111111E-229925099742922009E-239972283512193223E-246832189616434469E-252415624213890809E-255149357149883012E-254891592632390636E-253064899662175077E-2Original Model16863309104688414E-227534205729166664E-238388039634248125E-247962233556161804E-253668533933747355E-255828169086240366E-255907002943792104E-254784162191872952E-253241001206111943E-2Target of Plan20172018E2019E2020E2021E2022E2023E2024E2025E005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
2017 Staff Pacing Model
Actual PE NAV20172018E2019E2020E2021E2022E2023E2024E2025E27155504674999999999789631658749999997124513982918751517179511252187517659833599336671193241161272670212000314832063005720110978894296213Annual Commitment20172018E2019E2020E2021E2022E2023E2024E2025E447500525550575600635660675PE of Plan 20172018E2019E2020E2021E2022E2023E2024E2025E93527162492679731E-319113454861111111E-229925099742922009E-239972283512193223E-246832189616434469E-252415624213890809E-255149357149883012E-254891592632390636E-253064899662175077E-2Original Model16863309104688414E-227534205729166664E-238388039634248125E-247962233556161804E-253668533933747355E-255828169086240366E-255907002943792104E-254784162191872952E-253241001206111943E-2Target of Plan20172018E2019E2020E2021E2022E2023E2024E2025E005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
2018 Staff Pacing Model
Private Equity NAV2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E52588131245578999999999715625542699999994186018632509999912051510547362998821464569185201885219074631792781292263543339258428223628039733620235Annual Commitment2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E500525525525550600625650650650PE of Plan 2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E1902923909023305E-230228659416296488E-240383332851056143E-247977055046536397E-254181684662894122E-256769838241507123E-256510611085906756E-254941634339036198E-254133496602978719E-253940914226060045E-2Target of Plan2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E005005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
2018 Staff Pacing Model
Private Equity NAV20172018E2019E2020E2021E2022E2023E2024E2025E27155258813124557899999999971562554269999999418601863250999991205151054736299882146456918520188521907463179278129Annual Commitment20172018E2019E2020E2021E2022E2023E2024E2025E447500525525525550600625650PE of Plan 20172018E2019E2020E2021E2022E2023E2024E2025E93527162492679731E-31902923909023305E-230228659416296488E-240383332851056143E-247977055046536397E-254181684662894122E-256769838241507123E-256510611085906756E-254941634339036198E-2Original Model16863309104688414E-228742673406901599E-239438181279987182E-248438361820181644E-25338395107128014E-254786718290128177E-254208738161829868E-252560002282510392E-250603617044044313E-2Target of Plan20172018E2019E2020E2021E2022E2023E2024E2025E005005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
0
10
20
30
40
50
60
70
80
90
100
Beg Year Q1 Q2 Q3 End Year
o
f Pa
cing
Pla
n Ut
ilize
d
2019 Private Equity Pacing Plan Progress
Buy-out GrowthVenture Special Situations Unallocated
7
MarchSearchlight III ($50mm)
February PSG IV ($50mm)
FGN 2018 Partner ($33mm)Reverence II ($50mm)
Arcline I ($50mm)
Search processes are approved in annual amounts Progress will be made throughout the year as opposed to all at once
The 2019 Private Equity search process has
culminated in ~$368 million of
closed andor recommended
investments in line with the $525 mm
primary pacing model goal for the
year2018
HIG SPF ($75mm)
JuneNorthlane II ($60mm)
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082172551941443706017827448058556272
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
2018 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977
of Pacing Plan Utilized
Section III
8
526
266
208
Private Equity Strategy Diversification by Commitment
Buy-out (40 to75)
GrowthVenture(10 to 40)
Special Situations(5 to 35)
9
Synthesize AnalysisDiversification Analysis
Strategy considerations
2015 Overweight special situations early for J-Curve mitigation efficiency of capital deployment and tactical opportunities
2016 Focus on growth opportunity set and continue to add buy-out exposure
2017 Round out buy-out portfolio and opportunistically add to growth and credit
2018 Steady state on pacing selectively adding new relationships and European exposure
2019 Steady state on pacing selectively adding new relationships and Venture and European exposure
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082172551941443706017827448058556272
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
2018 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977
of Pacing Plan Utilized
10
Synthesize AnalysisDiversification Analysis
The overall goal remains identifying top quartile performers to partner with
Position sizing considerations
Continue to reduce the unallocated portion of the private equity portfolio while sensibly balancing the trade-off between diversification and concentration
Areas of focus are enhancing manager diversification and building strategic relationships where possibleappropriate
Private Equity Manager Diversification by Commitment BO 1 BO 2
BO 3 BO 4BO 5 BO 6BO 7 BO 8BO 9 BO 10BO 11 BO 12BO 13 BO 14BO 15 BO 16BO 17 GE 1GE 2 GE 3GE 4 GE 5GE 6 SS 1SS 2 SS 3SS 4 SS 5SS 6
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082172551941443706017827448058556272
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
2018 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977
of Pacing Plan Utilized
11
Synthesize AnalysisDiversification Analysis
TMRS is focused on taking a measured approach to global geographic diversification
The Target Portfolio keeps a conservative stance on international exposure
780
220
Private Equity Geographic Diversification by Commitment
USA
International
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082172551941443706017827448058556272
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
2018 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977
of Pacing Plan Utilized
Section IV
12
13
Top Candidate Characteristics ndash Northlane II $60 million Recommendation
Northlane Capital Partners
Date of First TMRS Meeting5102018
Dates of Subsequent Meetings892018312019
5162019
Dates of Diligence AdvancementlsquoBrsquo Rating ndash 312019
lsquoArsquo Rating ndash 5162019
Reference ChecksYes
Date of Consultant IDD ReportSeptember 2018
Date of Consultant Board MemoJune 2019
Legal Negotiation InitiatedMay 2019
Comparable Strategies Reviewed18 (Business Services Buy-Out)
16 (Healthcare Buy-Out)
Northlane Capital Partners LLC (ldquoNorthlanerdquo)is a Washington DC-based buyout firmfounded in 2017 that focuses on acquiringlower-middle market companies in thebusiness services and healthcare sectorsThese target companies will be profitablemarket leaders within their niches typicallygenerating up to $30 million of EBITDA whileproviding critical outsourced services to theircustomers Northlane Capital Partners II LP(Northlane II) is targeting $375 million tobuild a portfolio of 10 to 12 businessesrequiring equity investments of up to $75million continuing to employ the prior fundrsquosstrategy that was developed during thefoundersrsquo tenure at American Capital
Section V
14
15
Approval of Recommendation
TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the selection of the following fund
Recommendations
bull Northlane Capital Partners II LP $60 million
16
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1390 | 2298 | |||||||
2016 | 394750000 | 1731 | 2862 | |||||||
2017 | 436750000 | 1915 | 3166 | |||||||
2018 | 481600000 | 2112 | 3491 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 7149 | 11817 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 780 | 822 | 1289 | |||||
International | 220 | 178 | 364 | |||||
Un-Allocated | -653 | |||||||
Total | 1000 | 1000 | 1000 | |||||
Strategy | Commitments | NAV | of Commitments to Date | of NAV to Date | of Target PE Allocation | ||||||||
BO | Buy-out (40 to 75) | 1200350000 | 214575006 | 526 | 385 | 870 | |||||||
GE | GrowthVenture (10 to 40) | 606000000 | 214251758 | 266 | 385 | 439 | |||||||
SS | Special Situations (5 to 35) | 473750000 | 127909154 | 208 | 230 | 343 | |||||||
Un-Allocated | -653 | ||||||||||||
Total | 2280100000 | 556735918 | 1000 | 1000 | 1000 | ||||||||
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 0 | 55 | 1216 | 60 | 0 | ||||||
GrowthVenture | 0 | 55 | 0 | 40 | 75 | ||||||
Special Situations | 0 | 75 | 0 | 0 | 0 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 0 | 55 | 1766 | 2366 | 2366 | ||||||
GrowthVenture | 0 | 55 | 55 | 95 | 170 | ||||||
Special Situations | 0 | 75 | 75 | 75 | 75 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 600 | 00 | 00 | ||||||
GrowthVenture | 00 | 833 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 650 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 2850 | ||||||
GrowthVenture | 0 | 833 | 833 | 833 | 833 | ||||||
Special Situations | 0 | 00 | 650 | 650 | 650 | ||||||
Unallocated | 450 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 |
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | 58000000 | 254 | 420 | |||||
BO 02 | 57000000 | 250 | 413 | |||||
BO 03 | 55000000 | 241 | 399 | |||||
BO 04 | 50000000 | 219 | 362 | |||||
BO 05 | 50000000 | 219 | 362 | |||||
BO 06 | 50000000 | 219 | 362 | |||||
BO 07 | 50000000 | 219 | 362 | |||||
BO 08 | 47000000 | 206 | 341 | |||||
BO 09 | 45000000 | 197 | 326 | |||||
BO 10 | 40000000 | 175 | 290 | |||||
BO 11 | 35000000 | 154 | 254 | |||||
BO 12 | 20000000 | 088 | 145 | |||||
BO 13 | 14250000 | 062 | 103 | |||||
BO 14 | 12500000 | 055 | 091 | |||||
BO 15 | 46600000 | 204 | 338 | |||||
BO 16 | 300000000 | 1316 | 2175 | |||||
BO 17 | 60000000 | 263 | 435 | |||||
BO 18 | 50000000 | 219 | 362 | |||||
BO 19 | 50000000 | 219 | 362 | |||||
BO 20 | 50000000 | 219 | 362 | |||||
GE 01 | 70000000 | 307 | 507 | |||||
GE 02 | 60000000 | 263 | 435 | |||||
GE 03 | 125000000 | 548 | 906 | |||||
GE 04 | 46000000 | 202 | 333 | |||||
GE 05 | 45000000 | 197 | 326 | |||||
GE 06 | 40000000 | 175 | 290 | |||||
GE 07 | 30000000 | 132 | 217 | |||||
GE 08 | 40000000 | 175 | 290 | |||||
GE 09 | 50000000 | 219 | 362 | |||||
GE 10 | 100000000 | 439 | 725 | |||||
SS 01 | 75000000 | 329 | 544 | |||||
SS 02 | 75000000 | 329 | 544 | |||||
SS 03 | 65000000 | 285 | 471 | |||||
SS 04 | 60000000 | 263 | 435 | |||||
SS 05 | 50000000 | 219 | 362 | |||||
SS 06 | 25000000 | 110 | 181 | |||||
SS 07 | 105000000 | 461 | 761 | |||||
SS 08 | 18750000 | 082 | 136 | |||||
UA | -6529 | |||||||
Total | 2220100000 | 9737 | 9565 | |||||
CHECK | CHECK | CHECK |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | $18727000 | BO 1 | BO | 132 | 217 | |||||||||||
Tritium | Buy-out | $110000000 | $58988138 | BO 2 | BO | 48 | 80 | ||||||||||||
Searchlight | Buy-out | $97000000 | $33454296 | BO 3 | BO | 43 | 70 | ||||||||||||
Marlin | Buy-out | $71250000 | $14717073 | BO 4 | BO | 31 | 52 | ||||||||||||
Altaris | Buy-out | $62500000 | $15328169 | BO 5 | BO | 27 | 45 | ||||||||||||
Northlane | Buy-out | $60000000 | BO 6 | BO | 26 | 43 | |||||||||||||
Capital Partners | Buy-out | $58000000 | $12317286 | BO 7 | BO | 25 | 42 | ||||||||||||
Providence | Buy-out | $55000000 | $0 | BO 8 | BO | 24 | 40 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $0 | BO 9 | BO | 22 | 36 | ||||||||||||
GTCR | Buy-out | $50000000 | $4985798 | BO 10 | BO | 22 | 36 | ||||||||||||
Reverence | Buy-out | $50000000 | $0 | BO 11 | BO | 22 | 36 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 22 | 36 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 34 | ||||||||||||
One Rock | Buy-out | $45000000 | $13180746 | BO 14 | BO | 20 | 33 | ||||||||||||
Incline | Buy-out | $40000000 | $11611636 | BO 15 | BO | 18 | 29 | ||||||||||||
Kainos | Buy-out | $35000000 | $19539188 | BO 16 | BO | 15 | 25 | ||||||||||||
Harvest | Buy-out | $20000000 | $11725676 | BO 17 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $82125840 | GE 1 | GE | 79 | 130 | ||||||||||||
Foundry | Venture Growth | $175000000 | $30834484 | GE 2 | GE | 77 | 127 | ||||||||||||
Updata | Venture Growth | $125000000 | $46209141 | GE 3 | GE | 55 | 91 | ||||||||||||
Main Post | Venture Growth | $40000000 | $0 | GE 4 | GE | 18 | 29 | ||||||||||||
FTV | Venture Growth | $46000000 | $31248971 | GE 5 | GE | 20 | 33 | ||||||||||||
Mercato | Venture Growth | $40000000 | $23833321 | GE 6 | GE | 18 | 29 | ||||||||||||
TSSP | Special Situations | $150000000 | $49206694 | SS 1 | SS | 66 | 109 | ||||||||||||
BlackstoneGSO | Special Situations | $93750000 | $37091463 | SS 2 | SS | 41 | 68 | ||||||||||||
BlackstoneBAAM | Special Situations | $65000000 | SS 3 | SS | 29 | 47 | |||||||||||||
Carlyle | Special Situations | $65000000 | $24236270 | SS 4 | SS | 29 | 47 | ||||||||||||
HIG | Special Situations | $60000000 | $17374728 | SS 5 | SS | 26 | 43 | ||||||||||||
LightBay | Special Situations | $40000000 | $0 | SS 6 | SS | 18 | 29 | ||||||||||||
Total | $2280100000 | $556735918 | 10000 | 16529 | |||||||||||||||
CHECK | |||||||||||||||||||
Altaris | |||||||||||||||||||
Arcline | |||||||||||||||||||
BlackstoneGSO | |||||||||||||||||||
Capital Partners | |||||||||||||||||||
CapVest | |||||||||||||||||||
Carlyle | |||||||||||||||||||
Dunes Point | |||||||||||||||||||
Foundry | |||||||||||||||||||
FTV | |||||||||||||||||||
GTCR | |||||||||||||||||||
HIG | |||||||||||||||||||
Harvest | |||||||||||||||||||
Incline | |||||||||||||||||||
Kainos | |||||||||||||||||||
LightBay | |||||||||||||||||||
Main Post | |||||||||||||||||||
Marlin | |||||||||||||||||||
Mercato | |||||||||||||||||||
One Rock | |||||||||||||||||||
Providence | |||||||||||||||||||
Reverence | |||||||||||||||||||
Searchlight | |||||||||||||||||||
Tritium | |||||||||||||||||||
TSSP | |||||||||||||||||||
Updata |
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Vintage Year | Report Name | Short Name | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | State Street NAV ($) | US Fund Div ( of Fund) | Intl Fund Div ( of Fund) | US Fund Div ( of Total Commits) | Intl Fund Div ( of Total Commits) | US Fund Div ( of Total NAV | Intl Fund Div ( of Total NAV | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 2015 | Special Situations Manager 3 | SS 03 | 2819243965 | Voting | 65000000 | 65000000 | 2423627012 | 75 | 25 | 2 | 1 | 3 | 1 | |||||||||||||||||||||
HIG | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2015 | Special Situations Manager 4 | SS 04 | 1100000000 | 60000000 | 60000000 | 1737472771 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 2016 | Buy-out Manager 12 | BO 12 | 2200000000 | 50000000 | 20000000 | 1172567574 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 2015 | Buy-out Manager 8 | BO 08 | 1939000000 | 50000000 | 47000000 | 3345429620 | 60 | 40 | 1 | 1 | 4 | 2 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 2014 | Buy-out Manager 4 | BO 04 | 309000000 | Voting | 50000000 | 50000000 | 5898813765 | 85 | 15 | 2 | 0 | 9 | 2 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 2014 | Special Situations Manager 1 | SS 01 | 3500000000 | 75000000 | 75000000 | 4920669401 | 60 | 40 | 2 | 1 | 5 | 4 | ||||||||||||||||||||||
BlackstoneGSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 2 | SS 02 | 6000000000 | 75000000 | 75000000 | 32285251 | 80 | 20 | 3 | 1 | 5 | 1 | ||||||||||||||||||||||
BlackstoneGSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 8 | SS 08 | 2000000000 | 18750000 | 18750000 | 4806212 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 2016 | GrowthVenture Manager 7 | GE 07 | 500000000 | 35000000 | 30000000 | 2644022252 | 100 | 0 | 1 | 0 | 5 | 0 | ||||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 2017 | GrowthVenture Manager 4 | GE 04 | 867000000 | Voting | 50000000 | 46000000 | 3124897116 | 75 | 25 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 2017 | Buy-out Manager 10 | BO 10 | 601000000 | 50000000 | 40000000 | 1161163584 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 2016 | Buy-out Manager 11 | BO 11 | 895000000 | Observer | 50000000 | 35000000 | 1953918849 | 75 | 25 | 1 | 0 | 3 | 1 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 2015 | GrowthVenture Manager 6 | GE 06 | 246000000 | Voting | 40000000 | 40000000 | 2383332060 | 100 | 0 | 2 | 0 | 4 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 2016 | GrowthVenture Manager 2 | GE 02 | 640000000 | Voting | 60000000 | 60000000 | 6665235799 | 100 | 0 | 3 | 0 | 12 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 2014 | GrowthVenture Manager 3 | GE 03 | 280000000 | Voting | 50000000 | 50000000 | 4620914142 | 90 | 10 | 2 | 0 | 7 | 1 | |||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 14 | BO 14 | 240000000 | 12500000 | 12500000 | 4140390 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 5 | BO 05 | 1000000000 | 50000000 | 50000000 | 11187778 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 2018 | Buy-out Manager 1 | BO 01 | 500000000 | Voting | 70000000 | 58000000 | 12317286 | 100 | 0 | 3 | 0 | 2 | 0 | |||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 2018 | Buy-out Manager 7 | BO 07 | 535000000 | Voting | 50000000 | 50000000 | - 0 | 80 | 20 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 2018 | Buy-out Manager 6 | BO 06 | 5250000000 | 75000000 | 50000000 | 498579807 | 75 | 25 | 2 | 1 | 1 | 0 | ||||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 2018 | Special Situations Manager 7 | SS 07 | 615000000 | Voting | 50000000 | 40000000 | - 0 | 80 | 20 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 2018 | Buy-out Manager 2 | BO 02 | 2500000000 | 60000000 | 57000000 | 946658473 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 2017 | Buy-out Manager 13 | BO 13 | 750000000 | 15000000 | 14250000 | 525048862 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 2017 | Buy-out Manager 9 | BO 09 | 964000000 | 50000000 | 45000000 | 1318074623 | 90 | 10 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 2018 | GrowthVenture Manager 1 | GE 01 | 1322000000 | Voting | 70000000 | 70000000 | 1547348223 | 100 | 0 | 3 | 0 | 3 | 0 | |||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 2018 | Buy-out Manager 15 | BO 15 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 2018 | GrowthVenture Manager 5 | GE 05 | 750000000 | 45000000 | 45000000 | 439426166 | 90 | 10 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 2018 | Buy-out Manager 16 | BO 16 | 1115000000 | 300000000 | 300000000 | 1872700007 | 60 | 40 | 8 | 5 | 2 | 1 | ||||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 2019 | GrowthVenture Manager 8 | GE 08 | 700000000 | Voting | 50000000 | 40000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 2017 | Buy-out Manager 3 | BO 03 | 5000000000 | 55000000 | 55000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 2019 | Buy-out Manager 17 | BO 17 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 6 | SS 06 | 3000000000 | 50000000 | 25000000 | - 0 | 60 | 40 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 5 | SS 05 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 2014 | GrowthVenture Manager 3 | GE 03 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | GE 09 | 2000000000 | Voting | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | GE 10 | 200000000 | 100000000 | 100000000 | - 0 | 90 | 10 | 4 | 0 | 0 | 0 | ||||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | BO 18 | 1000000000 | Voting | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | BO 19 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | Buy-out Manager 8 | BO 20 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | BO 21 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | |||||||||||||||||||||||
BlackstoneBAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | SS 07 | 4000000000 | Voting | 65000000 | 65000000 | - 0 | 80 | 20 | 2 | 1 | 0 | 0 | |||||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
2800000000 | |||||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||
TMRS (AUM) | $ 27589122062 | ltltltlt | As of 12312018 | |||||
PE Target () | 500 | |||||||
PE Target ($) | $ 1379456103 | |||||||
PE Commitments ($) | $ 2280100000 | |||||||
PE NAV ($) | $ 556735918 | ltltltlt | As of 12312018 | |||||
PE NAV () | 202 | |||||||
Un-Allocated () | -6529 | |||||||
Instructions by Sheet Name | ||||
Notes | Light blue-filled cells are hard-coded (not formula-driven) | |||
The green-colored tabs are the only ones to be updated right now | ||||
The red-colored tab does not need to be updated (still under construction) | ||||
Portfolio | ||||
1) | Input new Fund commitment into the next open row | |||
2) | Confirm and input the details for the row of the new Fund in columns A through G | |||
3) | Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I | |||
4) | Copy paste the formulas used in columns J and K for the row of the new Fund | |||
Manager | ||||
1) | If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated | |||
2) | Input the name of the Manager for the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Manager | |||
4) | Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option | |||
Fund | ||||
1) | Insert a row above the one beginning with UA (Un-Allocated) | |||
2) | Input the Short Name of the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Fund | |||
4) | Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option |
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1390 | 2298 | |||||||
2016 | 394750000 | 1731 | 2862 | |||||||
2017 | 436750000 | 1915 | 3166 | |||||||
2018 | 481600000 | 2112 | 3491 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 7149 | 11817 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 780 | 822 | 1289 | |||||
International | 220 | 178 | 364 | |||||
Un-Allocated | -653 | |||||||
Total | 1000 | 1000 | 1000 | |||||
Strategy | Commitments | NAV | of Commitments to Date | of NAV to Date | of Target PE Allocation | ||||||||
BO | Buy-out (40 to 75) | 1200350000 | 214575006 | 526 | 385 | 870 | |||||||
GE | GrowthVenture (10 to 40) | 606000000 | 214251758 | 266 | 385 | 439 | |||||||
SS | Special Situations (5 to 35) | 473750000 | 127909154 | 208 | 230 | 343 | |||||||
Un-Allocated | -653 | ||||||||||||
Total | 2280100000 | 556735918 | 1000 | 1000 | 1000 | ||||||||
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 0 | 55 | 1216 | 60 | 0 | ||||||
GrowthVenture | 0 | 55 | 0 | 40 | 75 | ||||||
Special Situations | 0 | 75 | 0 | 0 | 0 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 0 | 55 | 1766 | 2366 | 2366 | ||||||
GrowthVenture | 0 | 55 | 55 | 95 | 170 | ||||||
Special Situations | 0 | 75 | 75 | 75 | 75 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 600 | 00 | 00 | ||||||
GrowthVenture | 00 | 833 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 650 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 2850 | ||||||
GrowthVenture | 0 | 833 | 833 | 833 | 833 | ||||||
Special Situations | 0 | 00 | 650 | 650 | 650 | ||||||
Unallocated | 450 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 |
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | 58000000 | 254 | 420 | |||||
BO 02 | 57000000 | 250 | 413 | |||||
BO 03 | 55000000 | 241 | 399 | |||||
BO 04 | 50000000 | 219 | 362 | |||||
BO 05 | 50000000 | 219 | 362 | |||||
BO 06 | 50000000 | 219 | 362 | |||||
BO 07 | 50000000 | 219 | 362 | |||||
BO 08 | 47000000 | 206 | 341 | |||||
BO 09 | 45000000 | 197 | 326 | |||||
BO 10 | 40000000 | 175 | 290 | |||||
BO 11 | 35000000 | 154 | 254 | |||||
BO 12 | 20000000 | 088 | 145 | |||||
BO 13 | 14250000 | 062 | 103 | |||||
BO 14 | 12500000 | 055 | 091 | |||||
BO 15 | 46600000 | 204 | 338 | |||||
BO 16 | 300000000 | 1316 | 2175 | |||||
BO 17 | 60000000 | 263 | 435 | |||||
BO 18 | 50000000 | 219 | 362 | |||||
BO 19 | 50000000 | 219 | 362 | |||||
BO 20 | 50000000 | 219 | 362 | |||||
GE 01 | 70000000 | 307 | 507 | |||||
GE 02 | 60000000 | 263 | 435 | |||||
GE 03 | 125000000 | 548 | 906 | |||||
GE 04 | 46000000 | 202 | 333 | |||||
GE 05 | 45000000 | 197 | 326 | |||||
GE 06 | 40000000 | 175 | 290 | |||||
GE 07 | 30000000 | 132 | 217 | |||||
GE 08 | 40000000 | 175 | 290 | |||||
GE 09 | 50000000 | 219 | 362 | |||||
GE 10 | 100000000 | 439 | 725 | |||||
SS 01 | 75000000 | 329 | 544 | |||||
SS 02 | 75000000 | 329 | 544 | |||||
SS 03 | 65000000 | 285 | 471 | |||||
SS 04 | 60000000 | 263 | 435 | |||||
SS 05 | 50000000 | 219 | 362 | |||||
SS 06 | 25000000 | 110 | 181 | |||||
SS 07 | 105000000 | 461 | 761 | |||||
SS 08 | 18750000 | 082 | 136 | |||||
UA | -6529 | |||||||
Total | 2220100000 | 9737 | 9565 | |||||
CHECK | CHECK | CHECK |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | $18727000 | BO 1 | BO | 132 | 217 | |||||||||||
Tritium | Buy-out | $110000000 | $58988138 | BO 2 | BO | 48 | 80 | ||||||||||||
Searchlight | Buy-out | $97000000 | $33454296 | BO 3 | BO | 43 | 70 | ||||||||||||
Marlin | Buy-out | $71250000 | $14717073 | BO 4 | BO | 31 | 52 | ||||||||||||
Altaris | Buy-out | $62500000 | $15328169 | BO 5 | BO | 27 | 45 | ||||||||||||
Northlane | Buy-out | $60000000 | BO 6 | BO | 26 | 43 | |||||||||||||
Capital Partners | Buy-out | $58000000 | $12317286 | BO 7 | BO | 25 | 42 | ||||||||||||
Providence | Buy-out | $55000000 | $0 | BO 8 | BO | 24 | 40 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $0 | BO 9 | BO | 22 | 36 | ||||||||||||
GTCR | Buy-out | $50000000 | $4985798 | BO 10 | BO | 22 | 36 | ||||||||||||
Reverence | Buy-out | $50000000 | $0 | BO 11 | BO | 22 | 36 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 22 | 36 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 34 | ||||||||||||
One Rock | Buy-out | $45000000 | $13180746 | BO 14 | BO | 20 | 33 | ||||||||||||
Incline | Buy-out | $40000000 | $11611636 | BO 15 | BO | 18 | 29 | ||||||||||||
Kainos | Buy-out | $35000000 | $19539188 | BO 16 | BO | 15 | 25 | ||||||||||||
Harvest | Buy-out | $20000000 | $11725676 | BO 17 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $82125840 | GE 1 | GE | 79 | 130 | ||||||||||||
Foundry | Venture Growth | $175000000 | $30834484 | GE 2 | GE | 77 | 127 | ||||||||||||
Updata | Venture Growth | $125000000 | $46209141 | GE 3 | GE | 55 | 91 | ||||||||||||
Main Post | Venture Growth | $40000000 | $0 | GE 4 | GE | 18 | 29 | ||||||||||||
FTV | Venture Growth | $46000000 | $31248971 | GE 5 | GE | 20 | 33 | ||||||||||||
Mercato | Venture Growth | $40000000 | $23833321 | GE 6 | GE | 18 | 29 | ||||||||||||
TSSP | Special Situations | $150000000 | $49206694 | SS 1 | SS | 66 | 109 | ||||||||||||
BlackstoneGSO | Special Situations | $93750000 | $37091463 | SS 2 | SS | 41 | 68 | ||||||||||||
BlackstoneBAAM | Special Situations | $65000000 | SS 3 | SS | 29 | 47 | |||||||||||||
Carlyle | Special Situations | $65000000 | $24236270 | SS 4 | SS | 29 | 47 | ||||||||||||
HIG | Special Situations | $60000000 | $17374728 | SS 5 | SS | 26 | 43 | ||||||||||||
LightBay | Special Situations | $40000000 | $0 | SS 6 | SS | 18 | 29 | ||||||||||||
Total | $2280100000 | $556735918 | 10000 | 16529 | |||||||||||||||
CHECK | |||||||||||||||||||
Altaris | |||||||||||||||||||
Arcline | |||||||||||||||||||
BlackstoneGSO | |||||||||||||||||||
Capital Partners | |||||||||||||||||||
CapVest | |||||||||||||||||||
Carlyle | |||||||||||||||||||
Dunes Point | |||||||||||||||||||
Foundry | |||||||||||||||||||
FTV | |||||||||||||||||||
GTCR | |||||||||||||||||||
HIG | |||||||||||||||||||
Harvest | |||||||||||||||||||
Incline | |||||||||||||||||||
Kainos | |||||||||||||||||||
LightBay | |||||||||||||||||||
Main Post | |||||||||||||||||||
Marlin | |||||||||||||||||||
Mercato | |||||||||||||||||||
One Rock | |||||||||||||||||||
Providence | |||||||||||||||||||
Reverence | |||||||||||||||||||
Searchlight | |||||||||||||||||||
Tritium | |||||||||||||||||||
TSSP | |||||||||||||||||||
Updata |
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Vintage Year | Report Name | Short Name | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | State Street NAV ($) | US Fund Div ( of Fund) | Intl Fund Div ( of Fund) | US Fund Div ( of Total Commits) | Intl Fund Div ( of Total Commits) | US Fund Div ( of Total NAV | Intl Fund Div ( of Total NAV | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 2015 | Special Situations Manager 3 | SS 03 | 2819243965 | Voting | 65000000 | 65000000 | 2423627012 | 75 | 25 | 2 | 1 | 3 | 1 | |||||||||||||||||||||
HIG | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2015 | Special Situations Manager 4 | SS 04 | 1100000000 | 60000000 | 60000000 | 1737472771 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 2016 | Buy-out Manager 12 | BO 12 | 2200000000 | 50000000 | 20000000 | 1172567574 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 2015 | Buy-out Manager 8 | BO 08 | 1939000000 | 50000000 | 47000000 | 3345429620 | 60 | 40 | 1 | 1 | 4 | 2 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 2014 | Buy-out Manager 4 | BO 04 | 309000000 | Voting | 50000000 | 50000000 | 5898813765 | 85 | 15 | 2 | 0 | 9 | 2 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 2014 | Special Situations Manager 1 | SS 01 | 3500000000 | 75000000 | 75000000 | 4920669401 | 60 | 40 | 2 | 1 | 5 | 4 | ||||||||||||||||||||||
BlackstoneGSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 2 | SS 02 | 6000000000 | 75000000 | 75000000 | 32285251 | 80 | 20 | 3 | 1 | 5 | 1 | ||||||||||||||||||||||
BlackstoneGSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 8 | SS 08 | 2000000000 | 18750000 | 18750000 | 4806212 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 2016 | GrowthVenture Manager 7 | GE 07 | 500000000 | 35000000 | 30000000 | 2644022252 | 100 | 0 | 1 | 0 | 5 | 0 | ||||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 2017 | GrowthVenture Manager 4 | GE 04 | 867000000 | Voting | 50000000 | 46000000 | 3124897116 | 75 | 25 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 2017 | Buy-out Manager 10 | BO 10 | 601000000 | 50000000 | 40000000 | 1161163584 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 2016 | Buy-out Manager 11 | BO 11 | 895000000 | Observer | 50000000 | 35000000 | 1953918849 | 75 | 25 | 1 | 0 | 3 | 1 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 2015 | GrowthVenture Manager 6 | GE 06 | 246000000 | Voting | 40000000 | 40000000 | 2383332060 | 100 | 0 | 2 | 0 | 4 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 2016 | GrowthVenture Manager 2 | GE 02 | 640000000 | Voting | 60000000 | 60000000 | 6665235799 | 100 | 0 | 3 | 0 | 12 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 2014 | GrowthVenture Manager 3 | GE 03 | 280000000 | Voting | 50000000 | 50000000 | 4620914142 | 90 | 10 | 2 | 0 | 7 | 1 | |||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 14 | BO 14 | 240000000 | 12500000 | 12500000 | 4140390 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 5 | BO 05 | 1000000000 | 50000000 | 50000000 | 11187778 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 2018 | Buy-out Manager 1 | BO 01 | 500000000 | Voting | 70000000 | 58000000 | 12317286 | 100 | 0 | 3 | 0 | 2 | 0 | |||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 2018 | Buy-out Manager 7 | BO 07 | 535000000 | Voting | 50000000 | 50000000 | - 0 | 80 | 20 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 2018 | Buy-out Manager 6 | BO 06 | 5250000000 | 75000000 | 50000000 | 498579807 | 75 | 25 | 2 | 1 | 1 | 0 | ||||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 2018 | Special Situations Manager 7 | SS 07 | 615000000 | Voting | 50000000 | 40000000 | - 0 | 80 | 20 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 2018 | Buy-out Manager 2 | BO 02 | 2500000000 | 60000000 | 57000000 | 946658473 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 2017 | Buy-out Manager 13 | BO 13 | 750000000 | 15000000 | 14250000 | 525048862 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 2017 | Buy-out Manager 9 | BO 09 | 964000000 | 50000000 | 45000000 | 1318074623 | 90 | 10 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 2018 | GrowthVenture Manager 1 | GE 01 | 1322000000 | Voting | 70000000 | 70000000 | 1547348223 | 100 | 0 | 3 | 0 | 3 | 0 | |||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 2018 | Buy-out Manager 15 | BO 15 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 2018 | GrowthVenture Manager 5 | GE 05 | 750000000 | 45000000 | 45000000 | 439426166 | 90 | 10 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 2018 | Buy-out Manager 16 | BO 16 | 1115000000 | 300000000 | 300000000 | 1872700007 | 60 | 40 | 8 | 5 | 2 | 1 | ||||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 2019 | GrowthVenture Manager 8 | GE 08 | 700000000 | Voting | 50000000 | 40000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 2017 | Buy-out Manager 3 | BO 03 | 5000000000 | 55000000 | 55000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 2019 | Buy-out Manager 17 | BO 17 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 6 | SS 06 | 3000000000 | 50000000 | 25000000 | - 0 | 60 | 40 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 5 | SS 05 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 2014 | GrowthVenture Manager 3 | GE 03 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | GE 09 | 2000000000 | Voting | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | GE 10 | 200000000 | 100000000 | 100000000 | - 0 | 90 | 10 | 4 | 0 | 0 | 0 | ||||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | BO 18 | 1000000000 | Voting | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | BO 19 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | Buy-out Manager 8 | BO 20 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | BO 21 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | |||||||||||||||||||||||
BlackstoneBAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | SS 07 | 4000000000 | Voting | 65000000 | 65000000 | - 0 | 80 | 20 | 2 | 1 | 0 | 0 | |||||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
2800000000 | |||||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||
TMRS (AUM) | $ 27589122062 | ltltltlt | As of 12312018 | |||||
PE Target () | 500 | |||||||
PE Target ($) | $ 1379456103 | |||||||
PE Commitments ($) | $ 2280100000 | |||||||
PE NAV ($) | $ 556735918 | ltltltlt | As of 12312018 | |||||
PE NAV () | 202 | |||||||
Un-Allocated () | -6529 | |||||||
Instructions by Sheet Name | ||||
Notes | Light blue-filled cells are hard-coded (not formula-driven) | |||
The green-colored tabs are the only ones to be updated right now | ||||
The red-colored tab does not need to be updated (still under construction) | ||||
Portfolio | ||||
1) | Input new Fund commitment into the next open row | |||
2) | Confirm and input the details for the row of the new Fund in columns A through G | |||
3) | Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I | |||
4) | Copy paste the formulas used in columns J and K for the row of the new Fund | |||
Manager | ||||
1) | If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated | |||
2) | Input the name of the Manager for the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Manager | |||
4) | Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option | |||
Fund | ||||
1) | Insert a row above the one beginning with UA (Un-Allocated) | |||
2) | Input the Short Name of the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Fund | |||
4) | Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option |
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1390 | 2298 | |||||||
2016 | 394750000 | 1731 | 2862 | |||||||
2017 | 436750000 | 1915 | 3166 | |||||||
2018 | 481600000 | 2112 | 3491 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 7149 | 11817 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 780 | 822 | 1289 | |||||
International | 220 | 178 | 364 | |||||
Un-Allocated | -653 | |||||||
Total | 1000 | 1000 | 1000 | |||||
Strategy | Commitments | NAV | of Commitments to Date | of NAV to Date | of Target PE Allocation | ||||||||
BO | Buy-out (40 to 75) | 1200350000 | 214575006 | 526 | 385 | 870 | |||||||
GE | GrowthVenture (10 to 40) | 606000000 | 214251758 | 266 | 385 | 439 | |||||||
SS | Special Situations (5 to 35) | 473750000 | 127909154 | 208 | 230 | 343 | |||||||
Un-Allocated | -653 | ||||||||||||
Total | 2280100000 | 556735918 | 1000 | 1000 | 1000 | ||||||||
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 0 | 55 | 1216 | 60 | 0 | ||||||
GrowthVenture | 0 | 55 | 0 | 40 | 75 | ||||||
Special Situations | 0 | 75 | 0 | 0 | 0 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 0 | 55 | 1766 | 2366 | 2366 | ||||||
GrowthVenture | 0 | 55 | 55 | 95 | 170 | ||||||
Special Situations | 0 | 75 | 75 | 75 | 75 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 600 | 00 | 00 | ||||||
GrowthVenture | 00 | 833 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 650 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 2850 | ||||||
GrowthVenture | 0 | 833 | 833 | 833 | 833 | ||||||
Special Situations | 0 | 00 | 650 | 650 | 650 | ||||||
Unallocated | 450 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 |
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | 58000000 | 254 | 420 | |||||
BO 02 | 57000000 | 250 | 413 | |||||
BO 03 | 55000000 | 241 | 399 | |||||
BO 04 | 50000000 | 219 | 362 | |||||
BO 05 | 50000000 | 219 | 362 | |||||
BO 06 | 50000000 | 219 | 362 | |||||
BO 07 | 50000000 | 219 | 362 | |||||
BO 08 | 47000000 | 206 | 341 | |||||
BO 09 | 45000000 | 197 | 326 | |||||
BO 10 | 40000000 | 175 | 290 | |||||
BO 11 | 35000000 | 154 | 254 | |||||
BO 12 | 20000000 | 088 | 145 | |||||
BO 13 | 14250000 | 062 | 103 | |||||
BO 14 | 12500000 | 055 | 091 | |||||
BO 15 | 46600000 | 204 | 338 | |||||
BO 16 | 300000000 | 1316 | 2175 | |||||
BO 17 | 60000000 | 263 | 435 | |||||
BO 18 | 50000000 | 219 | 362 | |||||
BO 19 | 50000000 | 219 | 362 | |||||
BO 20 | 50000000 | 219 | 362 | |||||
GE 01 | 70000000 | 307 | 507 | |||||
GE 02 | 60000000 | 263 | 435 | |||||
GE 03 | 125000000 | 548 | 906 | |||||
GE 04 | 46000000 | 202 | 333 | |||||
GE 05 | 45000000 | 197 | 326 | |||||
GE 06 | 40000000 | 175 | 290 | |||||
GE 07 | 30000000 | 132 | 217 | |||||
GE 08 | 40000000 | 175 | 290 | |||||
GE 09 | 50000000 | 219 | 362 | |||||
GE 10 | 100000000 | 439 | 725 | |||||
SS 01 | 75000000 | 329 | 544 | |||||
SS 02 | 75000000 | 329 | 544 | |||||
SS 03 | 65000000 | 285 | 471 | |||||
SS 04 | 60000000 | 263 | 435 | |||||
SS 05 | 50000000 | 219 | 362 | |||||
SS 06 | 25000000 | 110 | 181 | |||||
SS 07 | 105000000 | 461 | 761 | |||||
SS 08 | 18750000 | 082 | 136 | |||||
UA | -6529 | |||||||
Total | 2220100000 | 9737 | 9565 | |||||
CHECK | CHECK | CHECK |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | $18727000 | BO 1 | BO | 132 | 217 | |||||||||||
Tritium | Buy-out | $110000000 | $58988138 | BO 2 | BO | 48 | 80 | ||||||||||||
Searchlight | Buy-out | $97000000 | $33454296 | BO 3 | BO | 43 | 70 | ||||||||||||
Marlin | Buy-out | $71250000 | $14717073 | BO 4 | BO | 31 | 52 | ||||||||||||
Altaris | Buy-out | $62500000 | $15328169 | BO 5 | BO | 27 | 45 | ||||||||||||
Northlane | Buy-out | $60000000 | BO 6 | BO | 26 | 43 | |||||||||||||
Capital Partners | Buy-out | $58000000 | $12317286 | BO 7 | BO | 25 | 42 | ||||||||||||
Providence | Buy-out | $55000000 | $0 | BO 8 | BO | 24 | 40 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $0 | BO 9 | BO | 22 | 36 | ||||||||||||
GTCR | Buy-out | $50000000 | $4985798 | BO 10 | BO | 22 | 36 | ||||||||||||
Reverence | Buy-out | $50000000 | $0 | BO 11 | BO | 22 | 36 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 22 | 36 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 34 | ||||||||||||
One Rock | Buy-out | $45000000 | $13180746 | BO 14 | BO | 20 | 33 | ||||||||||||
Incline | Buy-out | $40000000 | $11611636 | BO 15 | BO | 18 | 29 | ||||||||||||
Kainos | Buy-out | $35000000 | $19539188 | BO 16 | BO | 15 | 25 | ||||||||||||
Harvest | Buy-out | $20000000 | $11725676 | BO 17 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $82125840 | GE 1 | GE | 79 | 130 | ||||||||||||
Foundry | Venture Growth | $175000000 | $30834484 | GE 2 | GE | 77 | 127 | ||||||||||||
Updata | Venture Growth | $125000000 | $46209141 | GE 3 | GE | 55 | 91 | ||||||||||||
Main Post | Venture Growth | $40000000 | $0 | GE 4 | GE | 18 | 29 | ||||||||||||
FTV | Venture Growth | $46000000 | $31248971 | GE 5 | GE | 20 | 33 | ||||||||||||
Mercato | Venture Growth | $40000000 | $23833321 | GE 6 | GE | 18 | 29 | ||||||||||||
TSSP | Special Situations | $150000000 | $49206694 | SS 1 | SS | 66 | 109 | ||||||||||||
BlackstoneGSO | Special Situations | $93750000 | $37091463 | SS 2 | SS | 41 | 68 | ||||||||||||
BlackstoneBAAM | Special Situations | $65000000 | SS 3 | SS | 29 | 47 | |||||||||||||
Carlyle | Special Situations | $65000000 | $24236270 | SS 4 | SS | 29 | 47 | ||||||||||||
HIG | Special Situations | $60000000 | $17374728 | SS 5 | SS | 26 | 43 | ||||||||||||
LightBay | Special Situations | $40000000 | $0 | SS 6 | SS | 18 | 29 | ||||||||||||
Total | $2280100000 | $556735918 | 10000 | 16529 | |||||||||||||||
CHECK | |||||||||||||||||||
Altaris | |||||||||||||||||||
Arcline | |||||||||||||||||||
BlackstoneGSO | |||||||||||||||||||
Capital Partners | |||||||||||||||||||
CapVest | |||||||||||||||||||
Carlyle | |||||||||||||||||||
Dunes Point | |||||||||||||||||||
Foundry | |||||||||||||||||||
FTV | |||||||||||||||||||
GTCR | |||||||||||||||||||
HIG | |||||||||||||||||||
Harvest | |||||||||||||||||||
Incline | |||||||||||||||||||
Kainos | |||||||||||||||||||
LightBay | |||||||||||||||||||
Main Post | |||||||||||||||||||
Marlin | |||||||||||||||||||
Mercato | |||||||||||||||||||
One Rock | |||||||||||||||||||
Providence | |||||||||||||||||||
Reverence | |||||||||||||||||||
Searchlight | |||||||||||||||||||
Tritium | |||||||||||||||||||
TSSP | |||||||||||||||||||
Updata |
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Vintage Year | Report Name | Short Name | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | State Street NAV ($) | US Fund Div ( of Fund) | Intl Fund Div ( of Fund) | US Fund Div ( of Total Commits) | Intl Fund Div ( of Total Commits) | US Fund Div ( of Total NAV | Intl Fund Div ( of Total NAV | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 2015 | Special Situations Manager 3 | SS 03 | 2819243965 | Voting | 65000000 | 65000000 | 2423627012 | 75 | 25 | 2 | 1 | 3 | 1 | |||||||||||||||||||||
HIG | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2015 | Special Situations Manager 4 | SS 04 | 1100000000 | 60000000 | 60000000 | 1737472771 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 2016 | Buy-out Manager 12 | BO 12 | 2200000000 | 50000000 | 20000000 | 1172567574 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 2015 | Buy-out Manager 8 | BO 08 | 1939000000 | 50000000 | 47000000 | 3345429620 | 60 | 40 | 1 | 1 | 4 | 2 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 2014 | Buy-out Manager 4 | BO 04 | 309000000 | Voting | 50000000 | 50000000 | 5898813765 | 85 | 15 | 2 | 0 | 9 | 2 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 2014 | Special Situations Manager 1 | SS 01 | 3500000000 | 75000000 | 75000000 | 4920669401 | 60 | 40 | 2 | 1 | 5 | 4 | ||||||||||||||||||||||
BlackstoneGSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 2 | SS 02 | 6000000000 | 75000000 | 75000000 | 32285251 | 80 | 20 | 3 | 1 | 5 | 1 | ||||||||||||||||||||||
BlackstoneGSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 8 | SS 08 | 2000000000 | 18750000 | 18750000 | 4806212 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 2016 | GrowthVenture Manager 7 | GE 07 | 500000000 | 35000000 | 30000000 | 2644022252 | 100 | 0 | 1 | 0 | 5 | 0 | ||||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 2017 | GrowthVenture Manager 4 | GE 04 | 867000000 | Voting | 50000000 | 46000000 | 3124897116 | 75 | 25 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 2017 | Buy-out Manager 10 | BO 10 | 601000000 | 50000000 | 40000000 | 1161163584 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 2016 | Buy-out Manager 11 | BO 11 | 895000000 | Observer | 50000000 | 35000000 | 1953918849 | 75 | 25 | 1 | 0 | 3 | 1 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 2015 | GrowthVenture Manager 6 | GE 06 | 246000000 | Voting | 40000000 | 40000000 | 2383332060 | 100 | 0 | 2 | 0 | 4 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 2016 | GrowthVenture Manager 2 | GE 02 | 640000000 | Voting | 60000000 | 60000000 | 6665235799 | 100 | 0 | 3 | 0 | 12 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 2014 | GrowthVenture Manager 3 | GE 03 | 280000000 | Voting | 50000000 | 50000000 | 4620914142 | 90 | 10 | 2 | 0 | 7 | 1 | |||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 14 | BO 14 | 240000000 | 12500000 | 12500000 | 4140390 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 5 | BO 05 | 1000000000 | 50000000 | 50000000 | 11187778 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 2018 | Buy-out Manager 1 | BO 01 | 500000000 | Voting | 70000000 | 58000000 | 12317286 | 100 | 0 | 3 | 0 | 2 | 0 | |||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 2018 | Buy-out Manager 7 | BO 07 | 535000000 | Voting | 50000000 | 50000000 | - 0 | 80 | 20 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 2018 | Buy-out Manager 6 | BO 06 | 5250000000 | 75000000 | 50000000 | 498579807 | 75 | 25 | 2 | 1 | 1 | 0 | ||||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 2018 | Special Situations Manager 7 | SS 07 | 615000000 | Voting | 50000000 | 40000000 | - 0 | 80 | 20 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 2018 | Buy-out Manager 2 | BO 02 | 2500000000 | 60000000 | 57000000 | 946658473 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 2017 | Buy-out Manager 13 | BO 13 | 750000000 | 15000000 | 14250000 | 525048862 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 2017 | Buy-out Manager 9 | BO 09 | 964000000 | 50000000 | 45000000 | 1318074623 | 90 | 10 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 2018 | GrowthVenture Manager 1 | GE 01 | 1322000000 | Voting | 70000000 | 70000000 | 1547348223 | 100 | 0 | 3 | 0 | 3 | 0 | |||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 2018 | Buy-out Manager 15 | BO 15 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 2018 | GrowthVenture Manager 5 | GE 05 | 750000000 | 45000000 | 45000000 | 439426166 | 90 | 10 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 2018 | Buy-out Manager 16 | BO 16 | 1115000000 | 300000000 | 300000000 | 1872700007 | 60 | 40 | 8 | 5 | 2 | 1 | ||||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 2019 | GrowthVenture Manager 8 | GE 08 | 700000000 | Voting | 50000000 | 40000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 2017 | Buy-out Manager 3 | BO 03 | 5000000000 | 55000000 | 55000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 2019 | Buy-out Manager 17 | BO 17 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 6 | SS 06 | 3000000000 | 50000000 | 25000000 | - 0 | 60 | 40 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 5 | SS 05 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 2014 | GrowthVenture Manager 3 | GE 03 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | GE 09 | 2000000000 | Voting | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | GE 10 | 200000000 | 100000000 | 100000000 | - 0 | 90 | 10 | 4 | 0 | 0 | 0 | ||||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | BO 18 | 1000000000 | Voting | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | BO 19 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | Buy-out Manager 8 | BO 20 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | BO 21 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | |||||||||||||||||||||||
BlackstoneBAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | SS 07 | 4000000000 | Voting | 65000000 | 65000000 | - 0 | 80 | 20 | 2 | 1 | 0 | 0 | |||||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
2800000000 | |||||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||
TMRS (AUM) | $ 27589122062 | ltltltlt | As of 12312018 | |||||
PE Target () | 500 | |||||||
PE Target ($) | $ 1379456103 | |||||||
PE Commitments ($) | $ 2280100000 | |||||||
PE NAV ($) | $ 556735918 | ltltltlt | As of 12312018 | |||||
PE NAV () | 202 | |||||||
Un-Allocated () | -6529 | |||||||
Instructions by Sheet Name | ||||
Notes | Light blue-filled cells are hard-coded (not formula-driven) | |||
The green-colored tabs are the only ones to be updated right now | ||||
The red-colored tab does not need to be updated (still under construction) | ||||
Portfolio | ||||
1) | Input new Fund commitment into the next open row | |||
2) | Confirm and input the details for the row of the new Fund in columns A through G | |||
3) | Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I | |||
4) | Copy paste the formulas used in columns J and K for the row of the new Fund | |||
Manager | ||||
1) | If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated | |||
2) | Input the name of the Manager for the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Manager | |||
4) | Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option | |||
Fund | ||||
1) | Insert a row above the one beginning with UA (Un-Allocated) | |||
2) | Input the Short Name of the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Fund | |||
4) | Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option |
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1390 | 2298 | |||||||
2016 | 394750000 | 1731 | 2862 | |||||||
2017 | 436750000 | 1915 | 3166 | |||||||
2018 | 481600000 | 2112 | 3491 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 7149 | 11817 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 780 | 822 | 1289 | |||||
International | 220 | 178 | 364 | |||||
Un-Allocated | -653 | |||||||
Total | 1000 | 1000 | 1000 | |||||
Strategy | Commitments | NAV | of Commitments to Date | of NAV to Date | of Target PE Allocation | ||||||||
BO | Buy-out (40 to 75) | 1200350000 | 214575006 | 526 | 385 | 870 | |||||||
GE | GrowthVenture (10 to 40) | 606000000 | 214251758 | 266 | 385 | 439 | |||||||
SS | Special Situations (5 to 35) | 473750000 | 127909154 | 208 | 230 | 343 | |||||||
Un-Allocated | -653 | ||||||||||||
Total | 2280100000 | 556735918 | 1000 | 1000 | 1000 | ||||||||
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 0 | 55 | 1216 | 60 | 0 | ||||||
GrowthVenture | 0 | 55 | 0 | 40 | 75 | ||||||
Special Situations | 0 | 75 | 0 | 0 | 0 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 0 | 55 | 1766 | 2366 | 2366 | ||||||
GrowthVenture | 0 | 55 | 55 | 95 | 170 | ||||||
Special Situations | 0 | 75 | 75 | 75 | 75 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 600 | 00 | 00 | ||||||
GrowthVenture | 00 | 833 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 650 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 2850 | ||||||
GrowthVenture | 0 | 833 | 833 | 833 | 833 | ||||||
Special Situations | 0 | 00 | 650 | 650 | 650 | ||||||
Unallocated | 450 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 |
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | 58000000 | 254 | 420 | |||||
BO 02 | 57000000 | 250 | 413 | |||||
BO 03 | 55000000 | 241 | 399 | |||||
BO 04 | 50000000 | 219 | 362 | |||||
BO 05 | 50000000 | 219 | 362 | |||||
BO 06 | 50000000 | 219 | 362 | |||||
BO 07 | 50000000 | 219 | 362 | |||||
BO 08 | 47000000 | 206 | 341 | |||||
BO 09 | 45000000 | 197 | 326 | |||||
BO 10 | 40000000 | 175 | 290 | |||||
BO 11 | 35000000 | 154 | 254 | |||||
BO 12 | 20000000 | 088 | 145 | |||||
BO 13 | 14250000 | 062 | 103 | |||||
BO 14 | 12500000 | 055 | 091 | |||||
BO 15 | 46600000 | 204 | 338 | |||||
BO 16 | 300000000 | 1316 | 2175 | |||||
BO 17 | 60000000 | 263 | 435 | |||||
BO 18 | 50000000 | 219 | 362 | |||||
BO 19 | 50000000 | 219 | 362 | |||||
BO 20 | 50000000 | 219 | 362 | |||||
GE 01 | 70000000 | 307 | 507 | |||||
GE 02 | 60000000 | 263 | 435 | |||||
GE 03 | 125000000 | 548 | 906 | |||||
GE 04 | 46000000 | 202 | 333 | |||||
GE 05 | 45000000 | 197 | 326 | |||||
GE 06 | 40000000 | 175 | 290 | |||||
GE 07 | 30000000 | 132 | 217 | |||||
GE 08 | 40000000 | 175 | 290 | |||||
GE 09 | 50000000 | 219 | 362 | |||||
GE 10 | 100000000 | 439 | 725 | |||||
SS 01 | 75000000 | 329 | 544 | |||||
SS 02 | 75000000 | 329 | 544 | |||||
SS 03 | 65000000 | 285 | 471 | |||||
SS 04 | 60000000 | 263 | 435 | |||||
SS 05 | 50000000 | 219 | 362 | |||||
SS 06 | 25000000 | 110 | 181 | |||||
SS 07 | 105000000 | 461 | 761 | |||||
SS 08 | 18750000 | 082 | 136 | |||||
UA | -6529 | |||||||
Total | 2220100000 | 9737 | 9565 | |||||
CHECK | CHECK | CHECK |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | $18727000 | BO 1 | BO | 132 | 217 | |||||||||||
Tritium | Buy-out | $110000000 | $58988138 | BO 2 | BO | 48 | 80 | ||||||||||||
Searchlight | Buy-out | $97000000 | $33454296 | BO 3 | BO | 43 | 70 | ||||||||||||
Marlin | Buy-out | $71250000 | $14717073 | BO 4 | BO | 31 | 52 | ||||||||||||
Altaris | Buy-out | $62500000 | $15328169 | BO 5 | BO | 27 | 45 | ||||||||||||
Northlane | Buy-out | $60000000 | BO 6 | BO | 26 | 43 | |||||||||||||
Capital Partners | Buy-out | $58000000 | $12317286 | BO 7 | BO | 25 | 42 | ||||||||||||
Providence | Buy-out | $55000000 | $0 | BO 8 | BO | 24 | 40 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $0 | BO 9 | BO | 22 | 36 | ||||||||||||
GTCR | Buy-out | $50000000 | $4985798 | BO 10 | BO | 22 | 36 | ||||||||||||
Reverence | Buy-out | $50000000 | $0 | BO 11 | BO | 22 | 36 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 22 | 36 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 34 | ||||||||||||
One Rock | Buy-out | $45000000 | $13180746 | BO 14 | BO | 20 | 33 | ||||||||||||
Incline | Buy-out | $40000000 | $11611636 | BO 15 | BO | 18 | 29 | ||||||||||||
Kainos | Buy-out | $35000000 | $19539188 | BO 16 | BO | 15 | 25 | ||||||||||||
Harvest | Buy-out | $20000000 | $11725676 | BO 17 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $82125840 | GE 1 | GE | 79 | 130 | ||||||||||||
Foundry | Venture Growth | $175000000 | $30834484 | GE 2 | GE | 77 | 127 | ||||||||||||
Updata | Venture Growth | $125000000 | $46209141 | GE 3 | GE | 55 | 91 | ||||||||||||
Main Post | Venture Growth | $40000000 | $0 | GE 4 | GE | 18 | 29 | ||||||||||||
FTV | Venture Growth | $46000000 | $31248971 | GE 5 | GE | 20 | 33 | ||||||||||||
Mercato | Venture Growth | $40000000 | $23833321 | GE 6 | GE | 18 | 29 | ||||||||||||
TSSP | Special Situations | $150000000 | $49206694 | SS 1 | SS | 66 | 109 | ||||||||||||
BlackstoneGSO | Special Situations | $93750000 | $37091463 | SS 2 | SS | 41 | 68 | ||||||||||||
BlackstoneBAAM | Special Situations | $65000000 | SS 3 | SS | 29 | 47 | |||||||||||||
Carlyle | Special Situations | $65000000 | $24236270 | SS 4 | SS | 29 | 47 | ||||||||||||
HIG | Special Situations | $60000000 | $17374728 | SS 5 | SS | 26 | 43 | ||||||||||||
LightBay | Special Situations | $40000000 | $0 | SS 6 | SS | 18 | 29 | ||||||||||||
Total | $2280100000 | $556735918 | 10000 | 16529 | |||||||||||||||
CHECK | |||||||||||||||||||
Altaris | |||||||||||||||||||
Arcline | |||||||||||||||||||
BlackstoneGSO | |||||||||||||||||||
Capital Partners | |||||||||||||||||||
CapVest | |||||||||||||||||||
Carlyle | |||||||||||||||||||
Dunes Point | |||||||||||||||||||
Foundry | |||||||||||||||||||
FTV | |||||||||||||||||||
GTCR | |||||||||||||||||||
HIG | |||||||||||||||||||
Harvest | |||||||||||||||||||
Incline | |||||||||||||||||||
Kainos | |||||||||||||||||||
LightBay | |||||||||||||||||||
Main Post | |||||||||||||||||||
Marlin | |||||||||||||||||||
Mercato | |||||||||||||||||||
One Rock | |||||||||||||||||||
Providence | |||||||||||||||||||
Reverence | |||||||||||||||||||
Searchlight | |||||||||||||||||||
Tritium | |||||||||||||||||||
TSSP | |||||||||||||||||||
Updata |
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Vintage Year | Report Name | Short Name | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | State Street NAV ($) | US Fund Div ( of Fund) | Intl Fund Div ( of Fund) | US Fund Div ( of Total Commits) | Intl Fund Div ( of Total Commits) | US Fund Div ( of Total NAV | Intl Fund Div ( of Total NAV | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 2015 | Special Situations Manager 3 | SS 03 | 2819243965 | Voting | 65000000 | 65000000 | 2423627012 | 75 | 25 | 2 | 1 | 3 | 1 | |||||||||||||||||||||
HIG | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2015 | Special Situations Manager 4 | SS 04 | 1100000000 | 60000000 | 60000000 | 1737472771 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 2016 | Buy-out Manager 12 | BO 12 | 2200000000 | 50000000 | 20000000 | 1172567574 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 2015 | Buy-out Manager 8 | BO 08 | 1939000000 | 50000000 | 47000000 | 3345429620 | 60 | 40 | 1 | 1 | 4 | 2 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 2014 | Buy-out Manager 4 | BO 04 | 309000000 | Voting | 50000000 | 50000000 | 5898813765 | 85 | 15 | 2 | 0 | 9 | 2 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 2014 | Special Situations Manager 1 | SS 01 | 3500000000 | 75000000 | 75000000 | 4920669401 | 60 | 40 | 2 | 1 | 5 | 4 | ||||||||||||||||||||||
BlackstoneGSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 2 | SS 02 | 6000000000 | 75000000 | 75000000 | 32285251 | 80 | 20 | 3 | 1 | 5 | 1 | ||||||||||||||||||||||
BlackstoneGSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 8 | SS 08 | 2000000000 | 18750000 | 18750000 | 4806212 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 2016 | GrowthVenture Manager 7 | GE 07 | 500000000 | 35000000 | 30000000 | 2644022252 | 100 | 0 | 1 | 0 | 5 | 0 | ||||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 2017 | GrowthVenture Manager 4 | GE 04 | 867000000 | Voting | 50000000 | 46000000 | 3124897116 | 75 | 25 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 2017 | Buy-out Manager 10 | BO 10 | 601000000 | 50000000 | 40000000 | 1161163584 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 2016 | Buy-out Manager 11 | BO 11 | 895000000 | Observer | 50000000 | 35000000 | 1953918849 | 75 | 25 | 1 | 0 | 3 | 1 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 2015 | GrowthVenture Manager 6 | GE 06 | 246000000 | Voting | 40000000 | 40000000 | 2383332060 | 100 | 0 | 2 | 0 | 4 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 2016 | GrowthVenture Manager 2 | GE 02 | 640000000 | Voting | 60000000 | 60000000 | 6665235799 | 100 | 0 | 3 | 0 | 12 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 2014 | GrowthVenture Manager 3 | GE 03 | 280000000 | Voting | 50000000 | 50000000 | 4620914142 | 90 | 10 | 2 | 0 | 7 | 1 | |||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 14 | BO 14 | 240000000 | 12500000 | 12500000 | 4140390 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 5 | BO 05 | 1000000000 | 50000000 | 50000000 | 11187778 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 2018 | Buy-out Manager 1 | BO 01 | 500000000 | Voting | 70000000 | 58000000 | 12317286 | 100 | 0 | 3 | 0 | 2 | 0 | |||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 2018 | Buy-out Manager 7 | BO 07 | 535000000 | Voting | 50000000 | 50000000 | - 0 | 80 | 20 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 2018 | Buy-out Manager 6 | BO 06 | 5250000000 | 75000000 | 50000000 | 498579807 | 75 | 25 | 2 | 1 | 1 | 0 | ||||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 2018 | Special Situations Manager 7 | SS 07 | 615000000 | Voting | 50000000 | 40000000 | - 0 | 80 | 20 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 2018 | Buy-out Manager 2 | BO 02 | 2500000000 | 60000000 | 57000000 | 946658473 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 2017 | Buy-out Manager 13 | BO 13 | 750000000 | 15000000 | 14250000 | 525048862 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 2017 | Buy-out Manager 9 | BO 09 | 964000000 | 50000000 | 45000000 | 1318074623 | 90 | 10 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 2018 | GrowthVenture Manager 1 | GE 01 | 1322000000 | Voting | 70000000 | 70000000 | 1547348223 | 100 | 0 | 3 | 0 | 3 | 0 | |||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 2018 | Buy-out Manager 15 | BO 15 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 2018 | GrowthVenture Manager 5 | GE 05 | 750000000 | 45000000 | 45000000 | 439426166 | 90 | 10 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 2018 | Buy-out Manager 16 | BO 16 | 1115000000 | 300000000 | 300000000 | 1872700007 | 60 | 40 | 8 | 5 | 2 | 1 | ||||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 2019 | GrowthVenture Manager 8 | GE 08 | 700000000 | Voting | 50000000 | 40000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 2017 | Buy-out Manager 3 | BO 03 | 5000000000 | 55000000 | 55000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 2019 | Buy-out Manager 17 | BO 17 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 6 | SS 06 | 3000000000 | 50000000 | 25000000 | - 0 | 60 | 40 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 5 | SS 05 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 2014 | GrowthVenture Manager 3 | GE 03 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | GE 09 | 2000000000 | Voting | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | GE 10 | 200000000 | 100000000 | 100000000 | - 0 | 90 | 10 | 4 | 0 | 0 | 0 | ||||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | BO 18 | 1000000000 | Voting | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | BO 19 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | Buy-out Manager 8 | BO 20 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | BO 21 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | |||||||||||||||||||||||
BlackstoneBAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | SS 07 | 4000000000 | Voting | 65000000 | 65000000 | - 0 | 80 | 20 | 2 | 1 | 0 | 0 | |||||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
2800000000 | |||||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||
TMRS (AUM) | $ 27589122062 | ltltltlt | As of 12312018 | |||||
PE Target () | 500 | |||||||
PE Target ($) | $ 1379456103 | |||||||
PE Commitments ($) | $ 2280100000 | |||||||
PE NAV ($) | $ 556735918 | ltltltlt | As of 12312018 | |||||
PE NAV () | 202 | |||||||
Un-Allocated () | -6529 | |||||||
Instructions by Sheet Name | ||||
Notes | Light blue-filled cells are hard-coded (not formula-driven) | |||
The green-colored tabs are the only ones to be updated right now | ||||
The red-colored tab does not need to be updated (still under construction) | ||||
Portfolio | ||||
1) | Input new Fund commitment into the next open row | |||
2) | Confirm and input the details for the row of the new Fund in columns A through G | |||
3) | Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I | |||
4) | Copy paste the formulas used in columns J and K for the row of the new Fund | |||
Manager | ||||
1) | If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated | |||
2) | Input the name of the Manager for the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Manager | |||
4) | Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option | |||
Fund | ||||
1) | Insert a row above the one beginning with UA (Un-Allocated) | |||
2) | Input the Short Name of the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Fund | |||
4) | Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option |
2017 | 2018E | 2019E | 2020E | 2021E | 2022E | 2023E | 2024E | 2025E | |||||||||||||||||||
TMRS | $ 2902900 | $ 2919823 | $ 3087217 | $ 3267756 | $ 3452622 | $ 3642195 | $ 3836795 | $ 4036443 | $ 4241598 | ||||||||||||||||||
Target PE NAV | $ 145145 | $ 145991 | $ 154361 | $ 163388 | $ 172631 | $ 182110 | $ 191840 | $ 201822 | $ 212080 | ||||||||||||||||||
Distributions | $ (2500) | $ (7500) | $ (12500) | $ (20000) | ($317) | $ (39500) | $ (55875) | $ (70000) | $ (78750) | ||||||||||||||||||
Actual PE NAV | $ 27150 | $ 50000 | $ 85155 | $ 121441 | $ 153869 | $ 185360 | $ 207001 | $ 219790 | $ 227778 | ||||||||||||||||||
Original Model | $ 48953 | $ 79299 | $ 114980 | $ 149403 | $ 173865 | 18809585710464 | 19589592210062 | 19963999392119 | 20177719328292 | ||||||||||||||||||
Annual Commitment | $317 | $395 | $447 | $500 | $525 | $550 | $575 | $600 | $635 | $660 | $675 | ||||||||||||||||
308 | 342 | 340 | 337 | 333 | 329 | 331 | 327 | 318 | |||||||||||||||||||
Minus | |||||||||||||||||||||||||||
PE of Plan | 094 | 171 | 276 | 372 | 446 | 509 | 540 | 545 | 537 | ||||||||||||||||||
Plus | 169 | 272 | 372 | 457 | 504 | 516 | 511 | 495 | 476 | ||||||||||||||||||
Target of Plan | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | |||||||||||||||||
PE | 1270 | (27816) | (26088) | (33449) | (40730) | (48008) | (55583) | (63050) | (70395) | (78032) | (86213) | (93803) | |||||||||||||||
2017 | 2018E | 2019E | 2020E | 2021E | 2022E | 2023E | 2024E | 2025E | 2026E | 2027E | |||||||||||||||||
TMRS | $ 2902900 | $ 2758912 | $ 2915445 | $ 3084389 | $ 3256878 | $ 3433238 | $ 3613733 | $ 3798325 | $ 3987407 | $ 4181410 | $ 4380356 | ||||||||||||||||
Target PE NAV | $ 145145 | $ 137946 | $ 145772 | $ 154219 | $ 162844 | $ 171662 | $ 180687 | $ 189916 | $ 199370 | $ 209070 | $ 219018 | ||||||||||||||||
Distributions | $ (2500) | $ (7500) | $ (12500) | $ (20000) | ($317) | $ (39500) | $ (55875) | $ (70000) | $ (78750) | $ (78750) | $ (78750) | ||||||||||||||||
Private Equity NAV | $ 27150 | $ 52500 | $ 88130 | $ 124558 | $ 156255 | $ 186019 | $ 205151 | $ 214646 | $ 219075 | $ 226354 | $ 236280 | ||||||||||||||||
Original Model | $ 48953 | $ 79299 | $ 114980 | $ 149403 | $ 173865 | 18809585710464 | 19589592210062 | 19963999392119 | 20177719328292 | ||||||||||||||||||
Annual Commitment | $317 | $395 | $447 | $500 | $525 | $525 | $525 | $550 | $600 | $625 | $650 | $650 | $650 | ||||||||||||||
308 | 362 | 360 | 340 | 322 | 320 | 332 | 329 | 326 | 311 | 297 | |||||||||||||||||
Minus | |||||||||||||||||||||||||||
PE of Plan | 094 | 190 | 302 | 404 | 480 | 542 | 568 | 565 | 549 | 541 | 539 | ||||||||||||||||
Plus | 169 | 287 | 394 | 484 | 534 | 548 | 542 | 526 | 506 | ||||||||||||||||||
Target of Plan | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | |||||||||||||||
PE | 1300 | (27816) | (26088) | (33449) | (40730) | (48008) | (55583) | (63050) | (70395) | (78032) | (86213) | (93803) | |||||||||||||||
2017 | 2018E | 2019E | 2020E | 2021E | 2022E | 2023E | 2024E | 2025E | |||||||||||||||
TMRS | $ 2902900 | $ 2880000 | $ 2995200 | $ 3115008 | $ 3239608 | $ 3369193 | $ 3503960 | $ 3644119 | $ 3789884 | ||||||||||||||
Target PE NAV | $ 145145 | $ 144000 | $ 149760 | $ 155750 | $ 161980 | $ 168460 | $ 175198 | $ 182206 | $ 189494 | ||||||||||||||
Distributions | $ (2500) | $ (7500) | $ (12500) | $ (20000) | ($317) | $ (39500) | $ (55875) | $ (70000) | $ (78750) | ||||||||||||||
Actual PE NAV | $ 27150 | $ 55047 | $ 89632 | $ 124514 | $ 151718 | $ 176598 | $ 193241 | $ 200031 | $ 201110 | ||||||||||||||
Original Model | $ 48953 | $ 79299 | $ 114980 | $ 149403 | $ 173865 | 18809585710464 | 19589592210062 | 19963999392119 | 20177719328292 | ||||||||||||||
Annual Commitment | $317 | $395 | $447 | $500 | $525 | $550 | $575 | $600 | $635 | $660 | $675 | ||||||||||||
308 | 347 | 351 | 353 | 355 | 356 | 362 | 362 | 356 | |||||||||||||||
Minus | |||||||||||||||||||||||
PE of Plan | 094 | 191 | 299 | 400 | 468 | 524 | 551 | 549 | 531 | ||||||||||||||
Plus | 169 | 275 | 384 | 480 | 537 | 558 | 559 | 548 | 532 | ||||||||||||||
Target of Plan | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | ||||||||||||||
PE | 1050 | ||||||||||||||||||||||
2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | |||||||||||||||
Beginning NAV | 14609962 | 16305676 | 17992494 | 18571294 | 20490599 | 22468634 | 23727478 | 236518112346 | 250933184929355 | 265684014912086 | 280726295918652 | 296006880893161 | 31146271535345 | ||||||||||||||
Costs (other cash flow) | 18114 | 4981 | -3285 | -16664 | 10734 | 8346 | |||||||||||||||||||||
Actual Income | 610171 | 494700 | 424402 | 341039 | 293242 | 304804 | |||||||||||||||||||||
Actual Capital Gains | 873137 | 1001628 | 10363 | 1522241 | 1681646 | 98054 | 16609 | ||||||||||||||||||||
Actual Cash flow | 194292 | 185509 | 14732 | 72689 | -7587 | -34846 | -92276 | ||||||||||||||||||||
Candace cash flow estimate | -15499 | -218716 | -289139 | -366844 | -452463 | -546679 | |||||||||||||||||||||
Estimated Income | 471582 | 534601 | 613836 | 704314 | 805849 | 896763 | |||||||||||||||||||||
Estimated Capital Gains (Actuarial Return - Income) | 1124916 | 1159198 | 1179531 | 1190588 | 1192197 | 1205610 | |||||||||||||||||||||
Ending NAV | 16305676 | 17992494 | 18571294 | 20490599 | 22468634 | 23727478 | 23651811 | 25093318 | 265684014912086 | 280726295918652 | 296006880893161 | 31146271535345 | 327019658639808 | ||||||||||||||
Yield | 418 | 303 | 236 | 184 | 143 | 136 | 135 | 20 | 21 | 23 | 25 | 27 | 29 | ||||||||||||||
Allocation | |||||||||||||||||||||||||||
Core | 318 | 250 | 193 | 163 | 133 | 99 | |||||||||||||||||||||
Liquid credit | 66 | 80 | 100 | 110 | 125 | 149 | |||||||||||||||||||||
Direct Lending | 00 | 10 | 20 | 30 | 40 | 50 | |||||||||||||||||||||
US Equity | 267 | 250 | 230 | 205 | 185 | 175 | |||||||||||||||||||||
Intl Equity | 162 | 167 | 175 | 175 | 175 | 175 | |||||||||||||||||||||
Real Return | 41 | 65 | 75 | 90 | 100 | 100 | |||||||||||||||||||||
Real Estate | 62 | 75 | 85 | 95 | 100 | 100 | |||||||||||||||||||||
HF | 81 | 90 | 100 | 100 | 100 | 100 | |||||||||||||||||||||
PE | 00 | 10 | 20 | 30 | 40 | 50 | |||||||||||||||||||||
Cash | 03 | 03 | 02 | 02 | 02 | 02 | |||||||||||||||||||||
1000 | 1000 | 1000 | 1000 | 1000 | 1000 | ||||||||||||||||||||||
Yield | |||||||||||||||||||||||||||
Core | 18 | 18 | 18 | 18 | 18 | 18 | |||||||||||||||||||||
Liquid credit | 45 | 45 | 45 | 45 | 45 | 45 | |||||||||||||||||||||
Direct Lending | 80 | 80 | 80 | 80 | 80 | 80 | |||||||||||||||||||||
US Equity | 20 | 20 | 20 | 20 | 20 | 20 | |||||||||||||||||||||
Intl Equity | 16 | 16 | 16 | 16 | 16 | 16 | |||||||||||||||||||||
Real Return | 05 | 15 | 25 | 35 | 45 | 50 | |||||||||||||||||||||
Real Estate | 50 | 50 | 50 | 50 | 50 | 50 | |||||||||||||||||||||
HF | 00 | 00 | 00 | 00 | 00 | 00 | |||||||||||||||||||||
PE | 00 | 00 | 00 | 00 | 00 | 00 | |||||||||||||||||||||
Cash | 03 | 03 | 03 | 03 | 03 | 03 | |||||||||||||||||||||
SUMMED | |||||||||||||||||||||||||||
Yield | 0572400 | 05 | 03 | 03 | 02 | 02 | |||||||||||||||||||||
Core | 03 | 04 | 05 | 05 | 06 | 07 | |||||||||||||||||||||
Liquid credit | 00 | 01 | 02 | 02 | 03 | 04 | |||||||||||||||||||||
Direct Lending | 05 | 05 | 05 | 04 | 04 | 04 | |||||||||||||||||||||
US Equity | 03 | 03 | 03 | 03 | 03 | 03 | |||||||||||||||||||||
Intl Equity | 00 | 01 | 02 | 03 | 05 | 05 | |||||||||||||||||||||
Real Return | 03 | 04 | 04 | 05 | 05 | 05 | |||||||||||||||||||||
Real Estate | 00 | 00 | 00 | 00 | 00 | 00 | |||||||||||||||||||||
HF | 00 | 00 | 00 | 00 | 00 | 00 | |||||||||||||||||||||
PE | 00 | 00 | 00 | 00 | 00 | 00 | |||||||||||||||||||||
Cash | 00 | 00 | 00 | 00 | 00 | 00 | |||||||||||||||||||||
TOTAL | 20 | 21 | 23 | 25 | 27 | 29 |
2015 | 2016E | 2017E | 2018E | 2019E | 2020E | 2021E | 2022E | 2023E | 2024E | 2025E | |||||||||||||
TMRS | $ 2365181 | $ 2503739 | $ 2656840 | $ 2807263 | $ 2960069 | $ 3114627 | $ 3270197 | $ 3416053 | $ 3567084 | $ 3718115 | $ 3869146 | ||||||||||||
Target PE NAV | $ 117986 | $ 125187 | $ 132842 | $ 140363 | $ 148003 | $ 155731 | $ 163510 | $ 170803 | $ 178354 | $ 185906 | $ 193457 | ||||||||||||
Distributions | $ - 0 | $ (500) | $ (2500) | $ (7500) | $ (12500) | $ (20000) | ($317) | $ (45000) | $ (56250) | $ (63000) | $ (67500) | ||||||||||||
Actual PE NAV | $ 1739 | $ 22500 | $ 48953 | $ 79299 | $ 114980 | $ 149403 | $ 173865 | $ 188096 | $ 195896 | $ 199640 | $ 201777 | ||||||||||||
Annual Commitment | $317 | $450 | $450 | $450 | $450 | $475 | $475 | $475 | $500 | $550 | $600 | ||||||||||||
Minus | |||||||||||||||||||||||
Actual of Plan | 007 | 090 | 184 | 282 | 388 | 480 | 532 | 551 | 549 | 537 | 522 | ||||||||||||
Plus | |||||||||||||||||||||||
Target of Plan | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | ||||||||||||
PE | 1050 | ||||||||||||||||||||||
Section I
3
4
Summary of Recommendation
Recommended ManagerFund Strategy Classification Target ReturnRecommended
Amount
Northlane Capital Partners II LP (ldquoNorthlane IIrdquo) Buy-Out 20 Net IRR $60 million
Total Approximate Recommended InvestmentsCommitments $60 million
Manager RecommendationExecutive Summary
Section II
5
$52500
$88130
$124558
$156255
$186019
$205151 $214646 $219075
$226354 $236280
$500 $525 $525 $525 $550 $600 $625 $650 $650 $650 0
2
4
6
8
10
12
14
16
$-
$200
$400
$600
$800
$1000
$1200
$1400
$1600
$1800
$2000
$2200
$2400
$2600
2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E
o
f Tot
al P
lan
Valu
e
Valu
e in
US$
(Mill
ions
)2018 Staff Pacing Model
Private Equity NAV Annual Commitment PE of Plan Target of Plan
6
Annual pacing plans are developed in the context of multiple year investment horizons This is necessary because private capital investments
deploy and return capital over time rather than all at once
2018 Staff Pacing Model
Private Equity NAV2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E52588131245578999999999715625542699999994186018632509999912051510547362998821464569185201885219074631792781292263543339258428223628039733620235Annual Commitment2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E500525525525550600625650650650PE of Plan 2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E1902923909023305E-230228659416296488E-240383332851056143E-247977055046536397E-254181684662894122E-256769838241507123E-256510611085906756E-254941634339036198E-254133496602978719E-253940914226060045E-2Target of Plan2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E005005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
Staff Pacing Model
Actual PE NAV20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E173922548952499999999998792985124999999931149798563124999914940274122531248173865029053970281880958571046371619589592210062406199639993921189582017771932829145Annual Commitment20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E317450450450450475475475500550600Actual of Plan
20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E73525024479141545E-489865597013107194E-318425082900150446E-228247625410545363E-238843643082067419E-247968098221891305E-25316653738100563E-255062328145578938E-254917658487389574E-253693868450405698E-252150314794368831E-2Target of Plan005005005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
Staff Pacing Model
Actual PE NAV20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E173922548952499999999998792985124999999931149798563124999914940274122531248173865029053970281880958571046371619589592210062406199639993921189582017771932829145Annual Commitment20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E317450450450450475475475500550600Actual of Plan
20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E73525024479141545E-489865597013107194E-318425082900150446E-228247625410545363E-238843643082067419E-247968098221891305E-25316653738100563E-255062328145578938E-254917658487389574E-253693868450405698E-252150314794368831E-2Target of Plan005005005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
2017 Staff Pacing Model
Actual PE NAV20172018E2019E2020E2021E2022E2023E2024E2025E27155504674999999999789631658749999997124513982918751517179511252187517659833599336671193241161272670212000314832063005720110978894296213Annual Commitment20172018E2019E2020E2021E2022E2023E2024E2025E447500525550575600635660675PE of Plan 20172018E2019E2020E2021E2022E2023E2024E2025E93527162492679731E-319113454861111111E-229925099742922009E-239972283512193223E-246832189616434469E-252415624213890809E-255149357149883012E-254891592632390636E-253064899662175077E-2Original Model16863309104688414E-227534205729166664E-238388039634248125E-247962233556161804E-253668533933747355E-255828169086240366E-255907002943792104E-254784162191872952E-253241001206111943E-2Target of Plan20172018E2019E2020E2021E2022E2023E2024E2025E005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
2017 Staff Pacing Model
Actual PE NAV20172018E2019E2020E2021E2022E2023E2024E2025E27155504674999999999789631658749999997124513982918751517179511252187517659833599336671193241161272670212000314832063005720110978894296213Annual Commitment20172018E2019E2020E2021E2022E2023E2024E2025E447500525550575600635660675PE of Plan 20172018E2019E2020E2021E2022E2023E2024E2025E93527162492679731E-319113454861111111E-229925099742922009E-239972283512193223E-246832189616434469E-252415624213890809E-255149357149883012E-254891592632390636E-253064899662175077E-2Original Model16863309104688414E-227534205729166664E-238388039634248125E-247962233556161804E-253668533933747355E-255828169086240366E-255907002943792104E-254784162191872952E-253241001206111943E-2Target of Plan20172018E2019E2020E2021E2022E2023E2024E2025E005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
2018 Staff Pacing Model
Private Equity NAV2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E52588131245578999999999715625542699999994186018632509999912051510547362998821464569185201885219074631792781292263543339258428223628039733620235Annual Commitment2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E500525525525550600625650650650PE of Plan 2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E1902923909023305E-230228659416296488E-240383332851056143E-247977055046536397E-254181684662894122E-256769838241507123E-256510611085906756E-254941634339036198E-254133496602978719E-253940914226060045E-2Target of Plan2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E005005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
2018 Staff Pacing Model
Private Equity NAV20172018E2019E2020E2021E2022E2023E2024E2025E27155258813124557899999999971562554269999999418601863250999991205151054736299882146456918520188521907463179278129Annual Commitment20172018E2019E2020E2021E2022E2023E2024E2025E447500525525525550600625650PE of Plan 20172018E2019E2020E2021E2022E2023E2024E2025E93527162492679731E-31902923909023305E-230228659416296488E-240383332851056143E-247977055046536397E-254181684662894122E-256769838241507123E-256510611085906756E-254941634339036198E-2Original Model16863309104688414E-228742673406901599E-239438181279987182E-248438361820181644E-25338395107128014E-254786718290128177E-254208738161829868E-252560002282510392E-250603617044044313E-2Target of Plan20172018E2019E2020E2021E2022E2023E2024E2025E005005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
0
10
20
30
40
50
60
70
80
90
100
Beg Year Q1 Q2 Q3 End Year
o
f Pa
cing
Pla
n Ut
ilize
d
2019 Private Equity Pacing Plan Progress
Buy-out GrowthVenture Special Situations Unallocated
7
MarchSearchlight III ($50mm)
February PSG IV ($50mm)
FGN 2018 Partner ($33mm)Reverence II ($50mm)
Arcline I ($50mm)
Search processes are approved in annual amounts Progress will be made throughout the year as opposed to all at once
The 2019 Private Equity search process has
culminated in ~$368 million of
closed andor recommended
investments in line with the $525 mm
primary pacing model goal for the
year2018
HIG SPF ($75mm)
JuneNorthlane II ($60mm)
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082172551941443706017827448058556272
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
2018 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977
of Pacing Plan Utilized
Section III
8
526
266
208
Private Equity Strategy Diversification by Commitment
Buy-out (40 to75)
GrowthVenture(10 to 40)
Special Situations(5 to 35)
9
Synthesize AnalysisDiversification Analysis
Strategy considerations
2015 Overweight special situations early for J-Curve mitigation efficiency of capital deployment and tactical opportunities
2016 Focus on growth opportunity set and continue to add buy-out exposure
2017 Round out buy-out portfolio and opportunistically add to growth and credit
2018 Steady state on pacing selectively adding new relationships and European exposure
2019 Steady state on pacing selectively adding new relationships and Venture and European exposure
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082172551941443706017827448058556272
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
2018 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977
of Pacing Plan Utilized
10
Synthesize AnalysisDiversification Analysis
The overall goal remains identifying top quartile performers to partner with
Position sizing considerations
Continue to reduce the unallocated portion of the private equity portfolio while sensibly balancing the trade-off between diversification and concentration
Areas of focus are enhancing manager diversification and building strategic relationships where possibleappropriate
Private Equity Manager Diversification by Commitment BO 1 BO 2
BO 3 BO 4BO 5 BO 6BO 7 BO 8BO 9 BO 10BO 11 BO 12BO 13 BO 14BO 15 BO 16BO 17 GE 1GE 2 GE 3GE 4 GE 5GE 6 SS 1SS 2 SS 3SS 4 SS 5SS 6
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082172551941443706017827448058556272
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
2018 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977
of Pacing Plan Utilized
11
Synthesize AnalysisDiversification Analysis
TMRS is focused on taking a measured approach to global geographic diversification
The Target Portfolio keeps a conservative stance on international exposure
780
220
Private Equity Geographic Diversification by Commitment
USA
International
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082172551941443706017827448058556272
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
2018 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977
of Pacing Plan Utilized
Section IV
12
13
Top Candidate Characteristics ndash Northlane II $60 million Recommendation
Northlane Capital Partners
Date of First TMRS Meeting5102018
Dates of Subsequent Meetings892018312019
5162019
Dates of Diligence AdvancementlsquoBrsquo Rating ndash 312019
lsquoArsquo Rating ndash 5162019
Reference ChecksYes
Date of Consultant IDD ReportSeptember 2018
Date of Consultant Board MemoJune 2019
Legal Negotiation InitiatedMay 2019
Comparable Strategies Reviewed18 (Business Services Buy-Out)
16 (Healthcare Buy-Out)
Northlane Capital Partners LLC (ldquoNorthlanerdquo)is a Washington DC-based buyout firmfounded in 2017 that focuses on acquiringlower-middle market companies in thebusiness services and healthcare sectorsThese target companies will be profitablemarket leaders within their niches typicallygenerating up to $30 million of EBITDA whileproviding critical outsourced services to theircustomers Northlane Capital Partners II LP(Northlane II) is targeting $375 million tobuild a portfolio of 10 to 12 businessesrequiring equity investments of up to $75million continuing to employ the prior fundrsquosstrategy that was developed during thefoundersrsquo tenure at American Capital
Section V
14
15
Approval of Recommendation
TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the selection of the following fund
Recommendations
bull Northlane Capital Partners II LP $60 million
16
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1390 | 2298 | |||||||
2016 | 394750000 | 1731 | 2862 | |||||||
2017 | 436750000 | 1915 | 3166 | |||||||
2018 | 481600000 | 2112 | 3491 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 7149 | 11817 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 780 | 822 | 1289 | |||||
International | 220 | 178 | 364 | |||||
Un-Allocated | -653 | |||||||
Total | 1000 | 1000 | 1000 | |||||
Strategy | Commitments | NAV | of Commitments to Date | of NAV to Date | of Target PE Allocation | ||||||||
BO | Buy-out (40 to 75) | 1200350000 | 214575006 | 526 | 385 | 870 | |||||||
GE | GrowthVenture (10 to 40) | 606000000 | 214251758 | 266 | 385 | 439 | |||||||
SS | Special Situations (5 to 35) | 473750000 | 127909154 | 208 | 230 | 343 | |||||||
Un-Allocated | -653 | ||||||||||||
Total | 2280100000 | 556735918 | 1000 | 1000 | 1000 | ||||||||
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 0 | 55 | 1216 | 60 | 0 | ||||||
GrowthVenture | 0 | 55 | 0 | 40 | 75 | ||||||
Special Situations | 0 | 75 | 0 | 0 | 0 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 0 | 55 | 1766 | 2366 | 2366 | ||||||
GrowthVenture | 0 | 55 | 55 | 95 | 170 | ||||||
Special Situations | 0 | 75 | 75 | 75 | 75 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 600 | 00 | 00 | ||||||
GrowthVenture | 00 | 833 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 650 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 2850 | ||||||
GrowthVenture | 0 | 833 | 833 | 833 | 833 | ||||||
Special Situations | 0 | 00 | 650 | 650 | 650 | ||||||
Unallocated | 450 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 |
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | 58000000 | 254 | 420 | |||||
BO 02 | 57000000 | 250 | 413 | |||||
BO 03 | 55000000 | 241 | 399 | |||||
BO 04 | 50000000 | 219 | 362 | |||||
BO 05 | 50000000 | 219 | 362 | |||||
BO 06 | 50000000 | 219 | 362 | |||||
BO 07 | 50000000 | 219 | 362 | |||||
BO 08 | 47000000 | 206 | 341 | |||||
BO 09 | 45000000 | 197 | 326 | |||||
BO 10 | 40000000 | 175 | 290 | |||||
BO 11 | 35000000 | 154 | 254 | |||||
BO 12 | 20000000 | 088 | 145 | |||||
BO 13 | 14250000 | 062 | 103 | |||||
BO 14 | 12500000 | 055 | 091 | |||||
BO 15 | 46600000 | 204 | 338 | |||||
BO 16 | 300000000 | 1316 | 2175 | |||||
BO 17 | 60000000 | 263 | 435 | |||||
BO 18 | 50000000 | 219 | 362 | |||||
BO 19 | 50000000 | 219 | 362 | |||||
BO 20 | 50000000 | 219 | 362 | |||||
GE 01 | 70000000 | 307 | 507 | |||||
GE 02 | 60000000 | 263 | 435 | |||||
GE 03 | 125000000 | 548 | 906 | |||||
GE 04 | 46000000 | 202 | 333 | |||||
GE 05 | 45000000 | 197 | 326 | |||||
GE 06 | 40000000 | 175 | 290 | |||||
GE 07 | 30000000 | 132 | 217 | |||||
GE 08 | 40000000 | 175 | 290 | |||||
GE 09 | 50000000 | 219 | 362 | |||||
GE 10 | 100000000 | 439 | 725 | |||||
SS 01 | 75000000 | 329 | 544 | |||||
SS 02 | 75000000 | 329 | 544 | |||||
SS 03 | 65000000 | 285 | 471 | |||||
SS 04 | 60000000 | 263 | 435 | |||||
SS 05 | 50000000 | 219 | 362 | |||||
SS 06 | 25000000 | 110 | 181 | |||||
SS 07 | 105000000 | 461 | 761 | |||||
SS 08 | 18750000 | 082 | 136 | |||||
UA | -6529 | |||||||
Total | 2220100000 | 9737 | 9565 | |||||
CHECK | CHECK | CHECK |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | $18727000 | BO 1 | BO | 132 | 217 | |||||||||||
Tritium | Buy-out | $110000000 | $58988138 | BO 2 | BO | 48 | 80 | ||||||||||||
Searchlight | Buy-out | $97000000 | $33454296 | BO 3 | BO | 43 | 70 | ||||||||||||
Marlin | Buy-out | $71250000 | $14717073 | BO 4 | BO | 31 | 52 | ||||||||||||
Altaris | Buy-out | $62500000 | $15328169 | BO 5 | BO | 27 | 45 | ||||||||||||
Northlane | Buy-out | $60000000 | BO 6 | BO | 26 | 43 | |||||||||||||
Capital Partners | Buy-out | $58000000 | $12317286 | BO 7 | BO | 25 | 42 | ||||||||||||
Providence | Buy-out | $55000000 | $0 | BO 8 | BO | 24 | 40 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $0 | BO 9 | BO | 22 | 36 | ||||||||||||
GTCR | Buy-out | $50000000 | $4985798 | BO 10 | BO | 22 | 36 | ||||||||||||
Reverence | Buy-out | $50000000 | $0 | BO 11 | BO | 22 | 36 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 22 | 36 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 34 | ||||||||||||
One Rock | Buy-out | $45000000 | $13180746 | BO 14 | BO | 20 | 33 | ||||||||||||
Incline | Buy-out | $40000000 | $11611636 | BO 15 | BO | 18 | 29 | ||||||||||||
Kainos | Buy-out | $35000000 | $19539188 | BO 16 | BO | 15 | 25 | ||||||||||||
Harvest | Buy-out | $20000000 | $11725676 | BO 17 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $82125840 | GE 1 | GE | 79 | 130 | ||||||||||||
Foundry | Venture Growth | $175000000 | $30834484 | GE 2 | GE | 77 | 127 | ||||||||||||
Updata | Venture Growth | $125000000 | $46209141 | GE 3 | GE | 55 | 91 | ||||||||||||
Main Post | Venture Growth | $40000000 | $0 | GE 4 | GE | 18 | 29 | ||||||||||||
FTV | Venture Growth | $46000000 | $31248971 | GE 5 | GE | 20 | 33 | ||||||||||||
Mercato | Venture Growth | $40000000 | $23833321 | GE 6 | GE | 18 | 29 | ||||||||||||
TSSP | Special Situations | $150000000 | $49206694 | SS 1 | SS | 66 | 109 | ||||||||||||
BlackstoneGSO | Special Situations | $93750000 | $37091463 | SS 2 | SS | 41 | 68 | ||||||||||||
BlackstoneBAAM | Special Situations | $65000000 | SS 3 | SS | 29 | 47 | |||||||||||||
Carlyle | Special Situations | $65000000 | $24236270 | SS 4 | SS | 29 | 47 | ||||||||||||
HIG | Special Situations | $60000000 | $17374728 | SS 5 | SS | 26 | 43 | ||||||||||||
LightBay | Special Situations | $40000000 | $0 | SS 6 | SS | 18 | 29 | ||||||||||||
Total | $2280100000 | $556735918 | 10000 | 16529 | |||||||||||||||
CHECK | |||||||||||||||||||
Altaris | |||||||||||||||||||
Arcline | |||||||||||||||||||
BlackstoneGSO | |||||||||||||||||||
Capital Partners | |||||||||||||||||||
CapVest | |||||||||||||||||||
Carlyle | |||||||||||||||||||
Dunes Point | |||||||||||||||||||
Foundry | |||||||||||||||||||
FTV | |||||||||||||||||||
GTCR | |||||||||||||||||||
HIG | |||||||||||||||||||
Harvest | |||||||||||||||||||
Incline | |||||||||||||||||||
Kainos | |||||||||||||||||||
LightBay | |||||||||||||||||||
Main Post | |||||||||||||||||||
Marlin | |||||||||||||||||||
Mercato | |||||||||||||||||||
One Rock | |||||||||||||||||||
Providence | |||||||||||||||||||
Reverence | |||||||||||||||||||
Searchlight | |||||||||||||||||||
Tritium | |||||||||||||||||||
TSSP | |||||||||||||||||||
Updata |
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Vintage Year | Report Name | Short Name | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | State Street NAV ($) | US Fund Div ( of Fund) | Intl Fund Div ( of Fund) | US Fund Div ( of Total Commits) | Intl Fund Div ( of Total Commits) | US Fund Div ( of Total NAV | Intl Fund Div ( of Total NAV | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 2015 | Special Situations Manager 3 | SS 03 | 2819243965 | Voting | 65000000 | 65000000 | 2423627012 | 75 | 25 | 2 | 1 | 3 | 1 | |||||||||||||||||||||
HIG | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2015 | Special Situations Manager 4 | SS 04 | 1100000000 | 60000000 | 60000000 | 1737472771 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 2016 | Buy-out Manager 12 | BO 12 | 2200000000 | 50000000 | 20000000 | 1172567574 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 2015 | Buy-out Manager 8 | BO 08 | 1939000000 | 50000000 | 47000000 | 3345429620 | 60 | 40 | 1 | 1 | 4 | 2 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 2014 | Buy-out Manager 4 | BO 04 | 309000000 | Voting | 50000000 | 50000000 | 5898813765 | 85 | 15 | 2 | 0 | 9 | 2 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 2014 | Special Situations Manager 1 | SS 01 | 3500000000 | 75000000 | 75000000 | 4920669401 | 60 | 40 | 2 | 1 | 5 | 4 | ||||||||||||||||||||||
BlackstoneGSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 2 | SS 02 | 6000000000 | 75000000 | 75000000 | 32285251 | 80 | 20 | 3 | 1 | 5 | 1 | ||||||||||||||||||||||
BlackstoneGSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 8 | SS 08 | 2000000000 | 18750000 | 18750000 | 4806212 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 2016 | GrowthVenture Manager 7 | GE 07 | 500000000 | 35000000 | 30000000 | 2644022252 | 100 | 0 | 1 | 0 | 5 | 0 | ||||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 2017 | GrowthVenture Manager 4 | GE 04 | 867000000 | Voting | 50000000 | 46000000 | 3124897116 | 75 | 25 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 2017 | Buy-out Manager 10 | BO 10 | 601000000 | 50000000 | 40000000 | 1161163584 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 2016 | Buy-out Manager 11 | BO 11 | 895000000 | Observer | 50000000 | 35000000 | 1953918849 | 75 | 25 | 1 | 0 | 3 | 1 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 2015 | GrowthVenture Manager 6 | GE 06 | 246000000 | Voting | 40000000 | 40000000 | 2383332060 | 100 | 0 | 2 | 0 | 4 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 2016 | GrowthVenture Manager 2 | GE 02 | 640000000 | Voting | 60000000 | 60000000 | 6665235799 | 100 | 0 | 3 | 0 | 12 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 2014 | GrowthVenture Manager 3 | GE 03 | 280000000 | Voting | 50000000 | 50000000 | 4620914142 | 90 | 10 | 2 | 0 | 7 | 1 | |||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 14 | BO 14 | 240000000 | 12500000 | 12500000 | 4140390 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 5 | BO 05 | 1000000000 | 50000000 | 50000000 | 11187778 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 2018 | Buy-out Manager 1 | BO 01 | 500000000 | Voting | 70000000 | 58000000 | 12317286 | 100 | 0 | 3 | 0 | 2 | 0 | |||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 2018 | Buy-out Manager 7 | BO 07 | 535000000 | Voting | 50000000 | 50000000 | - 0 | 80 | 20 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 2018 | Buy-out Manager 6 | BO 06 | 5250000000 | 75000000 | 50000000 | 498579807 | 75 | 25 | 2 | 1 | 1 | 0 | ||||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 2018 | Special Situations Manager 7 | SS 07 | 615000000 | Voting | 50000000 | 40000000 | - 0 | 80 | 20 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 2018 | Buy-out Manager 2 | BO 02 | 2500000000 | 60000000 | 57000000 | 946658473 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 2017 | Buy-out Manager 13 | BO 13 | 750000000 | 15000000 | 14250000 | 525048862 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 2017 | Buy-out Manager 9 | BO 09 | 964000000 | 50000000 | 45000000 | 1318074623 | 90 | 10 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 2018 | GrowthVenture Manager 1 | GE 01 | 1322000000 | Voting | 70000000 | 70000000 | 1547348223 | 100 | 0 | 3 | 0 | 3 | 0 | |||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 2018 | Buy-out Manager 15 | BO 15 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 2018 | GrowthVenture Manager 5 | GE 05 | 750000000 | 45000000 | 45000000 | 439426166 | 90 | 10 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 2018 | Buy-out Manager 16 | BO 16 | 1115000000 | 300000000 | 300000000 | 1872700007 | 60 | 40 | 8 | 5 | 2 | 1 | ||||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 2019 | GrowthVenture Manager 8 | GE 08 | 700000000 | Voting | 50000000 | 40000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 2017 | Buy-out Manager 3 | BO 03 | 5000000000 | 55000000 | 55000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 2019 | Buy-out Manager 17 | BO 17 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 6 | SS 06 | 3000000000 | 50000000 | 25000000 | - 0 | 60 | 40 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 5 | SS 05 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 2014 | GrowthVenture Manager 3 | GE 03 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | GE 09 | 2000000000 | Voting | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | GE 10 | 200000000 | 100000000 | 100000000 | - 0 | 90 | 10 | 4 | 0 | 0 | 0 | ||||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | BO 18 | 1000000000 | Voting | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | BO 19 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | Buy-out Manager 8 | BO 20 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | BO 21 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | |||||||||||||||||||||||
BlackstoneBAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | SS 07 | 4000000000 | Voting | 65000000 | 65000000 | - 0 | 80 | 20 | 2 | 1 | 0 | 0 | |||||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
2800000000 | |||||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||
TMRS (AUM) | $ 27589122062 | ltltltlt | As of 12312018 | |||||
PE Target () | 500 | |||||||
PE Target ($) | $ 1379456103 | |||||||
PE Commitments ($) | $ 2280100000 | |||||||
PE NAV ($) | $ 556735918 | ltltltlt | As of 12312018 | |||||
PE NAV () | 202 | |||||||
Un-Allocated () | -6529 | |||||||
Instructions by Sheet Name | ||||
Notes | Light blue-filled cells are hard-coded (not formula-driven) | |||
The green-colored tabs are the only ones to be updated right now | ||||
The red-colored tab does not need to be updated (still under construction) | ||||
Portfolio | ||||
1) | Input new Fund commitment into the next open row | |||
2) | Confirm and input the details for the row of the new Fund in columns A through G | |||
3) | Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I | |||
4) | Copy paste the formulas used in columns J and K for the row of the new Fund | |||
Manager | ||||
1) | If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated | |||
2) | Input the name of the Manager for the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Manager | |||
4) | Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option | |||
Fund | ||||
1) | Insert a row above the one beginning with UA (Un-Allocated) | |||
2) | Input the Short Name of the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Fund | |||
4) | Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option |
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1390 | 2298 | |||||||
2016 | 394750000 | 1731 | 2862 | |||||||
2017 | 436750000 | 1915 | 3166 | |||||||
2018 | 481600000 | 2112 | 3491 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 7149 | 11817 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 780 | 822 | 1289 | |||||
International | 220 | 178 | 364 | |||||
Un-Allocated | -653 | |||||||
Total | 1000 | 1000 | 1000 | |||||
Strategy | Commitments | NAV | of Commitments to Date | of NAV to Date | of Target PE Allocation | ||||||||
BO | Buy-out (40 to 75) | 1200350000 | 214575006 | 526 | 385 | 870 | |||||||
GE | GrowthVenture (10 to 40) | 606000000 | 214251758 | 266 | 385 | 439 | |||||||
SS | Special Situations (5 to 35) | 473750000 | 127909154 | 208 | 230 | 343 | |||||||
Un-Allocated | -653 | ||||||||||||
Total | 2280100000 | 556735918 | 1000 | 1000 | 1000 | ||||||||
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 0 | 55 | 1216 | 60 | 0 | ||||||
GrowthVenture | 0 | 55 | 0 | 40 | 75 | ||||||
Special Situations | 0 | 75 | 0 | 0 | 0 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 0 | 55 | 1766 | 2366 | 2366 | ||||||
GrowthVenture | 0 | 55 | 55 | 95 | 170 | ||||||
Special Situations | 0 | 75 | 75 | 75 | 75 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 600 | 00 | 00 | ||||||
GrowthVenture | 00 | 833 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 650 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 2850 | ||||||
GrowthVenture | 0 | 833 | 833 | 833 | 833 | ||||||
Special Situations | 0 | 00 | 650 | 650 | 650 | ||||||
Unallocated | 450 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 |
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | 58000000 | 254 | 420 | |||||
BO 02 | 57000000 | 250 | 413 | |||||
BO 03 | 55000000 | 241 | 399 | |||||
BO 04 | 50000000 | 219 | 362 | |||||
BO 05 | 50000000 | 219 | 362 | |||||
BO 06 | 50000000 | 219 | 362 | |||||
BO 07 | 50000000 | 219 | 362 | |||||
BO 08 | 47000000 | 206 | 341 | |||||
BO 09 | 45000000 | 197 | 326 | |||||
BO 10 | 40000000 | 175 | 290 | |||||
BO 11 | 35000000 | 154 | 254 | |||||
BO 12 | 20000000 | 088 | 145 | |||||
BO 13 | 14250000 | 062 | 103 | |||||
BO 14 | 12500000 | 055 | 091 | |||||
BO 15 | 46600000 | 204 | 338 | |||||
BO 16 | 300000000 | 1316 | 2175 | |||||
BO 17 | 60000000 | 263 | 435 | |||||
BO 18 | 50000000 | 219 | 362 | |||||
BO 19 | 50000000 | 219 | 362 | |||||
BO 20 | 50000000 | 219 | 362 | |||||
GE 01 | 70000000 | 307 | 507 | |||||
GE 02 | 60000000 | 263 | 435 | |||||
GE 03 | 125000000 | 548 | 906 | |||||
GE 04 | 46000000 | 202 | 333 | |||||
GE 05 | 45000000 | 197 | 326 | |||||
GE 06 | 40000000 | 175 | 290 | |||||
GE 07 | 30000000 | 132 | 217 | |||||
GE 08 | 40000000 | 175 | 290 | |||||
GE 09 | 50000000 | 219 | 362 | |||||
GE 10 | 100000000 | 439 | 725 | |||||
SS 01 | 75000000 | 329 | 544 | |||||
SS 02 | 75000000 | 329 | 544 | |||||
SS 03 | 65000000 | 285 | 471 | |||||
SS 04 | 60000000 | 263 | 435 | |||||
SS 05 | 50000000 | 219 | 362 | |||||
SS 06 | 25000000 | 110 | 181 | |||||
SS 07 | 105000000 | 461 | 761 | |||||
SS 08 | 18750000 | 082 | 136 | |||||
UA | -6529 | |||||||
Total | 2220100000 | 9737 | 9565 | |||||
CHECK | CHECK | CHECK |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | $18727000 | BO 1 | BO | 132 | 217 | |||||||||||
Tritium | Buy-out | $110000000 | $58988138 | BO 2 | BO | 48 | 80 | ||||||||||||
Searchlight | Buy-out | $97000000 | $33454296 | BO 3 | BO | 43 | 70 | ||||||||||||
Marlin | Buy-out | $71250000 | $14717073 | BO 4 | BO | 31 | 52 | ||||||||||||
Altaris | Buy-out | $62500000 | $15328169 | BO 5 | BO | 27 | 45 | ||||||||||||
Northlane | Buy-out | $60000000 | BO 6 | BO | 26 | 43 | |||||||||||||
Capital Partners | Buy-out | $58000000 | $12317286 | BO 7 | BO | 25 | 42 | ||||||||||||
Providence | Buy-out | $55000000 | $0 | BO 8 | BO | 24 | 40 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $0 | BO 9 | BO | 22 | 36 | ||||||||||||
GTCR | Buy-out | $50000000 | $4985798 | BO 10 | BO | 22 | 36 | ||||||||||||
Reverence | Buy-out | $50000000 | $0 | BO 11 | BO | 22 | 36 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 22 | 36 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 34 | ||||||||||||
One Rock | Buy-out | $45000000 | $13180746 | BO 14 | BO | 20 | 33 | ||||||||||||
Incline | Buy-out | $40000000 | $11611636 | BO 15 | BO | 18 | 29 | ||||||||||||
Kainos | Buy-out | $35000000 | $19539188 | BO 16 | BO | 15 | 25 | ||||||||||||
Harvest | Buy-out | $20000000 | $11725676 | BO 17 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $82125840 | GE 1 | GE | 79 | 130 | ||||||||||||
Foundry | Venture Growth | $175000000 | $30834484 | GE 2 | GE | 77 | 127 | ||||||||||||
Updata | Venture Growth | $125000000 | $46209141 | GE 3 | GE | 55 | 91 | ||||||||||||
Main Post | Venture Growth | $40000000 | $0 | GE 4 | GE | 18 | 29 | ||||||||||||
FTV | Venture Growth | $46000000 | $31248971 | GE 5 | GE | 20 | 33 | ||||||||||||
Mercato | Venture Growth | $40000000 | $23833321 | GE 6 | GE | 18 | 29 | ||||||||||||
TSSP | Special Situations | $150000000 | $49206694 | SS 1 | SS | 66 | 109 | ||||||||||||
BlackstoneGSO | Special Situations | $93750000 | $37091463 | SS 2 | SS | 41 | 68 | ||||||||||||
BlackstoneBAAM | Special Situations | $65000000 | SS 3 | SS | 29 | 47 | |||||||||||||
Carlyle | Special Situations | $65000000 | $24236270 | SS 4 | SS | 29 | 47 | ||||||||||||
HIG | Special Situations | $60000000 | $17374728 | SS 5 | SS | 26 | 43 | ||||||||||||
LightBay | Special Situations | $40000000 | $0 | SS 6 | SS | 18 | 29 | ||||||||||||
Total | $2280100000 | $556735918 | 10000 | 16529 | |||||||||||||||
CHECK | |||||||||||||||||||
Altaris | |||||||||||||||||||
Arcline | |||||||||||||||||||
BlackstoneGSO | |||||||||||||||||||
Capital Partners | |||||||||||||||||||
CapVest | |||||||||||||||||||
Carlyle | |||||||||||||||||||
Dunes Point | |||||||||||||||||||
Foundry | |||||||||||||||||||
FTV | |||||||||||||||||||
GTCR | |||||||||||||||||||
HIG | |||||||||||||||||||
Harvest | |||||||||||||||||||
Incline | |||||||||||||||||||
Kainos | |||||||||||||||||||
LightBay | |||||||||||||||||||
Main Post | |||||||||||||||||||
Marlin | |||||||||||||||||||
Mercato | |||||||||||||||||||
One Rock | |||||||||||||||||||
Providence | |||||||||||||||||||
Reverence | |||||||||||||||||||
Searchlight | |||||||||||||||||||
Tritium | |||||||||||||||||||
TSSP | |||||||||||||||||||
Updata |
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Vintage Year | Report Name | Short Name | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | State Street NAV ($) | US Fund Div ( of Fund) | Intl Fund Div ( of Fund) | US Fund Div ( of Total Commits) | Intl Fund Div ( of Total Commits) | US Fund Div ( of Total NAV | Intl Fund Div ( of Total NAV | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 2015 | Special Situations Manager 3 | SS 03 | 2819243965 | Voting | 65000000 | 65000000 | 2423627012 | 75 | 25 | 2 | 1 | 3 | 1 | |||||||||||||||||||||
HIG | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2015 | Special Situations Manager 4 | SS 04 | 1100000000 | 60000000 | 60000000 | 1737472771 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 2016 | Buy-out Manager 12 | BO 12 | 2200000000 | 50000000 | 20000000 | 1172567574 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 2015 | Buy-out Manager 8 | BO 08 | 1939000000 | 50000000 | 47000000 | 3345429620 | 60 | 40 | 1 | 1 | 4 | 2 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 2014 | Buy-out Manager 4 | BO 04 | 309000000 | Voting | 50000000 | 50000000 | 5898813765 | 85 | 15 | 2 | 0 | 9 | 2 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 2014 | Special Situations Manager 1 | SS 01 | 3500000000 | 75000000 | 75000000 | 4920669401 | 60 | 40 | 2 | 1 | 5 | 4 | ||||||||||||||||||||||
BlackstoneGSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 2 | SS 02 | 6000000000 | 75000000 | 75000000 | 32285251 | 80 | 20 | 3 | 1 | 5 | 1 | ||||||||||||||||||||||
BlackstoneGSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 8 | SS 08 | 2000000000 | 18750000 | 18750000 | 4806212 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 2016 | GrowthVenture Manager 7 | GE 07 | 500000000 | 35000000 | 30000000 | 2644022252 | 100 | 0 | 1 | 0 | 5 | 0 | ||||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 2017 | GrowthVenture Manager 4 | GE 04 | 867000000 | Voting | 50000000 | 46000000 | 3124897116 | 75 | 25 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 2017 | Buy-out Manager 10 | BO 10 | 601000000 | 50000000 | 40000000 | 1161163584 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 2016 | Buy-out Manager 11 | BO 11 | 895000000 | Observer | 50000000 | 35000000 | 1953918849 | 75 | 25 | 1 | 0 | 3 | 1 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 2015 | GrowthVenture Manager 6 | GE 06 | 246000000 | Voting | 40000000 | 40000000 | 2383332060 | 100 | 0 | 2 | 0 | 4 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 2016 | GrowthVenture Manager 2 | GE 02 | 640000000 | Voting | 60000000 | 60000000 | 6665235799 | 100 | 0 | 3 | 0 | 12 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 2014 | GrowthVenture Manager 3 | GE 03 | 280000000 | Voting | 50000000 | 50000000 | 4620914142 | 90 | 10 | 2 | 0 | 7 | 1 | |||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 14 | BO 14 | 240000000 | 12500000 | 12500000 | 4140390 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 5 | BO 05 | 1000000000 | 50000000 | 50000000 | 11187778 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 2018 | Buy-out Manager 1 | BO 01 | 500000000 | Voting | 70000000 | 58000000 | 12317286 | 100 | 0 | 3 | 0 | 2 | 0 | |||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 2018 | Buy-out Manager 7 | BO 07 | 535000000 | Voting | 50000000 | 50000000 | - 0 | 80 | 20 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 2018 | Buy-out Manager 6 | BO 06 | 5250000000 | 75000000 | 50000000 | 498579807 | 75 | 25 | 2 | 1 | 1 | 0 | ||||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 2018 | Special Situations Manager 7 | SS 07 | 615000000 | Voting | 50000000 | 40000000 | - 0 | 80 | 20 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 2018 | Buy-out Manager 2 | BO 02 | 2500000000 | 60000000 | 57000000 | 946658473 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 2017 | Buy-out Manager 13 | BO 13 | 750000000 | 15000000 | 14250000 | 525048862 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 2017 | Buy-out Manager 9 | BO 09 | 964000000 | 50000000 | 45000000 | 1318074623 | 90 | 10 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 2018 | GrowthVenture Manager 1 | GE 01 | 1322000000 | Voting | 70000000 | 70000000 | 1547348223 | 100 | 0 | 3 | 0 | 3 | 0 | |||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 2018 | Buy-out Manager 15 | BO 15 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 2018 | GrowthVenture Manager 5 | GE 05 | 750000000 | 45000000 | 45000000 | 439426166 | 90 | 10 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 2018 | Buy-out Manager 16 | BO 16 | 1115000000 | 300000000 | 300000000 | 1872700007 | 60 | 40 | 8 | 5 | 2 | 1 | ||||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 2019 | GrowthVenture Manager 8 | GE 08 | 700000000 | Voting | 50000000 | 40000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 2017 | Buy-out Manager 3 | BO 03 | 5000000000 | 55000000 | 55000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 2019 | Buy-out Manager 17 | BO 17 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 6 | SS 06 | 3000000000 | 50000000 | 25000000 | - 0 | 60 | 40 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 5 | SS 05 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 2014 | GrowthVenture Manager 3 | GE 03 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | GE 09 | 2000000000 | Voting | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | GE 10 | 200000000 | 100000000 | 100000000 | - 0 | 90 | 10 | 4 | 0 | 0 | 0 | ||||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | BO 18 | 1000000000 | Voting | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | BO 19 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | Buy-out Manager 8 | BO 20 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | BO 21 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | |||||||||||||||||||||||
BlackstoneBAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | SS 07 | 4000000000 | Voting | 65000000 | 65000000 | - 0 | 80 | 20 | 2 | 1 | 0 | 0 | |||||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
2800000000 | |||||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||
TMRS (AUM) | $ 27589122062 | ltltltlt | As of 12312018 | |||||
PE Target () | 500 | |||||||
PE Target ($) | $ 1379456103 | |||||||
PE Commitments ($) | $ 2280100000 | |||||||
PE NAV ($) | $ 556735918 | ltltltlt | As of 12312018 | |||||
PE NAV () | 202 | |||||||
Un-Allocated () | -6529 | |||||||
Instructions by Sheet Name | ||||
Notes | Light blue-filled cells are hard-coded (not formula-driven) | |||
The green-colored tabs are the only ones to be updated right now | ||||
The red-colored tab does not need to be updated (still under construction) | ||||
Portfolio | ||||
1) | Input new Fund commitment into the next open row | |||
2) | Confirm and input the details for the row of the new Fund in columns A through G | |||
3) | Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I | |||
4) | Copy paste the formulas used in columns J and K for the row of the new Fund | |||
Manager | ||||
1) | If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated | |||
2) | Input the name of the Manager for the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Manager | |||
4) | Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option | |||
Fund | ||||
1) | Insert a row above the one beginning with UA (Un-Allocated) | |||
2) | Input the Short Name of the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Fund | |||
4) | Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option |
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1390 | 2298 | |||||||
2016 | 394750000 | 1731 | 2862 | |||||||
2017 | 436750000 | 1915 | 3166 | |||||||
2018 | 481600000 | 2112 | 3491 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 7149 | 11817 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 780 | 822 | 1289 | |||||
International | 220 | 178 | 364 | |||||
Un-Allocated | -653 | |||||||
Total | 1000 | 1000 | 1000 | |||||
Strategy | Commitments | NAV | of Commitments to Date | of NAV to Date | of Target PE Allocation | ||||||||
BO | Buy-out (40 to 75) | 1200350000 | 214575006 | 526 | 385 | 870 | |||||||
GE | GrowthVenture (10 to 40) | 606000000 | 214251758 | 266 | 385 | 439 | |||||||
SS | Special Situations (5 to 35) | 473750000 | 127909154 | 208 | 230 | 343 | |||||||
Un-Allocated | -653 | ||||||||||||
Total | 2280100000 | 556735918 | 1000 | 1000 | 1000 | ||||||||
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 0 | 55 | 1216 | 60 | 0 | ||||||
GrowthVenture | 0 | 55 | 0 | 40 | 75 | ||||||
Special Situations | 0 | 75 | 0 | 0 | 0 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 0 | 55 | 1766 | 2366 | 2366 | ||||||
GrowthVenture | 0 | 55 | 55 | 95 | 170 | ||||||
Special Situations | 0 | 75 | 75 | 75 | 75 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 600 | 00 | 00 | ||||||
GrowthVenture | 00 | 833 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 650 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 2850 | ||||||
GrowthVenture | 0 | 833 | 833 | 833 | 833 | ||||||
Special Situations | 0 | 00 | 650 | 650 | 650 | ||||||
Unallocated | 450 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 |
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | 58000000 | 254 | 420 | |||||
BO 02 | 57000000 | 250 | 413 | |||||
BO 03 | 55000000 | 241 | 399 | |||||
BO 04 | 50000000 | 219 | 362 | |||||
BO 05 | 50000000 | 219 | 362 | |||||
BO 06 | 50000000 | 219 | 362 | |||||
BO 07 | 50000000 | 219 | 362 | |||||
BO 08 | 47000000 | 206 | 341 | |||||
BO 09 | 45000000 | 197 | 326 | |||||
BO 10 | 40000000 | 175 | 290 | |||||
BO 11 | 35000000 | 154 | 254 | |||||
BO 12 | 20000000 | 088 | 145 | |||||
BO 13 | 14250000 | 062 | 103 | |||||
BO 14 | 12500000 | 055 | 091 | |||||
BO 15 | 46600000 | 204 | 338 | |||||
BO 16 | 300000000 | 1316 | 2175 | |||||
BO 17 | 60000000 | 263 | 435 | |||||
BO 18 | 50000000 | 219 | 362 | |||||
BO 19 | 50000000 | 219 | 362 | |||||
BO 20 | 50000000 | 219 | 362 | |||||
GE 01 | 70000000 | 307 | 507 | |||||
GE 02 | 60000000 | 263 | 435 | |||||
GE 03 | 125000000 | 548 | 906 | |||||
GE 04 | 46000000 | 202 | 333 | |||||
GE 05 | 45000000 | 197 | 326 | |||||
GE 06 | 40000000 | 175 | 290 | |||||
GE 07 | 30000000 | 132 | 217 | |||||
GE 08 | 40000000 | 175 | 290 | |||||
GE 09 | 50000000 | 219 | 362 | |||||
GE 10 | 100000000 | 439 | 725 | |||||
SS 01 | 75000000 | 329 | 544 | |||||
SS 02 | 75000000 | 329 | 544 | |||||
SS 03 | 65000000 | 285 | 471 | |||||
SS 04 | 60000000 | 263 | 435 | |||||
SS 05 | 50000000 | 219 | 362 | |||||
SS 06 | 25000000 | 110 | 181 | |||||
SS 07 | 105000000 | 461 | 761 | |||||
SS 08 | 18750000 | 082 | 136 | |||||
UA | -6529 | |||||||
Total | 2220100000 | 9737 | 9565 | |||||
CHECK | CHECK | CHECK |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | $18727000 | BO 1 | BO | 132 | 217 | |||||||||||
Tritium | Buy-out | $110000000 | $58988138 | BO 2 | BO | 48 | 80 | ||||||||||||
Searchlight | Buy-out | $97000000 | $33454296 | BO 3 | BO | 43 | 70 | ||||||||||||
Marlin | Buy-out | $71250000 | $14717073 | BO 4 | BO | 31 | 52 | ||||||||||||
Altaris | Buy-out | $62500000 | $15328169 | BO 5 | BO | 27 | 45 | ||||||||||||
Northlane | Buy-out | $60000000 | BO 6 | BO | 26 | 43 | |||||||||||||
Capital Partners | Buy-out | $58000000 | $12317286 | BO 7 | BO | 25 | 42 | ||||||||||||
Providence | Buy-out | $55000000 | $0 | BO 8 | BO | 24 | 40 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $0 | BO 9 | BO | 22 | 36 | ||||||||||||
GTCR | Buy-out | $50000000 | $4985798 | BO 10 | BO | 22 | 36 | ||||||||||||
Reverence | Buy-out | $50000000 | $0 | BO 11 | BO | 22 | 36 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 22 | 36 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 34 | ||||||||||||
One Rock | Buy-out | $45000000 | $13180746 | BO 14 | BO | 20 | 33 | ||||||||||||
Incline | Buy-out | $40000000 | $11611636 | BO 15 | BO | 18 | 29 | ||||||||||||
Kainos | Buy-out | $35000000 | $19539188 | BO 16 | BO | 15 | 25 | ||||||||||||
Harvest | Buy-out | $20000000 | $11725676 | BO 17 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $82125840 | GE 1 | GE | 79 | 130 | ||||||||||||
Foundry | Venture Growth | $175000000 | $30834484 | GE 2 | GE | 77 | 127 | ||||||||||||
Updata | Venture Growth | $125000000 | $46209141 | GE 3 | GE | 55 | 91 | ||||||||||||
Main Post | Venture Growth | $40000000 | $0 | GE 4 | GE | 18 | 29 | ||||||||||||
FTV | Venture Growth | $46000000 | $31248971 | GE 5 | GE | 20 | 33 | ||||||||||||
Mercato | Venture Growth | $40000000 | $23833321 | GE 6 | GE | 18 | 29 | ||||||||||||
TSSP | Special Situations | $150000000 | $49206694 | SS 1 | SS | 66 | 109 | ||||||||||||
BlackstoneGSO | Special Situations | $93750000 | $37091463 | SS 2 | SS | 41 | 68 | ||||||||||||
BlackstoneBAAM | Special Situations | $65000000 | SS 3 | SS | 29 | 47 | |||||||||||||
Carlyle | Special Situations | $65000000 | $24236270 | SS 4 | SS | 29 | 47 | ||||||||||||
HIG | Special Situations | $60000000 | $17374728 | SS 5 | SS | 26 | 43 | ||||||||||||
LightBay | Special Situations | $40000000 | $0 | SS 6 | SS | 18 | 29 | ||||||||||||
Total | $2280100000 | $556735918 | 10000 | 16529 | |||||||||||||||
CHECK | |||||||||||||||||||
Altaris | |||||||||||||||||||
Arcline | |||||||||||||||||||
BlackstoneGSO | |||||||||||||||||||
Capital Partners | |||||||||||||||||||
CapVest | |||||||||||||||||||
Carlyle | |||||||||||||||||||
Dunes Point | |||||||||||||||||||
Foundry | |||||||||||||||||||
FTV | |||||||||||||||||||
GTCR | |||||||||||||||||||
HIG | |||||||||||||||||||
Harvest | |||||||||||||||||||
Incline | |||||||||||||||||||
Kainos | |||||||||||||||||||
LightBay | |||||||||||||||||||
Main Post | |||||||||||||||||||
Marlin | |||||||||||||||||||
Mercato | |||||||||||||||||||
One Rock | |||||||||||||||||||
Providence | |||||||||||||||||||
Reverence | |||||||||||||||||||
Searchlight | |||||||||||||||||||
Tritium | |||||||||||||||||||
TSSP | |||||||||||||||||||
Updata |
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Vintage Year | Report Name | Short Name | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | State Street NAV ($) | US Fund Div ( of Fund) | Intl Fund Div ( of Fund) | US Fund Div ( of Total Commits) | Intl Fund Div ( of Total Commits) | US Fund Div ( of Total NAV | Intl Fund Div ( of Total NAV | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 2015 | Special Situations Manager 3 | SS 03 | 2819243965 | Voting | 65000000 | 65000000 | 2423627012 | 75 | 25 | 2 | 1 | 3 | 1 | |||||||||||||||||||||
HIG | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2015 | Special Situations Manager 4 | SS 04 | 1100000000 | 60000000 | 60000000 | 1737472771 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 2016 | Buy-out Manager 12 | BO 12 | 2200000000 | 50000000 | 20000000 | 1172567574 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 2015 | Buy-out Manager 8 | BO 08 | 1939000000 | 50000000 | 47000000 | 3345429620 | 60 | 40 | 1 | 1 | 4 | 2 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 2014 | Buy-out Manager 4 | BO 04 | 309000000 | Voting | 50000000 | 50000000 | 5898813765 | 85 | 15 | 2 | 0 | 9 | 2 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 2014 | Special Situations Manager 1 | SS 01 | 3500000000 | 75000000 | 75000000 | 4920669401 | 60 | 40 | 2 | 1 | 5 | 4 | ||||||||||||||||||||||
BlackstoneGSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 2 | SS 02 | 6000000000 | 75000000 | 75000000 | 32285251 | 80 | 20 | 3 | 1 | 5 | 1 | ||||||||||||||||||||||
BlackstoneGSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 8 | SS 08 | 2000000000 | 18750000 | 18750000 | 4806212 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 2016 | GrowthVenture Manager 7 | GE 07 | 500000000 | 35000000 | 30000000 | 2644022252 | 100 | 0 | 1 | 0 | 5 | 0 | ||||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 2017 | GrowthVenture Manager 4 | GE 04 | 867000000 | Voting | 50000000 | 46000000 | 3124897116 | 75 | 25 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 2017 | Buy-out Manager 10 | BO 10 | 601000000 | 50000000 | 40000000 | 1161163584 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 2016 | Buy-out Manager 11 | BO 11 | 895000000 | Observer | 50000000 | 35000000 | 1953918849 | 75 | 25 | 1 | 0 | 3 | 1 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 2015 | GrowthVenture Manager 6 | GE 06 | 246000000 | Voting | 40000000 | 40000000 | 2383332060 | 100 | 0 | 2 | 0 | 4 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 2016 | GrowthVenture Manager 2 | GE 02 | 640000000 | Voting | 60000000 | 60000000 | 6665235799 | 100 | 0 | 3 | 0 | 12 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 2014 | GrowthVenture Manager 3 | GE 03 | 280000000 | Voting | 50000000 | 50000000 | 4620914142 | 90 | 10 | 2 | 0 | 7 | 1 | |||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 14 | BO 14 | 240000000 | 12500000 | 12500000 | 4140390 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 5 | BO 05 | 1000000000 | 50000000 | 50000000 | 11187778 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 2018 | Buy-out Manager 1 | BO 01 | 500000000 | Voting | 70000000 | 58000000 | 12317286 | 100 | 0 | 3 | 0 | 2 | 0 | |||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 2018 | Buy-out Manager 7 | BO 07 | 535000000 | Voting | 50000000 | 50000000 | - 0 | 80 | 20 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 2018 | Buy-out Manager 6 | BO 06 | 5250000000 | 75000000 | 50000000 | 498579807 | 75 | 25 | 2 | 1 | 1 | 0 | ||||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 2018 | Special Situations Manager 7 | SS 07 | 615000000 | Voting | 50000000 | 40000000 | - 0 | 80 | 20 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 2018 | Buy-out Manager 2 | BO 02 | 2500000000 | 60000000 | 57000000 | 946658473 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 2017 | Buy-out Manager 13 | BO 13 | 750000000 | 15000000 | 14250000 | 525048862 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 2017 | Buy-out Manager 9 | BO 09 | 964000000 | 50000000 | 45000000 | 1318074623 | 90 | 10 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 2018 | GrowthVenture Manager 1 | GE 01 | 1322000000 | Voting | 70000000 | 70000000 | 1547348223 | 100 | 0 | 3 | 0 | 3 | 0 | |||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 2018 | Buy-out Manager 15 | BO 15 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 2018 | GrowthVenture Manager 5 | GE 05 | 750000000 | 45000000 | 45000000 | 439426166 | 90 | 10 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 2018 | Buy-out Manager 16 | BO 16 | 1115000000 | 300000000 | 300000000 | 1872700007 | 60 | 40 | 8 | 5 | 2 | 1 | ||||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 2019 | GrowthVenture Manager 8 | GE 08 | 700000000 | Voting | 50000000 | 40000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 2017 | Buy-out Manager 3 | BO 03 | 5000000000 | 55000000 | 55000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 2019 | Buy-out Manager 17 | BO 17 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 6 | SS 06 | 3000000000 | 50000000 | 25000000 | - 0 | 60 | 40 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 5 | SS 05 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 2014 | GrowthVenture Manager 3 | GE 03 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | GE 09 | 2000000000 | Voting | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | GE 10 | 200000000 | 100000000 | 100000000 | - 0 | 90 | 10 | 4 | 0 | 0 | 0 | ||||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | BO 18 | 1000000000 | Voting | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | BO 19 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | Buy-out Manager 8 | BO 20 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | BO 21 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | |||||||||||||||||||||||
BlackstoneBAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | SS 07 | 4000000000 | Voting | 65000000 | 65000000 | - 0 | 80 | 20 | 2 | 1 | 0 | 0 | |||||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
2800000000 | |||||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||
TMRS (AUM) | $ 27589122062 | ltltltlt | As of 12312018 | |||||
PE Target () | 500 | |||||||
PE Target ($) | $ 1379456103 | |||||||
PE Commitments ($) | $ 2280100000 | |||||||
PE NAV ($) | $ 556735918 | ltltltlt | As of 12312018 | |||||
PE NAV () | 202 | |||||||
Un-Allocated () | -6529 | |||||||
Instructions by Sheet Name | ||||
Notes | Light blue-filled cells are hard-coded (not formula-driven) | |||
The green-colored tabs are the only ones to be updated right now | ||||
The red-colored tab does not need to be updated (still under construction) | ||||
Portfolio | ||||
1) | Input new Fund commitment into the next open row | |||
2) | Confirm and input the details for the row of the new Fund in columns A through G | |||
3) | Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I | |||
4) | Copy paste the formulas used in columns J and K for the row of the new Fund | |||
Manager | ||||
1) | If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated | |||
2) | Input the name of the Manager for the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Manager | |||
4) | Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option | |||
Fund | ||||
1) | Insert a row above the one beginning with UA (Un-Allocated) | |||
2) | Input the Short Name of the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Fund | |||
4) | Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option |
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1390 | 2298 | |||||||
2016 | 394750000 | 1731 | 2862 | |||||||
2017 | 436750000 | 1915 | 3166 | |||||||
2018 | 481600000 | 2112 | 3491 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 7149 | 11817 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 780 | 822 | 1289 | |||||
International | 220 | 178 | 364 | |||||
Un-Allocated | -653 | |||||||
Total | 1000 | 1000 | 1000 | |||||
Strategy | Commitments | NAV | of Commitments to Date | of NAV to Date | of Target PE Allocation | ||||||||
BO | Buy-out (40 to 75) | 1200350000 | 214575006 | 526 | 385 | 870 | |||||||
GE | GrowthVenture (10 to 40) | 606000000 | 214251758 | 266 | 385 | 439 | |||||||
SS | Special Situations (5 to 35) | 473750000 | 127909154 | 208 | 230 | 343 | |||||||
Un-Allocated | -653 | ||||||||||||
Total | 2280100000 | 556735918 | 1000 | 1000 | 1000 | ||||||||
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 0 | 55 | 1216 | 60 | 0 | ||||||
GrowthVenture | 0 | 55 | 0 | 40 | 75 | ||||||
Special Situations | 0 | 75 | 0 | 0 | 0 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 0 | 55 | 1766 | 2366 | 2366 | ||||||
GrowthVenture | 0 | 55 | 55 | 95 | 170 | ||||||
Special Situations | 0 | 75 | 75 | 75 | 75 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 600 | 00 | 00 | ||||||
GrowthVenture | 00 | 833 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 650 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 2850 | ||||||
GrowthVenture | 0 | 833 | 833 | 833 | 833 | ||||||
Special Situations | 0 | 00 | 650 | 650 | 650 | ||||||
Unallocated | 450 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 |
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | 58000000 | 254 | 420 | |||||
BO 02 | 57000000 | 250 | 413 | |||||
BO 03 | 55000000 | 241 | 399 | |||||
BO 04 | 50000000 | 219 | 362 | |||||
BO 05 | 50000000 | 219 | 362 | |||||
BO 06 | 50000000 | 219 | 362 | |||||
BO 07 | 50000000 | 219 | 362 | |||||
BO 08 | 47000000 | 206 | 341 | |||||
BO 09 | 45000000 | 197 | 326 | |||||
BO 10 | 40000000 | 175 | 290 | |||||
BO 11 | 35000000 | 154 | 254 | |||||
BO 12 | 20000000 | 088 | 145 | |||||
BO 13 | 14250000 | 062 | 103 | |||||
BO 14 | 12500000 | 055 | 091 | |||||
BO 15 | 46600000 | 204 | 338 | |||||
BO 16 | 300000000 | 1316 | 2175 | |||||
BO 17 | 60000000 | 263 | 435 | |||||
BO 18 | 50000000 | 219 | 362 | |||||
BO 19 | 50000000 | 219 | 362 | |||||
BO 20 | 50000000 | 219 | 362 | |||||
GE 01 | 70000000 | 307 | 507 | |||||
GE 02 | 60000000 | 263 | 435 | |||||
GE 03 | 125000000 | 548 | 906 | |||||
GE 04 | 46000000 | 202 | 333 | |||||
GE 05 | 45000000 | 197 | 326 | |||||
GE 06 | 40000000 | 175 | 290 | |||||
GE 07 | 30000000 | 132 | 217 | |||||
GE 08 | 40000000 | 175 | 290 | |||||
GE 09 | 50000000 | 219 | 362 | |||||
GE 10 | 100000000 | 439 | 725 | |||||
SS 01 | 75000000 | 329 | 544 | |||||
SS 02 | 75000000 | 329 | 544 | |||||
SS 03 | 65000000 | 285 | 471 | |||||
SS 04 | 60000000 | 263 | 435 | |||||
SS 05 | 50000000 | 219 | 362 | |||||
SS 06 | 25000000 | 110 | 181 | |||||
SS 07 | 105000000 | 461 | 761 | |||||
SS 08 | 18750000 | 082 | 136 | |||||
UA | -6529 | |||||||
Total | 2220100000 | 9737 | 9565 | |||||
CHECK | CHECK | CHECK |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | $18727000 | BO 1 | BO | 132 | 217 | |||||||||||
Tritium | Buy-out | $110000000 | $58988138 | BO 2 | BO | 48 | 80 | ||||||||||||
Searchlight | Buy-out | $97000000 | $33454296 | BO 3 | BO | 43 | 70 | ||||||||||||
Marlin | Buy-out | $71250000 | $14717073 | BO 4 | BO | 31 | 52 | ||||||||||||
Altaris | Buy-out | $62500000 | $15328169 | BO 5 | BO | 27 | 45 | ||||||||||||
Northlane | Buy-out | $60000000 | BO 6 | BO | 26 | 43 | |||||||||||||
Capital Partners | Buy-out | $58000000 | $12317286 | BO 7 | BO | 25 | 42 | ||||||||||||
Providence | Buy-out | $55000000 | $0 | BO 8 | BO | 24 | 40 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $0 | BO 9 | BO | 22 | 36 | ||||||||||||
GTCR | Buy-out | $50000000 | $4985798 | BO 10 | BO | 22 | 36 | ||||||||||||
Reverence | Buy-out | $50000000 | $0 | BO 11 | BO | 22 | 36 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 22 | 36 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 34 | ||||||||||||
One Rock | Buy-out | $45000000 | $13180746 | BO 14 | BO | 20 | 33 | ||||||||||||
Incline | Buy-out | $40000000 | $11611636 | BO 15 | BO | 18 | 29 | ||||||||||||
Kainos | Buy-out | $35000000 | $19539188 | BO 16 | BO | 15 | 25 | ||||||||||||
Harvest | Buy-out | $20000000 | $11725676 | BO 17 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $82125840 | GE 1 | GE | 79 | 130 | ||||||||||||
Foundry | Venture Growth | $175000000 | $30834484 | GE 2 | GE | 77 | 127 | ||||||||||||
Updata | Venture Growth | $125000000 | $46209141 | GE 3 | GE | 55 | 91 | ||||||||||||
Main Post | Venture Growth | $40000000 | $0 | GE 4 | GE | 18 | 29 | ||||||||||||
FTV | Venture Growth | $46000000 | $31248971 | GE 5 | GE | 20 | 33 | ||||||||||||
Mercato | Venture Growth | $40000000 | $23833321 | GE 6 | GE | 18 | 29 | ||||||||||||
TSSP | Special Situations | $150000000 | $49206694 | SS 1 | SS | 66 | 109 | ||||||||||||
BlackstoneGSO | Special Situations | $93750000 | $37091463 | SS 2 | SS | 41 | 68 | ||||||||||||
BlackstoneBAAM | Special Situations | $65000000 | SS 3 | SS | 29 | 47 | |||||||||||||
Carlyle | Special Situations | $65000000 | $24236270 | SS 4 | SS | 29 | 47 | ||||||||||||
HIG | Special Situations | $60000000 | $17374728 | SS 5 | SS | 26 | 43 | ||||||||||||
LightBay | Special Situations | $40000000 | $0 | SS 6 | SS | 18 | 29 | ||||||||||||
Total | $2280100000 | $556735918 | 10000 | 16529 | |||||||||||||||
CHECK | |||||||||||||||||||
Altaris | |||||||||||||||||||
Arcline | |||||||||||||||||||
BlackstoneGSO | |||||||||||||||||||
Capital Partners | |||||||||||||||||||
CapVest | |||||||||||||||||||
Carlyle | |||||||||||||||||||
Dunes Point | |||||||||||||||||||
Foundry | |||||||||||||||||||
FTV | |||||||||||||||||||
GTCR | |||||||||||||||||||
HIG | |||||||||||||||||||
Harvest | |||||||||||||||||||
Incline | |||||||||||||||||||
Kainos | |||||||||||||||||||
LightBay | |||||||||||||||||||
Main Post | |||||||||||||||||||
Marlin | |||||||||||||||||||
Mercato | |||||||||||||||||||
One Rock | |||||||||||||||||||
Providence | |||||||||||||||||||
Reverence | |||||||||||||||||||
Searchlight | |||||||||||||||||||
Tritium | |||||||||||||||||||
TSSP | |||||||||||||||||||
Updata |
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Vintage Year | Report Name | Short Name | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | State Street NAV ($) | US Fund Div ( of Fund) | Intl Fund Div ( of Fund) | US Fund Div ( of Total Commits) | Intl Fund Div ( of Total Commits) | US Fund Div ( of Total NAV | Intl Fund Div ( of Total NAV | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 2015 | Special Situations Manager 3 | SS 03 | 2819243965 | Voting | 65000000 | 65000000 | 2423627012 | 75 | 25 | 2 | 1 | 3 | 1 | |||||||||||||||||||||
HIG | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2015 | Special Situations Manager 4 | SS 04 | 1100000000 | 60000000 | 60000000 | 1737472771 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 2016 | Buy-out Manager 12 | BO 12 | 2200000000 | 50000000 | 20000000 | 1172567574 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 2015 | Buy-out Manager 8 | BO 08 | 1939000000 | 50000000 | 47000000 | 3345429620 | 60 | 40 | 1 | 1 | 4 | 2 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 2014 | Buy-out Manager 4 | BO 04 | 309000000 | Voting | 50000000 | 50000000 | 5898813765 | 85 | 15 | 2 | 0 | 9 | 2 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 2014 | Special Situations Manager 1 | SS 01 | 3500000000 | 75000000 | 75000000 | 4920669401 | 60 | 40 | 2 | 1 | 5 | 4 | ||||||||||||||||||||||
BlackstoneGSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 2 | SS 02 | 6000000000 | 75000000 | 75000000 | 32285251 | 80 | 20 | 3 | 1 | 5 | 1 | ||||||||||||||||||||||
BlackstoneGSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 8 | SS 08 | 2000000000 | 18750000 | 18750000 | 4806212 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 2016 | GrowthVenture Manager 7 | GE 07 | 500000000 | 35000000 | 30000000 | 2644022252 | 100 | 0 | 1 | 0 | 5 | 0 | ||||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 2017 | GrowthVenture Manager 4 | GE 04 | 867000000 | Voting | 50000000 | 46000000 | 3124897116 | 75 | 25 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 2017 | Buy-out Manager 10 | BO 10 | 601000000 | 50000000 | 40000000 | 1161163584 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 2016 | Buy-out Manager 11 | BO 11 | 895000000 | Observer | 50000000 | 35000000 | 1953918849 | 75 | 25 | 1 | 0 | 3 | 1 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 2015 | GrowthVenture Manager 6 | GE 06 | 246000000 | Voting | 40000000 | 40000000 | 2383332060 | 100 | 0 | 2 | 0 | 4 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 2016 | GrowthVenture Manager 2 | GE 02 | 640000000 | Voting | 60000000 | 60000000 | 6665235799 | 100 | 0 | 3 | 0 | 12 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 2014 | GrowthVenture Manager 3 | GE 03 | 280000000 | Voting | 50000000 | 50000000 | 4620914142 | 90 | 10 | 2 | 0 | 7 | 1 | |||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 14 | BO 14 | 240000000 | 12500000 | 12500000 | 4140390 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 5 | BO 05 | 1000000000 | 50000000 | 50000000 | 11187778 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 2018 | Buy-out Manager 1 | BO 01 | 500000000 | Voting | 70000000 | 58000000 | 12317286 | 100 | 0 | 3 | 0 | 2 | 0 | |||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 2018 | Buy-out Manager 7 | BO 07 | 535000000 | Voting | 50000000 | 50000000 | - 0 | 80 | 20 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 2018 | Buy-out Manager 6 | BO 06 | 5250000000 | 75000000 | 50000000 | 498579807 | 75 | 25 | 2 | 1 | 1 | 0 | ||||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 2018 | Special Situations Manager 7 | SS 07 | 615000000 | Voting | 50000000 | 40000000 | - 0 | 80 | 20 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 2018 | Buy-out Manager 2 | BO 02 | 2500000000 | 60000000 | 57000000 | 946658473 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 2017 | Buy-out Manager 13 | BO 13 | 750000000 | 15000000 | 14250000 | 525048862 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 2017 | Buy-out Manager 9 | BO 09 | 964000000 | 50000000 | 45000000 | 1318074623 | 90 | 10 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 2018 | GrowthVenture Manager 1 | GE 01 | 1322000000 | Voting | 70000000 | 70000000 | 1547348223 | 100 | 0 | 3 | 0 | 3 | 0 | |||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 2018 | Buy-out Manager 15 | BO 15 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 2018 | GrowthVenture Manager 5 | GE 05 | 750000000 | 45000000 | 45000000 | 439426166 | 90 | 10 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 2018 | Buy-out Manager 16 | BO 16 | 1115000000 | 300000000 | 300000000 | 1872700007 | 60 | 40 | 8 | 5 | 2 | 1 | ||||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 2019 | GrowthVenture Manager 8 | GE 08 | 700000000 | Voting | 50000000 | 40000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 2017 | Buy-out Manager 3 | BO 03 | 5000000000 | 55000000 | 55000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 2019 | Buy-out Manager 17 | BO 17 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 6 | SS 06 | 3000000000 | 50000000 | 25000000 | - 0 | 60 | 40 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 5 | SS 05 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 2014 | GrowthVenture Manager 3 | GE 03 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | GE 09 | 2000000000 | Voting | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | GE 10 | 200000000 | 100000000 | 100000000 | - 0 | 90 | 10 | 4 | 0 | 0 | 0 | ||||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | BO 18 | 1000000000 | Voting | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | BO 19 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | Buy-out Manager 8 | BO 20 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | BO 21 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | |||||||||||||||||||||||
BlackstoneBAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | SS 07 | 4000000000 | Voting | 65000000 | 65000000 | - 0 | 80 | 20 | 2 | 1 | 0 | 0 | |||||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
2800000000 | |||||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||
TMRS (AUM) | $ 27589122062 | ltltltlt | As of 12312018 | |||||
PE Target () | 500 | |||||||
PE Target ($) | $ 1379456103 | |||||||
PE Commitments ($) | $ 2280100000 | |||||||
PE NAV ($) | $ 556735918 | ltltltlt | As of 12312018 | |||||
PE NAV () | 202 | |||||||
Un-Allocated () | -6529 | |||||||
Instructions by Sheet Name | ||||
Notes | Light blue-filled cells are hard-coded (not formula-driven) | |||
The green-colored tabs are the only ones to be updated right now | ||||
The red-colored tab does not need to be updated (still under construction) | ||||
Portfolio | ||||
1) | Input new Fund commitment into the next open row | |||
2) | Confirm and input the details for the row of the new Fund in columns A through G | |||
3) | Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I | |||
4) | Copy paste the formulas used in columns J and K for the row of the new Fund | |||
Manager | ||||
1) | If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated | |||
2) | Input the name of the Manager for the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Manager | |||
4) | Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option | |||
Fund | ||||
1) | Insert a row above the one beginning with UA (Un-Allocated) | |||
2) | Input the Short Name of the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Fund | |||
4) | Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option |
2017 | 2018E | 2019E | 2020E | 2021E | 2022E | 2023E | 2024E | 2025E | |||||||||||||||||||
TMRS | $ 2902900 | $ 2919823 | $ 3087217 | $ 3267756 | $ 3452622 | $ 3642195 | $ 3836795 | $ 4036443 | $ 4241598 | ||||||||||||||||||
Target PE NAV | $ 145145 | $ 145991 | $ 154361 | $ 163388 | $ 172631 | $ 182110 | $ 191840 | $ 201822 | $ 212080 | ||||||||||||||||||
Distributions | $ (2500) | $ (7500) | $ (12500) | $ (20000) | ($317) | $ (39500) | $ (55875) | $ (70000) | $ (78750) | ||||||||||||||||||
Actual PE NAV | $ 27150 | $ 50000 | $ 85155 | $ 121441 | $ 153869 | $ 185360 | $ 207001 | $ 219790 | $ 227778 | ||||||||||||||||||
Original Model | $ 48953 | $ 79299 | $ 114980 | $ 149403 | $ 173865 | 18809585710464 | 19589592210062 | 19963999392119 | 20177719328292 | ||||||||||||||||||
Annual Commitment | $317 | $395 | $447 | $500 | $525 | $550 | $575 | $600 | $635 | $660 | $675 | ||||||||||||||||
308 | 342 | 340 | 337 | 333 | 329 | 331 | 327 | 318 | |||||||||||||||||||
Minus | |||||||||||||||||||||||||||
PE of Plan | 094 | 171 | 276 | 372 | 446 | 509 | 540 | 545 | 537 | ||||||||||||||||||
Plus | 169 | 272 | 372 | 457 | 504 | 516 | 511 | 495 | 476 | ||||||||||||||||||
Target of Plan | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | |||||||||||||||||
PE | 1270 | (27816) | (26088) | (33449) | (40730) | (48008) | (55583) | (63050) | (70395) | (78032) | (86213) | (93803) | |||||||||||||||
2017 | 2018E | 2019E | 2020E | 2021E | 2022E | 2023E | 2024E | 2025E | 2026E | 2027E | |||||||||||||||||
TMRS | $ 2902900 | $ 2758912 | $ 2915445 | $ 3084389 | $ 3256878 | $ 3433238 | $ 3613733 | $ 3798325 | $ 3987407 | $ 4181410 | $ 4380356 | ||||||||||||||||
Target PE NAV | $ 145145 | $ 137946 | $ 145772 | $ 154219 | $ 162844 | $ 171662 | $ 180687 | $ 189916 | $ 199370 | $ 209070 | $ 219018 | ||||||||||||||||
Distributions | $ (2500) | $ (7500) | $ (12500) | $ (20000) | ($317) | $ (39500) | $ (55875) | $ (70000) | $ (78750) | $ (78750) | $ (78750) | ||||||||||||||||
Private Equity NAV | $ 27150 | $ 52500 | $ 88130 | $ 124558 | $ 156255 | $ 186019 | $ 205151 | $ 214646 | $ 219075 | $ 226354 | $ 236280 | ||||||||||||||||
Original Model | $ 48953 | $ 79299 | $ 114980 | $ 149403 | $ 173865 | 18809585710464 | 19589592210062 | 19963999392119 | 20177719328292 | ||||||||||||||||||
Annual Commitment | $317 | $395 | $447 | $500 | $525 | $525 | $525 | $550 | $600 | $625 | $650 | $650 | $650 | ||||||||||||||
308 | 362 | 360 | 340 | 322 | 320 | 332 | 329 | 326 | 311 | 297 | |||||||||||||||||
Minus | |||||||||||||||||||||||||||
PE of Plan | 094 | 190 | 302 | 404 | 480 | 542 | 568 | 565 | 549 | 541 | 539 | ||||||||||||||||
Plus | 169 | 287 | 394 | 484 | 534 | 548 | 542 | 526 | 506 | ||||||||||||||||||
Target of Plan | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | |||||||||||||||
PE | 1300 | (27816) | (26088) | (33449) | (40730) | (48008) | (55583) | (63050) | (70395) | (78032) | (86213) | (93803) | |||||||||||||||
2017 | 2018E | 2019E | 2020E | 2021E | 2022E | 2023E | 2024E | 2025E | |||||||||||||||
TMRS | $ 2902900 | $ 2880000 | $ 2995200 | $ 3115008 | $ 3239608 | $ 3369193 | $ 3503960 | $ 3644119 | $ 3789884 | ||||||||||||||
Target PE NAV | $ 145145 | $ 144000 | $ 149760 | $ 155750 | $ 161980 | $ 168460 | $ 175198 | $ 182206 | $ 189494 | ||||||||||||||
Distributions | $ (2500) | $ (7500) | $ (12500) | $ (20000) | ($317) | $ (39500) | $ (55875) | $ (70000) | $ (78750) | ||||||||||||||
Actual PE NAV | $ 27150 | $ 55047 | $ 89632 | $ 124514 | $ 151718 | $ 176598 | $ 193241 | $ 200031 | $ 201110 | ||||||||||||||
Original Model | $ 48953 | $ 79299 | $ 114980 | $ 149403 | $ 173865 | 18809585710464 | 19589592210062 | 19963999392119 | 20177719328292 | ||||||||||||||
Annual Commitment | $317 | $395 | $447 | $500 | $525 | $550 | $575 | $600 | $635 | $660 | $675 | ||||||||||||
308 | 347 | 351 | 353 | 355 | 356 | 362 | 362 | 356 | |||||||||||||||
Minus | |||||||||||||||||||||||
PE of Plan | 094 | 191 | 299 | 400 | 468 | 524 | 551 | 549 | 531 | ||||||||||||||
Plus | 169 | 275 | 384 | 480 | 537 | 558 | 559 | 548 | 532 | ||||||||||||||
Target of Plan | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | ||||||||||||||
PE | 1050 | ||||||||||||||||||||||
2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | |||||||||||||||
Beginning NAV | 14609962 | 16305676 | 17992494 | 18571294 | 20490599 | 22468634 | 23727478 | 236518112346 | 250933184929355 | 265684014912086 | 280726295918652 | 296006880893161 | 31146271535345 | ||||||||||||||
Costs (other cash flow) | 18114 | 4981 | -3285 | -16664 | 10734 | 8346 | |||||||||||||||||||||
Actual Income | 610171 | 494700 | 424402 | 341039 | 293242 | 304804 | |||||||||||||||||||||
Actual Capital Gains | 873137 | 1001628 | 10363 | 1522241 | 1681646 | 98054 | 16609 | ||||||||||||||||||||
Actual Cash flow | 194292 | 185509 | 14732 | 72689 | -7587 | -34846 | -92276 | ||||||||||||||||||||
Candace cash flow estimate | -15499 | -218716 | -289139 | -366844 | -452463 | -546679 | |||||||||||||||||||||
Estimated Income | 471582 | 534601 | 613836 | 704314 | 805849 | 896763 | |||||||||||||||||||||
Estimated Capital Gains (Actuarial Return - Income) | 1124916 | 1159198 | 1179531 | 1190588 | 1192197 | 1205610 | |||||||||||||||||||||
Ending NAV | 16305676 | 17992494 | 18571294 | 20490599 | 22468634 | 23727478 | 23651811 | 25093318 | 265684014912086 | 280726295918652 | 296006880893161 | 31146271535345 | 327019658639808 | ||||||||||||||
Yield | 418 | 303 | 236 | 184 | 143 | 136 | 135 | 20 | 21 | 23 | 25 | 27 | 29 | ||||||||||||||
Allocation | |||||||||||||||||||||||||||
Core | 318 | 250 | 193 | 163 | 133 | 99 | |||||||||||||||||||||
Liquid credit | 66 | 80 | 100 | 110 | 125 | 149 | |||||||||||||||||||||
Direct Lending | 00 | 10 | 20 | 30 | 40 | 50 | |||||||||||||||||||||
US Equity | 267 | 250 | 230 | 205 | 185 | 175 | |||||||||||||||||||||
Intl Equity | 162 | 167 | 175 | 175 | 175 | 175 | |||||||||||||||||||||
Real Return | 41 | 65 | 75 | 90 | 100 | 100 | |||||||||||||||||||||
Real Estate | 62 | 75 | 85 | 95 | 100 | 100 | |||||||||||||||||||||
HF | 81 | 90 | 100 | 100 | 100 | 100 | |||||||||||||||||||||
PE | 00 | 10 | 20 | 30 | 40 | 50 | |||||||||||||||||||||
Cash | 03 | 03 | 02 | 02 | 02 | 02 | |||||||||||||||||||||
1000 | 1000 | 1000 | 1000 | 1000 | 1000 | ||||||||||||||||||||||
Yield | |||||||||||||||||||||||||||
Core | 18 | 18 | 18 | 18 | 18 | 18 | |||||||||||||||||||||
Liquid credit | 45 | 45 | 45 | 45 | 45 | 45 | |||||||||||||||||||||
Direct Lending | 80 | 80 | 80 | 80 | 80 | 80 | |||||||||||||||||||||
US Equity | 20 | 20 | 20 | 20 | 20 | 20 | |||||||||||||||||||||
Intl Equity | 16 | 16 | 16 | 16 | 16 | 16 | |||||||||||||||||||||
Real Return | 05 | 15 | 25 | 35 | 45 | 50 | |||||||||||||||||||||
Real Estate | 50 | 50 | 50 | 50 | 50 | 50 | |||||||||||||||||||||
HF | 00 | 00 | 00 | 00 | 00 | 00 | |||||||||||||||||||||
PE | 00 | 00 | 00 | 00 | 00 | 00 | |||||||||||||||||||||
Cash | 03 | 03 | 03 | 03 | 03 | 03 | |||||||||||||||||||||
SUMMED | |||||||||||||||||||||||||||
Yield | 0572400 | 05 | 03 | 03 | 02 | 02 | |||||||||||||||||||||
Core | 03 | 04 | 05 | 05 | 06 | 07 | |||||||||||||||||||||
Liquid credit | 00 | 01 | 02 | 02 | 03 | 04 | |||||||||||||||||||||
Direct Lending | 05 | 05 | 05 | 04 | 04 | 04 | |||||||||||||||||||||
US Equity | 03 | 03 | 03 | 03 | 03 | 03 | |||||||||||||||||||||
Intl Equity | 00 | 01 | 02 | 03 | 05 | 05 | |||||||||||||||||||||
Real Return | 03 | 04 | 04 | 05 | 05 | 05 | |||||||||||||||||||||
Real Estate | 00 | 00 | 00 | 00 | 00 | 00 | |||||||||||||||||||||
HF | 00 | 00 | 00 | 00 | 00 | 00 | |||||||||||||||||||||
PE | 00 | 00 | 00 | 00 | 00 | 00 | |||||||||||||||||||||
Cash | 00 | 00 | 00 | 00 | 00 | 00 | |||||||||||||||||||||
TOTAL | 20 | 21 | 23 | 25 | 27 | 29 |
2015 | 2016E | 2017E | 2018E | 2019E | 2020E | 2021E | 2022E | 2023E | 2024E | 2025E | |||||||||||||
TMRS | $ 2365181 | $ 2503739 | $ 2656840 | $ 2807263 | $ 2960069 | $ 3114627 | $ 3270197 | $ 3416053 | $ 3567084 | $ 3718115 | $ 3869146 | ||||||||||||
Target PE NAV | $ 117986 | $ 125187 | $ 132842 | $ 140363 | $ 148003 | $ 155731 | $ 163510 | $ 170803 | $ 178354 | $ 185906 | $ 193457 | ||||||||||||
Distributions | $ - 0 | $ (500) | $ (2500) | $ (7500) | $ (12500) | $ (20000) | ($317) | $ (45000) | $ (56250) | $ (63000) | $ (67500) | ||||||||||||
Actual PE NAV | $ 1739 | $ 22500 | $ 48953 | $ 79299 | $ 114980 | $ 149403 | $ 173865 | $ 188096 | $ 195896 | $ 199640 | $ 201777 | ||||||||||||
Annual Commitment | $317 | $450 | $450 | $450 | $450 | $475 | $475 | $475 | $500 | $550 | $600 | ||||||||||||
Minus | |||||||||||||||||||||||
Actual of Plan | 007 | 090 | 184 | 282 | 388 | 480 | 532 | 551 | 549 | 537 | 522 | ||||||||||||
Plus | |||||||||||||||||||||||
Target of Plan | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | ||||||||||||
PE | 1050 | ||||||||||||||||||||||
4
Summary of Recommendation
Recommended ManagerFund Strategy Classification Target ReturnRecommended
Amount
Northlane Capital Partners II LP (ldquoNorthlane IIrdquo) Buy-Out 20 Net IRR $60 million
Total Approximate Recommended InvestmentsCommitments $60 million
Manager RecommendationExecutive Summary
Section II
5
$52500
$88130
$124558
$156255
$186019
$205151 $214646 $219075
$226354 $236280
$500 $525 $525 $525 $550 $600 $625 $650 $650 $650 0
2
4
6
8
10
12
14
16
$-
$200
$400
$600
$800
$1000
$1200
$1400
$1600
$1800
$2000
$2200
$2400
$2600
2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E
o
f Tot
al P
lan
Valu
e
Valu
e in
US$
(Mill
ions
)2018 Staff Pacing Model
Private Equity NAV Annual Commitment PE of Plan Target of Plan
6
Annual pacing plans are developed in the context of multiple year investment horizons This is necessary because private capital investments
deploy and return capital over time rather than all at once
2018 Staff Pacing Model
Private Equity NAV2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E52588131245578999999999715625542699999994186018632509999912051510547362998821464569185201885219074631792781292263543339258428223628039733620235Annual Commitment2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E500525525525550600625650650650PE of Plan 2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E1902923909023305E-230228659416296488E-240383332851056143E-247977055046536397E-254181684662894122E-256769838241507123E-256510611085906756E-254941634339036198E-254133496602978719E-253940914226060045E-2Target of Plan2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E005005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
Staff Pacing Model
Actual PE NAV20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E173922548952499999999998792985124999999931149798563124999914940274122531248173865029053970281880958571046371619589592210062406199639993921189582017771932829145Annual Commitment20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E317450450450450475475475500550600Actual of Plan
20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E73525024479141545E-489865597013107194E-318425082900150446E-228247625410545363E-238843643082067419E-247968098221891305E-25316653738100563E-255062328145578938E-254917658487389574E-253693868450405698E-252150314794368831E-2Target of Plan005005005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
Staff Pacing Model
Actual PE NAV20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E173922548952499999999998792985124999999931149798563124999914940274122531248173865029053970281880958571046371619589592210062406199639993921189582017771932829145Annual Commitment20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E317450450450450475475475500550600Actual of Plan
20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E73525024479141545E-489865597013107194E-318425082900150446E-228247625410545363E-238843643082067419E-247968098221891305E-25316653738100563E-255062328145578938E-254917658487389574E-253693868450405698E-252150314794368831E-2Target of Plan005005005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
2017 Staff Pacing Model
Actual PE NAV20172018E2019E2020E2021E2022E2023E2024E2025E27155504674999999999789631658749999997124513982918751517179511252187517659833599336671193241161272670212000314832063005720110978894296213Annual Commitment20172018E2019E2020E2021E2022E2023E2024E2025E447500525550575600635660675PE of Plan 20172018E2019E2020E2021E2022E2023E2024E2025E93527162492679731E-319113454861111111E-229925099742922009E-239972283512193223E-246832189616434469E-252415624213890809E-255149357149883012E-254891592632390636E-253064899662175077E-2Original Model16863309104688414E-227534205729166664E-238388039634248125E-247962233556161804E-253668533933747355E-255828169086240366E-255907002943792104E-254784162191872952E-253241001206111943E-2Target of Plan20172018E2019E2020E2021E2022E2023E2024E2025E005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
2017 Staff Pacing Model
Actual PE NAV20172018E2019E2020E2021E2022E2023E2024E2025E27155504674999999999789631658749999997124513982918751517179511252187517659833599336671193241161272670212000314832063005720110978894296213Annual Commitment20172018E2019E2020E2021E2022E2023E2024E2025E447500525550575600635660675PE of Plan 20172018E2019E2020E2021E2022E2023E2024E2025E93527162492679731E-319113454861111111E-229925099742922009E-239972283512193223E-246832189616434469E-252415624213890809E-255149357149883012E-254891592632390636E-253064899662175077E-2Original Model16863309104688414E-227534205729166664E-238388039634248125E-247962233556161804E-253668533933747355E-255828169086240366E-255907002943792104E-254784162191872952E-253241001206111943E-2Target of Plan20172018E2019E2020E2021E2022E2023E2024E2025E005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
2018 Staff Pacing Model
Private Equity NAV2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E52588131245578999999999715625542699999994186018632509999912051510547362998821464569185201885219074631792781292263543339258428223628039733620235Annual Commitment2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E500525525525550600625650650650PE of Plan 2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E1902923909023305E-230228659416296488E-240383332851056143E-247977055046536397E-254181684662894122E-256769838241507123E-256510611085906756E-254941634339036198E-254133496602978719E-253940914226060045E-2Target of Plan2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E005005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
2018 Staff Pacing Model
Private Equity NAV20172018E2019E2020E2021E2022E2023E2024E2025E27155258813124557899999999971562554269999999418601863250999991205151054736299882146456918520188521907463179278129Annual Commitment20172018E2019E2020E2021E2022E2023E2024E2025E447500525525525550600625650PE of Plan 20172018E2019E2020E2021E2022E2023E2024E2025E93527162492679731E-31902923909023305E-230228659416296488E-240383332851056143E-247977055046536397E-254181684662894122E-256769838241507123E-256510611085906756E-254941634339036198E-2Original Model16863309104688414E-228742673406901599E-239438181279987182E-248438361820181644E-25338395107128014E-254786718290128177E-254208738161829868E-252560002282510392E-250603617044044313E-2Target of Plan20172018E2019E2020E2021E2022E2023E2024E2025E005005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
0
10
20
30
40
50
60
70
80
90
100
Beg Year Q1 Q2 Q3 End Year
o
f Pa
cing
Pla
n Ut
ilize
d
2019 Private Equity Pacing Plan Progress
Buy-out GrowthVenture Special Situations Unallocated
7
MarchSearchlight III ($50mm)
February PSG IV ($50mm)
FGN 2018 Partner ($33mm)Reverence II ($50mm)
Arcline I ($50mm)
Search processes are approved in annual amounts Progress will be made throughout the year as opposed to all at once
The 2019 Private Equity search process has
culminated in ~$368 million of
closed andor recommended
investments in line with the $525 mm
primary pacing model goal for the
year2018
HIG SPF ($75mm)
JuneNorthlane II ($60mm)
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082172551941443706017827448058556272
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
2018 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977
of Pacing Plan Utilized
Section III
8
526
266
208
Private Equity Strategy Diversification by Commitment
Buy-out (40 to75)
GrowthVenture(10 to 40)
Special Situations(5 to 35)
9
Synthesize AnalysisDiversification Analysis
Strategy considerations
2015 Overweight special situations early for J-Curve mitigation efficiency of capital deployment and tactical opportunities
2016 Focus on growth opportunity set and continue to add buy-out exposure
2017 Round out buy-out portfolio and opportunistically add to growth and credit
2018 Steady state on pacing selectively adding new relationships and European exposure
2019 Steady state on pacing selectively adding new relationships and Venture and European exposure
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082172551941443706017827448058556272
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
2018 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977
of Pacing Plan Utilized
10
Synthesize AnalysisDiversification Analysis
The overall goal remains identifying top quartile performers to partner with
Position sizing considerations
Continue to reduce the unallocated portion of the private equity portfolio while sensibly balancing the trade-off between diversification and concentration
Areas of focus are enhancing manager diversification and building strategic relationships where possibleappropriate
Private Equity Manager Diversification by Commitment BO 1 BO 2
BO 3 BO 4BO 5 BO 6BO 7 BO 8BO 9 BO 10BO 11 BO 12BO 13 BO 14BO 15 BO 16BO 17 GE 1GE 2 GE 3GE 4 GE 5GE 6 SS 1SS 2 SS 3SS 4 SS 5SS 6
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082172551941443706017827448058556272
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
2018 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977
of Pacing Plan Utilized
11
Synthesize AnalysisDiversification Analysis
TMRS is focused on taking a measured approach to global geographic diversification
The Target Portfolio keeps a conservative stance on international exposure
780
220
Private Equity Geographic Diversification by Commitment
USA
International
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082172551941443706017827448058556272
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
2018 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977
of Pacing Plan Utilized
Section IV
12
13
Top Candidate Characteristics ndash Northlane II $60 million Recommendation
Northlane Capital Partners
Date of First TMRS Meeting5102018
Dates of Subsequent Meetings892018312019
5162019
Dates of Diligence AdvancementlsquoBrsquo Rating ndash 312019
lsquoArsquo Rating ndash 5162019
Reference ChecksYes
Date of Consultant IDD ReportSeptember 2018
Date of Consultant Board MemoJune 2019
Legal Negotiation InitiatedMay 2019
Comparable Strategies Reviewed18 (Business Services Buy-Out)
16 (Healthcare Buy-Out)
Northlane Capital Partners LLC (ldquoNorthlanerdquo)is a Washington DC-based buyout firmfounded in 2017 that focuses on acquiringlower-middle market companies in thebusiness services and healthcare sectorsThese target companies will be profitablemarket leaders within their niches typicallygenerating up to $30 million of EBITDA whileproviding critical outsourced services to theircustomers Northlane Capital Partners II LP(Northlane II) is targeting $375 million tobuild a portfolio of 10 to 12 businessesrequiring equity investments of up to $75million continuing to employ the prior fundrsquosstrategy that was developed during thefoundersrsquo tenure at American Capital
Section V
14
15
Approval of Recommendation
TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the selection of the following fund
Recommendations
bull Northlane Capital Partners II LP $60 million
16
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1390 | 2298 | |||||||
2016 | 394750000 | 1731 | 2862 | |||||||
2017 | 436750000 | 1915 | 3166 | |||||||
2018 | 481600000 | 2112 | 3491 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 7149 | 11817 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 780 | 822 | 1289 | |||||
International | 220 | 178 | 364 | |||||
Un-Allocated | -653 | |||||||
Total | 1000 | 1000 | 1000 | |||||
Strategy | Commitments | NAV | of Commitments to Date | of NAV to Date | of Target PE Allocation | ||||||||
BO | Buy-out (40 to 75) | 1200350000 | 214575006 | 526 | 385 | 870 | |||||||
GE | GrowthVenture (10 to 40) | 606000000 | 214251758 | 266 | 385 | 439 | |||||||
SS | Special Situations (5 to 35) | 473750000 | 127909154 | 208 | 230 | 343 | |||||||
Un-Allocated | -653 | ||||||||||||
Total | 2280100000 | 556735918 | 1000 | 1000 | 1000 | ||||||||
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 0 | 55 | 1216 | 60 | 0 | ||||||
GrowthVenture | 0 | 55 | 0 | 40 | 75 | ||||||
Special Situations | 0 | 75 | 0 | 0 | 0 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 0 | 55 | 1766 | 2366 | 2366 | ||||||
GrowthVenture | 0 | 55 | 55 | 95 | 170 | ||||||
Special Situations | 0 | 75 | 75 | 75 | 75 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 600 | 00 | 00 | ||||||
GrowthVenture | 00 | 833 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 650 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 2850 | ||||||
GrowthVenture | 0 | 833 | 833 | 833 | 833 | ||||||
Special Situations | 0 | 00 | 650 | 650 | 650 | ||||||
Unallocated | 450 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 |
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | 58000000 | 254 | 420 | |||||
BO 02 | 57000000 | 250 | 413 | |||||
BO 03 | 55000000 | 241 | 399 | |||||
BO 04 | 50000000 | 219 | 362 | |||||
BO 05 | 50000000 | 219 | 362 | |||||
BO 06 | 50000000 | 219 | 362 | |||||
BO 07 | 50000000 | 219 | 362 | |||||
BO 08 | 47000000 | 206 | 341 | |||||
BO 09 | 45000000 | 197 | 326 | |||||
BO 10 | 40000000 | 175 | 290 | |||||
BO 11 | 35000000 | 154 | 254 | |||||
BO 12 | 20000000 | 088 | 145 | |||||
BO 13 | 14250000 | 062 | 103 | |||||
BO 14 | 12500000 | 055 | 091 | |||||
BO 15 | 46600000 | 204 | 338 | |||||
BO 16 | 300000000 | 1316 | 2175 | |||||
BO 17 | 60000000 | 263 | 435 | |||||
BO 18 | 50000000 | 219 | 362 | |||||
BO 19 | 50000000 | 219 | 362 | |||||
BO 20 | 50000000 | 219 | 362 | |||||
GE 01 | 70000000 | 307 | 507 | |||||
GE 02 | 60000000 | 263 | 435 | |||||
GE 03 | 125000000 | 548 | 906 | |||||
GE 04 | 46000000 | 202 | 333 | |||||
GE 05 | 45000000 | 197 | 326 | |||||
GE 06 | 40000000 | 175 | 290 | |||||
GE 07 | 30000000 | 132 | 217 | |||||
GE 08 | 40000000 | 175 | 290 | |||||
GE 09 | 50000000 | 219 | 362 | |||||
GE 10 | 100000000 | 439 | 725 | |||||
SS 01 | 75000000 | 329 | 544 | |||||
SS 02 | 75000000 | 329 | 544 | |||||
SS 03 | 65000000 | 285 | 471 | |||||
SS 04 | 60000000 | 263 | 435 | |||||
SS 05 | 50000000 | 219 | 362 | |||||
SS 06 | 25000000 | 110 | 181 | |||||
SS 07 | 105000000 | 461 | 761 | |||||
SS 08 | 18750000 | 082 | 136 | |||||
UA | -6529 | |||||||
Total | 2220100000 | 9737 | 9565 | |||||
CHECK | CHECK | CHECK |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | $18727000 | BO 1 | BO | 132 | 217 | |||||||||||
Tritium | Buy-out | $110000000 | $58988138 | BO 2 | BO | 48 | 80 | ||||||||||||
Searchlight | Buy-out | $97000000 | $33454296 | BO 3 | BO | 43 | 70 | ||||||||||||
Marlin | Buy-out | $71250000 | $14717073 | BO 4 | BO | 31 | 52 | ||||||||||||
Altaris | Buy-out | $62500000 | $15328169 | BO 5 | BO | 27 | 45 | ||||||||||||
Northlane | Buy-out | $60000000 | BO 6 | BO | 26 | 43 | |||||||||||||
Capital Partners | Buy-out | $58000000 | $12317286 | BO 7 | BO | 25 | 42 | ||||||||||||
Providence | Buy-out | $55000000 | $0 | BO 8 | BO | 24 | 40 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $0 | BO 9 | BO | 22 | 36 | ||||||||||||
GTCR | Buy-out | $50000000 | $4985798 | BO 10 | BO | 22 | 36 | ||||||||||||
Reverence | Buy-out | $50000000 | $0 | BO 11 | BO | 22 | 36 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 22 | 36 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 34 | ||||||||||||
One Rock | Buy-out | $45000000 | $13180746 | BO 14 | BO | 20 | 33 | ||||||||||||
Incline | Buy-out | $40000000 | $11611636 | BO 15 | BO | 18 | 29 | ||||||||||||
Kainos | Buy-out | $35000000 | $19539188 | BO 16 | BO | 15 | 25 | ||||||||||||
Harvest | Buy-out | $20000000 | $11725676 | BO 17 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $82125840 | GE 1 | GE | 79 | 130 | ||||||||||||
Foundry | Venture Growth | $175000000 | $30834484 | GE 2 | GE | 77 | 127 | ||||||||||||
Updata | Venture Growth | $125000000 | $46209141 | GE 3 | GE | 55 | 91 | ||||||||||||
Main Post | Venture Growth | $40000000 | $0 | GE 4 | GE | 18 | 29 | ||||||||||||
FTV | Venture Growth | $46000000 | $31248971 | GE 5 | GE | 20 | 33 | ||||||||||||
Mercato | Venture Growth | $40000000 | $23833321 | GE 6 | GE | 18 | 29 | ||||||||||||
TSSP | Special Situations | $150000000 | $49206694 | SS 1 | SS | 66 | 109 | ||||||||||||
BlackstoneGSO | Special Situations | $93750000 | $37091463 | SS 2 | SS | 41 | 68 | ||||||||||||
BlackstoneBAAM | Special Situations | $65000000 | SS 3 | SS | 29 | 47 | |||||||||||||
Carlyle | Special Situations | $65000000 | $24236270 | SS 4 | SS | 29 | 47 | ||||||||||||
HIG | Special Situations | $60000000 | $17374728 | SS 5 | SS | 26 | 43 | ||||||||||||
LightBay | Special Situations | $40000000 | $0 | SS 6 | SS | 18 | 29 | ||||||||||||
Total | $2280100000 | $556735918 | 10000 | 16529 | |||||||||||||||
CHECK | |||||||||||||||||||
Altaris | |||||||||||||||||||
Arcline | |||||||||||||||||||
BlackstoneGSO | |||||||||||||||||||
Capital Partners | |||||||||||||||||||
CapVest | |||||||||||||||||||
Carlyle | |||||||||||||||||||
Dunes Point | |||||||||||||||||||
Foundry | |||||||||||||||||||
FTV | |||||||||||||||||||
GTCR | |||||||||||||||||||
HIG | |||||||||||||||||||
Harvest | |||||||||||||||||||
Incline | |||||||||||||||||||
Kainos | |||||||||||||||||||
LightBay | |||||||||||||||||||
Main Post | |||||||||||||||||||
Marlin | |||||||||||||||||||
Mercato | |||||||||||||||||||
One Rock | |||||||||||||||||||
Providence | |||||||||||||||||||
Reverence | |||||||||||||||||||
Searchlight | |||||||||||||||||||
Tritium | |||||||||||||||||||
TSSP | |||||||||||||||||||
Updata |
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Vintage Year | Report Name | Short Name | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | State Street NAV ($) | US Fund Div ( of Fund) | Intl Fund Div ( of Fund) | US Fund Div ( of Total Commits) | Intl Fund Div ( of Total Commits) | US Fund Div ( of Total NAV | Intl Fund Div ( of Total NAV | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 2015 | Special Situations Manager 3 | SS 03 | 2819243965 | Voting | 65000000 | 65000000 | 2423627012 | 75 | 25 | 2 | 1 | 3 | 1 | |||||||||||||||||||||
HIG | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2015 | Special Situations Manager 4 | SS 04 | 1100000000 | 60000000 | 60000000 | 1737472771 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 2016 | Buy-out Manager 12 | BO 12 | 2200000000 | 50000000 | 20000000 | 1172567574 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 2015 | Buy-out Manager 8 | BO 08 | 1939000000 | 50000000 | 47000000 | 3345429620 | 60 | 40 | 1 | 1 | 4 | 2 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 2014 | Buy-out Manager 4 | BO 04 | 309000000 | Voting | 50000000 | 50000000 | 5898813765 | 85 | 15 | 2 | 0 | 9 | 2 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 2014 | Special Situations Manager 1 | SS 01 | 3500000000 | 75000000 | 75000000 | 4920669401 | 60 | 40 | 2 | 1 | 5 | 4 | ||||||||||||||||||||||
BlackstoneGSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 2 | SS 02 | 6000000000 | 75000000 | 75000000 | 32285251 | 80 | 20 | 3 | 1 | 5 | 1 | ||||||||||||||||||||||
BlackstoneGSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 8 | SS 08 | 2000000000 | 18750000 | 18750000 | 4806212 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 2016 | GrowthVenture Manager 7 | GE 07 | 500000000 | 35000000 | 30000000 | 2644022252 | 100 | 0 | 1 | 0 | 5 | 0 | ||||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 2017 | GrowthVenture Manager 4 | GE 04 | 867000000 | Voting | 50000000 | 46000000 | 3124897116 | 75 | 25 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 2017 | Buy-out Manager 10 | BO 10 | 601000000 | 50000000 | 40000000 | 1161163584 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 2016 | Buy-out Manager 11 | BO 11 | 895000000 | Observer | 50000000 | 35000000 | 1953918849 | 75 | 25 | 1 | 0 | 3 | 1 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 2015 | GrowthVenture Manager 6 | GE 06 | 246000000 | Voting | 40000000 | 40000000 | 2383332060 | 100 | 0 | 2 | 0 | 4 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 2016 | GrowthVenture Manager 2 | GE 02 | 640000000 | Voting | 60000000 | 60000000 | 6665235799 | 100 | 0 | 3 | 0 | 12 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 2014 | GrowthVenture Manager 3 | GE 03 | 280000000 | Voting | 50000000 | 50000000 | 4620914142 | 90 | 10 | 2 | 0 | 7 | 1 | |||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 14 | BO 14 | 240000000 | 12500000 | 12500000 | 4140390 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 5 | BO 05 | 1000000000 | 50000000 | 50000000 | 11187778 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 2018 | Buy-out Manager 1 | BO 01 | 500000000 | Voting | 70000000 | 58000000 | 12317286 | 100 | 0 | 3 | 0 | 2 | 0 | |||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 2018 | Buy-out Manager 7 | BO 07 | 535000000 | Voting | 50000000 | 50000000 | - 0 | 80 | 20 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 2018 | Buy-out Manager 6 | BO 06 | 5250000000 | 75000000 | 50000000 | 498579807 | 75 | 25 | 2 | 1 | 1 | 0 | ||||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 2018 | Special Situations Manager 7 | SS 07 | 615000000 | Voting | 50000000 | 40000000 | - 0 | 80 | 20 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 2018 | Buy-out Manager 2 | BO 02 | 2500000000 | 60000000 | 57000000 | 946658473 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 2017 | Buy-out Manager 13 | BO 13 | 750000000 | 15000000 | 14250000 | 525048862 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 2017 | Buy-out Manager 9 | BO 09 | 964000000 | 50000000 | 45000000 | 1318074623 | 90 | 10 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 2018 | GrowthVenture Manager 1 | GE 01 | 1322000000 | Voting | 70000000 | 70000000 | 1547348223 | 100 | 0 | 3 | 0 | 3 | 0 | |||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 2018 | Buy-out Manager 15 | BO 15 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 2018 | GrowthVenture Manager 5 | GE 05 | 750000000 | 45000000 | 45000000 | 439426166 | 90 | 10 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 2018 | Buy-out Manager 16 | BO 16 | 1115000000 | 300000000 | 300000000 | 1872700007 | 60 | 40 | 8 | 5 | 2 | 1 | ||||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 2019 | GrowthVenture Manager 8 | GE 08 | 700000000 | Voting | 50000000 | 40000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 2017 | Buy-out Manager 3 | BO 03 | 5000000000 | 55000000 | 55000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 2019 | Buy-out Manager 17 | BO 17 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 6 | SS 06 | 3000000000 | 50000000 | 25000000 | - 0 | 60 | 40 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 5 | SS 05 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 2014 | GrowthVenture Manager 3 | GE 03 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | GE 09 | 2000000000 | Voting | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | GE 10 | 200000000 | 100000000 | 100000000 | - 0 | 90 | 10 | 4 | 0 | 0 | 0 | ||||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | BO 18 | 1000000000 | Voting | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | BO 19 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | Buy-out Manager 8 | BO 20 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | BO 21 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | |||||||||||||||||||||||
BlackstoneBAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | SS 07 | 4000000000 | Voting | 65000000 | 65000000 | - 0 | 80 | 20 | 2 | 1 | 0 | 0 | |||||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
2800000000 | |||||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||
TMRS (AUM) | $ 27589122062 | ltltltlt | As of 12312018 | |||||
PE Target () | 500 | |||||||
PE Target ($) | $ 1379456103 | |||||||
PE Commitments ($) | $ 2280100000 | |||||||
PE NAV ($) | $ 556735918 | ltltltlt | As of 12312018 | |||||
PE NAV () | 202 | |||||||
Un-Allocated () | -6529 | |||||||
Instructions by Sheet Name | ||||
Notes | Light blue-filled cells are hard-coded (not formula-driven) | |||
The green-colored tabs are the only ones to be updated right now | ||||
The red-colored tab does not need to be updated (still under construction) | ||||
Portfolio | ||||
1) | Input new Fund commitment into the next open row | |||
2) | Confirm and input the details for the row of the new Fund in columns A through G | |||
3) | Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I | |||
4) | Copy paste the formulas used in columns J and K for the row of the new Fund | |||
Manager | ||||
1) | If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated | |||
2) | Input the name of the Manager for the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Manager | |||
4) | Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option | |||
Fund | ||||
1) | Insert a row above the one beginning with UA (Un-Allocated) | |||
2) | Input the Short Name of the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Fund | |||
4) | Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option |
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1390 | 2298 | |||||||
2016 | 394750000 | 1731 | 2862 | |||||||
2017 | 436750000 | 1915 | 3166 | |||||||
2018 | 481600000 | 2112 | 3491 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 7149 | 11817 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 780 | 822 | 1289 | |||||
International | 220 | 178 | 364 | |||||
Un-Allocated | -653 | |||||||
Total | 1000 | 1000 | 1000 | |||||
Strategy | Commitments | NAV | of Commitments to Date | of NAV to Date | of Target PE Allocation | ||||||||
BO | Buy-out (40 to 75) | 1200350000 | 214575006 | 526 | 385 | 870 | |||||||
GE | GrowthVenture (10 to 40) | 606000000 | 214251758 | 266 | 385 | 439 | |||||||
SS | Special Situations (5 to 35) | 473750000 | 127909154 | 208 | 230 | 343 | |||||||
Un-Allocated | -653 | ||||||||||||
Total | 2280100000 | 556735918 | 1000 | 1000 | 1000 | ||||||||
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 0 | 55 | 1216 | 60 | 0 | ||||||
GrowthVenture | 0 | 55 | 0 | 40 | 75 | ||||||
Special Situations | 0 | 75 | 0 | 0 | 0 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 0 | 55 | 1766 | 2366 | 2366 | ||||||
GrowthVenture | 0 | 55 | 55 | 95 | 170 | ||||||
Special Situations | 0 | 75 | 75 | 75 | 75 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 600 | 00 | 00 | ||||||
GrowthVenture | 00 | 833 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 650 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 2850 | ||||||
GrowthVenture | 0 | 833 | 833 | 833 | 833 | ||||||
Special Situations | 0 | 00 | 650 | 650 | 650 | ||||||
Unallocated | 450 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 |
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | 58000000 | 254 | 420 | |||||
BO 02 | 57000000 | 250 | 413 | |||||
BO 03 | 55000000 | 241 | 399 | |||||
BO 04 | 50000000 | 219 | 362 | |||||
BO 05 | 50000000 | 219 | 362 | |||||
BO 06 | 50000000 | 219 | 362 | |||||
BO 07 | 50000000 | 219 | 362 | |||||
BO 08 | 47000000 | 206 | 341 | |||||
BO 09 | 45000000 | 197 | 326 | |||||
BO 10 | 40000000 | 175 | 290 | |||||
BO 11 | 35000000 | 154 | 254 | |||||
BO 12 | 20000000 | 088 | 145 | |||||
BO 13 | 14250000 | 062 | 103 | |||||
BO 14 | 12500000 | 055 | 091 | |||||
BO 15 | 46600000 | 204 | 338 | |||||
BO 16 | 300000000 | 1316 | 2175 | |||||
BO 17 | 60000000 | 263 | 435 | |||||
BO 18 | 50000000 | 219 | 362 | |||||
BO 19 | 50000000 | 219 | 362 | |||||
BO 20 | 50000000 | 219 | 362 | |||||
GE 01 | 70000000 | 307 | 507 | |||||
GE 02 | 60000000 | 263 | 435 | |||||
GE 03 | 125000000 | 548 | 906 | |||||
GE 04 | 46000000 | 202 | 333 | |||||
GE 05 | 45000000 | 197 | 326 | |||||
GE 06 | 40000000 | 175 | 290 | |||||
GE 07 | 30000000 | 132 | 217 | |||||
GE 08 | 40000000 | 175 | 290 | |||||
GE 09 | 50000000 | 219 | 362 | |||||
GE 10 | 100000000 | 439 | 725 | |||||
SS 01 | 75000000 | 329 | 544 | |||||
SS 02 | 75000000 | 329 | 544 | |||||
SS 03 | 65000000 | 285 | 471 | |||||
SS 04 | 60000000 | 263 | 435 | |||||
SS 05 | 50000000 | 219 | 362 | |||||
SS 06 | 25000000 | 110 | 181 | |||||
SS 07 | 105000000 | 461 | 761 | |||||
SS 08 | 18750000 | 082 | 136 | |||||
UA | -6529 | |||||||
Total | 2220100000 | 9737 | 9565 | |||||
CHECK | CHECK | CHECK |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | $18727000 | BO 1 | BO | 132 | 217 | |||||||||||
Tritium | Buy-out | $110000000 | $58988138 | BO 2 | BO | 48 | 80 | ||||||||||||
Searchlight | Buy-out | $97000000 | $33454296 | BO 3 | BO | 43 | 70 | ||||||||||||
Marlin | Buy-out | $71250000 | $14717073 | BO 4 | BO | 31 | 52 | ||||||||||||
Altaris | Buy-out | $62500000 | $15328169 | BO 5 | BO | 27 | 45 | ||||||||||||
Northlane | Buy-out | $60000000 | BO 6 | BO | 26 | 43 | |||||||||||||
Capital Partners | Buy-out | $58000000 | $12317286 | BO 7 | BO | 25 | 42 | ||||||||||||
Providence | Buy-out | $55000000 | $0 | BO 8 | BO | 24 | 40 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $0 | BO 9 | BO | 22 | 36 | ||||||||||||
GTCR | Buy-out | $50000000 | $4985798 | BO 10 | BO | 22 | 36 | ||||||||||||
Reverence | Buy-out | $50000000 | $0 | BO 11 | BO | 22 | 36 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 22 | 36 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 34 | ||||||||||||
One Rock | Buy-out | $45000000 | $13180746 | BO 14 | BO | 20 | 33 | ||||||||||||
Incline | Buy-out | $40000000 | $11611636 | BO 15 | BO | 18 | 29 | ||||||||||||
Kainos | Buy-out | $35000000 | $19539188 | BO 16 | BO | 15 | 25 | ||||||||||||
Harvest | Buy-out | $20000000 | $11725676 | BO 17 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $82125840 | GE 1 | GE | 79 | 130 | ||||||||||||
Foundry | Venture Growth | $175000000 | $30834484 | GE 2 | GE | 77 | 127 | ||||||||||||
Updata | Venture Growth | $125000000 | $46209141 | GE 3 | GE | 55 | 91 | ||||||||||||
Main Post | Venture Growth | $40000000 | $0 | GE 4 | GE | 18 | 29 | ||||||||||||
FTV | Venture Growth | $46000000 | $31248971 | GE 5 | GE | 20 | 33 | ||||||||||||
Mercato | Venture Growth | $40000000 | $23833321 | GE 6 | GE | 18 | 29 | ||||||||||||
TSSP | Special Situations | $150000000 | $49206694 | SS 1 | SS | 66 | 109 | ||||||||||||
BlackstoneGSO | Special Situations | $93750000 | $37091463 | SS 2 | SS | 41 | 68 | ||||||||||||
BlackstoneBAAM | Special Situations | $65000000 | SS 3 | SS | 29 | 47 | |||||||||||||
Carlyle | Special Situations | $65000000 | $24236270 | SS 4 | SS | 29 | 47 | ||||||||||||
HIG | Special Situations | $60000000 | $17374728 | SS 5 | SS | 26 | 43 | ||||||||||||
LightBay | Special Situations | $40000000 | $0 | SS 6 | SS | 18 | 29 | ||||||||||||
Total | $2280100000 | $556735918 | 10000 | 16529 | |||||||||||||||
CHECK | |||||||||||||||||||
Altaris | |||||||||||||||||||
Arcline | |||||||||||||||||||
BlackstoneGSO | |||||||||||||||||||
Capital Partners | |||||||||||||||||||
CapVest | |||||||||||||||||||
Carlyle | |||||||||||||||||||
Dunes Point | |||||||||||||||||||
Foundry | |||||||||||||||||||
FTV | |||||||||||||||||||
GTCR | |||||||||||||||||||
HIG | |||||||||||||||||||
Harvest | |||||||||||||||||||
Incline | |||||||||||||||||||
Kainos | |||||||||||||||||||
LightBay | |||||||||||||||||||
Main Post | |||||||||||||||||||
Marlin | |||||||||||||||||||
Mercato | |||||||||||||||||||
One Rock | |||||||||||||||||||
Providence | |||||||||||||||||||
Reverence | |||||||||||||||||||
Searchlight | |||||||||||||||||||
Tritium | |||||||||||||||||||
TSSP | |||||||||||||||||||
Updata |
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Vintage Year | Report Name | Short Name | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | State Street NAV ($) | US Fund Div ( of Fund) | Intl Fund Div ( of Fund) | US Fund Div ( of Total Commits) | Intl Fund Div ( of Total Commits) | US Fund Div ( of Total NAV | Intl Fund Div ( of Total NAV | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 2015 | Special Situations Manager 3 | SS 03 | 2819243965 | Voting | 65000000 | 65000000 | 2423627012 | 75 | 25 | 2 | 1 | 3 | 1 | |||||||||||||||||||||
HIG | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2015 | Special Situations Manager 4 | SS 04 | 1100000000 | 60000000 | 60000000 | 1737472771 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 2016 | Buy-out Manager 12 | BO 12 | 2200000000 | 50000000 | 20000000 | 1172567574 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 2015 | Buy-out Manager 8 | BO 08 | 1939000000 | 50000000 | 47000000 | 3345429620 | 60 | 40 | 1 | 1 | 4 | 2 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 2014 | Buy-out Manager 4 | BO 04 | 309000000 | Voting | 50000000 | 50000000 | 5898813765 | 85 | 15 | 2 | 0 | 9 | 2 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 2014 | Special Situations Manager 1 | SS 01 | 3500000000 | 75000000 | 75000000 | 4920669401 | 60 | 40 | 2 | 1 | 5 | 4 | ||||||||||||||||||||||
BlackstoneGSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 2 | SS 02 | 6000000000 | 75000000 | 75000000 | 32285251 | 80 | 20 | 3 | 1 | 5 | 1 | ||||||||||||||||||||||
BlackstoneGSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 8 | SS 08 | 2000000000 | 18750000 | 18750000 | 4806212 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 2016 | GrowthVenture Manager 7 | GE 07 | 500000000 | 35000000 | 30000000 | 2644022252 | 100 | 0 | 1 | 0 | 5 | 0 | ||||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 2017 | GrowthVenture Manager 4 | GE 04 | 867000000 | Voting | 50000000 | 46000000 | 3124897116 | 75 | 25 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 2017 | Buy-out Manager 10 | BO 10 | 601000000 | 50000000 | 40000000 | 1161163584 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 2016 | Buy-out Manager 11 | BO 11 | 895000000 | Observer | 50000000 | 35000000 | 1953918849 | 75 | 25 | 1 | 0 | 3 | 1 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 2015 | GrowthVenture Manager 6 | GE 06 | 246000000 | Voting | 40000000 | 40000000 | 2383332060 | 100 | 0 | 2 | 0 | 4 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 2016 | GrowthVenture Manager 2 | GE 02 | 640000000 | Voting | 60000000 | 60000000 | 6665235799 | 100 | 0 | 3 | 0 | 12 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 2014 | GrowthVenture Manager 3 | GE 03 | 280000000 | Voting | 50000000 | 50000000 | 4620914142 | 90 | 10 | 2 | 0 | 7 | 1 | |||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 14 | BO 14 | 240000000 | 12500000 | 12500000 | 4140390 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 5 | BO 05 | 1000000000 | 50000000 | 50000000 | 11187778 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 2018 | Buy-out Manager 1 | BO 01 | 500000000 | Voting | 70000000 | 58000000 | 12317286 | 100 | 0 | 3 | 0 | 2 | 0 | |||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 2018 | Buy-out Manager 7 | BO 07 | 535000000 | Voting | 50000000 | 50000000 | - 0 | 80 | 20 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 2018 | Buy-out Manager 6 | BO 06 | 5250000000 | 75000000 | 50000000 | 498579807 | 75 | 25 | 2 | 1 | 1 | 0 | ||||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 2018 | Special Situations Manager 7 | SS 07 | 615000000 | Voting | 50000000 | 40000000 | - 0 | 80 | 20 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 2018 | Buy-out Manager 2 | BO 02 | 2500000000 | 60000000 | 57000000 | 946658473 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 2017 | Buy-out Manager 13 | BO 13 | 750000000 | 15000000 | 14250000 | 525048862 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 2017 | Buy-out Manager 9 | BO 09 | 964000000 | 50000000 | 45000000 | 1318074623 | 90 | 10 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 2018 | GrowthVenture Manager 1 | GE 01 | 1322000000 | Voting | 70000000 | 70000000 | 1547348223 | 100 | 0 | 3 | 0 | 3 | 0 | |||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 2018 | Buy-out Manager 15 | BO 15 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 2018 | GrowthVenture Manager 5 | GE 05 | 750000000 | 45000000 | 45000000 | 439426166 | 90 | 10 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 2018 | Buy-out Manager 16 | BO 16 | 1115000000 | 300000000 | 300000000 | 1872700007 | 60 | 40 | 8 | 5 | 2 | 1 | ||||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 2019 | GrowthVenture Manager 8 | GE 08 | 700000000 | Voting | 50000000 | 40000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 2017 | Buy-out Manager 3 | BO 03 | 5000000000 | 55000000 | 55000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 2019 | Buy-out Manager 17 | BO 17 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 6 | SS 06 | 3000000000 | 50000000 | 25000000 | - 0 | 60 | 40 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 5 | SS 05 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 2014 | GrowthVenture Manager 3 | GE 03 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | GE 09 | 2000000000 | Voting | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | GE 10 | 200000000 | 100000000 | 100000000 | - 0 | 90 | 10 | 4 | 0 | 0 | 0 | ||||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | BO 18 | 1000000000 | Voting | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | BO 19 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | Buy-out Manager 8 | BO 20 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | BO 21 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | |||||||||||||||||||||||
BlackstoneBAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | SS 07 | 4000000000 | Voting | 65000000 | 65000000 | - 0 | 80 | 20 | 2 | 1 | 0 | 0 | |||||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
2800000000 | |||||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||
TMRS (AUM) | $ 27589122062 | ltltltlt | As of 12312018 | |||||
PE Target () | 500 | |||||||
PE Target ($) | $ 1379456103 | |||||||
PE Commitments ($) | $ 2280100000 | |||||||
PE NAV ($) | $ 556735918 | ltltltlt | As of 12312018 | |||||
PE NAV () | 202 | |||||||
Un-Allocated () | -6529 | |||||||
Instructions by Sheet Name | ||||
Notes | Light blue-filled cells are hard-coded (not formula-driven) | |||
The green-colored tabs are the only ones to be updated right now | ||||
The red-colored tab does not need to be updated (still under construction) | ||||
Portfolio | ||||
1) | Input new Fund commitment into the next open row | |||
2) | Confirm and input the details for the row of the new Fund in columns A through G | |||
3) | Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I | |||
4) | Copy paste the formulas used in columns J and K for the row of the new Fund | |||
Manager | ||||
1) | If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated | |||
2) | Input the name of the Manager for the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Manager | |||
4) | Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option | |||
Fund | ||||
1) | Insert a row above the one beginning with UA (Un-Allocated) | |||
2) | Input the Short Name of the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Fund | |||
4) | Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option |
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1390 | 2298 | |||||||
2016 | 394750000 | 1731 | 2862 | |||||||
2017 | 436750000 | 1915 | 3166 | |||||||
2018 | 481600000 | 2112 | 3491 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 7149 | 11817 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 780 | 822 | 1289 | |||||
International | 220 | 178 | 364 | |||||
Un-Allocated | -653 | |||||||
Total | 1000 | 1000 | 1000 | |||||
Strategy | Commitments | NAV | of Commitments to Date | of NAV to Date | of Target PE Allocation | ||||||||
BO | Buy-out (40 to 75) | 1200350000 | 214575006 | 526 | 385 | 870 | |||||||
GE | GrowthVenture (10 to 40) | 606000000 | 214251758 | 266 | 385 | 439 | |||||||
SS | Special Situations (5 to 35) | 473750000 | 127909154 | 208 | 230 | 343 | |||||||
Un-Allocated | -653 | ||||||||||||
Total | 2280100000 | 556735918 | 1000 | 1000 | 1000 | ||||||||
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 0 | 55 | 1216 | 60 | 0 | ||||||
GrowthVenture | 0 | 55 | 0 | 40 | 75 | ||||||
Special Situations | 0 | 75 | 0 | 0 | 0 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 0 | 55 | 1766 | 2366 | 2366 | ||||||
GrowthVenture | 0 | 55 | 55 | 95 | 170 | ||||||
Special Situations | 0 | 75 | 75 | 75 | 75 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 600 | 00 | 00 | ||||||
GrowthVenture | 00 | 833 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 650 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 2850 | ||||||
GrowthVenture | 0 | 833 | 833 | 833 | 833 | ||||||
Special Situations | 0 | 00 | 650 | 650 | 650 | ||||||
Unallocated | 450 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 |
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | 58000000 | 254 | 420 | |||||
BO 02 | 57000000 | 250 | 413 | |||||
BO 03 | 55000000 | 241 | 399 | |||||
BO 04 | 50000000 | 219 | 362 | |||||
BO 05 | 50000000 | 219 | 362 | |||||
BO 06 | 50000000 | 219 | 362 | |||||
BO 07 | 50000000 | 219 | 362 | |||||
BO 08 | 47000000 | 206 | 341 | |||||
BO 09 | 45000000 | 197 | 326 | |||||
BO 10 | 40000000 | 175 | 290 | |||||
BO 11 | 35000000 | 154 | 254 | |||||
BO 12 | 20000000 | 088 | 145 | |||||
BO 13 | 14250000 | 062 | 103 | |||||
BO 14 | 12500000 | 055 | 091 | |||||
BO 15 | 46600000 | 204 | 338 | |||||
BO 16 | 300000000 | 1316 | 2175 | |||||
BO 17 | 60000000 | 263 | 435 | |||||
BO 18 | 50000000 | 219 | 362 | |||||
BO 19 | 50000000 | 219 | 362 | |||||
BO 20 | 50000000 | 219 | 362 | |||||
GE 01 | 70000000 | 307 | 507 | |||||
GE 02 | 60000000 | 263 | 435 | |||||
GE 03 | 125000000 | 548 | 906 | |||||
GE 04 | 46000000 | 202 | 333 | |||||
GE 05 | 45000000 | 197 | 326 | |||||
GE 06 | 40000000 | 175 | 290 | |||||
GE 07 | 30000000 | 132 | 217 | |||||
GE 08 | 40000000 | 175 | 290 | |||||
GE 09 | 50000000 | 219 | 362 | |||||
GE 10 | 100000000 | 439 | 725 | |||||
SS 01 | 75000000 | 329 | 544 | |||||
SS 02 | 75000000 | 329 | 544 | |||||
SS 03 | 65000000 | 285 | 471 | |||||
SS 04 | 60000000 | 263 | 435 | |||||
SS 05 | 50000000 | 219 | 362 | |||||
SS 06 | 25000000 | 110 | 181 | |||||
SS 07 | 105000000 | 461 | 761 | |||||
SS 08 | 18750000 | 082 | 136 | |||||
UA | -6529 | |||||||
Total | 2220100000 | 9737 | 9565 | |||||
CHECK | CHECK | CHECK |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | $18727000 | BO 1 | BO | 132 | 217 | |||||||||||
Tritium | Buy-out | $110000000 | $58988138 | BO 2 | BO | 48 | 80 | ||||||||||||
Searchlight | Buy-out | $97000000 | $33454296 | BO 3 | BO | 43 | 70 | ||||||||||||
Marlin | Buy-out | $71250000 | $14717073 | BO 4 | BO | 31 | 52 | ||||||||||||
Altaris | Buy-out | $62500000 | $15328169 | BO 5 | BO | 27 | 45 | ||||||||||||
Northlane | Buy-out | $60000000 | BO 6 | BO | 26 | 43 | |||||||||||||
Capital Partners | Buy-out | $58000000 | $12317286 | BO 7 | BO | 25 | 42 | ||||||||||||
Providence | Buy-out | $55000000 | $0 | BO 8 | BO | 24 | 40 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $0 | BO 9 | BO | 22 | 36 | ||||||||||||
GTCR | Buy-out | $50000000 | $4985798 | BO 10 | BO | 22 | 36 | ||||||||||||
Reverence | Buy-out | $50000000 | $0 | BO 11 | BO | 22 | 36 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 22 | 36 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 34 | ||||||||||||
One Rock | Buy-out | $45000000 | $13180746 | BO 14 | BO | 20 | 33 | ||||||||||||
Incline | Buy-out | $40000000 | $11611636 | BO 15 | BO | 18 | 29 | ||||||||||||
Kainos | Buy-out | $35000000 | $19539188 | BO 16 | BO | 15 | 25 | ||||||||||||
Harvest | Buy-out | $20000000 | $11725676 | BO 17 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $82125840 | GE 1 | GE | 79 | 130 | ||||||||||||
Foundry | Venture Growth | $175000000 | $30834484 | GE 2 | GE | 77 | 127 | ||||||||||||
Updata | Venture Growth | $125000000 | $46209141 | GE 3 | GE | 55 | 91 | ||||||||||||
Main Post | Venture Growth | $40000000 | $0 | GE 4 | GE | 18 | 29 | ||||||||||||
FTV | Venture Growth | $46000000 | $31248971 | GE 5 | GE | 20 | 33 | ||||||||||||
Mercato | Venture Growth | $40000000 | $23833321 | GE 6 | GE | 18 | 29 | ||||||||||||
TSSP | Special Situations | $150000000 | $49206694 | SS 1 | SS | 66 | 109 | ||||||||||||
BlackstoneGSO | Special Situations | $93750000 | $37091463 | SS 2 | SS | 41 | 68 | ||||||||||||
BlackstoneBAAM | Special Situations | $65000000 | SS 3 | SS | 29 | 47 | |||||||||||||
Carlyle | Special Situations | $65000000 | $24236270 | SS 4 | SS | 29 | 47 | ||||||||||||
HIG | Special Situations | $60000000 | $17374728 | SS 5 | SS | 26 | 43 | ||||||||||||
LightBay | Special Situations | $40000000 | $0 | SS 6 | SS | 18 | 29 | ||||||||||||
Total | $2280100000 | $556735918 | 10000 | 16529 | |||||||||||||||
CHECK | |||||||||||||||||||
Altaris | |||||||||||||||||||
Arcline | |||||||||||||||||||
BlackstoneGSO | |||||||||||||||||||
Capital Partners | |||||||||||||||||||
CapVest | |||||||||||||||||||
Carlyle | |||||||||||||||||||
Dunes Point | |||||||||||||||||||
Foundry | |||||||||||||||||||
FTV | |||||||||||||||||||
GTCR | |||||||||||||||||||
HIG | |||||||||||||||||||
Harvest | |||||||||||||||||||
Incline | |||||||||||||||||||
Kainos | |||||||||||||||||||
LightBay | |||||||||||||||||||
Main Post | |||||||||||||||||||
Marlin | |||||||||||||||||||
Mercato | |||||||||||||||||||
One Rock | |||||||||||||||||||
Providence | |||||||||||||||||||
Reverence | |||||||||||||||||||
Searchlight | |||||||||||||||||||
Tritium | |||||||||||||||||||
TSSP | |||||||||||||||||||
Updata |
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Vintage Year | Report Name | Short Name | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | State Street NAV ($) | US Fund Div ( of Fund) | Intl Fund Div ( of Fund) | US Fund Div ( of Total Commits) | Intl Fund Div ( of Total Commits) | US Fund Div ( of Total NAV | Intl Fund Div ( of Total NAV | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 2015 | Special Situations Manager 3 | SS 03 | 2819243965 | Voting | 65000000 | 65000000 | 2423627012 | 75 | 25 | 2 | 1 | 3 | 1 | |||||||||||||||||||||
HIG | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2015 | Special Situations Manager 4 | SS 04 | 1100000000 | 60000000 | 60000000 | 1737472771 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 2016 | Buy-out Manager 12 | BO 12 | 2200000000 | 50000000 | 20000000 | 1172567574 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 2015 | Buy-out Manager 8 | BO 08 | 1939000000 | 50000000 | 47000000 | 3345429620 | 60 | 40 | 1 | 1 | 4 | 2 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 2014 | Buy-out Manager 4 | BO 04 | 309000000 | Voting | 50000000 | 50000000 | 5898813765 | 85 | 15 | 2 | 0 | 9 | 2 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 2014 | Special Situations Manager 1 | SS 01 | 3500000000 | 75000000 | 75000000 | 4920669401 | 60 | 40 | 2 | 1 | 5 | 4 | ||||||||||||||||||||||
BlackstoneGSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 2 | SS 02 | 6000000000 | 75000000 | 75000000 | 32285251 | 80 | 20 | 3 | 1 | 5 | 1 | ||||||||||||||||||||||
BlackstoneGSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 8 | SS 08 | 2000000000 | 18750000 | 18750000 | 4806212 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 2016 | GrowthVenture Manager 7 | GE 07 | 500000000 | 35000000 | 30000000 | 2644022252 | 100 | 0 | 1 | 0 | 5 | 0 | ||||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 2017 | GrowthVenture Manager 4 | GE 04 | 867000000 | Voting | 50000000 | 46000000 | 3124897116 | 75 | 25 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 2017 | Buy-out Manager 10 | BO 10 | 601000000 | 50000000 | 40000000 | 1161163584 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 2016 | Buy-out Manager 11 | BO 11 | 895000000 | Observer | 50000000 | 35000000 | 1953918849 | 75 | 25 | 1 | 0 | 3 | 1 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 2015 | GrowthVenture Manager 6 | GE 06 | 246000000 | Voting | 40000000 | 40000000 | 2383332060 | 100 | 0 | 2 | 0 | 4 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 2016 | GrowthVenture Manager 2 | GE 02 | 640000000 | Voting | 60000000 | 60000000 | 6665235799 | 100 | 0 | 3 | 0 | 12 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 2014 | GrowthVenture Manager 3 | GE 03 | 280000000 | Voting | 50000000 | 50000000 | 4620914142 | 90 | 10 | 2 | 0 | 7 | 1 | |||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 14 | BO 14 | 240000000 | 12500000 | 12500000 | 4140390 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 5 | BO 05 | 1000000000 | 50000000 | 50000000 | 11187778 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 2018 | Buy-out Manager 1 | BO 01 | 500000000 | Voting | 70000000 | 58000000 | 12317286 | 100 | 0 | 3 | 0 | 2 | 0 | |||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 2018 | Buy-out Manager 7 | BO 07 | 535000000 | Voting | 50000000 | 50000000 | - 0 | 80 | 20 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 2018 | Buy-out Manager 6 | BO 06 | 5250000000 | 75000000 | 50000000 | 498579807 | 75 | 25 | 2 | 1 | 1 | 0 | ||||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 2018 | Special Situations Manager 7 | SS 07 | 615000000 | Voting | 50000000 | 40000000 | - 0 | 80 | 20 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 2018 | Buy-out Manager 2 | BO 02 | 2500000000 | 60000000 | 57000000 | 946658473 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 2017 | Buy-out Manager 13 | BO 13 | 750000000 | 15000000 | 14250000 | 525048862 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 2017 | Buy-out Manager 9 | BO 09 | 964000000 | 50000000 | 45000000 | 1318074623 | 90 | 10 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 2018 | GrowthVenture Manager 1 | GE 01 | 1322000000 | Voting | 70000000 | 70000000 | 1547348223 | 100 | 0 | 3 | 0 | 3 | 0 | |||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 2018 | Buy-out Manager 15 | BO 15 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 2018 | GrowthVenture Manager 5 | GE 05 | 750000000 | 45000000 | 45000000 | 439426166 | 90 | 10 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 2018 | Buy-out Manager 16 | BO 16 | 1115000000 | 300000000 | 300000000 | 1872700007 | 60 | 40 | 8 | 5 | 2 | 1 | ||||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 2019 | GrowthVenture Manager 8 | GE 08 | 700000000 | Voting | 50000000 | 40000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 2017 | Buy-out Manager 3 | BO 03 | 5000000000 | 55000000 | 55000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 2019 | Buy-out Manager 17 | BO 17 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 6 | SS 06 | 3000000000 | 50000000 | 25000000 | - 0 | 60 | 40 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 5 | SS 05 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 2014 | GrowthVenture Manager 3 | GE 03 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | GE 09 | 2000000000 | Voting | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | GE 10 | 200000000 | 100000000 | 100000000 | - 0 | 90 | 10 | 4 | 0 | 0 | 0 | ||||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | BO 18 | 1000000000 | Voting | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | BO 19 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | Buy-out Manager 8 | BO 20 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | BO 21 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | |||||||||||||||||||||||
BlackstoneBAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | SS 07 | 4000000000 | Voting | 65000000 | 65000000 | - 0 | 80 | 20 | 2 | 1 | 0 | 0 | |||||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
2800000000 | |||||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||
TMRS (AUM) | $ 27589122062 | ltltltlt | As of 12312018 | |||||
PE Target () | 500 | |||||||
PE Target ($) | $ 1379456103 | |||||||
PE Commitments ($) | $ 2280100000 | |||||||
PE NAV ($) | $ 556735918 | ltltltlt | As of 12312018 | |||||
PE NAV () | 202 | |||||||
Un-Allocated () | -6529 | |||||||
Instructions by Sheet Name | ||||
Notes | Light blue-filled cells are hard-coded (not formula-driven) | |||
The green-colored tabs are the only ones to be updated right now | ||||
The red-colored tab does not need to be updated (still under construction) | ||||
Portfolio | ||||
1) | Input new Fund commitment into the next open row | |||
2) | Confirm and input the details for the row of the new Fund in columns A through G | |||
3) | Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I | |||
4) | Copy paste the formulas used in columns J and K for the row of the new Fund | |||
Manager | ||||
1) | If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated | |||
2) | Input the name of the Manager for the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Manager | |||
4) | Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option | |||
Fund | ||||
1) | Insert a row above the one beginning with UA (Un-Allocated) | |||
2) | Input the Short Name of the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Fund | |||
4) | Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option |
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1390 | 2298 | |||||||
2016 | 394750000 | 1731 | 2862 | |||||||
2017 | 436750000 | 1915 | 3166 | |||||||
2018 | 481600000 | 2112 | 3491 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 7149 | 11817 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 780 | 822 | 1289 | |||||
International | 220 | 178 | 364 | |||||
Un-Allocated | -653 | |||||||
Total | 1000 | 1000 | 1000 | |||||
Strategy | Commitments | NAV | of Commitments to Date | of NAV to Date | of Target PE Allocation | ||||||||
BO | Buy-out (40 to 75) | 1200350000 | 214575006 | 526 | 385 | 870 | |||||||
GE | GrowthVenture (10 to 40) | 606000000 | 214251758 | 266 | 385 | 439 | |||||||
SS | Special Situations (5 to 35) | 473750000 | 127909154 | 208 | 230 | 343 | |||||||
Un-Allocated | -653 | ||||||||||||
Total | 2280100000 | 556735918 | 1000 | 1000 | 1000 | ||||||||
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 0 | 55 | 1216 | 60 | 0 | ||||||
GrowthVenture | 0 | 55 | 0 | 40 | 75 | ||||||
Special Situations | 0 | 75 | 0 | 0 | 0 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 0 | 55 | 1766 | 2366 | 2366 | ||||||
GrowthVenture | 0 | 55 | 55 | 95 | 170 | ||||||
Special Situations | 0 | 75 | 75 | 75 | 75 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 600 | 00 | 00 | ||||||
GrowthVenture | 00 | 833 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 650 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 2850 | ||||||
GrowthVenture | 0 | 833 | 833 | 833 | 833 | ||||||
Special Situations | 0 | 00 | 650 | 650 | 650 | ||||||
Unallocated | 450 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 |
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | 58000000 | 254 | 420 | |||||
BO 02 | 57000000 | 250 | 413 | |||||
BO 03 | 55000000 | 241 | 399 | |||||
BO 04 | 50000000 | 219 | 362 | |||||
BO 05 | 50000000 | 219 | 362 | |||||
BO 06 | 50000000 | 219 | 362 | |||||
BO 07 | 50000000 | 219 | 362 | |||||
BO 08 | 47000000 | 206 | 341 | |||||
BO 09 | 45000000 | 197 | 326 | |||||
BO 10 | 40000000 | 175 | 290 | |||||
BO 11 | 35000000 | 154 | 254 | |||||
BO 12 | 20000000 | 088 | 145 | |||||
BO 13 | 14250000 | 062 | 103 | |||||
BO 14 | 12500000 | 055 | 091 | |||||
BO 15 | 46600000 | 204 | 338 | |||||
BO 16 | 300000000 | 1316 | 2175 | |||||
BO 17 | 60000000 | 263 | 435 | |||||
BO 18 | 50000000 | 219 | 362 | |||||
BO 19 | 50000000 | 219 | 362 | |||||
BO 20 | 50000000 | 219 | 362 | |||||
GE 01 | 70000000 | 307 | 507 | |||||
GE 02 | 60000000 | 263 | 435 | |||||
GE 03 | 125000000 | 548 | 906 | |||||
GE 04 | 46000000 | 202 | 333 | |||||
GE 05 | 45000000 | 197 | 326 | |||||
GE 06 | 40000000 | 175 | 290 | |||||
GE 07 | 30000000 | 132 | 217 | |||||
GE 08 | 40000000 | 175 | 290 | |||||
GE 09 | 50000000 | 219 | 362 | |||||
GE 10 | 100000000 | 439 | 725 | |||||
SS 01 | 75000000 | 329 | 544 | |||||
SS 02 | 75000000 | 329 | 544 | |||||
SS 03 | 65000000 | 285 | 471 | |||||
SS 04 | 60000000 | 263 | 435 | |||||
SS 05 | 50000000 | 219 | 362 | |||||
SS 06 | 25000000 | 110 | 181 | |||||
SS 07 | 105000000 | 461 | 761 | |||||
SS 08 | 18750000 | 082 | 136 | |||||
UA | -6529 | |||||||
Total | 2220100000 | 9737 | 9565 | |||||
CHECK | CHECK | CHECK |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | $18727000 | BO 1 | BO | 132 | 217 | |||||||||||
Tritium | Buy-out | $110000000 | $58988138 | BO 2 | BO | 48 | 80 | ||||||||||||
Searchlight | Buy-out | $97000000 | $33454296 | BO 3 | BO | 43 | 70 | ||||||||||||
Marlin | Buy-out | $71250000 | $14717073 | BO 4 | BO | 31 | 52 | ||||||||||||
Altaris | Buy-out | $62500000 | $15328169 | BO 5 | BO | 27 | 45 | ||||||||||||
Northlane | Buy-out | $60000000 | BO 6 | BO | 26 | 43 | |||||||||||||
Capital Partners | Buy-out | $58000000 | $12317286 | BO 7 | BO | 25 | 42 | ||||||||||||
Providence | Buy-out | $55000000 | $0 | BO 8 | BO | 24 | 40 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $0 | BO 9 | BO | 22 | 36 | ||||||||||||
GTCR | Buy-out | $50000000 | $4985798 | BO 10 | BO | 22 | 36 | ||||||||||||
Reverence | Buy-out | $50000000 | $0 | BO 11 | BO | 22 | 36 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 22 | 36 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 34 | ||||||||||||
One Rock | Buy-out | $45000000 | $13180746 | BO 14 | BO | 20 | 33 | ||||||||||||
Incline | Buy-out | $40000000 | $11611636 | BO 15 | BO | 18 | 29 | ||||||||||||
Kainos | Buy-out | $35000000 | $19539188 | BO 16 | BO | 15 | 25 | ||||||||||||
Harvest | Buy-out | $20000000 | $11725676 | BO 17 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $82125840 | GE 1 | GE | 79 | 130 | ||||||||||||
Foundry | Venture Growth | $175000000 | $30834484 | GE 2 | GE | 77 | 127 | ||||||||||||
Updata | Venture Growth | $125000000 | $46209141 | GE 3 | GE | 55 | 91 | ||||||||||||
Main Post | Venture Growth | $40000000 | $0 | GE 4 | GE | 18 | 29 | ||||||||||||
FTV | Venture Growth | $46000000 | $31248971 | GE 5 | GE | 20 | 33 | ||||||||||||
Mercato | Venture Growth | $40000000 | $23833321 | GE 6 | GE | 18 | 29 | ||||||||||||
TSSP | Special Situations | $150000000 | $49206694 | SS 1 | SS | 66 | 109 | ||||||||||||
BlackstoneGSO | Special Situations | $93750000 | $37091463 | SS 2 | SS | 41 | 68 | ||||||||||||
BlackstoneBAAM | Special Situations | $65000000 | SS 3 | SS | 29 | 47 | |||||||||||||
Carlyle | Special Situations | $65000000 | $24236270 | SS 4 | SS | 29 | 47 | ||||||||||||
HIG | Special Situations | $60000000 | $17374728 | SS 5 | SS | 26 | 43 | ||||||||||||
LightBay | Special Situations | $40000000 | $0 | SS 6 | SS | 18 | 29 | ||||||||||||
Total | $2280100000 | $556735918 | 10000 | 16529 | |||||||||||||||
CHECK | |||||||||||||||||||
Altaris | |||||||||||||||||||
Arcline | |||||||||||||||||||
BlackstoneGSO | |||||||||||||||||||
Capital Partners | |||||||||||||||||||
CapVest | |||||||||||||||||||
Carlyle | |||||||||||||||||||
Dunes Point | |||||||||||||||||||
Foundry | |||||||||||||||||||
FTV | |||||||||||||||||||
GTCR | |||||||||||||||||||
HIG | |||||||||||||||||||
Harvest | |||||||||||||||||||
Incline | |||||||||||||||||||
Kainos | |||||||||||||||||||
LightBay | |||||||||||||||||||
Main Post | |||||||||||||||||||
Marlin | |||||||||||||||||||
Mercato | |||||||||||||||||||
One Rock | |||||||||||||||||||
Providence | |||||||||||||||||||
Reverence | |||||||||||||||||||
Searchlight | |||||||||||||||||||
Tritium | |||||||||||||||||||
TSSP | |||||||||||||||||||
Updata |
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Vintage Year | Report Name | Short Name | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | State Street NAV ($) | US Fund Div ( of Fund) | Intl Fund Div ( of Fund) | US Fund Div ( of Total Commits) | Intl Fund Div ( of Total Commits) | US Fund Div ( of Total NAV | Intl Fund Div ( of Total NAV | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 2015 | Special Situations Manager 3 | SS 03 | 2819243965 | Voting | 65000000 | 65000000 | 2423627012 | 75 | 25 | 2 | 1 | 3 | 1 | |||||||||||||||||||||
HIG | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2015 | Special Situations Manager 4 | SS 04 | 1100000000 | 60000000 | 60000000 | 1737472771 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 2016 | Buy-out Manager 12 | BO 12 | 2200000000 | 50000000 | 20000000 | 1172567574 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 2015 | Buy-out Manager 8 | BO 08 | 1939000000 | 50000000 | 47000000 | 3345429620 | 60 | 40 | 1 | 1 | 4 | 2 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 2014 | Buy-out Manager 4 | BO 04 | 309000000 | Voting | 50000000 | 50000000 | 5898813765 | 85 | 15 | 2 | 0 | 9 | 2 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 2014 | Special Situations Manager 1 | SS 01 | 3500000000 | 75000000 | 75000000 | 4920669401 | 60 | 40 | 2 | 1 | 5 | 4 | ||||||||||||||||||||||
BlackstoneGSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 2 | SS 02 | 6000000000 | 75000000 | 75000000 | 32285251 | 80 | 20 | 3 | 1 | 5 | 1 | ||||||||||||||||||||||
BlackstoneGSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 8 | SS 08 | 2000000000 | 18750000 | 18750000 | 4806212 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 2016 | GrowthVenture Manager 7 | GE 07 | 500000000 | 35000000 | 30000000 | 2644022252 | 100 | 0 | 1 | 0 | 5 | 0 | ||||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 2017 | GrowthVenture Manager 4 | GE 04 | 867000000 | Voting | 50000000 | 46000000 | 3124897116 | 75 | 25 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 2017 | Buy-out Manager 10 | BO 10 | 601000000 | 50000000 | 40000000 | 1161163584 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 2016 | Buy-out Manager 11 | BO 11 | 895000000 | Observer | 50000000 | 35000000 | 1953918849 | 75 | 25 | 1 | 0 | 3 | 1 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 2015 | GrowthVenture Manager 6 | GE 06 | 246000000 | Voting | 40000000 | 40000000 | 2383332060 | 100 | 0 | 2 | 0 | 4 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 2016 | GrowthVenture Manager 2 | GE 02 | 640000000 | Voting | 60000000 | 60000000 | 6665235799 | 100 | 0 | 3 | 0 | 12 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 2014 | GrowthVenture Manager 3 | GE 03 | 280000000 | Voting | 50000000 | 50000000 | 4620914142 | 90 | 10 | 2 | 0 | 7 | 1 | |||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 14 | BO 14 | 240000000 | 12500000 | 12500000 | 4140390 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 5 | BO 05 | 1000000000 | 50000000 | 50000000 | 11187778 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 2018 | Buy-out Manager 1 | BO 01 | 500000000 | Voting | 70000000 | 58000000 | 12317286 | 100 | 0 | 3 | 0 | 2 | 0 | |||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 2018 | Buy-out Manager 7 | BO 07 | 535000000 | Voting | 50000000 | 50000000 | - 0 | 80 | 20 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 2018 | Buy-out Manager 6 | BO 06 | 5250000000 | 75000000 | 50000000 | 498579807 | 75 | 25 | 2 | 1 | 1 | 0 | ||||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 2018 | Special Situations Manager 7 | SS 07 | 615000000 | Voting | 50000000 | 40000000 | - 0 | 80 | 20 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 2018 | Buy-out Manager 2 | BO 02 | 2500000000 | 60000000 | 57000000 | 946658473 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 2017 | Buy-out Manager 13 | BO 13 | 750000000 | 15000000 | 14250000 | 525048862 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 2017 | Buy-out Manager 9 | BO 09 | 964000000 | 50000000 | 45000000 | 1318074623 | 90 | 10 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 2018 | GrowthVenture Manager 1 | GE 01 | 1322000000 | Voting | 70000000 | 70000000 | 1547348223 | 100 | 0 | 3 | 0 | 3 | 0 | |||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 2018 | Buy-out Manager 15 | BO 15 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 2018 | GrowthVenture Manager 5 | GE 05 | 750000000 | 45000000 | 45000000 | 439426166 | 90 | 10 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 2018 | Buy-out Manager 16 | BO 16 | 1115000000 | 300000000 | 300000000 | 1872700007 | 60 | 40 | 8 | 5 | 2 | 1 | ||||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 2019 | GrowthVenture Manager 8 | GE 08 | 700000000 | Voting | 50000000 | 40000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 2017 | Buy-out Manager 3 | BO 03 | 5000000000 | 55000000 | 55000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 2019 | Buy-out Manager 17 | BO 17 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 6 | SS 06 | 3000000000 | 50000000 | 25000000 | - 0 | 60 | 40 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 5 | SS 05 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 2014 | GrowthVenture Manager 3 | GE 03 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | GE 09 | 2000000000 | Voting | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | GE 10 | 200000000 | 100000000 | 100000000 | - 0 | 90 | 10 | 4 | 0 | 0 | 0 | ||||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | BO 18 | 1000000000 | Voting | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | BO 19 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | Buy-out Manager 8 | BO 20 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | BO 21 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | |||||||||||||||||||||||
BlackstoneBAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | SS 07 | 4000000000 | Voting | 65000000 | 65000000 | - 0 | 80 | 20 | 2 | 1 | 0 | 0 | |||||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
2800000000 | |||||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||
TMRS (AUM) | $ 27589122062 | ltltltlt | As of 12312018 | |||||
PE Target () | 500 | |||||||
PE Target ($) | $ 1379456103 | |||||||
PE Commitments ($) | $ 2280100000 | |||||||
PE NAV ($) | $ 556735918 | ltltltlt | As of 12312018 | |||||
PE NAV () | 202 | |||||||
Un-Allocated () | -6529 | |||||||
Instructions by Sheet Name | ||||
Notes | Light blue-filled cells are hard-coded (not formula-driven) | |||
The green-colored tabs are the only ones to be updated right now | ||||
The red-colored tab does not need to be updated (still under construction) | ||||
Portfolio | ||||
1) | Input new Fund commitment into the next open row | |||
2) | Confirm and input the details for the row of the new Fund in columns A through G | |||
3) | Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I | |||
4) | Copy paste the formulas used in columns J and K for the row of the new Fund | |||
Manager | ||||
1) | If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated | |||
2) | Input the name of the Manager for the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Manager | |||
4) | Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option | |||
Fund | ||||
1) | Insert a row above the one beginning with UA (Un-Allocated) | |||
2) | Input the Short Name of the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Fund | |||
4) | Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option |
2017 | 2018E | 2019E | 2020E | 2021E | 2022E | 2023E | 2024E | 2025E | |||||||||||||||||||
TMRS | $ 2902900 | $ 2919823 | $ 3087217 | $ 3267756 | $ 3452622 | $ 3642195 | $ 3836795 | $ 4036443 | $ 4241598 | ||||||||||||||||||
Target PE NAV | $ 145145 | $ 145991 | $ 154361 | $ 163388 | $ 172631 | $ 182110 | $ 191840 | $ 201822 | $ 212080 | ||||||||||||||||||
Distributions | $ (2500) | $ (7500) | $ (12500) | $ (20000) | ($317) | $ (39500) | $ (55875) | $ (70000) | $ (78750) | ||||||||||||||||||
Actual PE NAV | $ 27150 | $ 50000 | $ 85155 | $ 121441 | $ 153869 | $ 185360 | $ 207001 | $ 219790 | $ 227778 | ||||||||||||||||||
Original Model | $ 48953 | $ 79299 | $ 114980 | $ 149403 | $ 173865 | 18809585710464 | 19589592210062 | 19963999392119 | 20177719328292 | ||||||||||||||||||
Annual Commitment | $317 | $395 | $447 | $500 | $525 | $550 | $575 | $600 | $635 | $660 | $675 | ||||||||||||||||
308 | 342 | 340 | 337 | 333 | 329 | 331 | 327 | 318 | |||||||||||||||||||
Minus | |||||||||||||||||||||||||||
PE of Plan | 094 | 171 | 276 | 372 | 446 | 509 | 540 | 545 | 537 | ||||||||||||||||||
Plus | 169 | 272 | 372 | 457 | 504 | 516 | 511 | 495 | 476 | ||||||||||||||||||
Target of Plan | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | |||||||||||||||||
PE | 1270 | (27816) | (26088) | (33449) | (40730) | (48008) | (55583) | (63050) | (70395) | (78032) | (86213) | (93803) | |||||||||||||||
2017 | 2018E | 2019E | 2020E | 2021E | 2022E | 2023E | 2024E | 2025E | 2026E | 2027E | |||||||||||||||||
TMRS | $ 2902900 | $ 2758912 | $ 2915445 | $ 3084389 | $ 3256878 | $ 3433238 | $ 3613733 | $ 3798325 | $ 3987407 | $ 4181410 | $ 4380356 | ||||||||||||||||
Target PE NAV | $ 145145 | $ 137946 | $ 145772 | $ 154219 | $ 162844 | $ 171662 | $ 180687 | $ 189916 | $ 199370 | $ 209070 | $ 219018 | ||||||||||||||||
Distributions | $ (2500) | $ (7500) | $ (12500) | $ (20000) | ($317) | $ (39500) | $ (55875) | $ (70000) | $ (78750) | $ (78750) | $ (78750) | ||||||||||||||||
Private Equity NAV | $ 27150 | $ 52500 | $ 88130 | $ 124558 | $ 156255 | $ 186019 | $ 205151 | $ 214646 | $ 219075 | $ 226354 | $ 236280 | ||||||||||||||||
Original Model | $ 48953 | $ 79299 | $ 114980 | $ 149403 | $ 173865 | 18809585710464 | 19589592210062 | 19963999392119 | 20177719328292 | ||||||||||||||||||
Annual Commitment | $317 | $395 | $447 | $500 | $525 | $525 | $525 | $550 | $600 | $625 | $650 | $650 | $650 | ||||||||||||||
308 | 362 | 360 | 340 | 322 | 320 | 332 | 329 | 326 | 311 | 297 | |||||||||||||||||
Minus | |||||||||||||||||||||||||||
PE of Plan | 094 | 190 | 302 | 404 | 480 | 542 | 568 | 565 | 549 | 541 | 539 | ||||||||||||||||
Plus | 169 | 287 | 394 | 484 | 534 | 548 | 542 | 526 | 506 | ||||||||||||||||||
Target of Plan | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | |||||||||||||||
PE | 1300 | (27816) | (26088) | (33449) | (40730) | (48008) | (55583) | (63050) | (70395) | (78032) | (86213) | (93803) | |||||||||||||||
2017 | 2018E | 2019E | 2020E | 2021E | 2022E | 2023E | 2024E | 2025E | |||||||||||||||
TMRS | $ 2902900 | $ 2880000 | $ 2995200 | $ 3115008 | $ 3239608 | $ 3369193 | $ 3503960 | $ 3644119 | $ 3789884 | ||||||||||||||
Target PE NAV | $ 145145 | $ 144000 | $ 149760 | $ 155750 | $ 161980 | $ 168460 | $ 175198 | $ 182206 | $ 189494 | ||||||||||||||
Distributions | $ (2500) | $ (7500) | $ (12500) | $ (20000) | ($317) | $ (39500) | $ (55875) | $ (70000) | $ (78750) | ||||||||||||||
Actual PE NAV | $ 27150 | $ 55047 | $ 89632 | $ 124514 | $ 151718 | $ 176598 | $ 193241 | $ 200031 | $ 201110 | ||||||||||||||
Original Model | $ 48953 | $ 79299 | $ 114980 | $ 149403 | $ 173865 | 18809585710464 | 19589592210062 | 19963999392119 | 20177719328292 | ||||||||||||||
Annual Commitment | $317 | $395 | $447 | $500 | $525 | $550 | $575 | $600 | $635 | $660 | $675 | ||||||||||||
308 | 347 | 351 | 353 | 355 | 356 | 362 | 362 | 356 | |||||||||||||||
Minus | |||||||||||||||||||||||
PE of Plan | 094 | 191 | 299 | 400 | 468 | 524 | 551 | 549 | 531 | ||||||||||||||
Plus | 169 | 275 | 384 | 480 | 537 | 558 | 559 | 548 | 532 | ||||||||||||||
Target of Plan | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | ||||||||||||||
PE | 1050 | ||||||||||||||||||||||
2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | |||||||||||||||
Beginning NAV | 14609962 | 16305676 | 17992494 | 18571294 | 20490599 | 22468634 | 23727478 | 236518112346 | 250933184929355 | 265684014912086 | 280726295918652 | 296006880893161 | 31146271535345 | ||||||||||||||
Costs (other cash flow) | 18114 | 4981 | -3285 | -16664 | 10734 | 8346 | |||||||||||||||||||||
Actual Income | 610171 | 494700 | 424402 | 341039 | 293242 | 304804 | |||||||||||||||||||||
Actual Capital Gains | 873137 | 1001628 | 10363 | 1522241 | 1681646 | 98054 | 16609 | ||||||||||||||||||||
Actual Cash flow | 194292 | 185509 | 14732 | 72689 | -7587 | -34846 | -92276 | ||||||||||||||||||||
Candace cash flow estimate | -15499 | -218716 | -289139 | -366844 | -452463 | -546679 | |||||||||||||||||||||
Estimated Income | 471582 | 534601 | 613836 | 704314 | 805849 | 896763 | |||||||||||||||||||||
Estimated Capital Gains (Actuarial Return - Income) | 1124916 | 1159198 | 1179531 | 1190588 | 1192197 | 1205610 | |||||||||||||||||||||
Ending NAV | 16305676 | 17992494 | 18571294 | 20490599 | 22468634 | 23727478 | 23651811 | 25093318 | 265684014912086 | 280726295918652 | 296006880893161 | 31146271535345 | 327019658639808 | ||||||||||||||
Yield | 418 | 303 | 236 | 184 | 143 | 136 | 135 | 20 | 21 | 23 | 25 | 27 | 29 | ||||||||||||||
Allocation | |||||||||||||||||||||||||||
Core | 318 | 250 | 193 | 163 | 133 | 99 | |||||||||||||||||||||
Liquid credit | 66 | 80 | 100 | 110 | 125 | 149 | |||||||||||||||||||||
Direct Lending | 00 | 10 | 20 | 30 | 40 | 50 | |||||||||||||||||||||
US Equity | 267 | 250 | 230 | 205 | 185 | 175 | |||||||||||||||||||||
Intl Equity | 162 | 167 | 175 | 175 | 175 | 175 | |||||||||||||||||||||
Real Return | 41 | 65 | 75 | 90 | 100 | 100 | |||||||||||||||||||||
Real Estate | 62 | 75 | 85 | 95 | 100 | 100 | |||||||||||||||||||||
HF | 81 | 90 | 100 | 100 | 100 | 100 | |||||||||||||||||||||
PE | 00 | 10 | 20 | 30 | 40 | 50 | |||||||||||||||||||||
Cash | 03 | 03 | 02 | 02 | 02 | 02 | |||||||||||||||||||||
1000 | 1000 | 1000 | 1000 | 1000 | 1000 | ||||||||||||||||||||||
Yield | |||||||||||||||||||||||||||
Core | 18 | 18 | 18 | 18 | 18 | 18 | |||||||||||||||||||||
Liquid credit | 45 | 45 | 45 | 45 | 45 | 45 | |||||||||||||||||||||
Direct Lending | 80 | 80 | 80 | 80 | 80 | 80 | |||||||||||||||||||||
US Equity | 20 | 20 | 20 | 20 | 20 | 20 | |||||||||||||||||||||
Intl Equity | 16 | 16 | 16 | 16 | 16 | 16 | |||||||||||||||||||||
Real Return | 05 | 15 | 25 | 35 | 45 | 50 | |||||||||||||||||||||
Real Estate | 50 | 50 | 50 | 50 | 50 | 50 | |||||||||||||||||||||
HF | 00 | 00 | 00 | 00 | 00 | 00 | |||||||||||||||||||||
PE | 00 | 00 | 00 | 00 | 00 | 00 | |||||||||||||||||||||
Cash | 03 | 03 | 03 | 03 | 03 | 03 | |||||||||||||||||||||
SUMMED | |||||||||||||||||||||||||||
Yield | 0572400 | 05 | 03 | 03 | 02 | 02 | |||||||||||||||||||||
Core | 03 | 04 | 05 | 05 | 06 | 07 | |||||||||||||||||||||
Liquid credit | 00 | 01 | 02 | 02 | 03 | 04 | |||||||||||||||||||||
Direct Lending | 05 | 05 | 05 | 04 | 04 | 04 | |||||||||||||||||||||
US Equity | 03 | 03 | 03 | 03 | 03 | 03 | |||||||||||||||||||||
Intl Equity | 00 | 01 | 02 | 03 | 05 | 05 | |||||||||||||||||||||
Real Return | 03 | 04 | 04 | 05 | 05 | 05 | |||||||||||||||||||||
Real Estate | 00 | 00 | 00 | 00 | 00 | 00 | |||||||||||||||||||||
HF | 00 | 00 | 00 | 00 | 00 | 00 | |||||||||||||||||||||
PE | 00 | 00 | 00 | 00 | 00 | 00 | |||||||||||||||||||||
Cash | 00 | 00 | 00 | 00 | 00 | 00 | |||||||||||||||||||||
TOTAL | 20 | 21 | 23 | 25 | 27 | 29 |
2015 | 2016E | 2017E | 2018E | 2019E | 2020E | 2021E | 2022E | 2023E | 2024E | 2025E | |||||||||||||
TMRS | $ 2365181 | $ 2503739 | $ 2656840 | $ 2807263 | $ 2960069 | $ 3114627 | $ 3270197 | $ 3416053 | $ 3567084 | $ 3718115 | $ 3869146 | ||||||||||||
Target PE NAV | $ 117986 | $ 125187 | $ 132842 | $ 140363 | $ 148003 | $ 155731 | $ 163510 | $ 170803 | $ 178354 | $ 185906 | $ 193457 | ||||||||||||
Distributions | $ - 0 | $ (500) | $ (2500) | $ (7500) | $ (12500) | $ (20000) | ($317) | $ (45000) | $ (56250) | $ (63000) | $ (67500) | ||||||||||||
Actual PE NAV | $ 1739 | $ 22500 | $ 48953 | $ 79299 | $ 114980 | $ 149403 | $ 173865 | $ 188096 | $ 195896 | $ 199640 | $ 201777 | ||||||||||||
Annual Commitment | $317 | $450 | $450 | $450 | $450 | $475 | $475 | $475 | $500 | $550 | $600 | ||||||||||||
Minus | |||||||||||||||||||||||
Actual of Plan | 007 | 090 | 184 | 282 | 388 | 480 | 532 | 551 | 549 | 537 | 522 | ||||||||||||
Plus | |||||||||||||||||||||||
Target of Plan | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | ||||||||||||
PE | 1050 | ||||||||||||||||||||||
Section II
5
$52500
$88130
$124558
$156255
$186019
$205151 $214646 $219075
$226354 $236280
$500 $525 $525 $525 $550 $600 $625 $650 $650 $650 0
2
4
6
8
10
12
14
16
$-
$200
$400
$600
$800
$1000
$1200
$1400
$1600
$1800
$2000
$2200
$2400
$2600
2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E
o
f Tot
al P
lan
Valu
e
Valu
e in
US$
(Mill
ions
)2018 Staff Pacing Model
Private Equity NAV Annual Commitment PE of Plan Target of Plan
6
Annual pacing plans are developed in the context of multiple year investment horizons This is necessary because private capital investments
deploy and return capital over time rather than all at once
2018 Staff Pacing Model
Private Equity NAV2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E52588131245578999999999715625542699999994186018632509999912051510547362998821464569185201885219074631792781292263543339258428223628039733620235Annual Commitment2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E500525525525550600625650650650PE of Plan 2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E1902923909023305E-230228659416296488E-240383332851056143E-247977055046536397E-254181684662894122E-256769838241507123E-256510611085906756E-254941634339036198E-254133496602978719E-253940914226060045E-2Target of Plan2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E005005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
Staff Pacing Model
Actual PE NAV20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E173922548952499999999998792985124999999931149798563124999914940274122531248173865029053970281880958571046371619589592210062406199639993921189582017771932829145Annual Commitment20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E317450450450450475475475500550600Actual of Plan
20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E73525024479141545E-489865597013107194E-318425082900150446E-228247625410545363E-238843643082067419E-247968098221891305E-25316653738100563E-255062328145578938E-254917658487389574E-253693868450405698E-252150314794368831E-2Target of Plan005005005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
Staff Pacing Model
Actual PE NAV20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E173922548952499999999998792985124999999931149798563124999914940274122531248173865029053970281880958571046371619589592210062406199639993921189582017771932829145Annual Commitment20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E317450450450450475475475500550600Actual of Plan
20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E73525024479141545E-489865597013107194E-318425082900150446E-228247625410545363E-238843643082067419E-247968098221891305E-25316653738100563E-255062328145578938E-254917658487389574E-253693868450405698E-252150314794368831E-2Target of Plan005005005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
2017 Staff Pacing Model
Actual PE NAV20172018E2019E2020E2021E2022E2023E2024E2025E27155504674999999999789631658749999997124513982918751517179511252187517659833599336671193241161272670212000314832063005720110978894296213Annual Commitment20172018E2019E2020E2021E2022E2023E2024E2025E447500525550575600635660675PE of Plan 20172018E2019E2020E2021E2022E2023E2024E2025E93527162492679731E-319113454861111111E-229925099742922009E-239972283512193223E-246832189616434469E-252415624213890809E-255149357149883012E-254891592632390636E-253064899662175077E-2Original Model16863309104688414E-227534205729166664E-238388039634248125E-247962233556161804E-253668533933747355E-255828169086240366E-255907002943792104E-254784162191872952E-253241001206111943E-2Target of Plan20172018E2019E2020E2021E2022E2023E2024E2025E005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
2017 Staff Pacing Model
Actual PE NAV20172018E2019E2020E2021E2022E2023E2024E2025E27155504674999999999789631658749999997124513982918751517179511252187517659833599336671193241161272670212000314832063005720110978894296213Annual Commitment20172018E2019E2020E2021E2022E2023E2024E2025E447500525550575600635660675PE of Plan 20172018E2019E2020E2021E2022E2023E2024E2025E93527162492679731E-319113454861111111E-229925099742922009E-239972283512193223E-246832189616434469E-252415624213890809E-255149357149883012E-254891592632390636E-253064899662175077E-2Original Model16863309104688414E-227534205729166664E-238388039634248125E-247962233556161804E-253668533933747355E-255828169086240366E-255907002943792104E-254784162191872952E-253241001206111943E-2Target of Plan20172018E2019E2020E2021E2022E2023E2024E2025E005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
2018 Staff Pacing Model
Private Equity NAV2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E52588131245578999999999715625542699999994186018632509999912051510547362998821464569185201885219074631792781292263543339258428223628039733620235Annual Commitment2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E500525525525550600625650650650PE of Plan 2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E1902923909023305E-230228659416296488E-240383332851056143E-247977055046536397E-254181684662894122E-256769838241507123E-256510611085906756E-254941634339036198E-254133496602978719E-253940914226060045E-2Target of Plan2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E005005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
2018 Staff Pacing Model
Private Equity NAV20172018E2019E2020E2021E2022E2023E2024E2025E27155258813124557899999999971562554269999999418601863250999991205151054736299882146456918520188521907463179278129Annual Commitment20172018E2019E2020E2021E2022E2023E2024E2025E447500525525525550600625650PE of Plan 20172018E2019E2020E2021E2022E2023E2024E2025E93527162492679731E-31902923909023305E-230228659416296488E-240383332851056143E-247977055046536397E-254181684662894122E-256769838241507123E-256510611085906756E-254941634339036198E-2Original Model16863309104688414E-228742673406901599E-239438181279987182E-248438361820181644E-25338395107128014E-254786718290128177E-254208738161829868E-252560002282510392E-250603617044044313E-2Target of Plan20172018E2019E2020E2021E2022E2023E2024E2025E005005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
0
10
20
30
40
50
60
70
80
90
100
Beg Year Q1 Q2 Q3 End Year
o
f Pa
cing
Pla
n Ut
ilize
d
2019 Private Equity Pacing Plan Progress
Buy-out GrowthVenture Special Situations Unallocated
7
MarchSearchlight III ($50mm)
February PSG IV ($50mm)
FGN 2018 Partner ($33mm)Reverence II ($50mm)
Arcline I ($50mm)
Search processes are approved in annual amounts Progress will be made throughout the year as opposed to all at once
The 2019 Private Equity search process has
culminated in ~$368 million of
closed andor recommended
investments in line with the $525 mm
primary pacing model goal for the
year2018
HIG SPF ($75mm)
JuneNorthlane II ($60mm)
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082172551941443706017827448058556272
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
2018 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977
of Pacing Plan Utilized
Section III
8
526
266
208
Private Equity Strategy Diversification by Commitment
Buy-out (40 to75)
GrowthVenture(10 to 40)
Special Situations(5 to 35)
9
Synthesize AnalysisDiversification Analysis
Strategy considerations
2015 Overweight special situations early for J-Curve mitigation efficiency of capital deployment and tactical opportunities
2016 Focus on growth opportunity set and continue to add buy-out exposure
2017 Round out buy-out portfolio and opportunistically add to growth and credit
2018 Steady state on pacing selectively adding new relationships and European exposure
2019 Steady state on pacing selectively adding new relationships and Venture and European exposure
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082172551941443706017827448058556272
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
2018 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977
of Pacing Plan Utilized
10
Synthesize AnalysisDiversification Analysis
The overall goal remains identifying top quartile performers to partner with
Position sizing considerations
Continue to reduce the unallocated portion of the private equity portfolio while sensibly balancing the trade-off between diversification and concentration
Areas of focus are enhancing manager diversification and building strategic relationships where possibleappropriate
Private Equity Manager Diversification by Commitment BO 1 BO 2
BO 3 BO 4BO 5 BO 6BO 7 BO 8BO 9 BO 10BO 11 BO 12BO 13 BO 14BO 15 BO 16BO 17 GE 1GE 2 GE 3GE 4 GE 5GE 6 SS 1SS 2 SS 3SS 4 SS 5SS 6
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082172551941443706017827448058556272
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
2018 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977
of Pacing Plan Utilized
11
Synthesize AnalysisDiversification Analysis
TMRS is focused on taking a measured approach to global geographic diversification
The Target Portfolio keeps a conservative stance on international exposure
780
220
Private Equity Geographic Diversification by Commitment
USA
International
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082172551941443706017827448058556272
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
2018 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977
of Pacing Plan Utilized
Section IV
12
13
Top Candidate Characteristics ndash Northlane II $60 million Recommendation
Northlane Capital Partners
Date of First TMRS Meeting5102018
Dates of Subsequent Meetings892018312019
5162019
Dates of Diligence AdvancementlsquoBrsquo Rating ndash 312019
lsquoArsquo Rating ndash 5162019
Reference ChecksYes
Date of Consultant IDD ReportSeptember 2018
Date of Consultant Board MemoJune 2019
Legal Negotiation InitiatedMay 2019
Comparable Strategies Reviewed18 (Business Services Buy-Out)
16 (Healthcare Buy-Out)
Northlane Capital Partners LLC (ldquoNorthlanerdquo)is a Washington DC-based buyout firmfounded in 2017 that focuses on acquiringlower-middle market companies in thebusiness services and healthcare sectorsThese target companies will be profitablemarket leaders within their niches typicallygenerating up to $30 million of EBITDA whileproviding critical outsourced services to theircustomers Northlane Capital Partners II LP(Northlane II) is targeting $375 million tobuild a portfolio of 10 to 12 businessesrequiring equity investments of up to $75million continuing to employ the prior fundrsquosstrategy that was developed during thefoundersrsquo tenure at American Capital
Section V
14
15
Approval of Recommendation
TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the selection of the following fund
Recommendations
bull Northlane Capital Partners II LP $60 million
16
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1390 | 2298 | |||||||
2016 | 394750000 | 1731 | 2862 | |||||||
2017 | 436750000 | 1915 | 3166 | |||||||
2018 | 481600000 | 2112 | 3491 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 7149 | 11817 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 780 | 822 | 1289 | |||||
International | 220 | 178 | 364 | |||||
Un-Allocated | -653 | |||||||
Total | 1000 | 1000 | 1000 | |||||
Strategy | Commitments | NAV | of Commitments to Date | of NAV to Date | of Target PE Allocation | ||||||||
BO | Buy-out (40 to 75) | 1200350000 | 214575006 | 526 | 385 | 870 | |||||||
GE | GrowthVenture (10 to 40) | 606000000 | 214251758 | 266 | 385 | 439 | |||||||
SS | Special Situations (5 to 35) | 473750000 | 127909154 | 208 | 230 | 343 | |||||||
Un-Allocated | -653 | ||||||||||||
Total | 2280100000 | 556735918 | 1000 | 1000 | 1000 | ||||||||
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 0 | 55 | 1216 | 60 | 0 | ||||||
GrowthVenture | 0 | 55 | 0 | 40 | 75 | ||||||
Special Situations | 0 | 75 | 0 | 0 | 0 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 0 | 55 | 1766 | 2366 | 2366 | ||||||
GrowthVenture | 0 | 55 | 55 | 95 | 170 | ||||||
Special Situations | 0 | 75 | 75 | 75 | 75 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 600 | 00 | 00 | ||||||
GrowthVenture | 00 | 833 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 650 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 2850 | ||||||
GrowthVenture | 0 | 833 | 833 | 833 | 833 | ||||||
Special Situations | 0 | 00 | 650 | 650 | 650 | ||||||
Unallocated | 450 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 |
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | 58000000 | 254 | 420 | |||||
BO 02 | 57000000 | 250 | 413 | |||||
BO 03 | 55000000 | 241 | 399 | |||||
BO 04 | 50000000 | 219 | 362 | |||||
BO 05 | 50000000 | 219 | 362 | |||||
BO 06 | 50000000 | 219 | 362 | |||||
BO 07 | 50000000 | 219 | 362 | |||||
BO 08 | 47000000 | 206 | 341 | |||||
BO 09 | 45000000 | 197 | 326 | |||||
BO 10 | 40000000 | 175 | 290 | |||||
BO 11 | 35000000 | 154 | 254 | |||||
BO 12 | 20000000 | 088 | 145 | |||||
BO 13 | 14250000 | 062 | 103 | |||||
BO 14 | 12500000 | 055 | 091 | |||||
BO 15 | 46600000 | 204 | 338 | |||||
BO 16 | 300000000 | 1316 | 2175 | |||||
BO 17 | 60000000 | 263 | 435 | |||||
BO 18 | 50000000 | 219 | 362 | |||||
BO 19 | 50000000 | 219 | 362 | |||||
BO 20 | 50000000 | 219 | 362 | |||||
GE 01 | 70000000 | 307 | 507 | |||||
GE 02 | 60000000 | 263 | 435 | |||||
GE 03 | 125000000 | 548 | 906 | |||||
GE 04 | 46000000 | 202 | 333 | |||||
GE 05 | 45000000 | 197 | 326 | |||||
GE 06 | 40000000 | 175 | 290 | |||||
GE 07 | 30000000 | 132 | 217 | |||||
GE 08 | 40000000 | 175 | 290 | |||||
GE 09 | 50000000 | 219 | 362 | |||||
GE 10 | 100000000 | 439 | 725 | |||||
SS 01 | 75000000 | 329 | 544 | |||||
SS 02 | 75000000 | 329 | 544 | |||||
SS 03 | 65000000 | 285 | 471 | |||||
SS 04 | 60000000 | 263 | 435 | |||||
SS 05 | 50000000 | 219 | 362 | |||||
SS 06 | 25000000 | 110 | 181 | |||||
SS 07 | 105000000 | 461 | 761 | |||||
SS 08 | 18750000 | 082 | 136 | |||||
UA | -6529 | |||||||
Total | 2220100000 | 9737 | 9565 | |||||
CHECK | CHECK | CHECK |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | $18727000 | BO 1 | BO | 132 | 217 | |||||||||||
Tritium | Buy-out | $110000000 | $58988138 | BO 2 | BO | 48 | 80 | ||||||||||||
Searchlight | Buy-out | $97000000 | $33454296 | BO 3 | BO | 43 | 70 | ||||||||||||
Marlin | Buy-out | $71250000 | $14717073 | BO 4 | BO | 31 | 52 | ||||||||||||
Altaris | Buy-out | $62500000 | $15328169 | BO 5 | BO | 27 | 45 | ||||||||||||
Northlane | Buy-out | $60000000 | BO 6 | BO | 26 | 43 | |||||||||||||
Capital Partners | Buy-out | $58000000 | $12317286 | BO 7 | BO | 25 | 42 | ||||||||||||
Providence | Buy-out | $55000000 | $0 | BO 8 | BO | 24 | 40 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $0 | BO 9 | BO | 22 | 36 | ||||||||||||
GTCR | Buy-out | $50000000 | $4985798 | BO 10 | BO | 22 | 36 | ||||||||||||
Reverence | Buy-out | $50000000 | $0 | BO 11 | BO | 22 | 36 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 22 | 36 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 34 | ||||||||||||
One Rock | Buy-out | $45000000 | $13180746 | BO 14 | BO | 20 | 33 | ||||||||||||
Incline | Buy-out | $40000000 | $11611636 | BO 15 | BO | 18 | 29 | ||||||||||||
Kainos | Buy-out | $35000000 | $19539188 | BO 16 | BO | 15 | 25 | ||||||||||||
Harvest | Buy-out | $20000000 | $11725676 | BO 17 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $82125840 | GE 1 | GE | 79 | 130 | ||||||||||||
Foundry | Venture Growth | $175000000 | $30834484 | GE 2 | GE | 77 | 127 | ||||||||||||
Updata | Venture Growth | $125000000 | $46209141 | GE 3 | GE | 55 | 91 | ||||||||||||
Main Post | Venture Growth | $40000000 | $0 | GE 4 | GE | 18 | 29 | ||||||||||||
FTV | Venture Growth | $46000000 | $31248971 | GE 5 | GE | 20 | 33 | ||||||||||||
Mercato | Venture Growth | $40000000 | $23833321 | GE 6 | GE | 18 | 29 | ||||||||||||
TSSP | Special Situations | $150000000 | $49206694 | SS 1 | SS | 66 | 109 | ||||||||||||
BlackstoneGSO | Special Situations | $93750000 | $37091463 | SS 2 | SS | 41 | 68 | ||||||||||||
BlackstoneBAAM | Special Situations | $65000000 | SS 3 | SS | 29 | 47 | |||||||||||||
Carlyle | Special Situations | $65000000 | $24236270 | SS 4 | SS | 29 | 47 | ||||||||||||
HIG | Special Situations | $60000000 | $17374728 | SS 5 | SS | 26 | 43 | ||||||||||||
LightBay | Special Situations | $40000000 | $0 | SS 6 | SS | 18 | 29 | ||||||||||||
Total | $2280100000 | $556735918 | 10000 | 16529 | |||||||||||||||
CHECK | |||||||||||||||||||
Altaris | |||||||||||||||||||
Arcline | |||||||||||||||||||
BlackstoneGSO | |||||||||||||||||||
Capital Partners | |||||||||||||||||||
CapVest | |||||||||||||||||||
Carlyle | |||||||||||||||||||
Dunes Point | |||||||||||||||||||
Foundry | |||||||||||||||||||
FTV | |||||||||||||||||||
GTCR | |||||||||||||||||||
HIG | |||||||||||||||||||
Harvest | |||||||||||||||||||
Incline | |||||||||||||||||||
Kainos | |||||||||||||||||||
LightBay | |||||||||||||||||||
Main Post | |||||||||||||||||||
Marlin | |||||||||||||||||||
Mercato | |||||||||||||||||||
One Rock | |||||||||||||||||||
Providence | |||||||||||||||||||
Reverence | |||||||||||||||||||
Searchlight | |||||||||||||||||||
Tritium | |||||||||||||||||||
TSSP | |||||||||||||||||||
Updata |
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Vintage Year | Report Name | Short Name | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | State Street NAV ($) | US Fund Div ( of Fund) | Intl Fund Div ( of Fund) | US Fund Div ( of Total Commits) | Intl Fund Div ( of Total Commits) | US Fund Div ( of Total NAV | Intl Fund Div ( of Total NAV | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 2015 | Special Situations Manager 3 | SS 03 | 2819243965 | Voting | 65000000 | 65000000 | 2423627012 | 75 | 25 | 2 | 1 | 3 | 1 | |||||||||||||||||||||
HIG | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2015 | Special Situations Manager 4 | SS 04 | 1100000000 | 60000000 | 60000000 | 1737472771 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 2016 | Buy-out Manager 12 | BO 12 | 2200000000 | 50000000 | 20000000 | 1172567574 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 2015 | Buy-out Manager 8 | BO 08 | 1939000000 | 50000000 | 47000000 | 3345429620 | 60 | 40 | 1 | 1 | 4 | 2 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 2014 | Buy-out Manager 4 | BO 04 | 309000000 | Voting | 50000000 | 50000000 | 5898813765 | 85 | 15 | 2 | 0 | 9 | 2 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 2014 | Special Situations Manager 1 | SS 01 | 3500000000 | 75000000 | 75000000 | 4920669401 | 60 | 40 | 2 | 1 | 5 | 4 | ||||||||||||||||||||||
BlackstoneGSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 2 | SS 02 | 6000000000 | 75000000 | 75000000 | 32285251 | 80 | 20 | 3 | 1 | 5 | 1 | ||||||||||||||||||||||
BlackstoneGSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 8 | SS 08 | 2000000000 | 18750000 | 18750000 | 4806212 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 2016 | GrowthVenture Manager 7 | GE 07 | 500000000 | 35000000 | 30000000 | 2644022252 | 100 | 0 | 1 | 0 | 5 | 0 | ||||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 2017 | GrowthVenture Manager 4 | GE 04 | 867000000 | Voting | 50000000 | 46000000 | 3124897116 | 75 | 25 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 2017 | Buy-out Manager 10 | BO 10 | 601000000 | 50000000 | 40000000 | 1161163584 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 2016 | Buy-out Manager 11 | BO 11 | 895000000 | Observer | 50000000 | 35000000 | 1953918849 | 75 | 25 | 1 | 0 | 3 | 1 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 2015 | GrowthVenture Manager 6 | GE 06 | 246000000 | Voting | 40000000 | 40000000 | 2383332060 | 100 | 0 | 2 | 0 | 4 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 2016 | GrowthVenture Manager 2 | GE 02 | 640000000 | Voting | 60000000 | 60000000 | 6665235799 | 100 | 0 | 3 | 0 | 12 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 2014 | GrowthVenture Manager 3 | GE 03 | 280000000 | Voting | 50000000 | 50000000 | 4620914142 | 90 | 10 | 2 | 0 | 7 | 1 | |||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 14 | BO 14 | 240000000 | 12500000 | 12500000 | 4140390 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 5 | BO 05 | 1000000000 | 50000000 | 50000000 | 11187778 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 2018 | Buy-out Manager 1 | BO 01 | 500000000 | Voting | 70000000 | 58000000 | 12317286 | 100 | 0 | 3 | 0 | 2 | 0 | |||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 2018 | Buy-out Manager 7 | BO 07 | 535000000 | Voting | 50000000 | 50000000 | - 0 | 80 | 20 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 2018 | Buy-out Manager 6 | BO 06 | 5250000000 | 75000000 | 50000000 | 498579807 | 75 | 25 | 2 | 1 | 1 | 0 | ||||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 2018 | Special Situations Manager 7 | SS 07 | 615000000 | Voting | 50000000 | 40000000 | - 0 | 80 | 20 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 2018 | Buy-out Manager 2 | BO 02 | 2500000000 | 60000000 | 57000000 | 946658473 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 2017 | Buy-out Manager 13 | BO 13 | 750000000 | 15000000 | 14250000 | 525048862 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 2017 | Buy-out Manager 9 | BO 09 | 964000000 | 50000000 | 45000000 | 1318074623 | 90 | 10 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 2018 | GrowthVenture Manager 1 | GE 01 | 1322000000 | Voting | 70000000 | 70000000 | 1547348223 | 100 | 0 | 3 | 0 | 3 | 0 | |||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 2018 | Buy-out Manager 15 | BO 15 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 2018 | GrowthVenture Manager 5 | GE 05 | 750000000 | 45000000 | 45000000 | 439426166 | 90 | 10 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 2018 | Buy-out Manager 16 | BO 16 | 1115000000 | 300000000 | 300000000 | 1872700007 | 60 | 40 | 8 | 5 | 2 | 1 | ||||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 2019 | GrowthVenture Manager 8 | GE 08 | 700000000 | Voting | 50000000 | 40000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 2017 | Buy-out Manager 3 | BO 03 | 5000000000 | 55000000 | 55000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 2019 | Buy-out Manager 17 | BO 17 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 6 | SS 06 | 3000000000 | 50000000 | 25000000 | - 0 | 60 | 40 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 5 | SS 05 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 2014 | GrowthVenture Manager 3 | GE 03 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | GE 09 | 2000000000 | Voting | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | GE 10 | 200000000 | 100000000 | 100000000 | - 0 | 90 | 10 | 4 | 0 | 0 | 0 | ||||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | BO 18 | 1000000000 | Voting | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | BO 19 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | Buy-out Manager 8 | BO 20 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | BO 21 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | |||||||||||||||||||||||
BlackstoneBAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | SS 07 | 4000000000 | Voting | 65000000 | 65000000 | - 0 | 80 | 20 | 2 | 1 | 0 | 0 | |||||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
2800000000 | |||||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||
TMRS (AUM) | $ 27589122062 | ltltltlt | As of 12312018 | |||||
PE Target () | 500 | |||||||
PE Target ($) | $ 1379456103 | |||||||
PE Commitments ($) | $ 2280100000 | |||||||
PE NAV ($) | $ 556735918 | ltltltlt | As of 12312018 | |||||
PE NAV () | 202 | |||||||
Un-Allocated () | -6529 | |||||||
Instructions by Sheet Name | ||||
Notes | Light blue-filled cells are hard-coded (not formula-driven) | |||
The green-colored tabs are the only ones to be updated right now | ||||
The red-colored tab does not need to be updated (still under construction) | ||||
Portfolio | ||||
1) | Input new Fund commitment into the next open row | |||
2) | Confirm and input the details for the row of the new Fund in columns A through G | |||
3) | Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I | |||
4) | Copy paste the formulas used in columns J and K for the row of the new Fund | |||
Manager | ||||
1) | If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated | |||
2) | Input the name of the Manager for the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Manager | |||
4) | Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option | |||
Fund | ||||
1) | Insert a row above the one beginning with UA (Un-Allocated) | |||
2) | Input the Short Name of the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Fund | |||
4) | Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option |
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1390 | 2298 | |||||||
2016 | 394750000 | 1731 | 2862 | |||||||
2017 | 436750000 | 1915 | 3166 | |||||||
2018 | 481600000 | 2112 | 3491 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 7149 | 11817 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 780 | 822 | 1289 | |||||
International | 220 | 178 | 364 | |||||
Un-Allocated | -653 | |||||||
Total | 1000 | 1000 | 1000 | |||||
Strategy | Commitments | NAV | of Commitments to Date | of NAV to Date | of Target PE Allocation | ||||||||
BO | Buy-out (40 to 75) | 1200350000 | 214575006 | 526 | 385 | 870 | |||||||
GE | GrowthVenture (10 to 40) | 606000000 | 214251758 | 266 | 385 | 439 | |||||||
SS | Special Situations (5 to 35) | 473750000 | 127909154 | 208 | 230 | 343 | |||||||
Un-Allocated | -653 | ||||||||||||
Total | 2280100000 | 556735918 | 1000 | 1000 | 1000 | ||||||||
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 0 | 55 | 1216 | 60 | 0 | ||||||
GrowthVenture | 0 | 55 | 0 | 40 | 75 | ||||||
Special Situations | 0 | 75 | 0 | 0 | 0 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 0 | 55 | 1766 | 2366 | 2366 | ||||||
GrowthVenture | 0 | 55 | 55 | 95 | 170 | ||||||
Special Situations | 0 | 75 | 75 | 75 | 75 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 600 | 00 | 00 | ||||||
GrowthVenture | 00 | 833 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 650 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 2850 | ||||||
GrowthVenture | 0 | 833 | 833 | 833 | 833 | ||||||
Special Situations | 0 | 00 | 650 | 650 | 650 | ||||||
Unallocated | 450 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 |
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | 58000000 | 254 | 420 | |||||
BO 02 | 57000000 | 250 | 413 | |||||
BO 03 | 55000000 | 241 | 399 | |||||
BO 04 | 50000000 | 219 | 362 | |||||
BO 05 | 50000000 | 219 | 362 | |||||
BO 06 | 50000000 | 219 | 362 | |||||
BO 07 | 50000000 | 219 | 362 | |||||
BO 08 | 47000000 | 206 | 341 | |||||
BO 09 | 45000000 | 197 | 326 | |||||
BO 10 | 40000000 | 175 | 290 | |||||
BO 11 | 35000000 | 154 | 254 | |||||
BO 12 | 20000000 | 088 | 145 | |||||
BO 13 | 14250000 | 062 | 103 | |||||
BO 14 | 12500000 | 055 | 091 | |||||
BO 15 | 46600000 | 204 | 338 | |||||
BO 16 | 300000000 | 1316 | 2175 | |||||
BO 17 | 60000000 | 263 | 435 | |||||
BO 18 | 50000000 | 219 | 362 | |||||
BO 19 | 50000000 | 219 | 362 | |||||
BO 20 | 50000000 | 219 | 362 | |||||
GE 01 | 70000000 | 307 | 507 | |||||
GE 02 | 60000000 | 263 | 435 | |||||
GE 03 | 125000000 | 548 | 906 | |||||
GE 04 | 46000000 | 202 | 333 | |||||
GE 05 | 45000000 | 197 | 326 | |||||
GE 06 | 40000000 | 175 | 290 | |||||
GE 07 | 30000000 | 132 | 217 | |||||
GE 08 | 40000000 | 175 | 290 | |||||
GE 09 | 50000000 | 219 | 362 | |||||
GE 10 | 100000000 | 439 | 725 | |||||
SS 01 | 75000000 | 329 | 544 | |||||
SS 02 | 75000000 | 329 | 544 | |||||
SS 03 | 65000000 | 285 | 471 | |||||
SS 04 | 60000000 | 263 | 435 | |||||
SS 05 | 50000000 | 219 | 362 | |||||
SS 06 | 25000000 | 110 | 181 | |||||
SS 07 | 105000000 | 461 | 761 | |||||
SS 08 | 18750000 | 082 | 136 | |||||
UA | -6529 | |||||||
Total | 2220100000 | 9737 | 9565 | |||||
CHECK | CHECK | CHECK |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | $18727000 | BO 1 | BO | 132 | 217 | |||||||||||
Tritium | Buy-out | $110000000 | $58988138 | BO 2 | BO | 48 | 80 | ||||||||||||
Searchlight | Buy-out | $97000000 | $33454296 | BO 3 | BO | 43 | 70 | ||||||||||||
Marlin | Buy-out | $71250000 | $14717073 | BO 4 | BO | 31 | 52 | ||||||||||||
Altaris | Buy-out | $62500000 | $15328169 | BO 5 | BO | 27 | 45 | ||||||||||||
Northlane | Buy-out | $60000000 | BO 6 | BO | 26 | 43 | |||||||||||||
Capital Partners | Buy-out | $58000000 | $12317286 | BO 7 | BO | 25 | 42 | ||||||||||||
Providence | Buy-out | $55000000 | $0 | BO 8 | BO | 24 | 40 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $0 | BO 9 | BO | 22 | 36 | ||||||||||||
GTCR | Buy-out | $50000000 | $4985798 | BO 10 | BO | 22 | 36 | ||||||||||||
Reverence | Buy-out | $50000000 | $0 | BO 11 | BO | 22 | 36 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 22 | 36 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 34 | ||||||||||||
One Rock | Buy-out | $45000000 | $13180746 | BO 14 | BO | 20 | 33 | ||||||||||||
Incline | Buy-out | $40000000 | $11611636 | BO 15 | BO | 18 | 29 | ||||||||||||
Kainos | Buy-out | $35000000 | $19539188 | BO 16 | BO | 15 | 25 | ||||||||||||
Harvest | Buy-out | $20000000 | $11725676 | BO 17 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $82125840 | GE 1 | GE | 79 | 130 | ||||||||||||
Foundry | Venture Growth | $175000000 | $30834484 | GE 2 | GE | 77 | 127 | ||||||||||||
Updata | Venture Growth | $125000000 | $46209141 | GE 3 | GE | 55 | 91 | ||||||||||||
Main Post | Venture Growth | $40000000 | $0 | GE 4 | GE | 18 | 29 | ||||||||||||
FTV | Venture Growth | $46000000 | $31248971 | GE 5 | GE | 20 | 33 | ||||||||||||
Mercato | Venture Growth | $40000000 | $23833321 | GE 6 | GE | 18 | 29 | ||||||||||||
TSSP | Special Situations | $150000000 | $49206694 | SS 1 | SS | 66 | 109 | ||||||||||||
BlackstoneGSO | Special Situations | $93750000 | $37091463 | SS 2 | SS | 41 | 68 | ||||||||||||
BlackstoneBAAM | Special Situations | $65000000 | SS 3 | SS | 29 | 47 | |||||||||||||
Carlyle | Special Situations | $65000000 | $24236270 | SS 4 | SS | 29 | 47 | ||||||||||||
HIG | Special Situations | $60000000 | $17374728 | SS 5 | SS | 26 | 43 | ||||||||||||
LightBay | Special Situations | $40000000 | $0 | SS 6 | SS | 18 | 29 | ||||||||||||
Total | $2280100000 | $556735918 | 10000 | 16529 | |||||||||||||||
CHECK | |||||||||||||||||||
Altaris | |||||||||||||||||||
Arcline | |||||||||||||||||||
BlackstoneGSO | |||||||||||||||||||
Capital Partners | |||||||||||||||||||
CapVest | |||||||||||||||||||
Carlyle | |||||||||||||||||||
Dunes Point | |||||||||||||||||||
Foundry | |||||||||||||||||||
FTV | |||||||||||||||||||
GTCR | |||||||||||||||||||
HIG | |||||||||||||||||||
Harvest | |||||||||||||||||||
Incline | |||||||||||||||||||
Kainos | |||||||||||||||||||
LightBay | |||||||||||||||||||
Main Post | |||||||||||||||||||
Marlin | |||||||||||||||||||
Mercato | |||||||||||||||||||
One Rock | |||||||||||||||||||
Providence | |||||||||||||||||||
Reverence | |||||||||||||||||||
Searchlight | |||||||||||||||||||
Tritium | |||||||||||||||||||
TSSP | |||||||||||||||||||
Updata |
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Vintage Year | Report Name | Short Name | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | State Street NAV ($) | US Fund Div ( of Fund) | Intl Fund Div ( of Fund) | US Fund Div ( of Total Commits) | Intl Fund Div ( of Total Commits) | US Fund Div ( of Total NAV | Intl Fund Div ( of Total NAV | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 2015 | Special Situations Manager 3 | SS 03 | 2819243965 | Voting | 65000000 | 65000000 | 2423627012 | 75 | 25 | 2 | 1 | 3 | 1 | |||||||||||||||||||||
HIG | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2015 | Special Situations Manager 4 | SS 04 | 1100000000 | 60000000 | 60000000 | 1737472771 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 2016 | Buy-out Manager 12 | BO 12 | 2200000000 | 50000000 | 20000000 | 1172567574 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 2015 | Buy-out Manager 8 | BO 08 | 1939000000 | 50000000 | 47000000 | 3345429620 | 60 | 40 | 1 | 1 | 4 | 2 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 2014 | Buy-out Manager 4 | BO 04 | 309000000 | Voting | 50000000 | 50000000 | 5898813765 | 85 | 15 | 2 | 0 | 9 | 2 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 2014 | Special Situations Manager 1 | SS 01 | 3500000000 | 75000000 | 75000000 | 4920669401 | 60 | 40 | 2 | 1 | 5 | 4 | ||||||||||||||||||||||
BlackstoneGSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 2 | SS 02 | 6000000000 | 75000000 | 75000000 | 32285251 | 80 | 20 | 3 | 1 | 5 | 1 | ||||||||||||||||||||||
BlackstoneGSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 8 | SS 08 | 2000000000 | 18750000 | 18750000 | 4806212 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 2016 | GrowthVenture Manager 7 | GE 07 | 500000000 | 35000000 | 30000000 | 2644022252 | 100 | 0 | 1 | 0 | 5 | 0 | ||||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 2017 | GrowthVenture Manager 4 | GE 04 | 867000000 | Voting | 50000000 | 46000000 | 3124897116 | 75 | 25 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 2017 | Buy-out Manager 10 | BO 10 | 601000000 | 50000000 | 40000000 | 1161163584 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 2016 | Buy-out Manager 11 | BO 11 | 895000000 | Observer | 50000000 | 35000000 | 1953918849 | 75 | 25 | 1 | 0 | 3 | 1 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 2015 | GrowthVenture Manager 6 | GE 06 | 246000000 | Voting | 40000000 | 40000000 | 2383332060 | 100 | 0 | 2 | 0 | 4 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 2016 | GrowthVenture Manager 2 | GE 02 | 640000000 | Voting | 60000000 | 60000000 | 6665235799 | 100 | 0 | 3 | 0 | 12 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 2014 | GrowthVenture Manager 3 | GE 03 | 280000000 | Voting | 50000000 | 50000000 | 4620914142 | 90 | 10 | 2 | 0 | 7 | 1 | |||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 14 | BO 14 | 240000000 | 12500000 | 12500000 | 4140390 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 5 | BO 05 | 1000000000 | 50000000 | 50000000 | 11187778 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 2018 | Buy-out Manager 1 | BO 01 | 500000000 | Voting | 70000000 | 58000000 | 12317286 | 100 | 0 | 3 | 0 | 2 | 0 | |||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 2018 | Buy-out Manager 7 | BO 07 | 535000000 | Voting | 50000000 | 50000000 | - 0 | 80 | 20 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 2018 | Buy-out Manager 6 | BO 06 | 5250000000 | 75000000 | 50000000 | 498579807 | 75 | 25 | 2 | 1 | 1 | 0 | ||||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 2018 | Special Situations Manager 7 | SS 07 | 615000000 | Voting | 50000000 | 40000000 | - 0 | 80 | 20 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 2018 | Buy-out Manager 2 | BO 02 | 2500000000 | 60000000 | 57000000 | 946658473 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 2017 | Buy-out Manager 13 | BO 13 | 750000000 | 15000000 | 14250000 | 525048862 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 2017 | Buy-out Manager 9 | BO 09 | 964000000 | 50000000 | 45000000 | 1318074623 | 90 | 10 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 2018 | GrowthVenture Manager 1 | GE 01 | 1322000000 | Voting | 70000000 | 70000000 | 1547348223 | 100 | 0 | 3 | 0 | 3 | 0 | |||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 2018 | Buy-out Manager 15 | BO 15 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 2018 | GrowthVenture Manager 5 | GE 05 | 750000000 | 45000000 | 45000000 | 439426166 | 90 | 10 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 2018 | Buy-out Manager 16 | BO 16 | 1115000000 | 300000000 | 300000000 | 1872700007 | 60 | 40 | 8 | 5 | 2 | 1 | ||||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 2019 | GrowthVenture Manager 8 | GE 08 | 700000000 | Voting | 50000000 | 40000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 2017 | Buy-out Manager 3 | BO 03 | 5000000000 | 55000000 | 55000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 2019 | Buy-out Manager 17 | BO 17 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 6 | SS 06 | 3000000000 | 50000000 | 25000000 | - 0 | 60 | 40 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 5 | SS 05 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 2014 | GrowthVenture Manager 3 | GE 03 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | GE 09 | 2000000000 | Voting | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | GE 10 | 200000000 | 100000000 | 100000000 | - 0 | 90 | 10 | 4 | 0 | 0 | 0 | ||||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | BO 18 | 1000000000 | Voting | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | BO 19 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | Buy-out Manager 8 | BO 20 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | BO 21 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | |||||||||||||||||||||||
BlackstoneBAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | SS 07 | 4000000000 | Voting | 65000000 | 65000000 | - 0 | 80 | 20 | 2 | 1 | 0 | 0 | |||||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
2800000000 | |||||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||
TMRS (AUM) | $ 27589122062 | ltltltlt | As of 12312018 | |||||
PE Target () | 500 | |||||||
PE Target ($) | $ 1379456103 | |||||||
PE Commitments ($) | $ 2280100000 | |||||||
PE NAV ($) | $ 556735918 | ltltltlt | As of 12312018 | |||||
PE NAV () | 202 | |||||||
Un-Allocated () | -6529 | |||||||
Instructions by Sheet Name | ||||
Notes | Light blue-filled cells are hard-coded (not formula-driven) | |||
The green-colored tabs are the only ones to be updated right now | ||||
The red-colored tab does not need to be updated (still under construction) | ||||
Portfolio | ||||
1) | Input new Fund commitment into the next open row | |||
2) | Confirm and input the details for the row of the new Fund in columns A through G | |||
3) | Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I | |||
4) | Copy paste the formulas used in columns J and K for the row of the new Fund | |||
Manager | ||||
1) | If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated | |||
2) | Input the name of the Manager for the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Manager | |||
4) | Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option | |||
Fund | ||||
1) | Insert a row above the one beginning with UA (Un-Allocated) | |||
2) | Input the Short Name of the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Fund | |||
4) | Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option |
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1390 | 2298 | |||||||
2016 | 394750000 | 1731 | 2862 | |||||||
2017 | 436750000 | 1915 | 3166 | |||||||
2018 | 481600000 | 2112 | 3491 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 7149 | 11817 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 780 | 822 | 1289 | |||||
International | 220 | 178 | 364 | |||||
Un-Allocated | -653 | |||||||
Total | 1000 | 1000 | 1000 | |||||
Strategy | Commitments | NAV | of Commitments to Date | of NAV to Date | of Target PE Allocation | ||||||||
BO | Buy-out (40 to 75) | 1200350000 | 214575006 | 526 | 385 | 870 | |||||||
GE | GrowthVenture (10 to 40) | 606000000 | 214251758 | 266 | 385 | 439 | |||||||
SS | Special Situations (5 to 35) | 473750000 | 127909154 | 208 | 230 | 343 | |||||||
Un-Allocated | -653 | ||||||||||||
Total | 2280100000 | 556735918 | 1000 | 1000 | 1000 | ||||||||
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 0 | 55 | 1216 | 60 | 0 | ||||||
GrowthVenture | 0 | 55 | 0 | 40 | 75 | ||||||
Special Situations | 0 | 75 | 0 | 0 | 0 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 0 | 55 | 1766 | 2366 | 2366 | ||||||
GrowthVenture | 0 | 55 | 55 | 95 | 170 | ||||||
Special Situations | 0 | 75 | 75 | 75 | 75 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 600 | 00 | 00 | ||||||
GrowthVenture | 00 | 833 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 650 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 2850 | ||||||
GrowthVenture | 0 | 833 | 833 | 833 | 833 | ||||||
Special Situations | 0 | 00 | 650 | 650 | 650 | ||||||
Unallocated | 450 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 |
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | 58000000 | 254 | 420 | |||||
BO 02 | 57000000 | 250 | 413 | |||||
BO 03 | 55000000 | 241 | 399 | |||||
BO 04 | 50000000 | 219 | 362 | |||||
BO 05 | 50000000 | 219 | 362 | |||||
BO 06 | 50000000 | 219 | 362 | |||||
BO 07 | 50000000 | 219 | 362 | |||||
BO 08 | 47000000 | 206 | 341 | |||||
BO 09 | 45000000 | 197 | 326 | |||||
BO 10 | 40000000 | 175 | 290 | |||||
BO 11 | 35000000 | 154 | 254 | |||||
BO 12 | 20000000 | 088 | 145 | |||||
BO 13 | 14250000 | 062 | 103 | |||||
BO 14 | 12500000 | 055 | 091 | |||||
BO 15 | 46600000 | 204 | 338 | |||||
BO 16 | 300000000 | 1316 | 2175 | |||||
BO 17 | 60000000 | 263 | 435 | |||||
BO 18 | 50000000 | 219 | 362 | |||||
BO 19 | 50000000 | 219 | 362 | |||||
BO 20 | 50000000 | 219 | 362 | |||||
GE 01 | 70000000 | 307 | 507 | |||||
GE 02 | 60000000 | 263 | 435 | |||||
GE 03 | 125000000 | 548 | 906 | |||||
GE 04 | 46000000 | 202 | 333 | |||||
GE 05 | 45000000 | 197 | 326 | |||||
GE 06 | 40000000 | 175 | 290 | |||||
GE 07 | 30000000 | 132 | 217 | |||||
GE 08 | 40000000 | 175 | 290 | |||||
GE 09 | 50000000 | 219 | 362 | |||||
GE 10 | 100000000 | 439 | 725 | |||||
SS 01 | 75000000 | 329 | 544 | |||||
SS 02 | 75000000 | 329 | 544 | |||||
SS 03 | 65000000 | 285 | 471 | |||||
SS 04 | 60000000 | 263 | 435 | |||||
SS 05 | 50000000 | 219 | 362 | |||||
SS 06 | 25000000 | 110 | 181 | |||||
SS 07 | 105000000 | 461 | 761 | |||||
SS 08 | 18750000 | 082 | 136 | |||||
UA | -6529 | |||||||
Total | 2220100000 | 9737 | 9565 | |||||
CHECK | CHECK | CHECK |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | $18727000 | BO 1 | BO | 132 | 217 | |||||||||||
Tritium | Buy-out | $110000000 | $58988138 | BO 2 | BO | 48 | 80 | ||||||||||||
Searchlight | Buy-out | $97000000 | $33454296 | BO 3 | BO | 43 | 70 | ||||||||||||
Marlin | Buy-out | $71250000 | $14717073 | BO 4 | BO | 31 | 52 | ||||||||||||
Altaris | Buy-out | $62500000 | $15328169 | BO 5 | BO | 27 | 45 | ||||||||||||
Northlane | Buy-out | $60000000 | BO 6 | BO | 26 | 43 | |||||||||||||
Capital Partners | Buy-out | $58000000 | $12317286 | BO 7 | BO | 25 | 42 | ||||||||||||
Providence | Buy-out | $55000000 | $0 | BO 8 | BO | 24 | 40 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $0 | BO 9 | BO | 22 | 36 | ||||||||||||
GTCR | Buy-out | $50000000 | $4985798 | BO 10 | BO | 22 | 36 | ||||||||||||
Reverence | Buy-out | $50000000 | $0 | BO 11 | BO | 22 | 36 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 22 | 36 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 34 | ||||||||||||
One Rock | Buy-out | $45000000 | $13180746 | BO 14 | BO | 20 | 33 | ||||||||||||
Incline | Buy-out | $40000000 | $11611636 | BO 15 | BO | 18 | 29 | ||||||||||||
Kainos | Buy-out | $35000000 | $19539188 | BO 16 | BO | 15 | 25 | ||||||||||||
Harvest | Buy-out | $20000000 | $11725676 | BO 17 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $82125840 | GE 1 | GE | 79 | 130 | ||||||||||||
Foundry | Venture Growth | $175000000 | $30834484 | GE 2 | GE | 77 | 127 | ||||||||||||
Updata | Venture Growth | $125000000 | $46209141 | GE 3 | GE | 55 | 91 | ||||||||||||
Main Post | Venture Growth | $40000000 | $0 | GE 4 | GE | 18 | 29 | ||||||||||||
FTV | Venture Growth | $46000000 | $31248971 | GE 5 | GE | 20 | 33 | ||||||||||||
Mercato | Venture Growth | $40000000 | $23833321 | GE 6 | GE | 18 | 29 | ||||||||||||
TSSP | Special Situations | $150000000 | $49206694 | SS 1 | SS | 66 | 109 | ||||||||||||
BlackstoneGSO | Special Situations | $93750000 | $37091463 | SS 2 | SS | 41 | 68 | ||||||||||||
BlackstoneBAAM | Special Situations | $65000000 | SS 3 | SS | 29 | 47 | |||||||||||||
Carlyle | Special Situations | $65000000 | $24236270 | SS 4 | SS | 29 | 47 | ||||||||||||
HIG | Special Situations | $60000000 | $17374728 | SS 5 | SS | 26 | 43 | ||||||||||||
LightBay | Special Situations | $40000000 | $0 | SS 6 | SS | 18 | 29 | ||||||||||||
Total | $2280100000 | $556735918 | 10000 | 16529 | |||||||||||||||
CHECK | |||||||||||||||||||
Altaris | |||||||||||||||||||
Arcline | |||||||||||||||||||
BlackstoneGSO | |||||||||||||||||||
Capital Partners | |||||||||||||||||||
CapVest | |||||||||||||||||||
Carlyle | |||||||||||||||||||
Dunes Point | |||||||||||||||||||
Foundry | |||||||||||||||||||
FTV | |||||||||||||||||||
GTCR | |||||||||||||||||||
HIG | |||||||||||||||||||
Harvest | |||||||||||||||||||
Incline | |||||||||||||||||||
Kainos | |||||||||||||||||||
LightBay | |||||||||||||||||||
Main Post | |||||||||||||||||||
Marlin | |||||||||||||||||||
Mercato | |||||||||||||||||||
One Rock | |||||||||||||||||||
Providence | |||||||||||||||||||
Reverence | |||||||||||||||||||
Searchlight | |||||||||||||||||||
Tritium | |||||||||||||||||||
TSSP | |||||||||||||||||||
Updata |
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Vintage Year | Report Name | Short Name | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | State Street NAV ($) | US Fund Div ( of Fund) | Intl Fund Div ( of Fund) | US Fund Div ( of Total Commits) | Intl Fund Div ( of Total Commits) | US Fund Div ( of Total NAV | Intl Fund Div ( of Total NAV | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 2015 | Special Situations Manager 3 | SS 03 | 2819243965 | Voting | 65000000 | 65000000 | 2423627012 | 75 | 25 | 2 | 1 | 3 | 1 | |||||||||||||||||||||
HIG | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2015 | Special Situations Manager 4 | SS 04 | 1100000000 | 60000000 | 60000000 | 1737472771 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 2016 | Buy-out Manager 12 | BO 12 | 2200000000 | 50000000 | 20000000 | 1172567574 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 2015 | Buy-out Manager 8 | BO 08 | 1939000000 | 50000000 | 47000000 | 3345429620 | 60 | 40 | 1 | 1 | 4 | 2 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 2014 | Buy-out Manager 4 | BO 04 | 309000000 | Voting | 50000000 | 50000000 | 5898813765 | 85 | 15 | 2 | 0 | 9 | 2 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 2014 | Special Situations Manager 1 | SS 01 | 3500000000 | 75000000 | 75000000 | 4920669401 | 60 | 40 | 2 | 1 | 5 | 4 | ||||||||||||||||||||||
BlackstoneGSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 2 | SS 02 | 6000000000 | 75000000 | 75000000 | 32285251 | 80 | 20 | 3 | 1 | 5 | 1 | ||||||||||||||||||||||
BlackstoneGSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 8 | SS 08 | 2000000000 | 18750000 | 18750000 | 4806212 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 2016 | GrowthVenture Manager 7 | GE 07 | 500000000 | 35000000 | 30000000 | 2644022252 | 100 | 0 | 1 | 0 | 5 | 0 | ||||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 2017 | GrowthVenture Manager 4 | GE 04 | 867000000 | Voting | 50000000 | 46000000 | 3124897116 | 75 | 25 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 2017 | Buy-out Manager 10 | BO 10 | 601000000 | 50000000 | 40000000 | 1161163584 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 2016 | Buy-out Manager 11 | BO 11 | 895000000 | Observer | 50000000 | 35000000 | 1953918849 | 75 | 25 | 1 | 0 | 3 | 1 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 2015 | GrowthVenture Manager 6 | GE 06 | 246000000 | Voting | 40000000 | 40000000 | 2383332060 | 100 | 0 | 2 | 0 | 4 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 2016 | GrowthVenture Manager 2 | GE 02 | 640000000 | Voting | 60000000 | 60000000 | 6665235799 | 100 | 0 | 3 | 0 | 12 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 2014 | GrowthVenture Manager 3 | GE 03 | 280000000 | Voting | 50000000 | 50000000 | 4620914142 | 90 | 10 | 2 | 0 | 7 | 1 | |||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 14 | BO 14 | 240000000 | 12500000 | 12500000 | 4140390 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 5 | BO 05 | 1000000000 | 50000000 | 50000000 | 11187778 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 2018 | Buy-out Manager 1 | BO 01 | 500000000 | Voting | 70000000 | 58000000 | 12317286 | 100 | 0 | 3 | 0 | 2 | 0 | |||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 2018 | Buy-out Manager 7 | BO 07 | 535000000 | Voting | 50000000 | 50000000 | - 0 | 80 | 20 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 2018 | Buy-out Manager 6 | BO 06 | 5250000000 | 75000000 | 50000000 | 498579807 | 75 | 25 | 2 | 1 | 1 | 0 | ||||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 2018 | Special Situations Manager 7 | SS 07 | 615000000 | Voting | 50000000 | 40000000 | - 0 | 80 | 20 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 2018 | Buy-out Manager 2 | BO 02 | 2500000000 | 60000000 | 57000000 | 946658473 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 2017 | Buy-out Manager 13 | BO 13 | 750000000 | 15000000 | 14250000 | 525048862 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 2017 | Buy-out Manager 9 | BO 09 | 964000000 | 50000000 | 45000000 | 1318074623 | 90 | 10 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 2018 | GrowthVenture Manager 1 | GE 01 | 1322000000 | Voting | 70000000 | 70000000 | 1547348223 | 100 | 0 | 3 | 0 | 3 | 0 | |||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 2018 | Buy-out Manager 15 | BO 15 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 2018 | GrowthVenture Manager 5 | GE 05 | 750000000 | 45000000 | 45000000 | 439426166 | 90 | 10 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 2018 | Buy-out Manager 16 | BO 16 | 1115000000 | 300000000 | 300000000 | 1872700007 | 60 | 40 | 8 | 5 | 2 | 1 | ||||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 2019 | GrowthVenture Manager 8 | GE 08 | 700000000 | Voting | 50000000 | 40000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 2017 | Buy-out Manager 3 | BO 03 | 5000000000 | 55000000 | 55000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 2019 | Buy-out Manager 17 | BO 17 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 6 | SS 06 | 3000000000 | 50000000 | 25000000 | - 0 | 60 | 40 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 5 | SS 05 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 2014 | GrowthVenture Manager 3 | GE 03 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | GE 09 | 2000000000 | Voting | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | GE 10 | 200000000 | 100000000 | 100000000 | - 0 | 90 | 10 | 4 | 0 | 0 | 0 | ||||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | BO 18 | 1000000000 | Voting | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | BO 19 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | Buy-out Manager 8 | BO 20 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | BO 21 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | |||||||||||||||||||||||
BlackstoneBAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | SS 07 | 4000000000 | Voting | 65000000 | 65000000 | - 0 | 80 | 20 | 2 | 1 | 0 | 0 | |||||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
2800000000 | |||||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||
TMRS (AUM) | $ 27589122062 | ltltltlt | As of 12312018 | |||||
PE Target () | 500 | |||||||
PE Target ($) | $ 1379456103 | |||||||
PE Commitments ($) | $ 2280100000 | |||||||
PE NAV ($) | $ 556735918 | ltltltlt | As of 12312018 | |||||
PE NAV () | 202 | |||||||
Un-Allocated () | -6529 | |||||||
Instructions by Sheet Name | ||||
Notes | Light blue-filled cells are hard-coded (not formula-driven) | |||
The green-colored tabs are the only ones to be updated right now | ||||
The red-colored tab does not need to be updated (still under construction) | ||||
Portfolio | ||||
1) | Input new Fund commitment into the next open row | |||
2) | Confirm and input the details for the row of the new Fund in columns A through G | |||
3) | Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I | |||
4) | Copy paste the formulas used in columns J and K for the row of the new Fund | |||
Manager | ||||
1) | If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated | |||
2) | Input the name of the Manager for the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Manager | |||
4) | Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option | |||
Fund | ||||
1) | Insert a row above the one beginning with UA (Un-Allocated) | |||
2) | Input the Short Name of the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Fund | |||
4) | Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option |
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1390 | 2298 | |||||||
2016 | 394750000 | 1731 | 2862 | |||||||
2017 | 436750000 | 1915 | 3166 | |||||||
2018 | 481600000 | 2112 | 3491 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 7149 | 11817 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 780 | 822 | 1289 | |||||
International | 220 | 178 | 364 | |||||
Un-Allocated | -653 | |||||||
Total | 1000 | 1000 | 1000 | |||||
Strategy | Commitments | NAV | of Commitments to Date | of NAV to Date | of Target PE Allocation | ||||||||
BO | Buy-out (40 to 75) | 1200350000 | 214575006 | 526 | 385 | 870 | |||||||
GE | GrowthVenture (10 to 40) | 606000000 | 214251758 | 266 | 385 | 439 | |||||||
SS | Special Situations (5 to 35) | 473750000 | 127909154 | 208 | 230 | 343 | |||||||
Un-Allocated | -653 | ||||||||||||
Total | 2280100000 | 556735918 | 1000 | 1000 | 1000 | ||||||||
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 0 | 55 | 1216 | 60 | 0 | ||||||
GrowthVenture | 0 | 55 | 0 | 40 | 75 | ||||||
Special Situations | 0 | 75 | 0 | 0 | 0 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 0 | 55 | 1766 | 2366 | 2366 | ||||||
GrowthVenture | 0 | 55 | 55 | 95 | 170 | ||||||
Special Situations | 0 | 75 | 75 | 75 | 75 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 600 | 00 | 00 | ||||||
GrowthVenture | 00 | 833 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 650 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 2850 | ||||||
GrowthVenture | 0 | 833 | 833 | 833 | 833 | ||||||
Special Situations | 0 | 00 | 650 | 650 | 650 | ||||||
Unallocated | 450 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 |
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | 58000000 | 254 | 420 | |||||
BO 02 | 57000000 | 250 | 413 | |||||
BO 03 | 55000000 | 241 | 399 | |||||
BO 04 | 50000000 | 219 | 362 | |||||
BO 05 | 50000000 | 219 | 362 | |||||
BO 06 | 50000000 | 219 | 362 | |||||
BO 07 | 50000000 | 219 | 362 | |||||
BO 08 | 47000000 | 206 | 341 | |||||
BO 09 | 45000000 | 197 | 326 | |||||
BO 10 | 40000000 | 175 | 290 | |||||
BO 11 | 35000000 | 154 | 254 | |||||
BO 12 | 20000000 | 088 | 145 | |||||
BO 13 | 14250000 | 062 | 103 | |||||
BO 14 | 12500000 | 055 | 091 | |||||
BO 15 | 46600000 | 204 | 338 | |||||
BO 16 | 300000000 | 1316 | 2175 | |||||
BO 17 | 60000000 | 263 | 435 | |||||
BO 18 | 50000000 | 219 | 362 | |||||
BO 19 | 50000000 | 219 | 362 | |||||
BO 20 | 50000000 | 219 | 362 | |||||
GE 01 | 70000000 | 307 | 507 | |||||
GE 02 | 60000000 | 263 | 435 | |||||
GE 03 | 125000000 | 548 | 906 | |||||
GE 04 | 46000000 | 202 | 333 | |||||
GE 05 | 45000000 | 197 | 326 | |||||
GE 06 | 40000000 | 175 | 290 | |||||
GE 07 | 30000000 | 132 | 217 | |||||
GE 08 | 40000000 | 175 | 290 | |||||
GE 09 | 50000000 | 219 | 362 | |||||
GE 10 | 100000000 | 439 | 725 | |||||
SS 01 | 75000000 | 329 | 544 | |||||
SS 02 | 75000000 | 329 | 544 | |||||
SS 03 | 65000000 | 285 | 471 | |||||
SS 04 | 60000000 | 263 | 435 | |||||
SS 05 | 50000000 | 219 | 362 | |||||
SS 06 | 25000000 | 110 | 181 | |||||
SS 07 | 105000000 | 461 | 761 | |||||
SS 08 | 18750000 | 082 | 136 | |||||
UA | -6529 | |||||||
Total | 2220100000 | 9737 | 9565 | |||||
CHECK | CHECK | CHECK |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | $18727000 | BO 1 | BO | 132 | 217 | |||||||||||
Tritium | Buy-out | $110000000 | $58988138 | BO 2 | BO | 48 | 80 | ||||||||||||
Searchlight | Buy-out | $97000000 | $33454296 | BO 3 | BO | 43 | 70 | ||||||||||||
Marlin | Buy-out | $71250000 | $14717073 | BO 4 | BO | 31 | 52 | ||||||||||||
Altaris | Buy-out | $62500000 | $15328169 | BO 5 | BO | 27 | 45 | ||||||||||||
Northlane | Buy-out | $60000000 | BO 6 | BO | 26 | 43 | |||||||||||||
Capital Partners | Buy-out | $58000000 | $12317286 | BO 7 | BO | 25 | 42 | ||||||||||||
Providence | Buy-out | $55000000 | $0 | BO 8 | BO | 24 | 40 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $0 | BO 9 | BO | 22 | 36 | ||||||||||||
GTCR | Buy-out | $50000000 | $4985798 | BO 10 | BO | 22 | 36 | ||||||||||||
Reverence | Buy-out | $50000000 | $0 | BO 11 | BO | 22 | 36 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 22 | 36 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 34 | ||||||||||||
One Rock | Buy-out | $45000000 | $13180746 | BO 14 | BO | 20 | 33 | ||||||||||||
Incline | Buy-out | $40000000 | $11611636 | BO 15 | BO | 18 | 29 | ||||||||||||
Kainos | Buy-out | $35000000 | $19539188 | BO 16 | BO | 15 | 25 | ||||||||||||
Harvest | Buy-out | $20000000 | $11725676 | BO 17 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $82125840 | GE 1 | GE | 79 | 130 | ||||||||||||
Foundry | Venture Growth | $175000000 | $30834484 | GE 2 | GE | 77 | 127 | ||||||||||||
Updata | Venture Growth | $125000000 | $46209141 | GE 3 | GE | 55 | 91 | ||||||||||||
Main Post | Venture Growth | $40000000 | $0 | GE 4 | GE | 18 | 29 | ||||||||||||
FTV | Venture Growth | $46000000 | $31248971 | GE 5 | GE | 20 | 33 | ||||||||||||
Mercato | Venture Growth | $40000000 | $23833321 | GE 6 | GE | 18 | 29 | ||||||||||||
TSSP | Special Situations | $150000000 | $49206694 | SS 1 | SS | 66 | 109 | ||||||||||||
BlackstoneGSO | Special Situations | $93750000 | $37091463 | SS 2 | SS | 41 | 68 | ||||||||||||
BlackstoneBAAM | Special Situations | $65000000 | SS 3 | SS | 29 | 47 | |||||||||||||
Carlyle | Special Situations | $65000000 | $24236270 | SS 4 | SS | 29 | 47 | ||||||||||||
HIG | Special Situations | $60000000 | $17374728 | SS 5 | SS | 26 | 43 | ||||||||||||
LightBay | Special Situations | $40000000 | $0 | SS 6 | SS | 18 | 29 | ||||||||||||
Total | $2280100000 | $556735918 | 10000 | 16529 | |||||||||||||||
CHECK | |||||||||||||||||||
Altaris | |||||||||||||||||||
Arcline | |||||||||||||||||||
BlackstoneGSO | |||||||||||||||||||
Capital Partners | |||||||||||||||||||
CapVest | |||||||||||||||||||
Carlyle | |||||||||||||||||||
Dunes Point | |||||||||||||||||||
Foundry | |||||||||||||||||||
FTV | |||||||||||||||||||
GTCR | |||||||||||||||||||
HIG | |||||||||||||||||||
Harvest | |||||||||||||||||||
Incline | |||||||||||||||||||
Kainos | |||||||||||||||||||
LightBay | |||||||||||||||||||
Main Post | |||||||||||||||||||
Marlin | |||||||||||||||||||
Mercato | |||||||||||||||||||
One Rock | |||||||||||||||||||
Providence | |||||||||||||||||||
Reverence | |||||||||||||||||||
Searchlight | |||||||||||||||||||
Tritium | |||||||||||||||||||
TSSP | |||||||||||||||||||
Updata |
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Vintage Year | Report Name | Short Name | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | State Street NAV ($) | US Fund Div ( of Fund) | Intl Fund Div ( of Fund) | US Fund Div ( of Total Commits) | Intl Fund Div ( of Total Commits) | US Fund Div ( of Total NAV | Intl Fund Div ( of Total NAV | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 2015 | Special Situations Manager 3 | SS 03 | 2819243965 | Voting | 65000000 | 65000000 | 2423627012 | 75 | 25 | 2 | 1 | 3 | 1 | |||||||||||||||||||||
HIG | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2015 | Special Situations Manager 4 | SS 04 | 1100000000 | 60000000 | 60000000 | 1737472771 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 2016 | Buy-out Manager 12 | BO 12 | 2200000000 | 50000000 | 20000000 | 1172567574 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 2015 | Buy-out Manager 8 | BO 08 | 1939000000 | 50000000 | 47000000 | 3345429620 | 60 | 40 | 1 | 1 | 4 | 2 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 2014 | Buy-out Manager 4 | BO 04 | 309000000 | Voting | 50000000 | 50000000 | 5898813765 | 85 | 15 | 2 | 0 | 9 | 2 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 2014 | Special Situations Manager 1 | SS 01 | 3500000000 | 75000000 | 75000000 | 4920669401 | 60 | 40 | 2 | 1 | 5 | 4 | ||||||||||||||||||||||
BlackstoneGSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 2 | SS 02 | 6000000000 | 75000000 | 75000000 | 32285251 | 80 | 20 | 3 | 1 | 5 | 1 | ||||||||||||||||||||||
BlackstoneGSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 8 | SS 08 | 2000000000 | 18750000 | 18750000 | 4806212 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 2016 | GrowthVenture Manager 7 | GE 07 | 500000000 | 35000000 | 30000000 | 2644022252 | 100 | 0 | 1 | 0 | 5 | 0 | ||||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 2017 | GrowthVenture Manager 4 | GE 04 | 867000000 | Voting | 50000000 | 46000000 | 3124897116 | 75 | 25 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 2017 | Buy-out Manager 10 | BO 10 | 601000000 | 50000000 | 40000000 | 1161163584 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 2016 | Buy-out Manager 11 | BO 11 | 895000000 | Observer | 50000000 | 35000000 | 1953918849 | 75 | 25 | 1 | 0 | 3 | 1 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 2015 | GrowthVenture Manager 6 | GE 06 | 246000000 | Voting | 40000000 | 40000000 | 2383332060 | 100 | 0 | 2 | 0 | 4 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 2016 | GrowthVenture Manager 2 | GE 02 | 640000000 | Voting | 60000000 | 60000000 | 6665235799 | 100 | 0 | 3 | 0 | 12 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 2014 | GrowthVenture Manager 3 | GE 03 | 280000000 | Voting | 50000000 | 50000000 | 4620914142 | 90 | 10 | 2 | 0 | 7 | 1 | |||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 14 | BO 14 | 240000000 | 12500000 | 12500000 | 4140390 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 5 | BO 05 | 1000000000 | 50000000 | 50000000 | 11187778 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 2018 | Buy-out Manager 1 | BO 01 | 500000000 | Voting | 70000000 | 58000000 | 12317286 | 100 | 0 | 3 | 0 | 2 | 0 | |||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 2018 | Buy-out Manager 7 | BO 07 | 535000000 | Voting | 50000000 | 50000000 | - 0 | 80 | 20 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 2018 | Buy-out Manager 6 | BO 06 | 5250000000 | 75000000 | 50000000 | 498579807 | 75 | 25 | 2 | 1 | 1 | 0 | ||||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 2018 | Special Situations Manager 7 | SS 07 | 615000000 | Voting | 50000000 | 40000000 | - 0 | 80 | 20 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 2018 | Buy-out Manager 2 | BO 02 | 2500000000 | 60000000 | 57000000 | 946658473 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 2017 | Buy-out Manager 13 | BO 13 | 750000000 | 15000000 | 14250000 | 525048862 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 2017 | Buy-out Manager 9 | BO 09 | 964000000 | 50000000 | 45000000 | 1318074623 | 90 | 10 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 2018 | GrowthVenture Manager 1 | GE 01 | 1322000000 | Voting | 70000000 | 70000000 | 1547348223 | 100 | 0 | 3 | 0 | 3 | 0 | |||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 2018 | Buy-out Manager 15 | BO 15 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 2018 | GrowthVenture Manager 5 | GE 05 | 750000000 | 45000000 | 45000000 | 439426166 | 90 | 10 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 2018 | Buy-out Manager 16 | BO 16 | 1115000000 | 300000000 | 300000000 | 1872700007 | 60 | 40 | 8 | 5 | 2 | 1 | ||||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 2019 | GrowthVenture Manager 8 | GE 08 | 700000000 | Voting | 50000000 | 40000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 2017 | Buy-out Manager 3 | BO 03 | 5000000000 | 55000000 | 55000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 2019 | Buy-out Manager 17 | BO 17 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 6 | SS 06 | 3000000000 | 50000000 | 25000000 | - 0 | 60 | 40 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 5 | SS 05 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 2014 | GrowthVenture Manager 3 | GE 03 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | GE 09 | 2000000000 | Voting | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | GE 10 | 200000000 | 100000000 | 100000000 | - 0 | 90 | 10 | 4 | 0 | 0 | 0 | ||||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | BO 18 | 1000000000 | Voting | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | BO 19 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | Buy-out Manager 8 | BO 20 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | BO 21 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | |||||||||||||||||||||||
BlackstoneBAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | SS 07 | 4000000000 | Voting | 65000000 | 65000000 | - 0 | 80 | 20 | 2 | 1 | 0 | 0 | |||||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
2800000000 | |||||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||
TMRS (AUM) | $ 27589122062 | ltltltlt | As of 12312018 | |||||
PE Target () | 500 | |||||||
PE Target ($) | $ 1379456103 | |||||||
PE Commitments ($) | $ 2280100000 | |||||||
PE NAV ($) | $ 556735918 | ltltltlt | As of 12312018 | |||||
PE NAV () | 202 | |||||||
Un-Allocated () | -6529 | |||||||
Instructions by Sheet Name | ||||
Notes | Light blue-filled cells are hard-coded (not formula-driven) | |||
The green-colored tabs are the only ones to be updated right now | ||||
The red-colored tab does not need to be updated (still under construction) | ||||
Portfolio | ||||
1) | Input new Fund commitment into the next open row | |||
2) | Confirm and input the details for the row of the new Fund in columns A through G | |||
3) | Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I | |||
4) | Copy paste the formulas used in columns J and K for the row of the new Fund | |||
Manager | ||||
1) | If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated | |||
2) | Input the name of the Manager for the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Manager | |||
4) | Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option | |||
Fund | ||||
1) | Insert a row above the one beginning with UA (Un-Allocated) | |||
2) | Input the Short Name of the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Fund | |||
4) | Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option |
2017 | 2018E | 2019E | 2020E | 2021E | 2022E | 2023E | 2024E | 2025E | |||||||||||||||||||
TMRS | $ 2902900 | $ 2919823 | $ 3087217 | $ 3267756 | $ 3452622 | $ 3642195 | $ 3836795 | $ 4036443 | $ 4241598 | ||||||||||||||||||
Target PE NAV | $ 145145 | $ 145991 | $ 154361 | $ 163388 | $ 172631 | $ 182110 | $ 191840 | $ 201822 | $ 212080 | ||||||||||||||||||
Distributions | $ (2500) | $ (7500) | $ (12500) | $ (20000) | ($317) | $ (39500) | $ (55875) | $ (70000) | $ (78750) | ||||||||||||||||||
Actual PE NAV | $ 27150 | $ 50000 | $ 85155 | $ 121441 | $ 153869 | $ 185360 | $ 207001 | $ 219790 | $ 227778 | ||||||||||||||||||
Original Model | $ 48953 | $ 79299 | $ 114980 | $ 149403 | $ 173865 | 18809585710464 | 19589592210062 | 19963999392119 | 20177719328292 | ||||||||||||||||||
Annual Commitment | $317 | $395 | $447 | $500 | $525 | $550 | $575 | $600 | $635 | $660 | $675 | ||||||||||||||||
308 | 342 | 340 | 337 | 333 | 329 | 331 | 327 | 318 | |||||||||||||||||||
Minus | |||||||||||||||||||||||||||
PE of Plan | 094 | 171 | 276 | 372 | 446 | 509 | 540 | 545 | 537 | ||||||||||||||||||
Plus | 169 | 272 | 372 | 457 | 504 | 516 | 511 | 495 | 476 | ||||||||||||||||||
Target of Plan | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | |||||||||||||||||
PE | 1270 | (27816) | (26088) | (33449) | (40730) | (48008) | (55583) | (63050) | (70395) | (78032) | (86213) | (93803) | |||||||||||||||
2017 | 2018E | 2019E | 2020E | 2021E | 2022E | 2023E | 2024E | 2025E | 2026E | 2027E | |||||||||||||||||
TMRS | $ 2902900 | $ 2758912 | $ 2915445 | $ 3084389 | $ 3256878 | $ 3433238 | $ 3613733 | $ 3798325 | $ 3987407 | $ 4181410 | $ 4380356 | ||||||||||||||||
Target PE NAV | $ 145145 | $ 137946 | $ 145772 | $ 154219 | $ 162844 | $ 171662 | $ 180687 | $ 189916 | $ 199370 | $ 209070 | $ 219018 | ||||||||||||||||
Distributions | $ (2500) | $ (7500) | $ (12500) | $ (20000) | ($317) | $ (39500) | $ (55875) | $ (70000) | $ (78750) | $ (78750) | $ (78750) | ||||||||||||||||
Private Equity NAV | $ 27150 | $ 52500 | $ 88130 | $ 124558 | $ 156255 | $ 186019 | $ 205151 | $ 214646 | $ 219075 | $ 226354 | $ 236280 | ||||||||||||||||
Original Model | $ 48953 | $ 79299 | $ 114980 | $ 149403 | $ 173865 | 18809585710464 | 19589592210062 | 19963999392119 | 20177719328292 | ||||||||||||||||||
Annual Commitment | $317 | $395 | $447 | $500 | $525 | $525 | $525 | $550 | $600 | $625 | $650 | $650 | $650 | ||||||||||||||
308 | 362 | 360 | 340 | 322 | 320 | 332 | 329 | 326 | 311 | 297 | |||||||||||||||||
Minus | |||||||||||||||||||||||||||
PE of Plan | 094 | 190 | 302 | 404 | 480 | 542 | 568 | 565 | 549 | 541 | 539 | ||||||||||||||||
Plus | 169 | 287 | 394 | 484 | 534 | 548 | 542 | 526 | 506 | ||||||||||||||||||
Target of Plan | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | |||||||||||||||
PE | 1300 | (27816) | (26088) | (33449) | (40730) | (48008) | (55583) | (63050) | (70395) | (78032) | (86213) | (93803) | |||||||||||||||
2017 | 2018E | 2019E | 2020E | 2021E | 2022E | 2023E | 2024E | 2025E | |||||||||||||||
TMRS | $ 2902900 | $ 2880000 | $ 2995200 | $ 3115008 | $ 3239608 | $ 3369193 | $ 3503960 | $ 3644119 | $ 3789884 | ||||||||||||||
Target PE NAV | $ 145145 | $ 144000 | $ 149760 | $ 155750 | $ 161980 | $ 168460 | $ 175198 | $ 182206 | $ 189494 | ||||||||||||||
Distributions | $ (2500) | $ (7500) | $ (12500) | $ (20000) | ($317) | $ (39500) | $ (55875) | $ (70000) | $ (78750) | ||||||||||||||
Actual PE NAV | $ 27150 | $ 55047 | $ 89632 | $ 124514 | $ 151718 | $ 176598 | $ 193241 | $ 200031 | $ 201110 | ||||||||||||||
Original Model | $ 48953 | $ 79299 | $ 114980 | $ 149403 | $ 173865 | 18809585710464 | 19589592210062 | 19963999392119 | 20177719328292 | ||||||||||||||
Annual Commitment | $317 | $395 | $447 | $500 | $525 | $550 | $575 | $600 | $635 | $660 | $675 | ||||||||||||
308 | 347 | 351 | 353 | 355 | 356 | 362 | 362 | 356 | |||||||||||||||
Minus | |||||||||||||||||||||||
PE of Plan | 094 | 191 | 299 | 400 | 468 | 524 | 551 | 549 | 531 | ||||||||||||||
Plus | 169 | 275 | 384 | 480 | 537 | 558 | 559 | 548 | 532 | ||||||||||||||
Target of Plan | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | ||||||||||||||
PE | 1050 | ||||||||||||||||||||||
2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | |||||||||||||||
Beginning NAV | 14609962 | 16305676 | 17992494 | 18571294 | 20490599 | 22468634 | 23727478 | 236518112346 | 250933184929355 | 265684014912086 | 280726295918652 | 296006880893161 | 31146271535345 | ||||||||||||||
Costs (other cash flow) | 18114 | 4981 | -3285 | -16664 | 10734 | 8346 | |||||||||||||||||||||
Actual Income | 610171 | 494700 | 424402 | 341039 | 293242 | 304804 | |||||||||||||||||||||
Actual Capital Gains | 873137 | 1001628 | 10363 | 1522241 | 1681646 | 98054 | 16609 | ||||||||||||||||||||
Actual Cash flow | 194292 | 185509 | 14732 | 72689 | -7587 | -34846 | -92276 | ||||||||||||||||||||
Candace cash flow estimate | -15499 | -218716 | -289139 | -366844 | -452463 | -546679 | |||||||||||||||||||||
Estimated Income | 471582 | 534601 | 613836 | 704314 | 805849 | 896763 | |||||||||||||||||||||
Estimated Capital Gains (Actuarial Return - Income) | 1124916 | 1159198 | 1179531 | 1190588 | 1192197 | 1205610 | |||||||||||||||||||||
Ending NAV | 16305676 | 17992494 | 18571294 | 20490599 | 22468634 | 23727478 | 23651811 | 25093318 | 265684014912086 | 280726295918652 | 296006880893161 | 31146271535345 | 327019658639808 | ||||||||||||||
Yield | 418 | 303 | 236 | 184 | 143 | 136 | 135 | 20 | 21 | 23 | 25 | 27 | 29 | ||||||||||||||
Allocation | |||||||||||||||||||||||||||
Core | 318 | 250 | 193 | 163 | 133 | 99 | |||||||||||||||||||||
Liquid credit | 66 | 80 | 100 | 110 | 125 | 149 | |||||||||||||||||||||
Direct Lending | 00 | 10 | 20 | 30 | 40 | 50 | |||||||||||||||||||||
US Equity | 267 | 250 | 230 | 205 | 185 | 175 | |||||||||||||||||||||
Intl Equity | 162 | 167 | 175 | 175 | 175 | 175 | |||||||||||||||||||||
Real Return | 41 | 65 | 75 | 90 | 100 | 100 | |||||||||||||||||||||
Real Estate | 62 | 75 | 85 | 95 | 100 | 100 | |||||||||||||||||||||
HF | 81 | 90 | 100 | 100 | 100 | 100 | |||||||||||||||||||||
PE | 00 | 10 | 20 | 30 | 40 | 50 | |||||||||||||||||||||
Cash | 03 | 03 | 02 | 02 | 02 | 02 | |||||||||||||||||||||
1000 | 1000 | 1000 | 1000 | 1000 | 1000 | ||||||||||||||||||||||
Yield | |||||||||||||||||||||||||||
Core | 18 | 18 | 18 | 18 | 18 | 18 | |||||||||||||||||||||
Liquid credit | 45 | 45 | 45 | 45 | 45 | 45 | |||||||||||||||||||||
Direct Lending | 80 | 80 | 80 | 80 | 80 | 80 | |||||||||||||||||||||
US Equity | 20 | 20 | 20 | 20 | 20 | 20 | |||||||||||||||||||||
Intl Equity | 16 | 16 | 16 | 16 | 16 | 16 | |||||||||||||||||||||
Real Return | 05 | 15 | 25 | 35 | 45 | 50 | |||||||||||||||||||||
Real Estate | 50 | 50 | 50 | 50 | 50 | 50 | |||||||||||||||||||||
HF | 00 | 00 | 00 | 00 | 00 | 00 | |||||||||||||||||||||
PE | 00 | 00 | 00 | 00 | 00 | 00 | |||||||||||||||||||||
Cash | 03 | 03 | 03 | 03 | 03 | 03 | |||||||||||||||||||||
SUMMED | |||||||||||||||||||||||||||
Yield | 0572400 | 05 | 03 | 03 | 02 | 02 | |||||||||||||||||||||
Core | 03 | 04 | 05 | 05 | 06 | 07 | |||||||||||||||||||||
Liquid credit | 00 | 01 | 02 | 02 | 03 | 04 | |||||||||||||||||||||
Direct Lending | 05 | 05 | 05 | 04 | 04 | 04 | |||||||||||||||||||||
US Equity | 03 | 03 | 03 | 03 | 03 | 03 | |||||||||||||||||||||
Intl Equity | 00 | 01 | 02 | 03 | 05 | 05 | |||||||||||||||||||||
Real Return | 03 | 04 | 04 | 05 | 05 | 05 | |||||||||||||||||||||
Real Estate | 00 | 00 | 00 | 00 | 00 | 00 | |||||||||||||||||||||
HF | 00 | 00 | 00 | 00 | 00 | 00 | |||||||||||||||||||||
PE | 00 | 00 | 00 | 00 | 00 | 00 | |||||||||||||||||||||
Cash | 00 | 00 | 00 | 00 | 00 | 00 | |||||||||||||||||||||
TOTAL | 20 | 21 | 23 | 25 | 27 | 29 |
2015 | 2016E | 2017E | 2018E | 2019E | 2020E | 2021E | 2022E | 2023E | 2024E | 2025E | |||||||||||||
TMRS | $ 2365181 | $ 2503739 | $ 2656840 | $ 2807263 | $ 2960069 | $ 3114627 | $ 3270197 | $ 3416053 | $ 3567084 | $ 3718115 | $ 3869146 | ||||||||||||
Target PE NAV | $ 117986 | $ 125187 | $ 132842 | $ 140363 | $ 148003 | $ 155731 | $ 163510 | $ 170803 | $ 178354 | $ 185906 | $ 193457 | ||||||||||||
Distributions | $ - 0 | $ (500) | $ (2500) | $ (7500) | $ (12500) | $ (20000) | ($317) | $ (45000) | $ (56250) | $ (63000) | $ (67500) | ||||||||||||
Actual PE NAV | $ 1739 | $ 22500 | $ 48953 | $ 79299 | $ 114980 | $ 149403 | $ 173865 | $ 188096 | $ 195896 | $ 199640 | $ 201777 | ||||||||||||
Annual Commitment | $317 | $450 | $450 | $450 | $450 | $475 | $475 | $475 | $500 | $550 | $600 | ||||||||||||
Minus | |||||||||||||||||||||||
Actual of Plan | 007 | 090 | 184 | 282 | 388 | 480 | 532 | 551 | 549 | 537 | 522 | ||||||||||||
Plus | |||||||||||||||||||||||
Target of Plan | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | ||||||||||||
PE | 1050 | ||||||||||||||||||||||
$52500
$88130
$124558
$156255
$186019
$205151 $214646 $219075
$226354 $236280
$500 $525 $525 $525 $550 $600 $625 $650 $650 $650 0
2
4
6
8
10
12
14
16
$-
$200
$400
$600
$800
$1000
$1200
$1400
$1600
$1800
$2000
$2200
$2400
$2600
2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E
o
f Tot
al P
lan
Valu
e
Valu
e in
US$
(Mill
ions
)2018 Staff Pacing Model
Private Equity NAV Annual Commitment PE of Plan Target of Plan
6
Annual pacing plans are developed in the context of multiple year investment horizons This is necessary because private capital investments
deploy and return capital over time rather than all at once
2018 Staff Pacing Model
Private Equity NAV2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E52588131245578999999999715625542699999994186018632509999912051510547362998821464569185201885219074631792781292263543339258428223628039733620235Annual Commitment2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E500525525525550600625650650650PE of Plan 2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E1902923909023305E-230228659416296488E-240383332851056143E-247977055046536397E-254181684662894122E-256769838241507123E-256510611085906756E-254941634339036198E-254133496602978719E-253940914226060045E-2Target of Plan2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E005005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
Staff Pacing Model
Actual PE NAV20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E173922548952499999999998792985124999999931149798563124999914940274122531248173865029053970281880958571046371619589592210062406199639993921189582017771932829145Annual Commitment20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E317450450450450475475475500550600Actual of Plan
20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E73525024479141545E-489865597013107194E-318425082900150446E-228247625410545363E-238843643082067419E-247968098221891305E-25316653738100563E-255062328145578938E-254917658487389574E-253693868450405698E-252150314794368831E-2Target of Plan005005005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
Staff Pacing Model
Actual PE NAV20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E173922548952499999999998792985124999999931149798563124999914940274122531248173865029053970281880958571046371619589592210062406199639993921189582017771932829145Annual Commitment20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E317450450450450475475475500550600Actual of Plan
20152016E2017E2018E2019E2020E2021E2022E2023E2024E2025E73525024479141545E-489865597013107194E-318425082900150446E-228247625410545363E-238843643082067419E-247968098221891305E-25316653738100563E-255062328145578938E-254917658487389574E-253693868450405698E-252150314794368831E-2Target of Plan005005005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
2017 Staff Pacing Model
Actual PE NAV20172018E2019E2020E2021E2022E2023E2024E2025E27155504674999999999789631658749999997124513982918751517179511252187517659833599336671193241161272670212000314832063005720110978894296213Annual Commitment20172018E2019E2020E2021E2022E2023E2024E2025E447500525550575600635660675PE of Plan 20172018E2019E2020E2021E2022E2023E2024E2025E93527162492679731E-319113454861111111E-229925099742922009E-239972283512193223E-246832189616434469E-252415624213890809E-255149357149883012E-254891592632390636E-253064899662175077E-2Original Model16863309104688414E-227534205729166664E-238388039634248125E-247962233556161804E-253668533933747355E-255828169086240366E-255907002943792104E-254784162191872952E-253241001206111943E-2Target of Plan20172018E2019E2020E2021E2022E2023E2024E2025E005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
2017 Staff Pacing Model
Actual PE NAV20172018E2019E2020E2021E2022E2023E2024E2025E27155504674999999999789631658749999997124513982918751517179511252187517659833599336671193241161272670212000314832063005720110978894296213Annual Commitment20172018E2019E2020E2021E2022E2023E2024E2025E447500525550575600635660675PE of Plan 20172018E2019E2020E2021E2022E2023E2024E2025E93527162492679731E-319113454861111111E-229925099742922009E-239972283512193223E-246832189616434469E-252415624213890809E-255149357149883012E-254891592632390636E-253064899662175077E-2Original Model16863309104688414E-227534205729166664E-238388039634248125E-247962233556161804E-253668533933747355E-255828169086240366E-255907002943792104E-254784162191872952E-253241001206111943E-2Target of Plan20172018E2019E2020E2021E2022E2023E2024E2025E005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
2018 Staff Pacing Model
Private Equity NAV2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E52588131245578999999999715625542699999994186018632509999912051510547362998821464569185201885219074631792781292263543339258428223628039733620235Annual Commitment2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E500525525525550600625650650650PE of Plan 2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E1902923909023305E-230228659416296488E-240383332851056143E-247977055046536397E-254181684662894122E-256769838241507123E-256510611085906756E-254941634339036198E-254133496602978719E-253940914226060045E-2Target of Plan2018E2019E2020E2021E2022E2023E2024E2025E2026E2027E005005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
2018 Staff Pacing Model
Private Equity NAV20172018E2019E2020E2021E2022E2023E2024E2025E27155258813124557899999999971562554269999999418601863250999991205151054736299882146456918520188521907463179278129Annual Commitment20172018E2019E2020E2021E2022E2023E2024E2025E447500525525525550600625650PE of Plan 20172018E2019E2020E2021E2022E2023E2024E2025E93527162492679731E-31902923909023305E-230228659416296488E-240383332851056143E-247977055046536397E-254181684662894122E-256769838241507123E-256510611085906756E-254941634339036198E-2Original Model16863309104688414E-228742673406901599E-239438181279987182E-248438361820181644E-25338395107128014E-254786718290128177E-254208738161829868E-252560002282510392E-250603617044044313E-2Target of Plan20172018E2019E2020E2021E2022E2023E2024E2025E005005005005005005005005005005
Value in US$ (Millions)
of Total Plan Value
0
10
20
30
40
50
60
70
80
90
100
Beg Year Q1 Q2 Q3 End Year
o
f Pa
cing
Pla
n Ut
ilize
d
2019 Private Equity Pacing Plan Progress
Buy-out GrowthVenture Special Situations Unallocated
7
MarchSearchlight III ($50mm)
February PSG IV ($50mm)
FGN 2018 Partner ($33mm)Reverence II ($50mm)
Arcline I ($50mm)
Search processes are approved in annual amounts Progress will be made throughout the year as opposed to all at once
The 2019 Private Equity search process has
culminated in ~$368 million of
closed andor recommended
investments in line with the $525 mm
primary pacing model goal for the
year2018
HIG SPF ($75mm)
JuneNorthlane II ($60mm)
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082172551941443706017827448058556272
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
2018 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977
of Pacing Plan Utilized
Section III
8
526
266
208
Private Equity Strategy Diversification by Commitment
Buy-out (40 to75)
GrowthVenture(10 to 40)
Special Situations(5 to 35)
9
Synthesize AnalysisDiversification Analysis
Strategy considerations
2015 Overweight special situations early for J-Curve mitigation efficiency of capital deployment and tactical opportunities
2016 Focus on growth opportunity set and continue to add buy-out exposure
2017 Round out buy-out portfolio and opportunistically add to growth and credit
2018 Steady state on pacing selectively adding new relationships and European exposure
2019 Steady state on pacing selectively adding new relationships and Venture and European exposure
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082172551941443706017827448058556272
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
2018 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977
of Pacing Plan Utilized
10
Synthesize AnalysisDiversification Analysis
The overall goal remains identifying top quartile performers to partner with
Position sizing considerations
Continue to reduce the unallocated portion of the private equity portfolio while sensibly balancing the trade-off between diversification and concentration
Areas of focus are enhancing manager diversification and building strategic relationships where possibleappropriate
Private Equity Manager Diversification by Commitment BO 1 BO 2
BO 3 BO 4BO 5 BO 6BO 7 BO 8BO 9 BO 10BO 11 BO 12BO 13 BO 14BO 15 BO 16BO 17 GE 1GE 2 GE 3GE 4 GE 5GE 6 SS 1SS 2 SS 3SS 4 SS 5SS 6
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082172551941443706017827448058556272
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
2018 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977
of Pacing Plan Utilized
11
Synthesize AnalysisDiversification Analysis
TMRS is focused on taking a measured approach to global geographic diversification
The Target Portfolio keeps a conservative stance on international exposure
780
220
Private Equity Geographic Diversification by Commitment
USA
International
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082172551941443706017827448058556272
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
2018 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977
of Pacing Plan Utilized
Section IV
12
13
Top Candidate Characteristics ndash Northlane II $60 million Recommendation
Northlane Capital Partners
Date of First TMRS Meeting5102018
Dates of Subsequent Meetings892018312019
5162019
Dates of Diligence AdvancementlsquoBrsquo Rating ndash 312019
lsquoArsquo Rating ndash 5162019
Reference ChecksYes
Date of Consultant IDD ReportSeptember 2018
Date of Consultant Board MemoJune 2019
Legal Negotiation InitiatedMay 2019
Comparable Strategies Reviewed18 (Business Services Buy-Out)
16 (Healthcare Buy-Out)
Northlane Capital Partners LLC (ldquoNorthlanerdquo)is a Washington DC-based buyout firmfounded in 2017 that focuses on acquiringlower-middle market companies in thebusiness services and healthcare sectorsThese target companies will be profitablemarket leaders within their niches typicallygenerating up to $30 million of EBITDA whileproviding critical outsourced services to theircustomers Northlane Capital Partners II LP(Northlane II) is targeting $375 million tobuild a portfolio of 10 to 12 businessesrequiring equity investments of up to $75million continuing to employ the prior fundrsquosstrategy that was developed during thefoundersrsquo tenure at American Capital
Section V
14
15
Approval of Recommendation
TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the selection of the following fund
Recommendations
bull Northlane Capital Partners II LP $60 million
16
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1390 | 2298 | |||||||
2016 | 394750000 | 1731 | 2862 | |||||||
2017 | 436750000 | 1915 | 3166 | |||||||
2018 | 481600000 | 2112 | 3491 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 7149 | 11817 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 780 | 822 | 1289 | |||||
International | 220 | 178 | 364 | |||||
Un-Allocated | -653 | |||||||
Total | 1000 | 1000 | 1000 | |||||
Strategy | Commitments | NAV | of Commitments to Date | of NAV to Date | of Target PE Allocation | ||||||||
BO | Buy-out (40 to 75) | 1200350000 | 214575006 | 526 | 385 | 870 | |||||||
GE | GrowthVenture (10 to 40) | 606000000 | 214251758 | 266 | 385 | 439 | |||||||
SS | Special Situations (5 to 35) | 473750000 | 127909154 | 208 | 230 | 343 | |||||||
Un-Allocated | -653 | ||||||||||||
Total | 2280100000 | 556735918 | 1000 | 1000 | 1000 | ||||||||
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 0 | 55 | 1216 | 60 | 0 | ||||||
GrowthVenture | 0 | 55 | 0 | 40 | 75 | ||||||
Special Situations | 0 | 75 | 0 | 0 | 0 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 0 | 55 | 1766 | 2366 | 2366 | ||||||
GrowthVenture | 0 | 55 | 55 | 95 | 170 | ||||||
Special Situations | 0 | 75 | 75 | 75 | 75 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 600 | 00 | 00 | ||||||
GrowthVenture | 00 | 833 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 650 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 2850 | ||||||
GrowthVenture | 0 | 833 | 833 | 833 | 833 | ||||||
Special Situations | 0 | 00 | 650 | 650 | 650 | ||||||
Unallocated | 450 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 |
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | 58000000 | 254 | 420 | |||||
BO 02 | 57000000 | 250 | 413 | |||||
BO 03 | 55000000 | 241 | 399 | |||||
BO 04 | 50000000 | 219 | 362 | |||||
BO 05 | 50000000 | 219 | 362 | |||||
BO 06 | 50000000 | 219 | 362 | |||||
BO 07 | 50000000 | 219 | 362 | |||||
BO 08 | 47000000 | 206 | 341 | |||||
BO 09 | 45000000 | 197 | 326 | |||||
BO 10 | 40000000 | 175 | 290 | |||||
BO 11 | 35000000 | 154 | 254 | |||||
BO 12 | 20000000 | 088 | 145 | |||||
BO 13 | 14250000 | 062 | 103 | |||||
BO 14 | 12500000 | 055 | 091 | |||||
BO 15 | 46600000 | 204 | 338 | |||||
BO 16 | 300000000 | 1316 | 2175 | |||||
BO 17 | 60000000 | 263 | 435 | |||||
BO 18 | 50000000 | 219 | 362 | |||||
BO 19 | 50000000 | 219 | 362 | |||||
BO 20 | 50000000 | 219 | 362 | |||||
GE 01 | 70000000 | 307 | 507 | |||||
GE 02 | 60000000 | 263 | 435 | |||||
GE 03 | 125000000 | 548 | 906 | |||||
GE 04 | 46000000 | 202 | 333 | |||||
GE 05 | 45000000 | 197 | 326 | |||||
GE 06 | 40000000 | 175 | 290 | |||||
GE 07 | 30000000 | 132 | 217 | |||||
GE 08 | 40000000 | 175 | 290 | |||||
GE 09 | 50000000 | 219 | 362 | |||||
GE 10 | 100000000 | 439 | 725 | |||||
SS 01 | 75000000 | 329 | 544 | |||||
SS 02 | 75000000 | 329 | 544 | |||||
SS 03 | 65000000 | 285 | 471 | |||||
SS 04 | 60000000 | 263 | 435 | |||||
SS 05 | 50000000 | 219 | 362 | |||||
SS 06 | 25000000 | 110 | 181 | |||||
SS 07 | 105000000 | 461 | 761 | |||||
SS 08 | 18750000 | 082 | 136 | |||||
UA | -6529 | |||||||
Total | 2220100000 | 9737 | 9565 | |||||
CHECK | CHECK | CHECK |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | $18727000 | BO 1 | BO | 132 | 217 | |||||||||||
Tritium | Buy-out | $110000000 | $58988138 | BO 2 | BO | 48 | 80 | ||||||||||||
Searchlight | Buy-out | $97000000 | $33454296 | BO 3 | BO | 43 | 70 | ||||||||||||
Marlin | Buy-out | $71250000 | $14717073 | BO 4 | BO | 31 | 52 | ||||||||||||
Altaris | Buy-out | $62500000 | $15328169 | BO 5 | BO | 27 | 45 | ||||||||||||
Northlane | Buy-out | $60000000 | BO 6 | BO | 26 | 43 | |||||||||||||
Capital Partners | Buy-out | $58000000 | $12317286 | BO 7 | BO | 25 | 42 | ||||||||||||
Providence | Buy-out | $55000000 | $0 | BO 8 | BO | 24 | 40 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $0 | BO 9 | BO | 22 | 36 | ||||||||||||
GTCR | Buy-out | $50000000 | $4985798 | BO 10 | BO | 22 | 36 | ||||||||||||
Reverence | Buy-out | $50000000 | $0 | BO 11 | BO | 22 | 36 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 22 | 36 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 34 | ||||||||||||
One Rock | Buy-out | $45000000 | $13180746 | BO 14 | BO | 20 | 33 | ||||||||||||
Incline | Buy-out | $40000000 | $11611636 | BO 15 | BO | 18 | 29 | ||||||||||||
Kainos | Buy-out | $35000000 | $19539188 | BO 16 | BO | 15 | 25 | ||||||||||||
Harvest | Buy-out | $20000000 | $11725676 | BO 17 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $82125840 | GE 1 | GE | 79 | 130 | ||||||||||||
Foundry | Venture Growth | $175000000 | $30834484 | GE 2 | GE | 77 | 127 | ||||||||||||
Updata | Venture Growth | $125000000 | $46209141 | GE 3 | GE | 55 | 91 | ||||||||||||
Main Post | Venture Growth | $40000000 | $0 | GE 4 | GE | 18 | 29 | ||||||||||||
FTV | Venture Growth | $46000000 | $31248971 | GE 5 | GE | 20 | 33 | ||||||||||||
Mercato | Venture Growth | $40000000 | $23833321 | GE 6 | GE | 18 | 29 | ||||||||||||
TSSP | Special Situations | $150000000 | $49206694 | SS 1 | SS | 66 | 109 | ||||||||||||
BlackstoneGSO | Special Situations | $93750000 | $37091463 | SS 2 | SS | 41 | 68 | ||||||||||||
BlackstoneBAAM | Special Situations | $65000000 | SS 3 | SS | 29 | 47 | |||||||||||||
Carlyle | Special Situations | $65000000 | $24236270 | SS 4 | SS | 29 | 47 | ||||||||||||
HIG | Special Situations | $60000000 | $17374728 | SS 5 | SS | 26 | 43 | ||||||||||||
LightBay | Special Situations | $40000000 | $0 | SS 6 | SS | 18 | 29 | ||||||||||||
Total | $2280100000 | $556735918 | 10000 | 16529 | |||||||||||||||
CHECK | |||||||||||||||||||
Altaris | |||||||||||||||||||
Arcline | |||||||||||||||||||
BlackstoneGSO | |||||||||||||||||||
Capital Partners | |||||||||||||||||||
CapVest | |||||||||||||||||||
Carlyle | |||||||||||||||||||
Dunes Point | |||||||||||||||||||
Foundry | |||||||||||||||||||
FTV | |||||||||||||||||||
GTCR | |||||||||||||||||||
HIG | |||||||||||||||||||
Harvest | |||||||||||||||||||
Incline | |||||||||||||||||||
Kainos | |||||||||||||||||||
LightBay | |||||||||||||||||||
Main Post | |||||||||||||||||||
Marlin | |||||||||||||||||||
Mercato | |||||||||||||||||||
One Rock | |||||||||||||||||||
Providence | |||||||||||||||||||
Reverence | |||||||||||||||||||
Searchlight | |||||||||||||||||||
Tritium | |||||||||||||||||||
TSSP | |||||||||||||||||||
Updata |
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Vintage Year | Report Name | Short Name | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | State Street NAV ($) | US Fund Div ( of Fund) | Intl Fund Div ( of Fund) | US Fund Div ( of Total Commits) | Intl Fund Div ( of Total Commits) | US Fund Div ( of Total NAV | Intl Fund Div ( of Total NAV | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 2015 | Special Situations Manager 3 | SS 03 | 2819243965 | Voting | 65000000 | 65000000 | 2423627012 | 75 | 25 | 2 | 1 | 3 | 1 | |||||||||||||||||||||
HIG | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2015 | Special Situations Manager 4 | SS 04 | 1100000000 | 60000000 | 60000000 | 1737472771 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 2016 | Buy-out Manager 12 | BO 12 | 2200000000 | 50000000 | 20000000 | 1172567574 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 2015 | Buy-out Manager 8 | BO 08 | 1939000000 | 50000000 | 47000000 | 3345429620 | 60 | 40 | 1 | 1 | 4 | 2 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 2014 | Buy-out Manager 4 | BO 04 | 309000000 | Voting | 50000000 | 50000000 | 5898813765 | 85 | 15 | 2 | 0 | 9 | 2 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 2014 | Special Situations Manager 1 | SS 01 | 3500000000 | 75000000 | 75000000 | 4920669401 | 60 | 40 | 2 | 1 | 5 | 4 | ||||||||||||||||||||||
BlackstoneGSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 2 | SS 02 | 6000000000 | 75000000 | 75000000 | 32285251 | 80 | 20 | 3 | 1 | 5 | 1 | ||||||||||||||||||||||
BlackstoneGSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 8 | SS 08 | 2000000000 | 18750000 | 18750000 | 4806212 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 2016 | GrowthVenture Manager 7 | GE 07 | 500000000 | 35000000 | 30000000 | 2644022252 | 100 | 0 | 1 | 0 | 5 | 0 | ||||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 2017 | GrowthVenture Manager 4 | GE 04 | 867000000 | Voting | 50000000 | 46000000 | 3124897116 | 75 | 25 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 2017 | Buy-out Manager 10 | BO 10 | 601000000 | 50000000 | 40000000 | 1161163584 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 2016 | Buy-out Manager 11 | BO 11 | 895000000 | Observer | 50000000 | 35000000 | 1953918849 | 75 | 25 | 1 | 0 | 3 | 1 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 2015 | GrowthVenture Manager 6 | GE 06 | 246000000 | Voting | 40000000 | 40000000 | 2383332060 | 100 | 0 | 2 | 0 | 4 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 2016 | GrowthVenture Manager 2 | GE 02 | 640000000 | Voting | 60000000 | 60000000 | 6665235799 | 100 | 0 | 3 | 0 | 12 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 2014 | GrowthVenture Manager 3 | GE 03 | 280000000 | Voting | 50000000 | 50000000 | 4620914142 | 90 | 10 | 2 | 0 | 7 | 1 | |||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 14 | BO 14 | 240000000 | 12500000 | 12500000 | 4140390 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 5 | BO 05 | 1000000000 | 50000000 | 50000000 | 11187778 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 2018 | Buy-out Manager 1 | BO 01 | 500000000 | Voting | 70000000 | 58000000 | 12317286 | 100 | 0 | 3 | 0 | 2 | 0 | |||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 2018 | Buy-out Manager 7 | BO 07 | 535000000 | Voting | 50000000 | 50000000 | - 0 | 80 | 20 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 2018 | Buy-out Manager 6 | BO 06 | 5250000000 | 75000000 | 50000000 | 498579807 | 75 | 25 | 2 | 1 | 1 | 0 | ||||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 2018 | Special Situations Manager 7 | SS 07 | 615000000 | Voting | 50000000 | 40000000 | - 0 | 80 | 20 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 2018 | Buy-out Manager 2 | BO 02 | 2500000000 | 60000000 | 57000000 | 946658473 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 2017 | Buy-out Manager 13 | BO 13 | 750000000 | 15000000 | 14250000 | 525048862 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 2017 | Buy-out Manager 9 | BO 09 | 964000000 | 50000000 | 45000000 | 1318074623 | 90 | 10 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 2018 | GrowthVenture Manager 1 | GE 01 | 1322000000 | Voting | 70000000 | 70000000 | 1547348223 | 100 | 0 | 3 | 0 | 3 | 0 | |||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 2018 | Buy-out Manager 15 | BO 15 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 2018 | GrowthVenture Manager 5 | GE 05 | 750000000 | 45000000 | 45000000 | 439426166 | 90 | 10 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 2018 | Buy-out Manager 16 | BO 16 | 1115000000 | 300000000 | 300000000 | 1872700007 | 60 | 40 | 8 | 5 | 2 | 1 | ||||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 2019 | GrowthVenture Manager 8 | GE 08 | 700000000 | Voting | 50000000 | 40000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 2017 | Buy-out Manager 3 | BO 03 | 5000000000 | 55000000 | 55000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 2019 | Buy-out Manager 17 | BO 17 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 6 | SS 06 | 3000000000 | 50000000 | 25000000 | - 0 | 60 | 40 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 5 | SS 05 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 2014 | GrowthVenture Manager 3 | GE 03 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | GE 09 | 2000000000 | Voting | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | GE 10 | 200000000 | 100000000 | 100000000 | - 0 | 90 | 10 | 4 | 0 | 0 | 0 | ||||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | BO 18 | 1000000000 | Voting | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | BO 19 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | Buy-out Manager 8 | BO 20 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | BO 21 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | |||||||||||||||||||||||
BlackstoneBAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | SS 07 | 4000000000 | Voting | 65000000 | 65000000 | - 0 | 80 | 20 | 2 | 1 | 0 | 0 | |||||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
2800000000 | |||||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||
TMRS (AUM) | $ 27589122062 | ltltltlt | As of 12312018 | |||||
PE Target () | 500 | |||||||
PE Target ($) | $ 1379456103 | |||||||
PE Commitments ($) | $ 2280100000 | |||||||
PE NAV ($) | $ 556735918 | ltltltlt | As of 12312018 | |||||
PE NAV () | 202 | |||||||
Un-Allocated () | -6529 | |||||||
Instructions by Sheet Name | ||||
Notes | Light blue-filled cells are hard-coded (not formula-driven) | |||
The green-colored tabs are the only ones to be updated right now | ||||
The red-colored tab does not need to be updated (still under construction) | ||||
Portfolio | ||||
1) | Input new Fund commitment into the next open row | |||
2) | Confirm and input the details for the row of the new Fund in columns A through G | |||
3) | Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I | |||
4) | Copy paste the formulas used in columns J and K for the row of the new Fund | |||
Manager | ||||
1) | If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated | |||
2) | Input the name of the Manager for the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Manager | |||
4) | Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option | |||
Fund | ||||
1) | Insert a row above the one beginning with UA (Un-Allocated) | |||
2) | Input the Short Name of the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Fund | |||
4) | Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option |
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1390 | 2298 | |||||||
2016 | 394750000 | 1731 | 2862 | |||||||
2017 | 436750000 | 1915 | 3166 | |||||||
2018 | 481600000 | 2112 | 3491 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 7149 | 11817 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 780 | 822 | 1289 | |||||
International | 220 | 178 | 364 | |||||
Un-Allocated | -653 | |||||||
Total | 1000 | 1000 | 1000 | |||||
Strategy | Commitments | NAV | of Commitments to Date | of NAV to Date | of Target PE Allocation | ||||||||
BO | Buy-out (40 to 75) | 1200350000 | 214575006 | 526 | 385 | 870 | |||||||
GE | GrowthVenture (10 to 40) | 606000000 | 214251758 | 266 | 385 | 439 | |||||||
SS | Special Situations (5 to 35) | 473750000 | 127909154 | 208 | 230 | 343 | |||||||
Un-Allocated | -653 | ||||||||||||
Total | 2280100000 | 556735918 | 1000 | 1000 | 1000 | ||||||||
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 0 | 55 | 1216 | 60 | 0 | ||||||
GrowthVenture | 0 | 55 | 0 | 40 | 75 | ||||||
Special Situations | 0 | 75 | 0 | 0 | 0 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 0 | 55 | 1766 | 2366 | 2366 | ||||||
GrowthVenture | 0 | 55 | 55 | 95 | 170 | ||||||
Special Situations | 0 | 75 | 75 | 75 | 75 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 600 | 00 | 00 | ||||||
GrowthVenture | 00 | 833 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 650 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 2850 | ||||||
GrowthVenture | 0 | 833 | 833 | 833 | 833 | ||||||
Special Situations | 0 | 00 | 650 | 650 | 650 | ||||||
Unallocated | 450 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 |
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | 58000000 | 254 | 420 | |||||
BO 02 | 57000000 | 250 | 413 | |||||
BO 03 | 55000000 | 241 | 399 | |||||
BO 04 | 50000000 | 219 | 362 | |||||
BO 05 | 50000000 | 219 | 362 | |||||
BO 06 | 50000000 | 219 | 362 | |||||
BO 07 | 50000000 | 219 | 362 | |||||
BO 08 | 47000000 | 206 | 341 | |||||
BO 09 | 45000000 | 197 | 326 | |||||
BO 10 | 40000000 | 175 | 290 | |||||
BO 11 | 35000000 | 154 | 254 | |||||
BO 12 | 20000000 | 088 | 145 | |||||
BO 13 | 14250000 | 062 | 103 | |||||
BO 14 | 12500000 | 055 | 091 | |||||
BO 15 | 46600000 | 204 | 338 | |||||
BO 16 | 300000000 | 1316 | 2175 | |||||
BO 17 | 60000000 | 263 | 435 | |||||
BO 18 | 50000000 | 219 | 362 | |||||
BO 19 | 50000000 | 219 | 362 | |||||
BO 20 | 50000000 | 219 | 362 | |||||
GE 01 | 70000000 | 307 | 507 | |||||
GE 02 | 60000000 | 263 | 435 | |||||
GE 03 | 125000000 | 548 | 906 | |||||
GE 04 | 46000000 | 202 | 333 | |||||
GE 05 | 45000000 | 197 | 326 | |||||
GE 06 | 40000000 | 175 | 290 | |||||
GE 07 | 30000000 | 132 | 217 | |||||
GE 08 | 40000000 | 175 | 290 | |||||
GE 09 | 50000000 | 219 | 362 | |||||
GE 10 | 100000000 | 439 | 725 | |||||
SS 01 | 75000000 | 329 | 544 | |||||
SS 02 | 75000000 | 329 | 544 | |||||
SS 03 | 65000000 | 285 | 471 | |||||
SS 04 | 60000000 | 263 | 435 | |||||
SS 05 | 50000000 | 219 | 362 | |||||
SS 06 | 25000000 | 110 | 181 | |||||
SS 07 | 105000000 | 461 | 761 | |||||
SS 08 | 18750000 | 082 | 136 | |||||
UA | -6529 | |||||||
Total | 2220100000 | 9737 | 9565 | |||||
CHECK | CHECK | CHECK |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | $18727000 | BO 1 | BO | 132 | 217 | |||||||||||
Tritium | Buy-out | $110000000 | $58988138 | BO 2 | BO | 48 | 80 | ||||||||||||
Searchlight | Buy-out | $97000000 | $33454296 | BO 3 | BO | 43 | 70 | ||||||||||||
Marlin | Buy-out | $71250000 | $14717073 | BO 4 | BO | 31 | 52 | ||||||||||||
Altaris | Buy-out | $62500000 | $15328169 | BO 5 | BO | 27 | 45 | ||||||||||||
Northlane | Buy-out | $60000000 | BO 6 | BO | 26 | 43 | |||||||||||||
Capital Partners | Buy-out | $58000000 | $12317286 | BO 7 | BO | 25 | 42 | ||||||||||||
Providence | Buy-out | $55000000 | $0 | BO 8 | BO | 24 | 40 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $0 | BO 9 | BO | 22 | 36 | ||||||||||||
GTCR | Buy-out | $50000000 | $4985798 | BO 10 | BO | 22 | 36 | ||||||||||||
Reverence | Buy-out | $50000000 | $0 | BO 11 | BO | 22 | 36 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 22 | 36 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 34 | ||||||||||||
One Rock | Buy-out | $45000000 | $13180746 | BO 14 | BO | 20 | 33 | ||||||||||||
Incline | Buy-out | $40000000 | $11611636 | BO 15 | BO | 18 | 29 | ||||||||||||
Kainos | Buy-out | $35000000 | $19539188 | BO 16 | BO | 15 | 25 | ||||||||||||
Harvest | Buy-out | $20000000 | $11725676 | BO 17 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $82125840 | GE 1 | GE | 79 | 130 | ||||||||||||
Foundry | Venture Growth | $175000000 | $30834484 | GE 2 | GE | 77 | 127 | ||||||||||||
Updata | Venture Growth | $125000000 | $46209141 | GE 3 | GE | 55 | 91 | ||||||||||||
Main Post | Venture Growth | $40000000 | $0 | GE 4 | GE | 18 | 29 | ||||||||||||
FTV | Venture Growth | $46000000 | $31248971 | GE 5 | GE | 20 | 33 | ||||||||||||
Mercato | Venture Growth | $40000000 | $23833321 | GE 6 | GE | 18 | 29 | ||||||||||||
TSSP | Special Situations | $150000000 | $49206694 | SS 1 | SS | 66 | 109 | ||||||||||||
BlackstoneGSO | Special Situations | $93750000 | $37091463 | SS 2 | SS | 41 | 68 | ||||||||||||
BlackstoneBAAM | Special Situations | $65000000 | SS 3 | SS | 29 | 47 | |||||||||||||
Carlyle | Special Situations | $65000000 | $24236270 | SS 4 | SS | 29 | 47 | ||||||||||||
HIG | Special Situations | $60000000 | $17374728 | SS 5 | SS | 26 | 43 | ||||||||||||
LightBay | Special Situations | $40000000 | $0 | SS 6 | SS | 18 | 29 | ||||||||||||
Total | $2280100000 | $556735918 | 10000 | 16529 | |||||||||||||||
CHECK | |||||||||||||||||||
Altaris | |||||||||||||||||||
Arcline | |||||||||||||||||||
BlackstoneGSO | |||||||||||||||||||
Capital Partners | |||||||||||||||||||
CapVest | |||||||||||||||||||
Carlyle | |||||||||||||||||||
Dunes Point | |||||||||||||||||||
Foundry | |||||||||||||||||||
FTV | |||||||||||||||||||
GTCR | |||||||||||||||||||
HIG | |||||||||||||||||||
Harvest | |||||||||||||||||||
Incline | |||||||||||||||||||
Kainos | |||||||||||||||||||
LightBay | |||||||||||||||||||
Main Post | |||||||||||||||||||
Marlin | |||||||||||||||||||
Mercato | |||||||||||||||||||
One Rock | |||||||||||||||||||
Providence | |||||||||||||||||||
Reverence | |||||||||||||||||||
Searchlight | |||||||||||||||||||
Tritium | |||||||||||||||||||
TSSP | |||||||||||||||||||
Updata |
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Vintage Year | Report Name | Short Name | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | State Street NAV ($) | US Fund Div ( of Fund) | Intl Fund Div ( of Fund) | US Fund Div ( of Total Commits) | Intl Fund Div ( of Total Commits) | US Fund Div ( of Total NAV | Intl Fund Div ( of Total NAV | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 2015 | Special Situations Manager 3 | SS 03 | 2819243965 | Voting | 65000000 | 65000000 | 2423627012 | 75 | 25 | 2 | 1 | 3 | 1 | |||||||||||||||||||||
HIG | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2015 | Special Situations Manager 4 | SS 04 | 1100000000 | 60000000 | 60000000 | 1737472771 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 2016 | Buy-out Manager 12 | BO 12 | 2200000000 | 50000000 | 20000000 | 1172567574 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 2015 | Buy-out Manager 8 | BO 08 | 1939000000 | 50000000 | 47000000 | 3345429620 | 60 | 40 | 1 | 1 | 4 | 2 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 2014 | Buy-out Manager 4 | BO 04 | 309000000 | Voting | 50000000 | 50000000 | 5898813765 | 85 | 15 | 2 | 0 | 9 | 2 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 2014 | Special Situations Manager 1 | SS 01 | 3500000000 | 75000000 | 75000000 | 4920669401 | 60 | 40 | 2 | 1 | 5 | 4 | ||||||||||||||||||||||
BlackstoneGSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 2 | SS 02 | 6000000000 | 75000000 | 75000000 | 32285251 | 80 | 20 | 3 | 1 | 5 | 1 | ||||||||||||||||||||||
BlackstoneGSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 8 | SS 08 | 2000000000 | 18750000 | 18750000 | 4806212 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 2016 | GrowthVenture Manager 7 | GE 07 | 500000000 | 35000000 | 30000000 | 2644022252 | 100 | 0 | 1 | 0 | 5 | 0 | ||||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 2017 | GrowthVenture Manager 4 | GE 04 | 867000000 | Voting | 50000000 | 46000000 | 3124897116 | 75 | 25 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 2017 | Buy-out Manager 10 | BO 10 | 601000000 | 50000000 | 40000000 | 1161163584 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 2016 | Buy-out Manager 11 | BO 11 | 895000000 | Observer | 50000000 | 35000000 | 1953918849 | 75 | 25 | 1 | 0 | 3 | 1 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 2015 | GrowthVenture Manager 6 | GE 06 | 246000000 | Voting | 40000000 | 40000000 | 2383332060 | 100 | 0 | 2 | 0 | 4 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 2016 | GrowthVenture Manager 2 | GE 02 | 640000000 | Voting | 60000000 | 60000000 | 6665235799 | 100 | 0 | 3 | 0 | 12 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 2014 | GrowthVenture Manager 3 | GE 03 | 280000000 | Voting | 50000000 | 50000000 | 4620914142 | 90 | 10 | 2 | 0 | 7 | 1 | |||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 14 | BO 14 | 240000000 | 12500000 | 12500000 | 4140390 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 5 | BO 05 | 1000000000 | 50000000 | 50000000 | 11187778 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 2018 | Buy-out Manager 1 | BO 01 | 500000000 | Voting | 70000000 | 58000000 | 12317286 | 100 | 0 | 3 | 0 | 2 | 0 | |||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 2018 | Buy-out Manager 7 | BO 07 | 535000000 | Voting | 50000000 | 50000000 | - 0 | 80 | 20 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 2018 | Buy-out Manager 6 | BO 06 | 5250000000 | 75000000 | 50000000 | 498579807 | 75 | 25 | 2 | 1 | 1 | 0 | ||||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 2018 | Special Situations Manager 7 | SS 07 | 615000000 | Voting | 50000000 | 40000000 | - 0 | 80 | 20 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 2018 | Buy-out Manager 2 | BO 02 | 2500000000 | 60000000 | 57000000 | 946658473 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 2017 | Buy-out Manager 13 | BO 13 | 750000000 | 15000000 | 14250000 | 525048862 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 2017 | Buy-out Manager 9 | BO 09 | 964000000 | 50000000 | 45000000 | 1318074623 | 90 | 10 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 2018 | GrowthVenture Manager 1 | GE 01 | 1322000000 | Voting | 70000000 | 70000000 | 1547348223 | 100 | 0 | 3 | 0 | 3 | 0 | |||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 2018 | Buy-out Manager 15 | BO 15 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 2018 | GrowthVenture Manager 5 | GE 05 | 750000000 | 45000000 | 45000000 | 439426166 | 90 | 10 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 2018 | Buy-out Manager 16 | BO 16 | 1115000000 | 300000000 | 300000000 | 1872700007 | 60 | 40 | 8 | 5 | 2 | 1 | ||||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 2019 | GrowthVenture Manager 8 | GE 08 | 700000000 | Voting | 50000000 | 40000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 2017 | Buy-out Manager 3 | BO 03 | 5000000000 | 55000000 | 55000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 2019 | Buy-out Manager 17 | BO 17 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 6 | SS 06 | 3000000000 | 50000000 | 25000000 | - 0 | 60 | 40 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 5 | SS 05 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 2014 | GrowthVenture Manager 3 | GE 03 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | GE 09 | 2000000000 | Voting | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | GE 10 | 200000000 | 100000000 | 100000000 | - 0 | 90 | 10 | 4 | 0 | 0 | 0 | ||||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | BO 18 | 1000000000 | Voting | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | BO 19 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | Buy-out Manager 8 | BO 20 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | BO 21 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | |||||||||||||||||||||||
BlackstoneBAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | SS 07 | 4000000000 | Voting | 65000000 | 65000000 | - 0 | 80 | 20 | 2 | 1 | 0 | 0 | |||||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
2800000000 | |||||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||
TMRS (AUM) | $ 27589122062 | ltltltlt | As of 12312018 | |||||
PE Target () | 500 | |||||||
PE Target ($) | $ 1379456103 | |||||||
PE Commitments ($) | $ 2280100000 | |||||||
PE NAV ($) | $ 556735918 | ltltltlt | As of 12312018 | |||||
PE NAV () | 202 | |||||||
Un-Allocated () | -6529 | |||||||
Instructions by Sheet Name | ||||
Notes | Light blue-filled cells are hard-coded (not formula-driven) | |||
The green-colored tabs are the only ones to be updated right now | ||||
The red-colored tab does not need to be updated (still under construction) | ||||
Portfolio | ||||
1) | Input new Fund commitment into the next open row | |||
2) | Confirm and input the details for the row of the new Fund in columns A through G | |||
3) | Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I | |||
4) | Copy paste the formulas used in columns J and K for the row of the new Fund | |||
Manager | ||||
1) | If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated | |||
2) | Input the name of the Manager for the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Manager | |||
4) | Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option | |||
Fund | ||||
1) | Insert a row above the one beginning with UA (Un-Allocated) | |||
2) | Input the Short Name of the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Fund | |||
4) | Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option |
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1390 | 2298 | |||||||
2016 | 394750000 | 1731 | 2862 | |||||||
2017 | 436750000 | 1915 | 3166 | |||||||
2018 | 481600000 | 2112 | 3491 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 7149 | 11817 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 780 | 822 | 1289 | |||||
International | 220 | 178 | 364 | |||||
Un-Allocated | -653 | |||||||
Total | 1000 | 1000 | 1000 | |||||
Strategy | Commitments | NAV | of Commitments to Date | of NAV to Date | of Target PE Allocation | ||||||||
BO | Buy-out (40 to 75) | 1200350000 | 214575006 | 526 | 385 | 870 | |||||||
GE | GrowthVenture (10 to 40) | 606000000 | 214251758 | 266 | 385 | 439 | |||||||
SS | Special Situations (5 to 35) | 473750000 | 127909154 | 208 | 230 | 343 | |||||||
Un-Allocated | -653 | ||||||||||||
Total | 2280100000 | 556735918 | 1000 | 1000 | 1000 | ||||||||
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 0 | 55 | 1216 | 60 | 0 | ||||||
GrowthVenture | 0 | 55 | 0 | 40 | 75 | ||||||
Special Situations | 0 | 75 | 0 | 0 | 0 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 0 | 55 | 1766 | 2366 | 2366 | ||||||
GrowthVenture | 0 | 55 | 55 | 95 | 170 | ||||||
Special Situations | 0 | 75 | 75 | 75 | 75 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 600 | 00 | 00 | ||||||
GrowthVenture | 00 | 833 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 650 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 2850 | ||||||
GrowthVenture | 0 | 833 | 833 | 833 | 833 | ||||||
Special Situations | 0 | 00 | 650 | 650 | 650 | ||||||
Unallocated | 450 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 |
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | 58000000 | 254 | 420 | |||||
BO 02 | 57000000 | 250 | 413 | |||||
BO 03 | 55000000 | 241 | 399 | |||||
BO 04 | 50000000 | 219 | 362 | |||||
BO 05 | 50000000 | 219 | 362 | |||||
BO 06 | 50000000 | 219 | 362 | |||||
BO 07 | 50000000 | 219 | 362 | |||||
BO 08 | 47000000 | 206 | 341 | |||||
BO 09 | 45000000 | 197 | 326 | |||||
BO 10 | 40000000 | 175 | 290 | |||||
BO 11 | 35000000 | 154 | 254 | |||||
BO 12 | 20000000 | 088 | 145 | |||||
BO 13 | 14250000 | 062 | 103 | |||||
BO 14 | 12500000 | 055 | 091 | |||||
BO 15 | 46600000 | 204 | 338 | |||||
BO 16 | 300000000 | 1316 | 2175 | |||||
BO 17 | 60000000 | 263 | 435 | |||||
BO 18 | 50000000 | 219 | 362 | |||||
BO 19 | 50000000 | 219 | 362 | |||||
BO 20 | 50000000 | 219 | 362 | |||||
GE 01 | 70000000 | 307 | 507 | |||||
GE 02 | 60000000 | 263 | 435 | |||||
GE 03 | 125000000 | 548 | 906 | |||||
GE 04 | 46000000 | 202 | 333 | |||||
GE 05 | 45000000 | 197 | 326 | |||||
GE 06 | 40000000 | 175 | 290 | |||||
GE 07 | 30000000 | 132 | 217 | |||||
GE 08 | 40000000 | 175 | 290 | |||||
GE 09 | 50000000 | 219 | 362 | |||||
GE 10 | 100000000 | 439 | 725 | |||||
SS 01 | 75000000 | 329 | 544 | |||||
SS 02 | 75000000 | 329 | 544 | |||||
SS 03 | 65000000 | 285 | 471 | |||||
SS 04 | 60000000 | 263 | 435 | |||||
SS 05 | 50000000 | 219 | 362 | |||||
SS 06 | 25000000 | 110 | 181 | |||||
SS 07 | 105000000 | 461 | 761 | |||||
SS 08 | 18750000 | 082 | 136 | |||||
UA | -6529 | |||||||
Total | 2220100000 | 9737 | 9565 | |||||
CHECK | CHECK | CHECK |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | $18727000 | BO 1 | BO | 132 | 217 | |||||||||||
Tritium | Buy-out | $110000000 | $58988138 | BO 2 | BO | 48 | 80 | ||||||||||||
Searchlight | Buy-out | $97000000 | $33454296 | BO 3 | BO | 43 | 70 | ||||||||||||
Marlin | Buy-out | $71250000 | $14717073 | BO 4 | BO | 31 | 52 | ||||||||||||
Altaris | Buy-out | $62500000 | $15328169 | BO 5 | BO | 27 | 45 | ||||||||||||
Northlane | Buy-out | $60000000 | BO 6 | BO | 26 | 43 | |||||||||||||
Capital Partners | Buy-out | $58000000 | $12317286 | BO 7 | BO | 25 | 42 | ||||||||||||
Providence | Buy-out | $55000000 | $0 | BO 8 | BO | 24 | 40 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $0 | BO 9 | BO | 22 | 36 | ||||||||||||
GTCR | Buy-out | $50000000 | $4985798 | BO 10 | BO | 22 | 36 | ||||||||||||
Reverence | Buy-out | $50000000 | $0 | BO 11 | BO | 22 | 36 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 22 | 36 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 34 | ||||||||||||
One Rock | Buy-out | $45000000 | $13180746 | BO 14 | BO | 20 | 33 | ||||||||||||
Incline | Buy-out | $40000000 | $11611636 | BO 15 | BO | 18 | 29 | ||||||||||||
Kainos | Buy-out | $35000000 | $19539188 | BO 16 | BO | 15 | 25 | ||||||||||||
Harvest | Buy-out | $20000000 | $11725676 | BO 17 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $82125840 | GE 1 | GE | 79 | 130 | ||||||||||||
Foundry | Venture Growth | $175000000 | $30834484 | GE 2 | GE | 77 | 127 | ||||||||||||
Updata | Venture Growth | $125000000 | $46209141 | GE 3 | GE | 55 | 91 | ||||||||||||
Main Post | Venture Growth | $40000000 | $0 | GE 4 | GE | 18 | 29 | ||||||||||||
FTV | Venture Growth | $46000000 | $31248971 | GE 5 | GE | 20 | 33 | ||||||||||||
Mercato | Venture Growth | $40000000 | $23833321 | GE 6 | GE | 18 | 29 | ||||||||||||
TSSP | Special Situations | $150000000 | $49206694 | SS 1 | SS | 66 | 109 | ||||||||||||
BlackstoneGSO | Special Situations | $93750000 | $37091463 | SS 2 | SS | 41 | 68 | ||||||||||||
BlackstoneBAAM | Special Situations | $65000000 | SS 3 | SS | 29 | 47 | |||||||||||||
Carlyle | Special Situations | $65000000 | $24236270 | SS 4 | SS | 29 | 47 | ||||||||||||
HIG | Special Situations | $60000000 | $17374728 | SS 5 | SS | 26 | 43 | ||||||||||||
LightBay | Special Situations | $40000000 | $0 | SS 6 | SS | 18 | 29 | ||||||||||||
Total | $2280100000 | $556735918 | 10000 | 16529 | |||||||||||||||
CHECK | |||||||||||||||||||
Altaris | |||||||||||||||||||
Arcline | |||||||||||||||||||
BlackstoneGSO | |||||||||||||||||||
Capital Partners | |||||||||||||||||||
CapVest | |||||||||||||||||||
Carlyle | |||||||||||||||||||
Dunes Point | |||||||||||||||||||
Foundry | |||||||||||||||||||
FTV | |||||||||||||||||||
GTCR | |||||||||||||||||||
HIG | |||||||||||||||||||
Harvest | |||||||||||||||||||
Incline | |||||||||||||||||||
Kainos | |||||||||||||||||||
LightBay | |||||||||||||||||||
Main Post | |||||||||||||||||||
Marlin | |||||||||||||||||||
Mercato | |||||||||||||||||||
One Rock | |||||||||||||||||||
Providence | |||||||||||||||||||
Reverence | |||||||||||||||||||
Searchlight | |||||||||||||||||||
Tritium | |||||||||||||||||||
TSSP | |||||||||||||||||||
Updata |
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Vintage Year | Report Name | Short Name | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | State Street NAV ($) | US Fund Div ( of Fund) | Intl Fund Div ( of Fund) | US Fund Div ( of Total Commits) | Intl Fund Div ( of Total Commits) | US Fund Div ( of Total NAV | Intl Fund Div ( of Total NAV | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 2015 | Special Situations Manager 3 | SS 03 | 2819243965 | Voting | 65000000 | 65000000 | 2423627012 | 75 | 25 | 2 | 1 | 3 | 1 | |||||||||||||||||||||
HIG | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2015 | Special Situations Manager 4 | SS 04 | 1100000000 | 60000000 | 60000000 | 1737472771 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 2016 | Buy-out Manager 12 | BO 12 | 2200000000 | 50000000 | 20000000 | 1172567574 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 2015 | Buy-out Manager 8 | BO 08 | 1939000000 | 50000000 | 47000000 | 3345429620 | 60 | 40 | 1 | 1 | 4 | 2 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 2014 | Buy-out Manager 4 | BO 04 | 309000000 | Voting | 50000000 | 50000000 | 5898813765 | 85 | 15 | 2 | 0 | 9 | 2 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 2014 | Special Situations Manager 1 | SS 01 | 3500000000 | 75000000 | 75000000 | 4920669401 | 60 | 40 | 2 | 1 | 5 | 4 | ||||||||||||||||||||||
BlackstoneGSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 2 | SS 02 | 6000000000 | 75000000 | 75000000 | 32285251 | 80 | 20 | 3 | 1 | 5 | 1 | ||||||||||||||||||||||
BlackstoneGSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 8 | SS 08 | 2000000000 | 18750000 | 18750000 | 4806212 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 2016 | GrowthVenture Manager 7 | GE 07 | 500000000 | 35000000 | 30000000 | 2644022252 | 100 | 0 | 1 | 0 | 5 | 0 | ||||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 2017 | GrowthVenture Manager 4 | GE 04 | 867000000 | Voting | 50000000 | 46000000 | 3124897116 | 75 | 25 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 2017 | Buy-out Manager 10 | BO 10 | 601000000 | 50000000 | 40000000 | 1161163584 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 2016 | Buy-out Manager 11 | BO 11 | 895000000 | Observer | 50000000 | 35000000 | 1953918849 | 75 | 25 | 1 | 0 | 3 | 1 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 2015 | GrowthVenture Manager 6 | GE 06 | 246000000 | Voting | 40000000 | 40000000 | 2383332060 | 100 | 0 | 2 | 0 | 4 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 2016 | GrowthVenture Manager 2 | GE 02 | 640000000 | Voting | 60000000 | 60000000 | 6665235799 | 100 | 0 | 3 | 0 | 12 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 2014 | GrowthVenture Manager 3 | GE 03 | 280000000 | Voting | 50000000 | 50000000 | 4620914142 | 90 | 10 | 2 | 0 | 7 | 1 | |||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 14 | BO 14 | 240000000 | 12500000 | 12500000 | 4140390 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 5 | BO 05 | 1000000000 | 50000000 | 50000000 | 11187778 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 2018 | Buy-out Manager 1 | BO 01 | 500000000 | Voting | 70000000 | 58000000 | 12317286 | 100 | 0 | 3 | 0 | 2 | 0 | |||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 2018 | Buy-out Manager 7 | BO 07 | 535000000 | Voting | 50000000 | 50000000 | - 0 | 80 | 20 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 2018 | Buy-out Manager 6 | BO 06 | 5250000000 | 75000000 | 50000000 | 498579807 | 75 | 25 | 2 | 1 | 1 | 0 | ||||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 2018 | Special Situations Manager 7 | SS 07 | 615000000 | Voting | 50000000 | 40000000 | - 0 | 80 | 20 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 2018 | Buy-out Manager 2 | BO 02 | 2500000000 | 60000000 | 57000000 | 946658473 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 2017 | Buy-out Manager 13 | BO 13 | 750000000 | 15000000 | 14250000 | 525048862 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 2017 | Buy-out Manager 9 | BO 09 | 964000000 | 50000000 | 45000000 | 1318074623 | 90 | 10 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 2018 | GrowthVenture Manager 1 | GE 01 | 1322000000 | Voting | 70000000 | 70000000 | 1547348223 | 100 | 0 | 3 | 0 | 3 | 0 | |||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 2018 | Buy-out Manager 15 | BO 15 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 2018 | GrowthVenture Manager 5 | GE 05 | 750000000 | 45000000 | 45000000 | 439426166 | 90 | 10 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 2018 | Buy-out Manager 16 | BO 16 | 1115000000 | 300000000 | 300000000 | 1872700007 | 60 | 40 | 8 | 5 | 2 | 1 | ||||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 2019 | GrowthVenture Manager 8 | GE 08 | 700000000 | Voting | 50000000 | 40000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 2017 | Buy-out Manager 3 | BO 03 | 5000000000 | 55000000 | 55000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 2019 | Buy-out Manager 17 | BO 17 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 6 | SS 06 | 3000000000 | 50000000 | 25000000 | - 0 | 60 | 40 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 5 | SS 05 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 2014 | GrowthVenture Manager 3 | GE 03 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | GE 09 | 2000000000 | Voting | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | GE 10 | 200000000 | 100000000 | 100000000 | - 0 | 90 | 10 | 4 | 0 | 0 | 0 | ||||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | BO 18 | 1000000000 | Voting | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | BO 19 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | Buy-out Manager 8 | BO 20 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | BO 21 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | |||||||||||||||||||||||
BlackstoneBAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | SS 07 | 4000000000 | Voting | 65000000 | 65000000 | - 0 | 80 | 20 | 2 | 1 | 0 | 0 | |||||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
2800000000 | |||||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||
TMRS (AUM) | $ 27589122062 | ltltltlt | As of 12312018 | |||||
PE Target () | 500 | |||||||
PE Target ($) | $ 1379456103 | |||||||
PE Commitments ($) | $ 2280100000 | |||||||
PE NAV ($) | $ 556735918 | ltltltlt | As of 12312018 | |||||
PE NAV () | 202 | |||||||
Un-Allocated () | -6529 | |||||||
Instructions by Sheet Name | ||||
Notes | Light blue-filled cells are hard-coded (not formula-driven) | |||
The green-colored tabs are the only ones to be updated right now | ||||
The red-colored tab does not need to be updated (still under construction) | ||||
Portfolio | ||||
1) | Input new Fund commitment into the next open row | |||
2) | Confirm and input the details for the row of the new Fund in columns A through G | |||
3) | Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I | |||
4) | Copy paste the formulas used in columns J and K for the row of the new Fund | |||
Manager | ||||
1) | If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated | |||
2) | Input the name of the Manager for the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Manager | |||
4) | Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option | |||
Fund | ||||
1) | Insert a row above the one beginning with UA (Un-Allocated) | |||
2) | Input the Short Name of the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Fund | |||
4) | Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option |
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1390 | 2298 | |||||||
2016 | 394750000 | 1731 | 2862 | |||||||
2017 | 436750000 | 1915 | 3166 | |||||||
2018 | 481600000 | 2112 | 3491 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 7149 | 11817 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 780 | 822 | 1289 | |||||
International | 220 | 178 | 364 | |||||
Un-Allocated | -653 | |||||||
Total | 1000 | 1000 | 1000 | |||||
Strategy | Commitments | NAV | of Commitments to Date | of NAV to Date | of Target PE Allocation | ||||||||
BO | Buy-out (40 to 75) | 1200350000 | 214575006 | 526 | 385 | 870 | |||||||
GE | GrowthVenture (10 to 40) | 606000000 | 214251758 | 266 | 385 | 439 | |||||||
SS | Special Situations (5 to 35) | 473750000 | 127909154 | 208 | 230 | 343 | |||||||
Un-Allocated | -653 | ||||||||||||
Total | 2280100000 | 556735918 | 1000 | 1000 | 1000 | ||||||||
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 0 | 55 | 1216 | 60 | 0 | ||||||
GrowthVenture | 0 | 55 | 0 | 40 | 75 | ||||||
Special Situations | 0 | 75 | 0 | 0 | 0 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 0 | 55 | 1766 | 2366 | 2366 | ||||||
GrowthVenture | 0 | 55 | 55 | 95 | 170 | ||||||
Special Situations | 0 | 75 | 75 | 75 | 75 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 600 | 00 | 00 | ||||||
GrowthVenture | 00 | 833 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 650 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 2850 | ||||||
GrowthVenture | 0 | 833 | 833 | 833 | 833 | ||||||
Special Situations | 0 | 00 | 650 | 650 | 650 | ||||||
Unallocated | 450 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 |
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | 58000000 | 254 | 420 | |||||
BO 02 | 57000000 | 250 | 413 | |||||
BO 03 | 55000000 | 241 | 399 | |||||
BO 04 | 50000000 | 219 | 362 | |||||
BO 05 | 50000000 | 219 | 362 | |||||
BO 06 | 50000000 | 219 | 362 | |||||
BO 07 | 50000000 | 219 | 362 | |||||
BO 08 | 47000000 | 206 | 341 | |||||
BO 09 | 45000000 | 197 | 326 | |||||
BO 10 | 40000000 | 175 | 290 | |||||
BO 11 | 35000000 | 154 | 254 | |||||
BO 12 | 20000000 | 088 | 145 | |||||
BO 13 | 14250000 | 062 | 103 | |||||
BO 14 | 12500000 | 055 | 091 | |||||
BO 15 | 46600000 | 204 | 338 | |||||
BO 16 | 300000000 | 1316 | 2175 | |||||
BO 17 | 60000000 | 263 | 435 | |||||
BO 18 | 50000000 | 219 | 362 | |||||
BO 19 | 50000000 | 219 | 362 | |||||
BO 20 | 50000000 | 219 | 362 | |||||
GE 01 | 70000000 | 307 | 507 | |||||
GE 02 | 60000000 | 263 | 435 | |||||
GE 03 | 125000000 | 548 | 906 | |||||
GE 04 | 46000000 | 202 | 333 | |||||
GE 05 | 45000000 | 197 | 326 | |||||
GE 06 | 40000000 | 175 | 290 | |||||
GE 07 | 30000000 | 132 | 217 | |||||
GE 08 | 40000000 | 175 | 290 | |||||
GE 09 | 50000000 | 219 | 362 | |||||
GE 10 | 100000000 | 439 | 725 | |||||
SS 01 | 75000000 | 329 | 544 | |||||
SS 02 | 75000000 | 329 | 544 | |||||
SS 03 | 65000000 | 285 | 471 | |||||
SS 04 | 60000000 | 263 | 435 | |||||
SS 05 | 50000000 | 219 | 362 | |||||
SS 06 | 25000000 | 110 | 181 | |||||
SS 07 | 105000000 | 461 | 761 | |||||
SS 08 | 18750000 | 082 | 136 | |||||
UA | -6529 | |||||||
Total | 2220100000 | 9737 | 9565 | |||||
CHECK | CHECK | CHECK |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | $18727000 | BO 1 | BO | 132 | 217 | |||||||||||
Tritium | Buy-out | $110000000 | $58988138 | BO 2 | BO | 48 | 80 | ||||||||||||
Searchlight | Buy-out | $97000000 | $33454296 | BO 3 | BO | 43 | 70 | ||||||||||||
Marlin | Buy-out | $71250000 | $14717073 | BO 4 | BO | 31 | 52 | ||||||||||||
Altaris | Buy-out | $62500000 | $15328169 | BO 5 | BO | 27 | 45 | ||||||||||||
Northlane | Buy-out | $60000000 | BO 6 | BO | 26 | 43 | |||||||||||||
Capital Partners | Buy-out | $58000000 | $12317286 | BO 7 | BO | 25 | 42 | ||||||||||||
Providence | Buy-out | $55000000 | $0 | BO 8 | BO | 24 | 40 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $0 | BO 9 | BO | 22 | 36 | ||||||||||||
GTCR | Buy-out | $50000000 | $4985798 | BO 10 | BO | 22 | 36 | ||||||||||||
Reverence | Buy-out | $50000000 | $0 | BO 11 | BO | 22 | 36 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 22 | 36 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 34 | ||||||||||||
One Rock | Buy-out | $45000000 | $13180746 | BO 14 | BO | 20 | 33 | ||||||||||||
Incline | Buy-out | $40000000 | $11611636 | BO 15 | BO | 18 | 29 | ||||||||||||
Kainos | Buy-out | $35000000 | $19539188 | BO 16 | BO | 15 | 25 | ||||||||||||
Harvest | Buy-out | $20000000 | $11725676 | BO 17 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $82125840 | GE 1 | GE | 79 | 130 | ||||||||||||
Foundry | Venture Growth | $175000000 | $30834484 | GE 2 | GE | 77 | 127 | ||||||||||||
Updata | Venture Growth | $125000000 | $46209141 | GE 3 | GE | 55 | 91 | ||||||||||||
Main Post | Venture Growth | $40000000 | $0 | GE 4 | GE | 18 | 29 | ||||||||||||
FTV | Venture Growth | $46000000 | $31248971 | GE 5 | GE | 20 | 33 | ||||||||||||
Mercato | Venture Growth | $40000000 | $23833321 | GE 6 | GE | 18 | 29 | ||||||||||||
TSSP | Special Situations | $150000000 | $49206694 | SS 1 | SS | 66 | 109 | ||||||||||||
BlackstoneGSO | Special Situations | $93750000 | $37091463 | SS 2 | SS | 41 | 68 | ||||||||||||
BlackstoneBAAM | Special Situations | $65000000 | SS 3 | SS | 29 | 47 | |||||||||||||
Carlyle | Special Situations | $65000000 | $24236270 | SS 4 | SS | 29 | 47 | ||||||||||||
HIG | Special Situations | $60000000 | $17374728 | SS 5 | SS | 26 | 43 | ||||||||||||
LightBay | Special Situations | $40000000 | $0 | SS 6 | SS | 18 | 29 | ||||||||||||
Total | $2280100000 | $556735918 | 10000 | 16529 | |||||||||||||||
CHECK | |||||||||||||||||||
Altaris | |||||||||||||||||||
Arcline | |||||||||||||||||||
BlackstoneGSO | |||||||||||||||||||
Capital Partners | |||||||||||||||||||
CapVest | |||||||||||||||||||
Carlyle | |||||||||||||||||||
Dunes Point | |||||||||||||||||||
Foundry | |||||||||||||||||||
FTV | |||||||||||||||||||
GTCR | |||||||||||||||||||
HIG | |||||||||||||||||||
Harvest | |||||||||||||||||||
Incline | |||||||||||||||||||
Kainos | |||||||||||||||||||
LightBay | |||||||||||||||||||
Main Post | |||||||||||||||||||
Marlin | |||||||||||||||||||
Mercato | |||||||||||||||||||
One Rock | |||||||||||||||||||
Providence | |||||||||||||||||||
Reverence | |||||||||||||||||||
Searchlight | |||||||||||||||||||
Tritium | |||||||||||||||||||
TSSP | |||||||||||||||||||
Updata |
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Vintage Year | Report Name | Short Name | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | State Street NAV ($) | US Fund Div ( of Fund) | Intl Fund Div ( of Fund) | US Fund Div ( of Total Commits) | Intl Fund Div ( of Total Commits) | US Fund Div ( of Total NAV | Intl Fund Div ( of Total NAV | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 2015 | Special Situations Manager 3 | SS 03 | 2819243965 | Voting | 65000000 | 65000000 | 2423627012 | 75 | 25 | 2 | 1 | 3 | 1 | |||||||||||||||||||||
HIG | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2015 | Special Situations Manager 4 | SS 04 | 1100000000 | 60000000 | 60000000 | 1737472771 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 2016 | Buy-out Manager 12 | BO 12 | 2200000000 | 50000000 | 20000000 | 1172567574 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 2015 | Buy-out Manager 8 | BO 08 | 1939000000 | 50000000 | 47000000 | 3345429620 | 60 | 40 | 1 | 1 | 4 | 2 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 2014 | Buy-out Manager 4 | BO 04 | 309000000 | Voting | 50000000 | 50000000 | 5898813765 | 85 | 15 | 2 | 0 | 9 | 2 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 2014 | Special Situations Manager 1 | SS 01 | 3500000000 | 75000000 | 75000000 | 4920669401 | 60 | 40 | 2 | 1 | 5 | 4 | ||||||||||||||||||||||
BlackstoneGSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 2 | SS 02 | 6000000000 | 75000000 | 75000000 | 32285251 | 80 | 20 | 3 | 1 | 5 | 1 | ||||||||||||||||||||||
BlackstoneGSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 8 | SS 08 | 2000000000 | 18750000 | 18750000 | 4806212 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 2016 | GrowthVenture Manager 7 | GE 07 | 500000000 | 35000000 | 30000000 | 2644022252 | 100 | 0 | 1 | 0 | 5 | 0 | ||||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 2017 | GrowthVenture Manager 4 | GE 04 | 867000000 | Voting | 50000000 | 46000000 | 3124897116 | 75 | 25 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 2017 | Buy-out Manager 10 | BO 10 | 601000000 | 50000000 | 40000000 | 1161163584 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 2016 | Buy-out Manager 11 | BO 11 | 895000000 | Observer | 50000000 | 35000000 | 1953918849 | 75 | 25 | 1 | 0 | 3 | 1 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 2015 | GrowthVenture Manager 6 | GE 06 | 246000000 | Voting | 40000000 | 40000000 | 2383332060 | 100 | 0 | 2 | 0 | 4 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 2016 | GrowthVenture Manager 2 | GE 02 | 640000000 | Voting | 60000000 | 60000000 | 6665235799 | 100 | 0 | 3 | 0 | 12 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 2014 | GrowthVenture Manager 3 | GE 03 | 280000000 | Voting | 50000000 | 50000000 | 4620914142 | 90 | 10 | 2 | 0 | 7 | 1 | |||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 14 | BO 14 | 240000000 | 12500000 | 12500000 | 4140390 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 5 | BO 05 | 1000000000 | 50000000 | 50000000 | 11187778 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 2018 | Buy-out Manager 1 | BO 01 | 500000000 | Voting | 70000000 | 58000000 | 12317286 | 100 | 0 | 3 | 0 | 2 | 0 | |||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 2018 | Buy-out Manager 7 | BO 07 | 535000000 | Voting | 50000000 | 50000000 | - 0 | 80 | 20 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 2018 | Buy-out Manager 6 | BO 06 | 5250000000 | 75000000 | 50000000 | 498579807 | 75 | 25 | 2 | 1 | 1 | 0 | ||||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 2018 | Special Situations Manager 7 | SS 07 | 615000000 | Voting | 50000000 | 40000000 | - 0 | 80 | 20 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 2018 | Buy-out Manager 2 | BO 02 | 2500000000 | 60000000 | 57000000 | 946658473 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 2017 | Buy-out Manager 13 | BO 13 | 750000000 | 15000000 | 14250000 | 525048862 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 2017 | Buy-out Manager 9 | BO 09 | 964000000 | 50000000 | 45000000 | 1318074623 | 90 | 10 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 2018 | GrowthVenture Manager 1 | GE 01 | 1322000000 | Voting | 70000000 | 70000000 | 1547348223 | 100 | 0 | 3 | 0 | 3 | 0 | |||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 2018 | Buy-out Manager 15 | BO 15 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 2018 | GrowthVenture Manager 5 | GE 05 | 750000000 | 45000000 | 45000000 | 439426166 | 90 | 10 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 2018 | Buy-out Manager 16 | BO 16 | 1115000000 | 300000000 | 300000000 | 1872700007 | 60 | 40 | 8 | 5 | 2 | 1 | ||||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 2019 | GrowthVenture Manager 8 | GE 08 | 700000000 | Voting | 50000000 | 40000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 2017 | Buy-out Manager 3 | BO 03 | 5000000000 | 55000000 | 55000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 2019 | Buy-out Manager 17 | BO 17 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 6 | SS 06 | 3000000000 | 50000000 | 25000000 | - 0 | 60 | 40 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 5 | SS 05 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 2014 | GrowthVenture Manager 3 | GE 03 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | GE 09 | 2000000000 | Voting | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | GE 10 | 200000000 | 100000000 | 100000000 | - 0 | 90 | 10 | 4 | 0 | 0 | 0 | ||||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | BO 18 | 1000000000 | Voting | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | BO 19 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | Buy-out Manager 8 | BO 20 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | BO 21 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | |||||||||||||||||||||||
BlackstoneBAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | SS 07 | 4000000000 | Voting | 65000000 | 65000000 | - 0 | 80 | 20 | 2 | 1 | 0 | 0 | |||||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
2800000000 | |||||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||
TMRS (AUM) | $ 27589122062 | ltltltlt | As of 12312018 | |||||
PE Target () | 500 | |||||||
PE Target ($) | $ 1379456103 | |||||||
PE Commitments ($) | $ 2280100000 | |||||||
PE NAV ($) | $ 556735918 | ltltltlt | As of 12312018 | |||||
PE NAV () | 202 | |||||||
Un-Allocated () | -6529 | |||||||
Instructions by Sheet Name | ||||
Notes | Light blue-filled cells are hard-coded (not formula-driven) | |||
The green-colored tabs are the only ones to be updated right now | ||||
The red-colored tab does not need to be updated (still under construction) | ||||
Portfolio | ||||
1) | Input new Fund commitment into the next open row | |||
2) | Confirm and input the details for the row of the new Fund in columns A through G | |||
3) | Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I | |||
4) | Copy paste the formulas used in columns J and K for the row of the new Fund | |||
Manager | ||||
1) | If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated | |||
2) | Input the name of the Manager for the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Manager | |||
4) | Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option | |||
Fund | ||||
1) | Insert a row above the one beginning with UA (Un-Allocated) | |||
2) | Input the Short Name of the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Fund | |||
4) | Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option |
2017 | 2018E | 2019E | 2020E | 2021E | 2022E | 2023E | 2024E | 2025E | |||||||||||||||||||
TMRS | $ 2902900 | $ 2919823 | $ 3087217 | $ 3267756 | $ 3452622 | $ 3642195 | $ 3836795 | $ 4036443 | $ 4241598 | ||||||||||||||||||
Target PE NAV | $ 145145 | $ 145991 | $ 154361 | $ 163388 | $ 172631 | $ 182110 | $ 191840 | $ 201822 | $ 212080 | ||||||||||||||||||
Distributions | $ (2500) | $ (7500) | $ (12500) | $ (20000) | ($317) | $ (39500) | $ (55875) | $ (70000) | $ (78750) | ||||||||||||||||||
Actual PE NAV | $ 27150 | $ 50000 | $ 85155 | $ 121441 | $ 153869 | $ 185360 | $ 207001 | $ 219790 | $ 227778 | ||||||||||||||||||
Original Model | $ 48953 | $ 79299 | $ 114980 | $ 149403 | $ 173865 | 18809585710464 | 19589592210062 | 19963999392119 | 20177719328292 | ||||||||||||||||||
Annual Commitment | $317 | $395 | $447 | $500 | $525 | $550 | $575 | $600 | $635 | $660 | $675 | ||||||||||||||||
308 | 342 | 340 | 337 | 333 | 329 | 331 | 327 | 318 | |||||||||||||||||||
Minus | |||||||||||||||||||||||||||
PE of Plan | 094 | 171 | 276 | 372 | 446 | 509 | 540 | 545 | 537 | ||||||||||||||||||
Plus | 169 | 272 | 372 | 457 | 504 | 516 | 511 | 495 | 476 | ||||||||||||||||||
Target of Plan | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | |||||||||||||||||
PE | 1270 | (27816) | (26088) | (33449) | (40730) | (48008) | (55583) | (63050) | (70395) | (78032) | (86213) | (93803) | |||||||||||||||
2017 | 2018E | 2019E | 2020E | 2021E | 2022E | 2023E | 2024E | 2025E | 2026E | 2027E | |||||||||||||||||
TMRS | $ 2902900 | $ 2758912 | $ 2915445 | $ 3084389 | $ 3256878 | $ 3433238 | $ 3613733 | $ 3798325 | $ 3987407 | $ 4181410 | $ 4380356 | ||||||||||||||||
Target PE NAV | $ 145145 | $ 137946 | $ 145772 | $ 154219 | $ 162844 | $ 171662 | $ 180687 | $ 189916 | $ 199370 | $ 209070 | $ 219018 | ||||||||||||||||
Distributions | $ (2500) | $ (7500) | $ (12500) | $ (20000) | ($317) | $ (39500) | $ (55875) | $ (70000) | $ (78750) | $ (78750) | $ (78750) | ||||||||||||||||
Private Equity NAV | $ 27150 | $ 52500 | $ 88130 | $ 124558 | $ 156255 | $ 186019 | $ 205151 | $ 214646 | $ 219075 | $ 226354 | $ 236280 | ||||||||||||||||
Original Model | $ 48953 | $ 79299 | $ 114980 | $ 149403 | $ 173865 | 18809585710464 | 19589592210062 | 19963999392119 | 20177719328292 | ||||||||||||||||||
Annual Commitment | $317 | $395 | $447 | $500 | $525 | $525 | $525 | $550 | $600 | $625 | $650 | $650 | $650 | ||||||||||||||
308 | 362 | 360 | 340 | 322 | 320 | 332 | 329 | 326 | 311 | 297 | |||||||||||||||||
Minus | |||||||||||||||||||||||||||
PE of Plan | 094 | 190 | 302 | 404 | 480 | 542 | 568 | 565 | 549 | 541 | 539 | ||||||||||||||||
Plus | 169 | 287 | 394 | 484 | 534 | 548 | 542 | 526 | 506 | ||||||||||||||||||
Target of Plan | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | |||||||||||||||
PE | 1300 | (27816) | (26088) | (33449) | (40730) | (48008) | (55583) | (63050) | (70395) | (78032) | (86213) | (93803) | |||||||||||||||
2017 | 2018E | 2019E | 2020E | 2021E | 2022E | 2023E | 2024E | 2025E | |||||||||||||||
TMRS | $ 2902900 | $ 2880000 | $ 2995200 | $ 3115008 | $ 3239608 | $ 3369193 | $ 3503960 | $ 3644119 | $ 3789884 | ||||||||||||||
Target PE NAV | $ 145145 | $ 144000 | $ 149760 | $ 155750 | $ 161980 | $ 168460 | $ 175198 | $ 182206 | $ 189494 | ||||||||||||||
Distributions | $ (2500) | $ (7500) | $ (12500) | $ (20000) | ($317) | $ (39500) | $ (55875) | $ (70000) | $ (78750) | ||||||||||||||
Actual PE NAV | $ 27150 | $ 55047 | $ 89632 | $ 124514 | $ 151718 | $ 176598 | $ 193241 | $ 200031 | $ 201110 | ||||||||||||||
Original Model | $ 48953 | $ 79299 | $ 114980 | $ 149403 | $ 173865 | 18809585710464 | 19589592210062 | 19963999392119 | 20177719328292 | ||||||||||||||
Annual Commitment | $317 | $395 | $447 | $500 | $525 | $550 | $575 | $600 | $635 | $660 | $675 | ||||||||||||
308 | 347 | 351 | 353 | 355 | 356 | 362 | 362 | 356 | |||||||||||||||
Minus | |||||||||||||||||||||||
PE of Plan | 094 | 191 | 299 | 400 | 468 | 524 | 551 | 549 | 531 | ||||||||||||||
Plus | 169 | 275 | 384 | 480 | 537 | 558 | 559 | 548 | 532 | ||||||||||||||
Target of Plan | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | ||||||||||||||
PE | 1050 | ||||||||||||||||||||||
2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | |||||||||||||||
Beginning NAV | 14609962 | 16305676 | 17992494 | 18571294 | 20490599 | 22468634 | 23727478 | 236518112346 | 250933184929355 | 265684014912086 | 280726295918652 | 296006880893161 | 31146271535345 | ||||||||||||||
Costs (other cash flow) | 18114 | 4981 | -3285 | -16664 | 10734 | 8346 | |||||||||||||||||||||
Actual Income | 610171 | 494700 | 424402 | 341039 | 293242 | 304804 | |||||||||||||||||||||
Actual Capital Gains | 873137 | 1001628 | 10363 | 1522241 | 1681646 | 98054 | 16609 | ||||||||||||||||||||
Actual Cash flow | 194292 | 185509 | 14732 | 72689 | -7587 | -34846 | -92276 | ||||||||||||||||||||
Candace cash flow estimate | -15499 | -218716 | -289139 | -366844 | -452463 | -546679 | |||||||||||||||||||||
Estimated Income | 471582 | 534601 | 613836 | 704314 | 805849 | 896763 | |||||||||||||||||||||
Estimated Capital Gains (Actuarial Return - Income) | 1124916 | 1159198 | 1179531 | 1190588 | 1192197 | 1205610 | |||||||||||||||||||||
Ending NAV | 16305676 | 17992494 | 18571294 | 20490599 | 22468634 | 23727478 | 23651811 | 25093318 | 265684014912086 | 280726295918652 | 296006880893161 | 31146271535345 | 327019658639808 | ||||||||||||||
Yield | 418 | 303 | 236 | 184 | 143 | 136 | 135 | 20 | 21 | 23 | 25 | 27 | 29 | ||||||||||||||
Allocation | |||||||||||||||||||||||||||
Core | 318 | 250 | 193 | 163 | 133 | 99 | |||||||||||||||||||||
Liquid credit | 66 | 80 | 100 | 110 | 125 | 149 | |||||||||||||||||||||
Direct Lending | 00 | 10 | 20 | 30 | 40 | 50 | |||||||||||||||||||||
US Equity | 267 | 250 | 230 | 205 | 185 | 175 | |||||||||||||||||||||
Intl Equity | 162 | 167 | 175 | 175 | 175 | 175 | |||||||||||||||||||||
Real Return | 41 | 65 | 75 | 90 | 100 | 100 | |||||||||||||||||||||
Real Estate | 62 | 75 | 85 | 95 | 100 | 100 | |||||||||||||||||||||
HF | 81 | 90 | 100 | 100 | 100 | 100 | |||||||||||||||||||||
PE | 00 | 10 | 20 | 30 | 40 | 50 | |||||||||||||||||||||
Cash | 03 | 03 | 02 | 02 | 02 | 02 | |||||||||||||||||||||
1000 | 1000 | 1000 | 1000 | 1000 | 1000 | ||||||||||||||||||||||
Yield | |||||||||||||||||||||||||||
Core | 18 | 18 | 18 | 18 | 18 | 18 | |||||||||||||||||||||
Liquid credit | 45 | 45 | 45 | 45 | 45 | 45 | |||||||||||||||||||||
Direct Lending | 80 | 80 | 80 | 80 | 80 | 80 | |||||||||||||||||||||
US Equity | 20 | 20 | 20 | 20 | 20 | 20 | |||||||||||||||||||||
Intl Equity | 16 | 16 | 16 | 16 | 16 | 16 | |||||||||||||||||||||
Real Return | 05 | 15 | 25 | 35 | 45 | 50 | |||||||||||||||||||||
Real Estate | 50 | 50 | 50 | 50 | 50 | 50 | |||||||||||||||||||||
HF | 00 | 00 | 00 | 00 | 00 | 00 | |||||||||||||||||||||
PE | 00 | 00 | 00 | 00 | 00 | 00 | |||||||||||||||||||||
Cash | 03 | 03 | 03 | 03 | 03 | 03 | |||||||||||||||||||||
SUMMED | |||||||||||||||||||||||||||
Yield | 0572400 | 05 | 03 | 03 | 02 | 02 | |||||||||||||||||||||
Core | 03 | 04 | 05 | 05 | 06 | 07 | |||||||||||||||||||||
Liquid credit | 00 | 01 | 02 | 02 | 03 | 04 | |||||||||||||||||||||
Direct Lending | 05 | 05 | 05 | 04 | 04 | 04 | |||||||||||||||||||||
US Equity | 03 | 03 | 03 | 03 | 03 | 03 | |||||||||||||||||||||
Intl Equity | 00 | 01 | 02 | 03 | 05 | 05 | |||||||||||||||||||||
Real Return | 03 | 04 | 04 | 05 | 05 | 05 | |||||||||||||||||||||
Real Estate | 00 | 00 | 00 | 00 | 00 | 00 | |||||||||||||||||||||
HF | 00 | 00 | 00 | 00 | 00 | 00 | |||||||||||||||||||||
PE | 00 | 00 | 00 | 00 | 00 | 00 | |||||||||||||||||||||
Cash | 00 | 00 | 00 | 00 | 00 | 00 | |||||||||||||||||||||
TOTAL | 20 | 21 | 23 | 25 | 27 | 29 |
2015 | 2016E | 2017E | 2018E | 2019E | 2020E | 2021E | 2022E | 2023E | 2024E | 2025E | |||||||||||||
TMRS | $ 2365181 | $ 2503739 | $ 2656840 | $ 2807263 | $ 2960069 | $ 3114627 | $ 3270197 | $ 3416053 | $ 3567084 | $ 3718115 | $ 3869146 | ||||||||||||
Target PE NAV | $ 117986 | $ 125187 | $ 132842 | $ 140363 | $ 148003 | $ 155731 | $ 163510 | $ 170803 | $ 178354 | $ 185906 | $ 193457 | ||||||||||||
Distributions | $ - 0 | $ (500) | $ (2500) | $ (7500) | $ (12500) | $ (20000) | ($317) | $ (45000) | $ (56250) | $ (63000) | $ (67500) | ||||||||||||
Actual PE NAV | $ 1739 | $ 22500 | $ 48953 | $ 79299 | $ 114980 | $ 149403 | $ 173865 | $ 188096 | $ 195896 | $ 199640 | $ 201777 | ||||||||||||
Annual Commitment | $317 | $450 | $450 | $450 | $450 | $475 | $475 | $475 | $500 | $550 | $600 | ||||||||||||
Minus | |||||||||||||||||||||||
Actual of Plan | 007 | 090 | 184 | 282 | 388 | 480 | 532 | 551 | 549 | 537 | 522 | ||||||||||||
Plus | |||||||||||||||||||||||
Target of Plan | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | ||||||||||||
PE | 1050 | ||||||||||||||||||||||
0
10
20
30
40
50
60
70
80
90
100
Beg Year Q1 Q2 Q3 End Year
o
f Pa
cing
Pla
n Ut
ilize
d
2019 Private Equity Pacing Plan Progress
Buy-out GrowthVenture Special Situations Unallocated
7
MarchSearchlight III ($50mm)
February PSG IV ($50mm)
FGN 2018 Partner ($33mm)Reverence II ($50mm)
Arcline I ($50mm)
Search processes are approved in annual amounts Progress will be made throughout the year as opposed to all at once
The 2019 Private Equity search process has
culminated in ~$368 million of
closed andor recommended
investments in line with the $525 mm
primary pacing model goal for the
year2018
HIG SPF ($75mm)
JuneNorthlane II ($60mm)
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082172551941443706017827448058556272
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
2018 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977
of Pacing Plan Utilized
Section III
8
526
266
208
Private Equity Strategy Diversification by Commitment
Buy-out (40 to75)
GrowthVenture(10 to 40)
Special Situations(5 to 35)
9
Synthesize AnalysisDiversification Analysis
Strategy considerations
2015 Overweight special situations early for J-Curve mitigation efficiency of capital deployment and tactical opportunities
2016 Focus on growth opportunity set and continue to add buy-out exposure
2017 Round out buy-out portfolio and opportunistically add to growth and credit
2018 Steady state on pacing selectively adding new relationships and European exposure
2019 Steady state on pacing selectively adding new relationships and Venture and European exposure
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082172551941443706017827448058556272
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
2018 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977
of Pacing Plan Utilized
10
Synthesize AnalysisDiversification Analysis
The overall goal remains identifying top quartile performers to partner with
Position sizing considerations
Continue to reduce the unallocated portion of the private equity portfolio while sensibly balancing the trade-off between diversification and concentration
Areas of focus are enhancing manager diversification and building strategic relationships where possibleappropriate
Private Equity Manager Diversification by Commitment BO 1 BO 2
BO 3 BO 4BO 5 BO 6BO 7 BO 8BO 9 BO 10BO 11 BO 12BO 13 BO 14BO 15 BO 16BO 17 GE 1GE 2 GE 3GE 4 GE 5GE 6 SS 1SS 2 SS 3SS 4 SS 5SS 6
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082172551941443706017827448058556272
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
2018 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977
of Pacing Plan Utilized
11
Synthesize AnalysisDiversification Analysis
TMRS is focused on taking a measured approach to global geographic diversification
The Target Portfolio keeps a conservative stance on international exposure
780
220
Private Equity Geographic Diversification by Commitment
USA
International
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082172551941443706017827448058556272
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
2018 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977
of Pacing Plan Utilized
Section IV
12
13
Top Candidate Characteristics ndash Northlane II $60 million Recommendation
Northlane Capital Partners
Date of First TMRS Meeting5102018
Dates of Subsequent Meetings892018312019
5162019
Dates of Diligence AdvancementlsquoBrsquo Rating ndash 312019
lsquoArsquo Rating ndash 5162019
Reference ChecksYes
Date of Consultant IDD ReportSeptember 2018
Date of Consultant Board MemoJune 2019
Legal Negotiation InitiatedMay 2019
Comparable Strategies Reviewed18 (Business Services Buy-Out)
16 (Healthcare Buy-Out)
Northlane Capital Partners LLC (ldquoNorthlanerdquo)is a Washington DC-based buyout firmfounded in 2017 that focuses on acquiringlower-middle market companies in thebusiness services and healthcare sectorsThese target companies will be profitablemarket leaders within their niches typicallygenerating up to $30 million of EBITDA whileproviding critical outsourced services to theircustomers Northlane Capital Partners II LP(Northlane II) is targeting $375 million tobuild a portfolio of 10 to 12 businessesrequiring equity investments of up to $75million continuing to employ the prior fundrsquosstrategy that was developed during thefoundersrsquo tenure at American Capital
Section V
14
15
Approval of Recommendation
TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the selection of the following fund
Recommendations
bull Northlane Capital Partners II LP $60 million
16
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1390 | 2298 | |||||||
2016 | 394750000 | 1731 | 2862 | |||||||
2017 | 436750000 | 1915 | 3166 | |||||||
2018 | 481600000 | 2112 | 3491 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 7149 | 11817 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 780 | 822 | 1289 | |||||
International | 220 | 178 | 364 | |||||
Un-Allocated | -653 | |||||||
Total | 1000 | 1000 | 1000 | |||||
Strategy | Commitments | NAV | of Commitments to Date | of NAV to Date | of Target PE Allocation | ||||||||
BO | Buy-out (40 to 75) | 1200350000 | 214575006 | 526 | 385 | 870 | |||||||
GE | GrowthVenture (10 to 40) | 606000000 | 214251758 | 266 | 385 | 439 | |||||||
SS | Special Situations (5 to 35) | 473750000 | 127909154 | 208 | 230 | 343 | |||||||
Un-Allocated | -653 | ||||||||||||
Total | 2280100000 | 556735918 | 1000 | 1000 | 1000 | ||||||||
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 0 | 55 | 1216 | 60 | 0 | ||||||
GrowthVenture | 0 | 55 | 0 | 40 | 75 | ||||||
Special Situations | 0 | 75 | 0 | 0 | 0 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 0 | 55 | 1766 | 2366 | 2366 | ||||||
GrowthVenture | 0 | 55 | 55 | 95 | 170 | ||||||
Special Situations | 0 | 75 | 75 | 75 | 75 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 600 | 00 | 00 | ||||||
GrowthVenture | 00 | 833 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 650 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 2850 | ||||||
GrowthVenture | 0 | 833 | 833 | 833 | 833 | ||||||
Special Situations | 0 | 00 | 650 | 650 | 650 | ||||||
Unallocated | 450 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 |
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | 58000000 | 254 | 420 | |||||
BO 02 | 57000000 | 250 | 413 | |||||
BO 03 | 55000000 | 241 | 399 | |||||
BO 04 | 50000000 | 219 | 362 | |||||
BO 05 | 50000000 | 219 | 362 | |||||
BO 06 | 50000000 | 219 | 362 | |||||
BO 07 | 50000000 | 219 | 362 | |||||
BO 08 | 47000000 | 206 | 341 | |||||
BO 09 | 45000000 | 197 | 326 | |||||
BO 10 | 40000000 | 175 | 290 | |||||
BO 11 | 35000000 | 154 | 254 | |||||
BO 12 | 20000000 | 088 | 145 | |||||
BO 13 | 14250000 | 062 | 103 | |||||
BO 14 | 12500000 | 055 | 091 | |||||
BO 15 | 46600000 | 204 | 338 | |||||
BO 16 | 300000000 | 1316 | 2175 | |||||
BO 17 | 60000000 | 263 | 435 | |||||
BO 18 | 50000000 | 219 | 362 | |||||
BO 19 | 50000000 | 219 | 362 | |||||
BO 20 | 50000000 | 219 | 362 | |||||
GE 01 | 70000000 | 307 | 507 | |||||
GE 02 | 60000000 | 263 | 435 | |||||
GE 03 | 125000000 | 548 | 906 | |||||
GE 04 | 46000000 | 202 | 333 | |||||
GE 05 | 45000000 | 197 | 326 | |||||
GE 06 | 40000000 | 175 | 290 | |||||
GE 07 | 30000000 | 132 | 217 | |||||
GE 08 | 40000000 | 175 | 290 | |||||
GE 09 | 50000000 | 219 | 362 | |||||
GE 10 | 100000000 | 439 | 725 | |||||
SS 01 | 75000000 | 329 | 544 | |||||
SS 02 | 75000000 | 329 | 544 | |||||
SS 03 | 65000000 | 285 | 471 | |||||
SS 04 | 60000000 | 263 | 435 | |||||
SS 05 | 50000000 | 219 | 362 | |||||
SS 06 | 25000000 | 110 | 181 | |||||
SS 07 | 105000000 | 461 | 761 | |||||
SS 08 | 18750000 | 082 | 136 | |||||
UA | -6529 | |||||||
Total | 2220100000 | 9737 | 9565 | |||||
CHECK | CHECK | CHECK |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | $18727000 | BO 1 | BO | 132 | 217 | |||||||||||
Tritium | Buy-out | $110000000 | $58988138 | BO 2 | BO | 48 | 80 | ||||||||||||
Searchlight | Buy-out | $97000000 | $33454296 | BO 3 | BO | 43 | 70 | ||||||||||||
Marlin | Buy-out | $71250000 | $14717073 | BO 4 | BO | 31 | 52 | ||||||||||||
Altaris | Buy-out | $62500000 | $15328169 | BO 5 | BO | 27 | 45 | ||||||||||||
Northlane | Buy-out | $60000000 | BO 6 | BO | 26 | 43 | |||||||||||||
Capital Partners | Buy-out | $58000000 | $12317286 | BO 7 | BO | 25 | 42 | ||||||||||||
Providence | Buy-out | $55000000 | $0 | BO 8 | BO | 24 | 40 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $0 | BO 9 | BO | 22 | 36 | ||||||||||||
GTCR | Buy-out | $50000000 | $4985798 | BO 10 | BO | 22 | 36 | ||||||||||||
Reverence | Buy-out | $50000000 | $0 | BO 11 | BO | 22 | 36 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 22 | 36 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 34 | ||||||||||||
One Rock | Buy-out | $45000000 | $13180746 | BO 14 | BO | 20 | 33 | ||||||||||||
Incline | Buy-out | $40000000 | $11611636 | BO 15 | BO | 18 | 29 | ||||||||||||
Kainos | Buy-out | $35000000 | $19539188 | BO 16 | BO | 15 | 25 | ||||||||||||
Harvest | Buy-out | $20000000 | $11725676 | BO 17 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $82125840 | GE 1 | GE | 79 | 130 | ||||||||||||
Foundry | Venture Growth | $175000000 | $30834484 | GE 2 | GE | 77 | 127 | ||||||||||||
Updata | Venture Growth | $125000000 | $46209141 | GE 3 | GE | 55 | 91 | ||||||||||||
Main Post | Venture Growth | $40000000 | $0 | GE 4 | GE | 18 | 29 | ||||||||||||
FTV | Venture Growth | $46000000 | $31248971 | GE 5 | GE | 20 | 33 | ||||||||||||
Mercato | Venture Growth | $40000000 | $23833321 | GE 6 | GE | 18 | 29 | ||||||||||||
TSSP | Special Situations | $150000000 | $49206694 | SS 1 | SS | 66 | 109 | ||||||||||||
BlackstoneGSO | Special Situations | $93750000 | $37091463 | SS 2 | SS | 41 | 68 | ||||||||||||
BlackstoneBAAM | Special Situations | $65000000 | SS 3 | SS | 29 | 47 | |||||||||||||
Carlyle | Special Situations | $65000000 | $24236270 | SS 4 | SS | 29 | 47 | ||||||||||||
HIG | Special Situations | $60000000 | $17374728 | SS 5 | SS | 26 | 43 | ||||||||||||
LightBay | Special Situations | $40000000 | $0 | SS 6 | SS | 18 | 29 | ||||||||||||
Total | $2280100000 | $556735918 | 10000 | 16529 | |||||||||||||||
CHECK | |||||||||||||||||||
Altaris | |||||||||||||||||||
Arcline | |||||||||||||||||||
BlackstoneGSO | |||||||||||||||||||
Capital Partners | |||||||||||||||||||
CapVest | |||||||||||||||||||
Carlyle | |||||||||||||||||||
Dunes Point | |||||||||||||||||||
Foundry | |||||||||||||||||||
FTV | |||||||||||||||||||
GTCR | |||||||||||||||||||
HIG | |||||||||||||||||||
Harvest | |||||||||||||||||||
Incline | |||||||||||||||||||
Kainos | |||||||||||||||||||
LightBay | |||||||||||||||||||
Main Post | |||||||||||||||||||
Marlin | |||||||||||||||||||
Mercato | |||||||||||||||||||
One Rock | |||||||||||||||||||
Providence | |||||||||||||||||||
Reverence | |||||||||||||||||||
Searchlight | |||||||||||||||||||
Tritium | |||||||||||||||||||
TSSP | |||||||||||||||||||
Updata |
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Vintage Year | Report Name | Short Name | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | State Street NAV ($) | US Fund Div ( of Fund) | Intl Fund Div ( of Fund) | US Fund Div ( of Total Commits) | Intl Fund Div ( of Total Commits) | US Fund Div ( of Total NAV | Intl Fund Div ( of Total NAV | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 2015 | Special Situations Manager 3 | SS 03 | 2819243965 | Voting | 65000000 | 65000000 | 2423627012 | 75 | 25 | 2 | 1 | 3 | 1 | |||||||||||||||||||||
HIG | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2015 | Special Situations Manager 4 | SS 04 | 1100000000 | 60000000 | 60000000 | 1737472771 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 2016 | Buy-out Manager 12 | BO 12 | 2200000000 | 50000000 | 20000000 | 1172567574 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 2015 | Buy-out Manager 8 | BO 08 | 1939000000 | 50000000 | 47000000 | 3345429620 | 60 | 40 | 1 | 1 | 4 | 2 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 2014 | Buy-out Manager 4 | BO 04 | 309000000 | Voting | 50000000 | 50000000 | 5898813765 | 85 | 15 | 2 | 0 | 9 | 2 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 2014 | Special Situations Manager 1 | SS 01 | 3500000000 | 75000000 | 75000000 | 4920669401 | 60 | 40 | 2 | 1 | 5 | 4 | ||||||||||||||||||||||
BlackstoneGSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 2 | SS 02 | 6000000000 | 75000000 | 75000000 | 32285251 | 80 | 20 | 3 | 1 | 5 | 1 | ||||||||||||||||||||||
BlackstoneGSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 8 | SS 08 | 2000000000 | 18750000 | 18750000 | 4806212 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 2016 | GrowthVenture Manager 7 | GE 07 | 500000000 | 35000000 | 30000000 | 2644022252 | 100 | 0 | 1 | 0 | 5 | 0 | ||||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 2017 | GrowthVenture Manager 4 | GE 04 | 867000000 | Voting | 50000000 | 46000000 | 3124897116 | 75 | 25 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 2017 | Buy-out Manager 10 | BO 10 | 601000000 | 50000000 | 40000000 | 1161163584 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 2016 | Buy-out Manager 11 | BO 11 | 895000000 | Observer | 50000000 | 35000000 | 1953918849 | 75 | 25 | 1 | 0 | 3 | 1 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 2015 | GrowthVenture Manager 6 | GE 06 | 246000000 | Voting | 40000000 | 40000000 | 2383332060 | 100 | 0 | 2 | 0 | 4 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 2016 | GrowthVenture Manager 2 | GE 02 | 640000000 | Voting | 60000000 | 60000000 | 6665235799 | 100 | 0 | 3 | 0 | 12 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 2014 | GrowthVenture Manager 3 | GE 03 | 280000000 | Voting | 50000000 | 50000000 | 4620914142 | 90 | 10 | 2 | 0 | 7 | 1 | |||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 14 | BO 14 | 240000000 | 12500000 | 12500000 | 4140390 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 5 | BO 05 | 1000000000 | 50000000 | 50000000 | 11187778 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 2018 | Buy-out Manager 1 | BO 01 | 500000000 | Voting | 70000000 | 58000000 | 12317286 | 100 | 0 | 3 | 0 | 2 | 0 | |||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 2018 | Buy-out Manager 7 | BO 07 | 535000000 | Voting | 50000000 | 50000000 | - 0 | 80 | 20 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 2018 | Buy-out Manager 6 | BO 06 | 5250000000 | 75000000 | 50000000 | 498579807 | 75 | 25 | 2 | 1 | 1 | 0 | ||||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 2018 | Special Situations Manager 7 | SS 07 | 615000000 | Voting | 50000000 | 40000000 | - 0 | 80 | 20 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 2018 | Buy-out Manager 2 | BO 02 | 2500000000 | 60000000 | 57000000 | 946658473 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 2017 | Buy-out Manager 13 | BO 13 | 750000000 | 15000000 | 14250000 | 525048862 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 2017 | Buy-out Manager 9 | BO 09 | 964000000 | 50000000 | 45000000 | 1318074623 | 90 | 10 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 2018 | GrowthVenture Manager 1 | GE 01 | 1322000000 | Voting | 70000000 | 70000000 | 1547348223 | 100 | 0 | 3 | 0 | 3 | 0 | |||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 2018 | Buy-out Manager 15 | BO 15 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 2018 | GrowthVenture Manager 5 | GE 05 | 750000000 | 45000000 | 45000000 | 439426166 | 90 | 10 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 2018 | Buy-out Manager 16 | BO 16 | 1115000000 | 300000000 | 300000000 | 1872700007 | 60 | 40 | 8 | 5 | 2 | 1 | ||||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 2019 | GrowthVenture Manager 8 | GE 08 | 700000000 | Voting | 50000000 | 40000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 2017 | Buy-out Manager 3 | BO 03 | 5000000000 | 55000000 | 55000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 2019 | Buy-out Manager 17 | BO 17 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 6 | SS 06 | 3000000000 | 50000000 | 25000000 | - 0 | 60 | 40 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 5 | SS 05 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 2014 | GrowthVenture Manager 3 | GE 03 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | GE 09 | 2000000000 | Voting | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | GE 10 | 200000000 | 100000000 | 100000000 | - 0 | 90 | 10 | 4 | 0 | 0 | 0 | ||||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | BO 18 | 1000000000 | Voting | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | BO 19 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | Buy-out Manager 8 | BO 20 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | BO 21 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | |||||||||||||||||||||||
BlackstoneBAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | SS 07 | 4000000000 | Voting | 65000000 | 65000000 | - 0 | 80 | 20 | 2 | 1 | 0 | 0 | |||||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
2800000000 | |||||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||
TMRS (AUM) | $ 27589122062 | ltltltlt | As of 12312018 | |||||
PE Target () | 500 | |||||||
PE Target ($) | $ 1379456103 | |||||||
PE Commitments ($) | $ 2280100000 | |||||||
PE NAV ($) | $ 556735918 | ltltltlt | As of 12312018 | |||||
PE NAV () | 202 | |||||||
Un-Allocated () | -6529 | |||||||
Instructions by Sheet Name | ||||
Notes | Light blue-filled cells are hard-coded (not formula-driven) | |||
The green-colored tabs are the only ones to be updated right now | ||||
The red-colored tab does not need to be updated (still under construction) | ||||
Portfolio | ||||
1) | Input new Fund commitment into the next open row | |||
2) | Confirm and input the details for the row of the new Fund in columns A through G | |||
3) | Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I | |||
4) | Copy paste the formulas used in columns J and K for the row of the new Fund | |||
Manager | ||||
1) | If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated | |||
2) | Input the name of the Manager for the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Manager | |||
4) | Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option | |||
Fund | ||||
1) | Insert a row above the one beginning with UA (Un-Allocated) | |||
2) | Input the Short Name of the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Fund | |||
4) | Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option |
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1390 | 2298 | |||||||
2016 | 394750000 | 1731 | 2862 | |||||||
2017 | 436750000 | 1915 | 3166 | |||||||
2018 | 481600000 | 2112 | 3491 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 7149 | 11817 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 780 | 822 | 1289 | |||||
International | 220 | 178 | 364 | |||||
Un-Allocated | -653 | |||||||
Total | 1000 | 1000 | 1000 | |||||
Strategy | Commitments | NAV | of Commitments to Date | of NAV to Date | of Target PE Allocation | ||||||||
BO | Buy-out (40 to 75) | 1200350000 | 214575006 | 526 | 385 | 870 | |||||||
GE | GrowthVenture (10 to 40) | 606000000 | 214251758 | 266 | 385 | 439 | |||||||
SS | Special Situations (5 to 35) | 473750000 | 127909154 | 208 | 230 | 343 | |||||||
Un-Allocated | -653 | ||||||||||||
Total | 2280100000 | 556735918 | 1000 | 1000 | 1000 | ||||||||
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 0 | 55 | 1216 | 60 | 0 | ||||||
GrowthVenture | 0 | 55 | 0 | 40 | 75 | ||||||
Special Situations | 0 | 75 | 0 | 0 | 0 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 0 | 55 | 1766 | 2366 | 2366 | ||||||
GrowthVenture | 0 | 55 | 55 | 95 | 170 | ||||||
Special Situations | 0 | 75 | 75 | 75 | 75 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 600 | 00 | 00 | ||||||
GrowthVenture | 00 | 833 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 650 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 2850 | ||||||
GrowthVenture | 0 | 833 | 833 | 833 | 833 | ||||||
Special Situations | 0 | 00 | 650 | 650 | 650 | ||||||
Unallocated | 450 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 |
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | 58000000 | 254 | 420 | |||||
BO 02 | 57000000 | 250 | 413 | |||||
BO 03 | 55000000 | 241 | 399 | |||||
BO 04 | 50000000 | 219 | 362 | |||||
BO 05 | 50000000 | 219 | 362 | |||||
BO 06 | 50000000 | 219 | 362 | |||||
BO 07 | 50000000 | 219 | 362 | |||||
BO 08 | 47000000 | 206 | 341 | |||||
BO 09 | 45000000 | 197 | 326 | |||||
BO 10 | 40000000 | 175 | 290 | |||||
BO 11 | 35000000 | 154 | 254 | |||||
BO 12 | 20000000 | 088 | 145 | |||||
BO 13 | 14250000 | 062 | 103 | |||||
BO 14 | 12500000 | 055 | 091 | |||||
BO 15 | 46600000 | 204 | 338 | |||||
BO 16 | 300000000 | 1316 | 2175 | |||||
BO 17 | 60000000 | 263 | 435 | |||||
BO 18 | 50000000 | 219 | 362 | |||||
BO 19 | 50000000 | 219 | 362 | |||||
BO 20 | 50000000 | 219 | 362 | |||||
GE 01 | 70000000 | 307 | 507 | |||||
GE 02 | 60000000 | 263 | 435 | |||||
GE 03 | 125000000 | 548 | 906 | |||||
GE 04 | 46000000 | 202 | 333 | |||||
GE 05 | 45000000 | 197 | 326 | |||||
GE 06 | 40000000 | 175 | 290 | |||||
GE 07 | 30000000 | 132 | 217 | |||||
GE 08 | 40000000 | 175 | 290 | |||||
GE 09 | 50000000 | 219 | 362 | |||||
GE 10 | 100000000 | 439 | 725 | |||||
SS 01 | 75000000 | 329 | 544 | |||||
SS 02 | 75000000 | 329 | 544 | |||||
SS 03 | 65000000 | 285 | 471 | |||||
SS 04 | 60000000 | 263 | 435 | |||||
SS 05 | 50000000 | 219 | 362 | |||||
SS 06 | 25000000 | 110 | 181 | |||||
SS 07 | 105000000 | 461 | 761 | |||||
SS 08 | 18750000 | 082 | 136 | |||||
UA | -6529 | |||||||
Total | 2220100000 | 9737 | 9565 | |||||
CHECK | CHECK | CHECK |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | $18727000 | BO 1 | BO | 132 | 217 | |||||||||||
Tritium | Buy-out | $110000000 | $58988138 | BO 2 | BO | 48 | 80 | ||||||||||||
Searchlight | Buy-out | $97000000 | $33454296 | BO 3 | BO | 43 | 70 | ||||||||||||
Marlin | Buy-out | $71250000 | $14717073 | BO 4 | BO | 31 | 52 | ||||||||||||
Altaris | Buy-out | $62500000 | $15328169 | BO 5 | BO | 27 | 45 | ||||||||||||
Northlane | Buy-out | $60000000 | BO 6 | BO | 26 | 43 | |||||||||||||
Capital Partners | Buy-out | $58000000 | $12317286 | BO 7 | BO | 25 | 42 | ||||||||||||
Providence | Buy-out | $55000000 | $0 | BO 8 | BO | 24 | 40 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $0 | BO 9 | BO | 22 | 36 | ||||||||||||
GTCR | Buy-out | $50000000 | $4985798 | BO 10 | BO | 22 | 36 | ||||||||||||
Reverence | Buy-out | $50000000 | $0 | BO 11 | BO | 22 | 36 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 22 | 36 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 34 | ||||||||||||
One Rock | Buy-out | $45000000 | $13180746 | BO 14 | BO | 20 | 33 | ||||||||||||
Incline | Buy-out | $40000000 | $11611636 | BO 15 | BO | 18 | 29 | ||||||||||||
Kainos | Buy-out | $35000000 | $19539188 | BO 16 | BO | 15 | 25 | ||||||||||||
Harvest | Buy-out | $20000000 | $11725676 | BO 17 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $82125840 | GE 1 | GE | 79 | 130 | ||||||||||||
Foundry | Venture Growth | $175000000 | $30834484 | GE 2 | GE | 77 | 127 | ||||||||||||
Updata | Venture Growth | $125000000 | $46209141 | GE 3 | GE | 55 | 91 | ||||||||||||
Main Post | Venture Growth | $40000000 | $0 | GE 4 | GE | 18 | 29 | ||||||||||||
FTV | Venture Growth | $46000000 | $31248971 | GE 5 | GE | 20 | 33 | ||||||||||||
Mercato | Venture Growth | $40000000 | $23833321 | GE 6 | GE | 18 | 29 | ||||||||||||
TSSP | Special Situations | $150000000 | $49206694 | SS 1 | SS | 66 | 109 | ||||||||||||
BlackstoneGSO | Special Situations | $93750000 | $37091463 | SS 2 | SS | 41 | 68 | ||||||||||||
BlackstoneBAAM | Special Situations | $65000000 | SS 3 | SS | 29 | 47 | |||||||||||||
Carlyle | Special Situations | $65000000 | $24236270 | SS 4 | SS | 29 | 47 | ||||||||||||
HIG | Special Situations | $60000000 | $17374728 | SS 5 | SS | 26 | 43 | ||||||||||||
LightBay | Special Situations | $40000000 | $0 | SS 6 | SS | 18 | 29 | ||||||||||||
Total | $2280100000 | $556735918 | 10000 | 16529 | |||||||||||||||
CHECK | |||||||||||||||||||
Altaris | |||||||||||||||||||
Arcline | |||||||||||||||||||
BlackstoneGSO | |||||||||||||||||||
Capital Partners | |||||||||||||||||||
CapVest | |||||||||||||||||||
Carlyle | |||||||||||||||||||
Dunes Point | |||||||||||||||||||
Foundry | |||||||||||||||||||
FTV | |||||||||||||||||||
GTCR | |||||||||||||||||||
HIG | |||||||||||||||||||
Harvest | |||||||||||||||||||
Incline | |||||||||||||||||||
Kainos | |||||||||||||||||||
LightBay | |||||||||||||||||||
Main Post | |||||||||||||||||||
Marlin | |||||||||||||||||||
Mercato | |||||||||||||||||||
One Rock | |||||||||||||||||||
Providence | |||||||||||||||||||
Reverence | |||||||||||||||||||
Searchlight | |||||||||||||||||||
Tritium | |||||||||||||||||||
TSSP | |||||||||||||||||||
Updata |
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Vintage Year | Report Name | Short Name | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | State Street NAV ($) | US Fund Div ( of Fund) | Intl Fund Div ( of Fund) | US Fund Div ( of Total Commits) | Intl Fund Div ( of Total Commits) | US Fund Div ( of Total NAV | Intl Fund Div ( of Total NAV | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 2015 | Special Situations Manager 3 | SS 03 | 2819243965 | Voting | 65000000 | 65000000 | 2423627012 | 75 | 25 | 2 | 1 | 3 | 1 | |||||||||||||||||||||
HIG | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2015 | Special Situations Manager 4 | SS 04 | 1100000000 | 60000000 | 60000000 | 1737472771 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 2016 | Buy-out Manager 12 | BO 12 | 2200000000 | 50000000 | 20000000 | 1172567574 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 2015 | Buy-out Manager 8 | BO 08 | 1939000000 | 50000000 | 47000000 | 3345429620 | 60 | 40 | 1 | 1 | 4 | 2 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 2014 | Buy-out Manager 4 | BO 04 | 309000000 | Voting | 50000000 | 50000000 | 5898813765 | 85 | 15 | 2 | 0 | 9 | 2 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 2014 | Special Situations Manager 1 | SS 01 | 3500000000 | 75000000 | 75000000 | 4920669401 | 60 | 40 | 2 | 1 | 5 | 4 | ||||||||||||||||||||||
BlackstoneGSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 2 | SS 02 | 6000000000 | 75000000 | 75000000 | 32285251 | 80 | 20 | 3 | 1 | 5 | 1 | ||||||||||||||||||||||
BlackstoneGSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 8 | SS 08 | 2000000000 | 18750000 | 18750000 | 4806212 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 2016 | GrowthVenture Manager 7 | GE 07 | 500000000 | 35000000 | 30000000 | 2644022252 | 100 | 0 | 1 | 0 | 5 | 0 | ||||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 2017 | GrowthVenture Manager 4 | GE 04 | 867000000 | Voting | 50000000 | 46000000 | 3124897116 | 75 | 25 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 2017 | Buy-out Manager 10 | BO 10 | 601000000 | 50000000 | 40000000 | 1161163584 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 2016 | Buy-out Manager 11 | BO 11 | 895000000 | Observer | 50000000 | 35000000 | 1953918849 | 75 | 25 | 1 | 0 | 3 | 1 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 2015 | GrowthVenture Manager 6 | GE 06 | 246000000 | Voting | 40000000 | 40000000 | 2383332060 | 100 | 0 | 2 | 0 | 4 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 2016 | GrowthVenture Manager 2 | GE 02 | 640000000 | Voting | 60000000 | 60000000 | 6665235799 | 100 | 0 | 3 | 0 | 12 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 2014 | GrowthVenture Manager 3 | GE 03 | 280000000 | Voting | 50000000 | 50000000 | 4620914142 | 90 | 10 | 2 | 0 | 7 | 1 | |||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 14 | BO 14 | 240000000 | 12500000 | 12500000 | 4140390 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 5 | BO 05 | 1000000000 | 50000000 | 50000000 | 11187778 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 2018 | Buy-out Manager 1 | BO 01 | 500000000 | Voting | 70000000 | 58000000 | 12317286 | 100 | 0 | 3 | 0 | 2 | 0 | |||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 2018 | Buy-out Manager 7 | BO 07 | 535000000 | Voting | 50000000 | 50000000 | - 0 | 80 | 20 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 2018 | Buy-out Manager 6 | BO 06 | 5250000000 | 75000000 | 50000000 | 498579807 | 75 | 25 | 2 | 1 | 1 | 0 | ||||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 2018 | Special Situations Manager 7 | SS 07 | 615000000 | Voting | 50000000 | 40000000 | - 0 | 80 | 20 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 2018 | Buy-out Manager 2 | BO 02 | 2500000000 | 60000000 | 57000000 | 946658473 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 2017 | Buy-out Manager 13 | BO 13 | 750000000 | 15000000 | 14250000 | 525048862 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 2017 | Buy-out Manager 9 | BO 09 | 964000000 | 50000000 | 45000000 | 1318074623 | 90 | 10 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 2018 | GrowthVenture Manager 1 | GE 01 | 1322000000 | Voting | 70000000 | 70000000 | 1547348223 | 100 | 0 | 3 | 0 | 3 | 0 | |||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 2018 | Buy-out Manager 15 | BO 15 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 2018 | GrowthVenture Manager 5 | GE 05 | 750000000 | 45000000 | 45000000 | 439426166 | 90 | 10 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 2018 | Buy-out Manager 16 | BO 16 | 1115000000 | 300000000 | 300000000 | 1872700007 | 60 | 40 | 8 | 5 | 2 | 1 | ||||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 2019 | GrowthVenture Manager 8 | GE 08 | 700000000 | Voting | 50000000 | 40000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 2017 | Buy-out Manager 3 | BO 03 | 5000000000 | 55000000 | 55000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 2019 | Buy-out Manager 17 | BO 17 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 6 | SS 06 | 3000000000 | 50000000 | 25000000 | - 0 | 60 | 40 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 5 | SS 05 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 2014 | GrowthVenture Manager 3 | GE 03 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | GE 09 | 2000000000 | Voting | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | GE 10 | 200000000 | 100000000 | 100000000 | - 0 | 90 | 10 | 4 | 0 | 0 | 0 | ||||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | BO 18 | 1000000000 | Voting | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | BO 19 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | Buy-out Manager 8 | BO 20 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | BO 21 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | |||||||||||||||||||||||
BlackstoneBAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | SS 07 | 4000000000 | Voting | 65000000 | 65000000 | - 0 | 80 | 20 | 2 | 1 | 0 | 0 | |||||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
2800000000 | |||||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||
TMRS (AUM) | $ 27589122062 | ltltltlt | As of 12312018 | |||||
PE Target () | 500 | |||||||
PE Target ($) | $ 1379456103 | |||||||
PE Commitments ($) | $ 2280100000 | |||||||
PE NAV ($) | $ 556735918 | ltltltlt | As of 12312018 | |||||
PE NAV () | 202 | |||||||
Un-Allocated () | -6529 | |||||||
Instructions by Sheet Name | ||||
Notes | Light blue-filled cells are hard-coded (not formula-driven) | |||
The green-colored tabs are the only ones to be updated right now | ||||
The red-colored tab does not need to be updated (still under construction) | ||||
Portfolio | ||||
1) | Input new Fund commitment into the next open row | |||
2) | Confirm and input the details for the row of the new Fund in columns A through G | |||
3) | Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I | |||
4) | Copy paste the formulas used in columns J and K for the row of the new Fund | |||
Manager | ||||
1) | If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated | |||
2) | Input the name of the Manager for the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Manager | |||
4) | Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option | |||
Fund | ||||
1) | Insert a row above the one beginning with UA (Un-Allocated) | |||
2) | Input the Short Name of the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Fund | |||
4) | Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option |
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1390 | 2298 | |||||||
2016 | 394750000 | 1731 | 2862 | |||||||
2017 | 436750000 | 1915 | 3166 | |||||||
2018 | 481600000 | 2112 | 3491 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 7149 | 11817 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 780 | 822 | 1289 | |||||
International | 220 | 178 | 364 | |||||
Un-Allocated | -653 | |||||||
Total | 1000 | 1000 | 1000 | |||||
Strategy | Commitments | NAV | of Commitments to Date | of NAV to Date | of Target PE Allocation | ||||||||
BO | Buy-out (40 to 75) | 1200350000 | 214575006 | 526 | 385 | 870 | |||||||
GE | GrowthVenture (10 to 40) | 606000000 | 214251758 | 266 | 385 | 439 | |||||||
SS | Special Situations (5 to 35) | 473750000 | 127909154 | 208 | 230 | 343 | |||||||
Un-Allocated | -653 | ||||||||||||
Total | 2280100000 | 556735918 | 1000 | 1000 | 1000 | ||||||||
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 0 | 55 | 1216 | 60 | 0 | ||||||
GrowthVenture | 0 | 55 | 0 | 40 | 75 | ||||||
Special Situations | 0 | 75 | 0 | 0 | 0 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 0 | 55 | 1766 | 2366 | 2366 | ||||||
GrowthVenture | 0 | 55 | 55 | 95 | 170 | ||||||
Special Situations | 0 | 75 | 75 | 75 | 75 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 600 | 00 | 00 | ||||||
GrowthVenture | 00 | 833 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 650 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 2850 | ||||||
GrowthVenture | 0 | 833 | 833 | 833 | 833 | ||||||
Special Situations | 0 | 00 | 650 | 650 | 650 | ||||||
Unallocated | 450 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 |
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | 58000000 | 254 | 420 | |||||
BO 02 | 57000000 | 250 | 413 | |||||
BO 03 | 55000000 | 241 | 399 | |||||
BO 04 | 50000000 | 219 | 362 | |||||
BO 05 | 50000000 | 219 | 362 | |||||
BO 06 | 50000000 | 219 | 362 | |||||
BO 07 | 50000000 | 219 | 362 | |||||
BO 08 | 47000000 | 206 | 341 | |||||
BO 09 | 45000000 | 197 | 326 | |||||
BO 10 | 40000000 | 175 | 290 | |||||
BO 11 | 35000000 | 154 | 254 | |||||
BO 12 | 20000000 | 088 | 145 | |||||
BO 13 | 14250000 | 062 | 103 | |||||
BO 14 | 12500000 | 055 | 091 | |||||
BO 15 | 46600000 | 204 | 338 | |||||
BO 16 | 300000000 | 1316 | 2175 | |||||
BO 17 | 60000000 | 263 | 435 | |||||
BO 18 | 50000000 | 219 | 362 | |||||
BO 19 | 50000000 | 219 | 362 | |||||
BO 20 | 50000000 | 219 | 362 | |||||
GE 01 | 70000000 | 307 | 507 | |||||
GE 02 | 60000000 | 263 | 435 | |||||
GE 03 | 125000000 | 548 | 906 | |||||
GE 04 | 46000000 | 202 | 333 | |||||
GE 05 | 45000000 | 197 | 326 | |||||
GE 06 | 40000000 | 175 | 290 | |||||
GE 07 | 30000000 | 132 | 217 | |||||
GE 08 | 40000000 | 175 | 290 | |||||
GE 09 | 50000000 | 219 | 362 | |||||
GE 10 | 100000000 | 439 | 725 | |||||
SS 01 | 75000000 | 329 | 544 | |||||
SS 02 | 75000000 | 329 | 544 | |||||
SS 03 | 65000000 | 285 | 471 | |||||
SS 04 | 60000000 | 263 | 435 | |||||
SS 05 | 50000000 | 219 | 362 | |||||
SS 06 | 25000000 | 110 | 181 | |||||
SS 07 | 105000000 | 461 | 761 | |||||
SS 08 | 18750000 | 082 | 136 | |||||
UA | -6529 | |||||||
Total | 2220100000 | 9737 | 9565 | |||||
CHECK | CHECK | CHECK |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | $18727000 | BO 1 | BO | 132 | 217 | |||||||||||
Tritium | Buy-out | $110000000 | $58988138 | BO 2 | BO | 48 | 80 | ||||||||||||
Searchlight | Buy-out | $97000000 | $33454296 | BO 3 | BO | 43 | 70 | ||||||||||||
Marlin | Buy-out | $71250000 | $14717073 | BO 4 | BO | 31 | 52 | ||||||||||||
Altaris | Buy-out | $62500000 | $15328169 | BO 5 | BO | 27 | 45 | ||||||||||||
Northlane | Buy-out | $60000000 | BO 6 | BO | 26 | 43 | |||||||||||||
Capital Partners | Buy-out | $58000000 | $12317286 | BO 7 | BO | 25 | 42 | ||||||||||||
Providence | Buy-out | $55000000 | $0 | BO 8 | BO | 24 | 40 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $0 | BO 9 | BO | 22 | 36 | ||||||||||||
GTCR | Buy-out | $50000000 | $4985798 | BO 10 | BO | 22 | 36 | ||||||||||||
Reverence | Buy-out | $50000000 | $0 | BO 11 | BO | 22 | 36 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 22 | 36 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 34 | ||||||||||||
One Rock | Buy-out | $45000000 | $13180746 | BO 14 | BO | 20 | 33 | ||||||||||||
Incline | Buy-out | $40000000 | $11611636 | BO 15 | BO | 18 | 29 | ||||||||||||
Kainos | Buy-out | $35000000 | $19539188 | BO 16 | BO | 15 | 25 | ||||||||||||
Harvest | Buy-out | $20000000 | $11725676 | BO 17 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $82125840 | GE 1 | GE | 79 | 130 | ||||||||||||
Foundry | Venture Growth | $175000000 | $30834484 | GE 2 | GE | 77 | 127 | ||||||||||||
Updata | Venture Growth | $125000000 | $46209141 | GE 3 | GE | 55 | 91 | ||||||||||||
Main Post | Venture Growth | $40000000 | $0 | GE 4 | GE | 18 | 29 | ||||||||||||
FTV | Venture Growth | $46000000 | $31248971 | GE 5 | GE | 20 | 33 | ||||||||||||
Mercato | Venture Growth | $40000000 | $23833321 | GE 6 | GE | 18 | 29 | ||||||||||||
TSSP | Special Situations | $150000000 | $49206694 | SS 1 | SS | 66 | 109 | ||||||||||||
BlackstoneGSO | Special Situations | $93750000 | $37091463 | SS 2 | SS | 41 | 68 | ||||||||||||
BlackstoneBAAM | Special Situations | $65000000 | SS 3 | SS | 29 | 47 | |||||||||||||
Carlyle | Special Situations | $65000000 | $24236270 | SS 4 | SS | 29 | 47 | ||||||||||||
HIG | Special Situations | $60000000 | $17374728 | SS 5 | SS | 26 | 43 | ||||||||||||
LightBay | Special Situations | $40000000 | $0 | SS 6 | SS | 18 | 29 | ||||||||||||
Total | $2280100000 | $556735918 | 10000 | 16529 | |||||||||||||||
CHECK | |||||||||||||||||||
Altaris | |||||||||||||||||||
Arcline | |||||||||||||||||||
BlackstoneGSO | |||||||||||||||||||
Capital Partners | |||||||||||||||||||
CapVest | |||||||||||||||||||
Carlyle | |||||||||||||||||||
Dunes Point | |||||||||||||||||||
Foundry | |||||||||||||||||||
FTV | |||||||||||||||||||
GTCR | |||||||||||||||||||
HIG | |||||||||||||||||||
Harvest | |||||||||||||||||||
Incline | |||||||||||||||||||
Kainos | |||||||||||||||||||
LightBay | |||||||||||||||||||
Main Post | |||||||||||||||||||
Marlin | |||||||||||||||||||
Mercato | |||||||||||||||||||
One Rock | |||||||||||||||||||
Providence | |||||||||||||||||||
Reverence | |||||||||||||||||||
Searchlight | |||||||||||||||||||
Tritium | |||||||||||||||||||
TSSP | |||||||||||||||||||
Updata |
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Vintage Year | Report Name | Short Name | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | State Street NAV ($) | US Fund Div ( of Fund) | Intl Fund Div ( of Fund) | US Fund Div ( of Total Commits) | Intl Fund Div ( of Total Commits) | US Fund Div ( of Total NAV | Intl Fund Div ( of Total NAV | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 2015 | Special Situations Manager 3 | SS 03 | 2819243965 | Voting | 65000000 | 65000000 | 2423627012 | 75 | 25 | 2 | 1 | 3 | 1 | |||||||||||||||||||||
HIG | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2015 | Special Situations Manager 4 | SS 04 | 1100000000 | 60000000 | 60000000 | 1737472771 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 2016 | Buy-out Manager 12 | BO 12 | 2200000000 | 50000000 | 20000000 | 1172567574 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 2015 | Buy-out Manager 8 | BO 08 | 1939000000 | 50000000 | 47000000 | 3345429620 | 60 | 40 | 1 | 1 | 4 | 2 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 2014 | Buy-out Manager 4 | BO 04 | 309000000 | Voting | 50000000 | 50000000 | 5898813765 | 85 | 15 | 2 | 0 | 9 | 2 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 2014 | Special Situations Manager 1 | SS 01 | 3500000000 | 75000000 | 75000000 | 4920669401 | 60 | 40 | 2 | 1 | 5 | 4 | ||||||||||||||||||||||
BlackstoneGSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 2 | SS 02 | 6000000000 | 75000000 | 75000000 | 32285251 | 80 | 20 | 3 | 1 | 5 | 1 | ||||||||||||||||||||||
BlackstoneGSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 8 | SS 08 | 2000000000 | 18750000 | 18750000 | 4806212 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 2016 | GrowthVenture Manager 7 | GE 07 | 500000000 | 35000000 | 30000000 | 2644022252 | 100 | 0 | 1 | 0 | 5 | 0 | ||||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 2017 | GrowthVenture Manager 4 | GE 04 | 867000000 | Voting | 50000000 | 46000000 | 3124897116 | 75 | 25 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 2017 | Buy-out Manager 10 | BO 10 | 601000000 | 50000000 | 40000000 | 1161163584 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 2016 | Buy-out Manager 11 | BO 11 | 895000000 | Observer | 50000000 | 35000000 | 1953918849 | 75 | 25 | 1 | 0 | 3 | 1 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 2015 | GrowthVenture Manager 6 | GE 06 | 246000000 | Voting | 40000000 | 40000000 | 2383332060 | 100 | 0 | 2 | 0 | 4 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 2016 | GrowthVenture Manager 2 | GE 02 | 640000000 | Voting | 60000000 | 60000000 | 6665235799 | 100 | 0 | 3 | 0 | 12 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 2014 | GrowthVenture Manager 3 | GE 03 | 280000000 | Voting | 50000000 | 50000000 | 4620914142 | 90 | 10 | 2 | 0 | 7 | 1 | |||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 14 | BO 14 | 240000000 | 12500000 | 12500000 | 4140390 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 5 | BO 05 | 1000000000 | 50000000 | 50000000 | 11187778 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 2018 | Buy-out Manager 1 | BO 01 | 500000000 | Voting | 70000000 | 58000000 | 12317286 | 100 | 0 | 3 | 0 | 2 | 0 | |||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 2018 | Buy-out Manager 7 | BO 07 | 535000000 | Voting | 50000000 | 50000000 | - 0 | 80 | 20 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 2018 | Buy-out Manager 6 | BO 06 | 5250000000 | 75000000 | 50000000 | 498579807 | 75 | 25 | 2 | 1 | 1 | 0 | ||||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 2018 | Special Situations Manager 7 | SS 07 | 615000000 | Voting | 50000000 | 40000000 | - 0 | 80 | 20 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 2018 | Buy-out Manager 2 | BO 02 | 2500000000 | 60000000 | 57000000 | 946658473 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 2017 | Buy-out Manager 13 | BO 13 | 750000000 | 15000000 | 14250000 | 525048862 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 2017 | Buy-out Manager 9 | BO 09 | 964000000 | 50000000 | 45000000 | 1318074623 | 90 | 10 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 2018 | GrowthVenture Manager 1 | GE 01 | 1322000000 | Voting | 70000000 | 70000000 | 1547348223 | 100 | 0 | 3 | 0 | 3 | 0 | |||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 2018 | Buy-out Manager 15 | BO 15 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 2018 | GrowthVenture Manager 5 | GE 05 | 750000000 | 45000000 | 45000000 | 439426166 | 90 | 10 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 2018 | Buy-out Manager 16 | BO 16 | 1115000000 | 300000000 | 300000000 | 1872700007 | 60 | 40 | 8 | 5 | 2 | 1 | ||||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 2019 | GrowthVenture Manager 8 | GE 08 | 700000000 | Voting | 50000000 | 40000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 2017 | Buy-out Manager 3 | BO 03 | 5000000000 | 55000000 | 55000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 2019 | Buy-out Manager 17 | BO 17 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 6 | SS 06 | 3000000000 | 50000000 | 25000000 | - 0 | 60 | 40 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 5 | SS 05 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 2014 | GrowthVenture Manager 3 | GE 03 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | GE 09 | 2000000000 | Voting | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | GE 10 | 200000000 | 100000000 | 100000000 | - 0 | 90 | 10 | 4 | 0 | 0 | 0 | ||||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | BO 18 | 1000000000 | Voting | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | BO 19 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | Buy-out Manager 8 | BO 20 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | BO 21 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | |||||||||||||||||||||||
BlackstoneBAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | SS 07 | 4000000000 | Voting | 65000000 | 65000000 | - 0 | 80 | 20 | 2 | 1 | 0 | 0 | |||||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
2800000000 | |||||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||
TMRS (AUM) | $ 27589122062 | ltltltlt | As of 12312018 | |||||
PE Target () | 500 | |||||||
PE Target ($) | $ 1379456103 | |||||||
PE Commitments ($) | $ 2280100000 | |||||||
PE NAV ($) | $ 556735918 | ltltltlt | As of 12312018 | |||||
PE NAV () | 202 | |||||||
Un-Allocated () | -6529 | |||||||
Instructions by Sheet Name | ||||
Notes | Light blue-filled cells are hard-coded (not formula-driven) | |||
The green-colored tabs are the only ones to be updated right now | ||||
The red-colored tab does not need to be updated (still under construction) | ||||
Portfolio | ||||
1) | Input new Fund commitment into the next open row | |||
2) | Confirm and input the details for the row of the new Fund in columns A through G | |||
3) | Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I | |||
4) | Copy paste the formulas used in columns J and K for the row of the new Fund | |||
Manager | ||||
1) | If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated | |||
2) | Input the name of the Manager for the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Manager | |||
4) | Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option | |||
Fund | ||||
1) | Insert a row above the one beginning with UA (Un-Allocated) | |||
2) | Input the Short Name of the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Fund | |||
4) | Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option |
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1390 | 2298 | |||||||
2016 | 394750000 | 1731 | 2862 | |||||||
2017 | 436750000 | 1915 | 3166 | |||||||
2018 | 481600000 | 2112 | 3491 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 7149 | 11817 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 780 | 822 | 1289 | |||||
International | 220 | 178 | 364 | |||||
Un-Allocated | -653 | |||||||
Total | 1000 | 1000 | 1000 | |||||
Strategy | Commitments | NAV | of Commitments to Date | of NAV to Date | of Target PE Allocation | ||||||||
BO | Buy-out (40 to 75) | 1200350000 | 214575006 | 526 | 385 | 870 | |||||||
GE | GrowthVenture (10 to 40) | 606000000 | 214251758 | 266 | 385 | 439 | |||||||
SS | Special Situations (5 to 35) | 473750000 | 127909154 | 208 | 230 | 343 | |||||||
Un-Allocated | -653 | ||||||||||||
Total | 2280100000 | 556735918 | 1000 | 1000 | 1000 | ||||||||
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 0 | 55 | 1216 | 60 | 0 | ||||||
GrowthVenture | 0 | 55 | 0 | 40 | 75 | ||||||
Special Situations | 0 | 75 | 0 | 0 | 0 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 0 | 55 | 1766 | 2366 | 2366 | ||||||
GrowthVenture | 0 | 55 | 55 | 95 | 170 | ||||||
Special Situations | 0 | 75 | 75 | 75 | 75 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 600 | 00 | 00 | ||||||
GrowthVenture | 00 | 833 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 650 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 2850 | ||||||
GrowthVenture | 0 | 833 | 833 | 833 | 833 | ||||||
Special Situations | 0 | 00 | 650 | 650 | 650 | ||||||
Unallocated | 450 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 |
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | 58000000 | 254 | 420 | |||||
BO 02 | 57000000 | 250 | 413 | |||||
BO 03 | 55000000 | 241 | 399 | |||||
BO 04 | 50000000 | 219 | 362 | |||||
BO 05 | 50000000 | 219 | 362 | |||||
BO 06 | 50000000 | 219 | 362 | |||||
BO 07 | 50000000 | 219 | 362 | |||||
BO 08 | 47000000 | 206 | 341 | |||||
BO 09 | 45000000 | 197 | 326 | |||||
BO 10 | 40000000 | 175 | 290 | |||||
BO 11 | 35000000 | 154 | 254 | |||||
BO 12 | 20000000 | 088 | 145 | |||||
BO 13 | 14250000 | 062 | 103 | |||||
BO 14 | 12500000 | 055 | 091 | |||||
BO 15 | 46600000 | 204 | 338 | |||||
BO 16 | 300000000 | 1316 | 2175 | |||||
BO 17 | 60000000 | 263 | 435 | |||||
BO 18 | 50000000 | 219 | 362 | |||||
BO 19 | 50000000 | 219 | 362 | |||||
BO 20 | 50000000 | 219 | 362 | |||||
GE 01 | 70000000 | 307 | 507 | |||||
GE 02 | 60000000 | 263 | 435 | |||||
GE 03 | 125000000 | 548 | 906 | |||||
GE 04 | 46000000 | 202 | 333 | |||||
GE 05 | 45000000 | 197 | 326 | |||||
GE 06 | 40000000 | 175 | 290 | |||||
GE 07 | 30000000 | 132 | 217 | |||||
GE 08 | 40000000 | 175 | 290 | |||||
GE 09 | 50000000 | 219 | 362 | |||||
GE 10 | 100000000 | 439 | 725 | |||||
SS 01 | 75000000 | 329 | 544 | |||||
SS 02 | 75000000 | 329 | 544 | |||||
SS 03 | 65000000 | 285 | 471 | |||||
SS 04 | 60000000 | 263 | 435 | |||||
SS 05 | 50000000 | 219 | 362 | |||||
SS 06 | 25000000 | 110 | 181 | |||||
SS 07 | 105000000 | 461 | 761 | |||||
SS 08 | 18750000 | 082 | 136 | |||||
UA | -6529 | |||||||
Total | 2220100000 | 9737 | 9565 | |||||
CHECK | CHECK | CHECK |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | $18727000 | BO 1 | BO | 132 | 217 | |||||||||||
Tritium | Buy-out | $110000000 | $58988138 | BO 2 | BO | 48 | 80 | ||||||||||||
Searchlight | Buy-out | $97000000 | $33454296 | BO 3 | BO | 43 | 70 | ||||||||||||
Marlin | Buy-out | $71250000 | $14717073 | BO 4 | BO | 31 | 52 | ||||||||||||
Altaris | Buy-out | $62500000 | $15328169 | BO 5 | BO | 27 | 45 | ||||||||||||
Northlane | Buy-out | $60000000 | BO 6 | BO | 26 | 43 | |||||||||||||
Capital Partners | Buy-out | $58000000 | $12317286 | BO 7 | BO | 25 | 42 | ||||||||||||
Providence | Buy-out | $55000000 | $0 | BO 8 | BO | 24 | 40 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $0 | BO 9 | BO | 22 | 36 | ||||||||||||
GTCR | Buy-out | $50000000 | $4985798 | BO 10 | BO | 22 | 36 | ||||||||||||
Reverence | Buy-out | $50000000 | $0 | BO 11 | BO | 22 | 36 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 22 | 36 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 34 | ||||||||||||
One Rock | Buy-out | $45000000 | $13180746 | BO 14 | BO | 20 | 33 | ||||||||||||
Incline | Buy-out | $40000000 | $11611636 | BO 15 | BO | 18 | 29 | ||||||||||||
Kainos | Buy-out | $35000000 | $19539188 | BO 16 | BO | 15 | 25 | ||||||||||||
Harvest | Buy-out | $20000000 | $11725676 | BO 17 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $82125840 | GE 1 | GE | 79 | 130 | ||||||||||||
Foundry | Venture Growth | $175000000 | $30834484 | GE 2 | GE | 77 | 127 | ||||||||||||
Updata | Venture Growth | $125000000 | $46209141 | GE 3 | GE | 55 | 91 | ||||||||||||
Main Post | Venture Growth | $40000000 | $0 | GE 4 | GE | 18 | 29 | ||||||||||||
FTV | Venture Growth | $46000000 | $31248971 | GE 5 | GE | 20 | 33 | ||||||||||||
Mercato | Venture Growth | $40000000 | $23833321 | GE 6 | GE | 18 | 29 | ||||||||||||
TSSP | Special Situations | $150000000 | $49206694 | SS 1 | SS | 66 | 109 | ||||||||||||
BlackstoneGSO | Special Situations | $93750000 | $37091463 | SS 2 | SS | 41 | 68 | ||||||||||||
BlackstoneBAAM | Special Situations | $65000000 | SS 3 | SS | 29 | 47 | |||||||||||||
Carlyle | Special Situations | $65000000 | $24236270 | SS 4 | SS | 29 | 47 | ||||||||||||
HIG | Special Situations | $60000000 | $17374728 | SS 5 | SS | 26 | 43 | ||||||||||||
LightBay | Special Situations | $40000000 | $0 | SS 6 | SS | 18 | 29 | ||||||||||||
Total | $2280100000 | $556735918 | 10000 | 16529 | |||||||||||||||
CHECK | |||||||||||||||||||
Altaris | |||||||||||||||||||
Arcline | |||||||||||||||||||
BlackstoneGSO | |||||||||||||||||||
Capital Partners | |||||||||||||||||||
CapVest | |||||||||||||||||||
Carlyle | |||||||||||||||||||
Dunes Point | |||||||||||||||||||
Foundry | |||||||||||||||||||
FTV | |||||||||||||||||||
GTCR | |||||||||||||||||||
HIG | |||||||||||||||||||
Harvest | |||||||||||||||||||
Incline | |||||||||||||||||||
Kainos | |||||||||||||||||||
LightBay | |||||||||||||||||||
Main Post | |||||||||||||||||||
Marlin | |||||||||||||||||||
Mercato | |||||||||||||||||||
One Rock | |||||||||||||||||||
Providence | |||||||||||||||||||
Reverence | |||||||||||||||||||
Searchlight | |||||||||||||||||||
Tritium | |||||||||||||||||||
TSSP | |||||||||||||||||||
Updata |
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Vintage Year | Report Name | Short Name | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | State Street NAV ($) | US Fund Div ( of Fund) | Intl Fund Div ( of Fund) | US Fund Div ( of Total Commits) | Intl Fund Div ( of Total Commits) | US Fund Div ( of Total NAV | Intl Fund Div ( of Total NAV | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 2015 | Special Situations Manager 3 | SS 03 | 2819243965 | Voting | 65000000 | 65000000 | 2423627012 | 75 | 25 | 2 | 1 | 3 | 1 | |||||||||||||||||||||
HIG | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2015 | Special Situations Manager 4 | SS 04 | 1100000000 | 60000000 | 60000000 | 1737472771 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 2016 | Buy-out Manager 12 | BO 12 | 2200000000 | 50000000 | 20000000 | 1172567574 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 2015 | Buy-out Manager 8 | BO 08 | 1939000000 | 50000000 | 47000000 | 3345429620 | 60 | 40 | 1 | 1 | 4 | 2 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 2014 | Buy-out Manager 4 | BO 04 | 309000000 | Voting | 50000000 | 50000000 | 5898813765 | 85 | 15 | 2 | 0 | 9 | 2 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 2014 | Special Situations Manager 1 | SS 01 | 3500000000 | 75000000 | 75000000 | 4920669401 | 60 | 40 | 2 | 1 | 5 | 4 | ||||||||||||||||||||||
BlackstoneGSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 2 | SS 02 | 6000000000 | 75000000 | 75000000 | 32285251 | 80 | 20 | 3 | 1 | 5 | 1 | ||||||||||||||||||||||
BlackstoneGSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 8 | SS 08 | 2000000000 | 18750000 | 18750000 | 4806212 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 2016 | GrowthVenture Manager 7 | GE 07 | 500000000 | 35000000 | 30000000 | 2644022252 | 100 | 0 | 1 | 0 | 5 | 0 | ||||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 2017 | GrowthVenture Manager 4 | GE 04 | 867000000 | Voting | 50000000 | 46000000 | 3124897116 | 75 | 25 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 2017 | Buy-out Manager 10 | BO 10 | 601000000 | 50000000 | 40000000 | 1161163584 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 2016 | Buy-out Manager 11 | BO 11 | 895000000 | Observer | 50000000 | 35000000 | 1953918849 | 75 | 25 | 1 | 0 | 3 | 1 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 2015 | GrowthVenture Manager 6 | GE 06 | 246000000 | Voting | 40000000 | 40000000 | 2383332060 | 100 | 0 | 2 | 0 | 4 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 2016 | GrowthVenture Manager 2 | GE 02 | 640000000 | Voting | 60000000 | 60000000 | 6665235799 | 100 | 0 | 3 | 0 | 12 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 2014 | GrowthVenture Manager 3 | GE 03 | 280000000 | Voting | 50000000 | 50000000 | 4620914142 | 90 | 10 | 2 | 0 | 7 | 1 | |||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 14 | BO 14 | 240000000 | 12500000 | 12500000 | 4140390 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 5 | BO 05 | 1000000000 | 50000000 | 50000000 | 11187778 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 2018 | Buy-out Manager 1 | BO 01 | 500000000 | Voting | 70000000 | 58000000 | 12317286 | 100 | 0 | 3 | 0 | 2 | 0 | |||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 2018 | Buy-out Manager 7 | BO 07 | 535000000 | Voting | 50000000 | 50000000 | - 0 | 80 | 20 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 2018 | Buy-out Manager 6 | BO 06 | 5250000000 | 75000000 | 50000000 | 498579807 | 75 | 25 | 2 | 1 | 1 | 0 | ||||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 2018 | Special Situations Manager 7 | SS 07 | 615000000 | Voting | 50000000 | 40000000 | - 0 | 80 | 20 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 2018 | Buy-out Manager 2 | BO 02 | 2500000000 | 60000000 | 57000000 | 946658473 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 2017 | Buy-out Manager 13 | BO 13 | 750000000 | 15000000 | 14250000 | 525048862 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 2017 | Buy-out Manager 9 | BO 09 | 964000000 | 50000000 | 45000000 | 1318074623 | 90 | 10 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 2018 | GrowthVenture Manager 1 | GE 01 | 1322000000 | Voting | 70000000 | 70000000 | 1547348223 | 100 | 0 | 3 | 0 | 3 | 0 | |||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 2018 | Buy-out Manager 15 | BO 15 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 2018 | GrowthVenture Manager 5 | GE 05 | 750000000 | 45000000 | 45000000 | 439426166 | 90 | 10 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 2018 | Buy-out Manager 16 | BO 16 | 1115000000 | 300000000 | 300000000 | 1872700007 | 60 | 40 | 8 | 5 | 2 | 1 | ||||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 2019 | GrowthVenture Manager 8 | GE 08 | 700000000 | Voting | 50000000 | 40000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 2017 | Buy-out Manager 3 | BO 03 | 5000000000 | 55000000 | 55000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 2019 | Buy-out Manager 17 | BO 17 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 6 | SS 06 | 3000000000 | 50000000 | 25000000 | - 0 | 60 | 40 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 5 | SS 05 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 2014 | GrowthVenture Manager 3 | GE 03 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | GE 09 | 2000000000 | Voting | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | GE 10 | 200000000 | 100000000 | 100000000 | - 0 | 90 | 10 | 4 | 0 | 0 | 0 | ||||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | BO 18 | 1000000000 | Voting | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | BO 19 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | Buy-out Manager 8 | BO 20 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | BO 21 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | |||||||||||||||||||||||
BlackstoneBAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | SS 07 | 4000000000 | Voting | 65000000 | 65000000 | - 0 | 80 | 20 | 2 | 1 | 0 | 0 | |||||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
2800000000 | |||||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||
TMRS (AUM) | $ 27589122062 | ltltltlt | As of 12312018 | |||||
PE Target () | 500 | |||||||
PE Target ($) | $ 1379456103 | |||||||
PE Commitments ($) | $ 2280100000 | |||||||
PE NAV ($) | $ 556735918 | ltltltlt | As of 12312018 | |||||
PE NAV () | 202 | |||||||
Un-Allocated () | -6529 | |||||||
Instructions by Sheet Name | ||||
Notes | Light blue-filled cells are hard-coded (not formula-driven) | |||
The green-colored tabs are the only ones to be updated right now | ||||
The red-colored tab does not need to be updated (still under construction) | ||||
Portfolio | ||||
1) | Input new Fund commitment into the next open row | |||
2) | Confirm and input the details for the row of the new Fund in columns A through G | |||
3) | Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I | |||
4) | Copy paste the formulas used in columns J and K for the row of the new Fund | |||
Manager | ||||
1) | If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated | |||
2) | Input the name of the Manager for the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Manager | |||
4) | Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option | |||
Fund | ||||
1) | Insert a row above the one beginning with UA (Un-Allocated) | |||
2) | Input the Short Name of the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Fund | |||
4) | Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option |
Section III
8
526
266
208
Private Equity Strategy Diversification by Commitment
Buy-out (40 to75)
GrowthVenture(10 to 40)
Special Situations(5 to 35)
9
Synthesize AnalysisDiversification Analysis
Strategy considerations
2015 Overweight special situations early for J-Curve mitigation efficiency of capital deployment and tactical opportunities
2016 Focus on growth opportunity set and continue to add buy-out exposure
2017 Round out buy-out portfolio and opportunistically add to growth and credit
2018 Steady state on pacing selectively adding new relationships and European exposure
2019 Steady state on pacing selectively adding new relationships and Venture and European exposure
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082172551941443706017827448058556272
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
2018 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977
of Pacing Plan Utilized
10
Synthesize AnalysisDiversification Analysis
The overall goal remains identifying top quartile performers to partner with
Position sizing considerations
Continue to reduce the unallocated portion of the private equity portfolio while sensibly balancing the trade-off between diversification and concentration
Areas of focus are enhancing manager diversification and building strategic relationships where possibleappropriate
Private Equity Manager Diversification by Commitment BO 1 BO 2
BO 3 BO 4BO 5 BO 6BO 7 BO 8BO 9 BO 10BO 11 BO 12BO 13 BO 14BO 15 BO 16BO 17 GE 1GE 2 GE 3GE 4 GE 5GE 6 SS 1SS 2 SS 3SS 4 SS 5SS 6
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082172551941443706017827448058556272
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
2018 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977
of Pacing Plan Utilized
11
Synthesize AnalysisDiversification Analysis
TMRS is focused on taking a measured approach to global geographic diversification
The Target Portfolio keeps a conservative stance on international exposure
780
220
Private Equity Geographic Diversification by Commitment
USA
International
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082172551941443706017827448058556272
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
2018 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977
of Pacing Plan Utilized
Section IV
12
13
Top Candidate Characteristics ndash Northlane II $60 million Recommendation
Northlane Capital Partners
Date of First TMRS Meeting5102018
Dates of Subsequent Meetings892018312019
5162019
Dates of Diligence AdvancementlsquoBrsquo Rating ndash 312019
lsquoArsquo Rating ndash 5162019
Reference ChecksYes
Date of Consultant IDD ReportSeptember 2018
Date of Consultant Board MemoJune 2019
Legal Negotiation InitiatedMay 2019
Comparable Strategies Reviewed18 (Business Services Buy-Out)
16 (Healthcare Buy-Out)
Northlane Capital Partners LLC (ldquoNorthlanerdquo)is a Washington DC-based buyout firmfounded in 2017 that focuses on acquiringlower-middle market companies in thebusiness services and healthcare sectorsThese target companies will be profitablemarket leaders within their niches typicallygenerating up to $30 million of EBITDA whileproviding critical outsourced services to theircustomers Northlane Capital Partners II LP(Northlane II) is targeting $375 million tobuild a portfolio of 10 to 12 businessesrequiring equity investments of up to $75million continuing to employ the prior fundrsquosstrategy that was developed during thefoundersrsquo tenure at American Capital
Section V
14
15
Approval of Recommendation
TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the selection of the following fund
Recommendations
bull Northlane Capital Partners II LP $60 million
16
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1390 | 2298 | |||||||
2016 | 394750000 | 1731 | 2862 | |||||||
2017 | 436750000 | 1915 | 3166 | |||||||
2018 | 481600000 | 2112 | 3491 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 7149 | 11817 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 780 | 822 | 1289 | |||||
International | 220 | 178 | 364 | |||||
Un-Allocated | -653 | |||||||
Total | 1000 | 1000 | 1000 | |||||
Strategy | Commitments | NAV | of Commitments to Date | of NAV to Date | of Target PE Allocation | ||||||||
BO | Buy-out (40 to 75) | 1200350000 | 214575006 | 526 | 385 | 870 | |||||||
GE | GrowthVenture (10 to 40) | 606000000 | 214251758 | 266 | 385 | 439 | |||||||
SS | Special Situations (5 to 35) | 473750000 | 127909154 | 208 | 230 | 343 | |||||||
Un-Allocated | -653 | ||||||||||||
Total | 2280100000 | 556735918 | 1000 | 1000 | 1000 | ||||||||
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 0 | 55 | 1216 | 60 | 0 | ||||||
GrowthVenture | 0 | 55 | 0 | 40 | 75 | ||||||
Special Situations | 0 | 75 | 0 | 0 | 0 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 0 | 55 | 1766 | 2366 | 2366 | ||||||
GrowthVenture | 0 | 55 | 55 | 95 | 170 | ||||||
Special Situations | 0 | 75 | 75 | 75 | 75 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 600 | 00 | 00 | ||||||
GrowthVenture | 00 | 833 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 650 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 2850 | ||||||
GrowthVenture | 0 | 833 | 833 | 833 | 833 | ||||||
Special Situations | 0 | 00 | 650 | 650 | 650 | ||||||
Unallocated | 450 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 |
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | 58000000 | 254 | 420 | |||||
BO 02 | 57000000 | 250 | 413 | |||||
BO 03 | 55000000 | 241 | 399 | |||||
BO 04 | 50000000 | 219 | 362 | |||||
BO 05 | 50000000 | 219 | 362 | |||||
BO 06 | 50000000 | 219 | 362 | |||||
BO 07 | 50000000 | 219 | 362 | |||||
BO 08 | 47000000 | 206 | 341 | |||||
BO 09 | 45000000 | 197 | 326 | |||||
BO 10 | 40000000 | 175 | 290 | |||||
BO 11 | 35000000 | 154 | 254 | |||||
BO 12 | 20000000 | 088 | 145 | |||||
BO 13 | 14250000 | 062 | 103 | |||||
BO 14 | 12500000 | 055 | 091 | |||||
BO 15 | 46600000 | 204 | 338 | |||||
BO 16 | 300000000 | 1316 | 2175 | |||||
BO 17 | 60000000 | 263 | 435 | |||||
BO 18 | 50000000 | 219 | 362 | |||||
BO 19 | 50000000 | 219 | 362 | |||||
BO 20 | 50000000 | 219 | 362 | |||||
GE 01 | 70000000 | 307 | 507 | |||||
GE 02 | 60000000 | 263 | 435 | |||||
GE 03 | 125000000 | 548 | 906 | |||||
GE 04 | 46000000 | 202 | 333 | |||||
GE 05 | 45000000 | 197 | 326 | |||||
GE 06 | 40000000 | 175 | 290 | |||||
GE 07 | 30000000 | 132 | 217 | |||||
GE 08 | 40000000 | 175 | 290 | |||||
GE 09 | 50000000 | 219 | 362 | |||||
GE 10 | 100000000 | 439 | 725 | |||||
SS 01 | 75000000 | 329 | 544 | |||||
SS 02 | 75000000 | 329 | 544 | |||||
SS 03 | 65000000 | 285 | 471 | |||||
SS 04 | 60000000 | 263 | 435 | |||||
SS 05 | 50000000 | 219 | 362 | |||||
SS 06 | 25000000 | 110 | 181 | |||||
SS 07 | 105000000 | 461 | 761 | |||||
SS 08 | 18750000 | 082 | 136 | |||||
UA | -6529 | |||||||
Total | 2220100000 | 9737 | 9565 | |||||
CHECK | CHECK | CHECK |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | $18727000 | BO 1 | BO | 132 | 217 | |||||||||||
Tritium | Buy-out | $110000000 | $58988138 | BO 2 | BO | 48 | 80 | ||||||||||||
Searchlight | Buy-out | $97000000 | $33454296 | BO 3 | BO | 43 | 70 | ||||||||||||
Marlin | Buy-out | $71250000 | $14717073 | BO 4 | BO | 31 | 52 | ||||||||||||
Altaris | Buy-out | $62500000 | $15328169 | BO 5 | BO | 27 | 45 | ||||||||||||
Northlane | Buy-out | $60000000 | BO 6 | BO | 26 | 43 | |||||||||||||
Capital Partners | Buy-out | $58000000 | $12317286 | BO 7 | BO | 25 | 42 | ||||||||||||
Providence | Buy-out | $55000000 | $0 | BO 8 | BO | 24 | 40 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $0 | BO 9 | BO | 22 | 36 | ||||||||||||
GTCR | Buy-out | $50000000 | $4985798 | BO 10 | BO | 22 | 36 | ||||||||||||
Reverence | Buy-out | $50000000 | $0 | BO 11 | BO | 22 | 36 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 22 | 36 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 34 | ||||||||||||
One Rock | Buy-out | $45000000 | $13180746 | BO 14 | BO | 20 | 33 | ||||||||||||
Incline | Buy-out | $40000000 | $11611636 | BO 15 | BO | 18 | 29 | ||||||||||||
Kainos | Buy-out | $35000000 | $19539188 | BO 16 | BO | 15 | 25 | ||||||||||||
Harvest | Buy-out | $20000000 | $11725676 | BO 17 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $82125840 | GE 1 | GE | 79 | 130 | ||||||||||||
Foundry | Venture Growth | $175000000 | $30834484 | GE 2 | GE | 77 | 127 | ||||||||||||
Updata | Venture Growth | $125000000 | $46209141 | GE 3 | GE | 55 | 91 | ||||||||||||
Main Post | Venture Growth | $40000000 | $0 | GE 4 | GE | 18 | 29 | ||||||||||||
FTV | Venture Growth | $46000000 | $31248971 | GE 5 | GE | 20 | 33 | ||||||||||||
Mercato | Venture Growth | $40000000 | $23833321 | GE 6 | GE | 18 | 29 | ||||||||||||
TSSP | Special Situations | $150000000 | $49206694 | SS 1 | SS | 66 | 109 | ||||||||||||
BlackstoneGSO | Special Situations | $93750000 | $37091463 | SS 2 | SS | 41 | 68 | ||||||||||||
BlackstoneBAAM | Special Situations | $65000000 | SS 3 | SS | 29 | 47 | |||||||||||||
Carlyle | Special Situations | $65000000 | $24236270 | SS 4 | SS | 29 | 47 | ||||||||||||
HIG | Special Situations | $60000000 | $17374728 | SS 5 | SS | 26 | 43 | ||||||||||||
LightBay | Special Situations | $40000000 | $0 | SS 6 | SS | 18 | 29 | ||||||||||||
Total | $2280100000 | $556735918 | 10000 | 16529 | |||||||||||||||
CHECK | |||||||||||||||||||
Altaris | |||||||||||||||||||
Arcline | |||||||||||||||||||
BlackstoneGSO | |||||||||||||||||||
Capital Partners | |||||||||||||||||||
CapVest | |||||||||||||||||||
Carlyle | |||||||||||||||||||
Dunes Point | |||||||||||||||||||
Foundry | |||||||||||||||||||
FTV | |||||||||||||||||||
GTCR | |||||||||||||||||||
HIG | |||||||||||||||||||
Harvest | |||||||||||||||||||
Incline | |||||||||||||||||||
Kainos | |||||||||||||||||||
LightBay | |||||||||||||||||||
Main Post | |||||||||||||||||||
Marlin | |||||||||||||||||||
Mercato | |||||||||||||||||||
One Rock | |||||||||||||||||||
Providence | |||||||||||||||||||
Reverence | |||||||||||||||||||
Searchlight | |||||||||||||||||||
Tritium | |||||||||||||||||||
TSSP | |||||||||||||||||||
Updata |
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Vintage Year | Report Name | Short Name | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | State Street NAV ($) | US Fund Div ( of Fund) | Intl Fund Div ( of Fund) | US Fund Div ( of Total Commits) | Intl Fund Div ( of Total Commits) | US Fund Div ( of Total NAV | Intl Fund Div ( of Total NAV | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 2015 | Special Situations Manager 3 | SS 03 | 2819243965 | Voting | 65000000 | 65000000 | 2423627012 | 75 | 25 | 2 | 1 | 3 | 1 | |||||||||||||||||||||
HIG | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2015 | Special Situations Manager 4 | SS 04 | 1100000000 | 60000000 | 60000000 | 1737472771 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 2016 | Buy-out Manager 12 | BO 12 | 2200000000 | 50000000 | 20000000 | 1172567574 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 2015 | Buy-out Manager 8 | BO 08 | 1939000000 | 50000000 | 47000000 | 3345429620 | 60 | 40 | 1 | 1 | 4 | 2 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 2014 | Buy-out Manager 4 | BO 04 | 309000000 | Voting | 50000000 | 50000000 | 5898813765 | 85 | 15 | 2 | 0 | 9 | 2 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 2014 | Special Situations Manager 1 | SS 01 | 3500000000 | 75000000 | 75000000 | 4920669401 | 60 | 40 | 2 | 1 | 5 | 4 | ||||||||||||||||||||||
BlackstoneGSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 2 | SS 02 | 6000000000 | 75000000 | 75000000 | 32285251 | 80 | 20 | 3 | 1 | 5 | 1 | ||||||||||||||||||||||
BlackstoneGSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 8 | SS 08 | 2000000000 | 18750000 | 18750000 | 4806212 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 2016 | GrowthVenture Manager 7 | GE 07 | 500000000 | 35000000 | 30000000 | 2644022252 | 100 | 0 | 1 | 0 | 5 | 0 | ||||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 2017 | GrowthVenture Manager 4 | GE 04 | 867000000 | Voting | 50000000 | 46000000 | 3124897116 | 75 | 25 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 2017 | Buy-out Manager 10 | BO 10 | 601000000 | 50000000 | 40000000 | 1161163584 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 2016 | Buy-out Manager 11 | BO 11 | 895000000 | Observer | 50000000 | 35000000 | 1953918849 | 75 | 25 | 1 | 0 | 3 | 1 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 2015 | GrowthVenture Manager 6 | GE 06 | 246000000 | Voting | 40000000 | 40000000 | 2383332060 | 100 | 0 | 2 | 0 | 4 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 2016 | GrowthVenture Manager 2 | GE 02 | 640000000 | Voting | 60000000 | 60000000 | 6665235799 | 100 | 0 | 3 | 0 | 12 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 2014 | GrowthVenture Manager 3 | GE 03 | 280000000 | Voting | 50000000 | 50000000 | 4620914142 | 90 | 10 | 2 | 0 | 7 | 1 | |||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 14 | BO 14 | 240000000 | 12500000 | 12500000 | 4140390 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 5 | BO 05 | 1000000000 | 50000000 | 50000000 | 11187778 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 2018 | Buy-out Manager 1 | BO 01 | 500000000 | Voting | 70000000 | 58000000 | 12317286 | 100 | 0 | 3 | 0 | 2 | 0 | |||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 2018 | Buy-out Manager 7 | BO 07 | 535000000 | Voting | 50000000 | 50000000 | - 0 | 80 | 20 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 2018 | Buy-out Manager 6 | BO 06 | 5250000000 | 75000000 | 50000000 | 498579807 | 75 | 25 | 2 | 1 | 1 | 0 | ||||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 2018 | Special Situations Manager 7 | SS 07 | 615000000 | Voting | 50000000 | 40000000 | - 0 | 80 | 20 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 2018 | Buy-out Manager 2 | BO 02 | 2500000000 | 60000000 | 57000000 | 946658473 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 2017 | Buy-out Manager 13 | BO 13 | 750000000 | 15000000 | 14250000 | 525048862 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 2017 | Buy-out Manager 9 | BO 09 | 964000000 | 50000000 | 45000000 | 1318074623 | 90 | 10 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 2018 | GrowthVenture Manager 1 | GE 01 | 1322000000 | Voting | 70000000 | 70000000 | 1547348223 | 100 | 0 | 3 | 0 | 3 | 0 | |||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 2018 | Buy-out Manager 15 | BO 15 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 2018 | GrowthVenture Manager 5 | GE 05 | 750000000 | 45000000 | 45000000 | 439426166 | 90 | 10 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 2018 | Buy-out Manager 16 | BO 16 | 1115000000 | 300000000 | 300000000 | 1872700007 | 60 | 40 | 8 | 5 | 2 | 1 | ||||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 2019 | GrowthVenture Manager 8 | GE 08 | 700000000 | Voting | 50000000 | 40000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 2017 | Buy-out Manager 3 | BO 03 | 5000000000 | 55000000 | 55000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 2019 | Buy-out Manager 17 | BO 17 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 6 | SS 06 | 3000000000 | 50000000 | 25000000 | - 0 | 60 | 40 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 5 | SS 05 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 2014 | GrowthVenture Manager 3 | GE 03 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | GE 09 | 2000000000 | Voting | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | GE 10 | 200000000 | 100000000 | 100000000 | - 0 | 90 | 10 | 4 | 0 | 0 | 0 | ||||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | BO 18 | 1000000000 | Voting | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | BO 19 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | Buy-out Manager 8 | BO 20 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | BO 21 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | |||||||||||||||||||||||
BlackstoneBAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | SS 07 | 4000000000 | Voting | 65000000 | 65000000 | - 0 | 80 | 20 | 2 | 1 | 0 | 0 | |||||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
2800000000 | |||||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||
TMRS (AUM) | $ 27589122062 | ltltltlt | As of 12312018 | |||||
PE Target () | 500 | |||||||
PE Target ($) | $ 1379456103 | |||||||
PE Commitments ($) | $ 2280100000 | |||||||
PE NAV ($) | $ 556735918 | ltltltlt | As of 12312018 | |||||
PE NAV () | 202 | |||||||
Un-Allocated () | -6529 | |||||||
Instructions by Sheet Name | ||||
Notes | Light blue-filled cells are hard-coded (not formula-driven) | |||
The green-colored tabs are the only ones to be updated right now | ||||
The red-colored tab does not need to be updated (still under construction) | ||||
Portfolio | ||||
1) | Input new Fund commitment into the next open row | |||
2) | Confirm and input the details for the row of the new Fund in columns A through G | |||
3) | Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I | |||
4) | Copy paste the formulas used in columns J and K for the row of the new Fund | |||
Manager | ||||
1) | If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated | |||
2) | Input the name of the Manager for the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Manager | |||
4) | Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option | |||
Fund | ||||
1) | Insert a row above the one beginning with UA (Un-Allocated) | |||
2) | Input the Short Name of the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Fund | |||
4) | Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option |
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1390 | 2298 | |||||||
2016 | 394750000 | 1731 | 2862 | |||||||
2017 | 436750000 | 1915 | 3166 | |||||||
2018 | 481600000 | 2112 | 3491 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 7149 | 11817 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 780 | 822 | 1289 | |||||
International | 220 | 178 | 364 | |||||
Un-Allocated | -653 | |||||||
Total | 1000 | 1000 | 1000 | |||||
Strategy | Commitments | NAV | of Commitments to Date | of NAV to Date | of Target PE Allocation | ||||||||
BO | Buy-out (40 to 75) | 1200350000 | 214575006 | 526 | 385 | 870 | |||||||
GE | GrowthVenture (10 to 40) | 606000000 | 214251758 | 266 | 385 | 439 | |||||||
SS | Special Situations (5 to 35) | 473750000 | 127909154 | 208 | 230 | 343 | |||||||
Un-Allocated | -653 | ||||||||||||
Total | 2280100000 | 556735918 | 1000 | 1000 | 1000 | ||||||||
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 0 | 55 | 1216 | 60 | 0 | ||||||
GrowthVenture | 0 | 55 | 0 | 40 | 75 | ||||||
Special Situations | 0 | 75 | 0 | 0 | 0 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 0 | 55 | 1766 | 2366 | 2366 | ||||||
GrowthVenture | 0 | 55 | 55 | 95 | 170 | ||||||
Special Situations | 0 | 75 | 75 | 75 | 75 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 600 | 00 | 00 | ||||||
GrowthVenture | 00 | 833 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 650 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 2850 | ||||||
GrowthVenture | 0 | 833 | 833 | 833 | 833 | ||||||
Special Situations | 0 | 00 | 650 | 650 | 650 | ||||||
Unallocated | 450 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 |
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | 58000000 | 254 | 420 | |||||
BO 02 | 57000000 | 250 | 413 | |||||
BO 03 | 55000000 | 241 | 399 | |||||
BO 04 | 50000000 | 219 | 362 | |||||
BO 05 | 50000000 | 219 | 362 | |||||
BO 06 | 50000000 | 219 | 362 | |||||
BO 07 | 50000000 | 219 | 362 | |||||
BO 08 | 47000000 | 206 | 341 | |||||
BO 09 | 45000000 | 197 | 326 | |||||
BO 10 | 40000000 | 175 | 290 | |||||
BO 11 | 35000000 | 154 | 254 | |||||
BO 12 | 20000000 | 088 | 145 | |||||
BO 13 | 14250000 | 062 | 103 | |||||
BO 14 | 12500000 | 055 | 091 | |||||
BO 15 | 46600000 | 204 | 338 | |||||
BO 16 | 300000000 | 1316 | 2175 | |||||
BO 17 | 60000000 | 263 | 435 | |||||
BO 18 | 50000000 | 219 | 362 | |||||
BO 19 | 50000000 | 219 | 362 | |||||
BO 20 | 50000000 | 219 | 362 | |||||
GE 01 | 70000000 | 307 | 507 | |||||
GE 02 | 60000000 | 263 | 435 | |||||
GE 03 | 125000000 | 548 | 906 | |||||
GE 04 | 46000000 | 202 | 333 | |||||
GE 05 | 45000000 | 197 | 326 | |||||
GE 06 | 40000000 | 175 | 290 | |||||
GE 07 | 30000000 | 132 | 217 | |||||
GE 08 | 40000000 | 175 | 290 | |||||
GE 09 | 50000000 | 219 | 362 | |||||
GE 10 | 100000000 | 439 | 725 | |||||
SS 01 | 75000000 | 329 | 544 | |||||
SS 02 | 75000000 | 329 | 544 | |||||
SS 03 | 65000000 | 285 | 471 | |||||
SS 04 | 60000000 | 263 | 435 | |||||
SS 05 | 50000000 | 219 | 362 | |||||
SS 06 | 25000000 | 110 | 181 | |||||
SS 07 | 105000000 | 461 | 761 | |||||
SS 08 | 18750000 | 082 | 136 | |||||
UA | -6529 | |||||||
Total | 2220100000 | 9737 | 9565 | |||||
CHECK | CHECK | CHECK |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | $18727000 | BO 1 | BO | 132 | 217 | |||||||||||
Tritium | Buy-out | $110000000 | $58988138 | BO 2 | BO | 48 | 80 | ||||||||||||
Searchlight | Buy-out | $97000000 | $33454296 | BO 3 | BO | 43 | 70 | ||||||||||||
Marlin | Buy-out | $71250000 | $14717073 | BO 4 | BO | 31 | 52 | ||||||||||||
Altaris | Buy-out | $62500000 | $15328169 | BO 5 | BO | 27 | 45 | ||||||||||||
Northlane | Buy-out | $60000000 | BO 6 | BO | 26 | 43 | |||||||||||||
Capital Partners | Buy-out | $58000000 | $12317286 | BO 7 | BO | 25 | 42 | ||||||||||||
Providence | Buy-out | $55000000 | $0 | BO 8 | BO | 24 | 40 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $0 | BO 9 | BO | 22 | 36 | ||||||||||||
GTCR | Buy-out | $50000000 | $4985798 | BO 10 | BO | 22 | 36 | ||||||||||||
Reverence | Buy-out | $50000000 | $0 | BO 11 | BO | 22 | 36 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 22 | 36 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 34 | ||||||||||||
One Rock | Buy-out | $45000000 | $13180746 | BO 14 | BO | 20 | 33 | ||||||||||||
Incline | Buy-out | $40000000 | $11611636 | BO 15 | BO | 18 | 29 | ||||||||||||
Kainos | Buy-out | $35000000 | $19539188 | BO 16 | BO | 15 | 25 | ||||||||||||
Harvest | Buy-out | $20000000 | $11725676 | BO 17 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $82125840 | GE 1 | GE | 79 | 130 | ||||||||||||
Foundry | Venture Growth | $175000000 | $30834484 | GE 2 | GE | 77 | 127 | ||||||||||||
Updata | Venture Growth | $125000000 | $46209141 | GE 3 | GE | 55 | 91 | ||||||||||||
Main Post | Venture Growth | $40000000 | $0 | GE 4 | GE | 18 | 29 | ||||||||||||
FTV | Venture Growth | $46000000 | $31248971 | GE 5 | GE | 20 | 33 | ||||||||||||
Mercato | Venture Growth | $40000000 | $23833321 | GE 6 | GE | 18 | 29 | ||||||||||||
TSSP | Special Situations | $150000000 | $49206694 | SS 1 | SS | 66 | 109 | ||||||||||||
BlackstoneGSO | Special Situations | $93750000 | $37091463 | SS 2 | SS | 41 | 68 | ||||||||||||
BlackstoneBAAM | Special Situations | $65000000 | SS 3 | SS | 29 | 47 | |||||||||||||
Carlyle | Special Situations | $65000000 | $24236270 | SS 4 | SS | 29 | 47 | ||||||||||||
HIG | Special Situations | $60000000 | $17374728 | SS 5 | SS | 26 | 43 | ||||||||||||
LightBay | Special Situations | $40000000 | $0 | SS 6 | SS | 18 | 29 | ||||||||||||
Total | $2280100000 | $556735918 | 10000 | 16529 | |||||||||||||||
CHECK | |||||||||||||||||||
Altaris | |||||||||||||||||||
Arcline | |||||||||||||||||||
BlackstoneGSO | |||||||||||||||||||
Capital Partners | |||||||||||||||||||
CapVest | |||||||||||||||||||
Carlyle | |||||||||||||||||||
Dunes Point | |||||||||||||||||||
Foundry | |||||||||||||||||||
FTV | |||||||||||||||||||
GTCR | |||||||||||||||||||
HIG | |||||||||||||||||||
Harvest | |||||||||||||||||||
Incline | |||||||||||||||||||
Kainos | |||||||||||||||||||
LightBay | |||||||||||||||||||
Main Post | |||||||||||||||||||
Marlin | |||||||||||||||||||
Mercato | |||||||||||||||||||
One Rock | |||||||||||||||||||
Providence | |||||||||||||||||||
Reverence | |||||||||||||||||||
Searchlight | |||||||||||||||||||
Tritium | |||||||||||||||||||
TSSP | |||||||||||||||||||
Updata |
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Vintage Year | Report Name | Short Name | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | State Street NAV ($) | US Fund Div ( of Fund) | Intl Fund Div ( of Fund) | US Fund Div ( of Total Commits) | Intl Fund Div ( of Total Commits) | US Fund Div ( of Total NAV | Intl Fund Div ( of Total NAV | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 2015 | Special Situations Manager 3 | SS 03 | 2819243965 | Voting | 65000000 | 65000000 | 2423627012 | 75 | 25 | 2 | 1 | 3 | 1 | |||||||||||||||||||||
HIG | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2015 | Special Situations Manager 4 | SS 04 | 1100000000 | 60000000 | 60000000 | 1737472771 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 2016 | Buy-out Manager 12 | BO 12 | 2200000000 | 50000000 | 20000000 | 1172567574 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 2015 | Buy-out Manager 8 | BO 08 | 1939000000 | 50000000 | 47000000 | 3345429620 | 60 | 40 | 1 | 1 | 4 | 2 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 2014 | Buy-out Manager 4 | BO 04 | 309000000 | Voting | 50000000 | 50000000 | 5898813765 | 85 | 15 | 2 | 0 | 9 | 2 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 2014 | Special Situations Manager 1 | SS 01 | 3500000000 | 75000000 | 75000000 | 4920669401 | 60 | 40 | 2 | 1 | 5 | 4 | ||||||||||||||||||||||
BlackstoneGSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 2 | SS 02 | 6000000000 | 75000000 | 75000000 | 32285251 | 80 | 20 | 3 | 1 | 5 | 1 | ||||||||||||||||||||||
BlackstoneGSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 8 | SS 08 | 2000000000 | 18750000 | 18750000 | 4806212 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 2016 | GrowthVenture Manager 7 | GE 07 | 500000000 | 35000000 | 30000000 | 2644022252 | 100 | 0 | 1 | 0 | 5 | 0 | ||||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 2017 | GrowthVenture Manager 4 | GE 04 | 867000000 | Voting | 50000000 | 46000000 | 3124897116 | 75 | 25 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 2017 | Buy-out Manager 10 | BO 10 | 601000000 | 50000000 | 40000000 | 1161163584 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 2016 | Buy-out Manager 11 | BO 11 | 895000000 | Observer | 50000000 | 35000000 | 1953918849 | 75 | 25 | 1 | 0 | 3 | 1 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 2015 | GrowthVenture Manager 6 | GE 06 | 246000000 | Voting | 40000000 | 40000000 | 2383332060 | 100 | 0 | 2 | 0 | 4 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 2016 | GrowthVenture Manager 2 | GE 02 | 640000000 | Voting | 60000000 | 60000000 | 6665235799 | 100 | 0 | 3 | 0 | 12 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 2014 | GrowthVenture Manager 3 | GE 03 | 280000000 | Voting | 50000000 | 50000000 | 4620914142 | 90 | 10 | 2 | 0 | 7 | 1 | |||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 14 | BO 14 | 240000000 | 12500000 | 12500000 | 4140390 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 5 | BO 05 | 1000000000 | 50000000 | 50000000 | 11187778 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 2018 | Buy-out Manager 1 | BO 01 | 500000000 | Voting | 70000000 | 58000000 | 12317286 | 100 | 0 | 3 | 0 | 2 | 0 | |||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 2018 | Buy-out Manager 7 | BO 07 | 535000000 | Voting | 50000000 | 50000000 | - 0 | 80 | 20 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 2018 | Buy-out Manager 6 | BO 06 | 5250000000 | 75000000 | 50000000 | 498579807 | 75 | 25 | 2 | 1 | 1 | 0 | ||||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 2018 | Special Situations Manager 7 | SS 07 | 615000000 | Voting | 50000000 | 40000000 | - 0 | 80 | 20 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 2018 | Buy-out Manager 2 | BO 02 | 2500000000 | 60000000 | 57000000 | 946658473 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 2017 | Buy-out Manager 13 | BO 13 | 750000000 | 15000000 | 14250000 | 525048862 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 2017 | Buy-out Manager 9 | BO 09 | 964000000 | 50000000 | 45000000 | 1318074623 | 90 | 10 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 2018 | GrowthVenture Manager 1 | GE 01 | 1322000000 | Voting | 70000000 | 70000000 | 1547348223 | 100 | 0 | 3 | 0 | 3 | 0 | |||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 2018 | Buy-out Manager 15 | BO 15 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 2018 | GrowthVenture Manager 5 | GE 05 | 750000000 | 45000000 | 45000000 | 439426166 | 90 | 10 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 2018 | Buy-out Manager 16 | BO 16 | 1115000000 | 300000000 | 300000000 | 1872700007 | 60 | 40 | 8 | 5 | 2 | 1 | ||||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 2019 | GrowthVenture Manager 8 | GE 08 | 700000000 | Voting | 50000000 | 40000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 2017 | Buy-out Manager 3 | BO 03 | 5000000000 | 55000000 | 55000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 2019 | Buy-out Manager 17 | BO 17 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 6 | SS 06 | 3000000000 | 50000000 | 25000000 | - 0 | 60 | 40 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 5 | SS 05 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 2014 | GrowthVenture Manager 3 | GE 03 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | GE 09 | 2000000000 | Voting | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | GE 10 | 200000000 | 100000000 | 100000000 | - 0 | 90 | 10 | 4 | 0 | 0 | 0 | ||||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | BO 18 | 1000000000 | Voting | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | BO 19 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | Buy-out Manager 8 | BO 20 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | BO 21 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | |||||||||||||||||||||||
BlackstoneBAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | SS 07 | 4000000000 | Voting | 65000000 | 65000000 | - 0 | 80 | 20 | 2 | 1 | 0 | 0 | |||||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
2800000000 | |||||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||
TMRS (AUM) | $ 27589122062 | ltltltlt | As of 12312018 | |||||
PE Target () | 500 | |||||||
PE Target ($) | $ 1379456103 | |||||||
PE Commitments ($) | $ 2280100000 | |||||||
PE NAV ($) | $ 556735918 | ltltltlt | As of 12312018 | |||||
PE NAV () | 202 | |||||||
Un-Allocated () | -6529 | |||||||
Instructions by Sheet Name | ||||
Notes | Light blue-filled cells are hard-coded (not formula-driven) | |||
The green-colored tabs are the only ones to be updated right now | ||||
The red-colored tab does not need to be updated (still under construction) | ||||
Portfolio | ||||
1) | Input new Fund commitment into the next open row | |||
2) | Confirm and input the details for the row of the new Fund in columns A through G | |||
3) | Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I | |||
4) | Copy paste the formulas used in columns J and K for the row of the new Fund | |||
Manager | ||||
1) | If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated | |||
2) | Input the name of the Manager for the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Manager | |||
4) | Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option | |||
Fund | ||||
1) | Insert a row above the one beginning with UA (Un-Allocated) | |||
2) | Input the Short Name of the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Fund | |||
4) | Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option |
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1390 | 2298 | |||||||
2016 | 394750000 | 1731 | 2862 | |||||||
2017 | 436750000 | 1915 | 3166 | |||||||
2018 | 481600000 | 2112 | 3491 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 7149 | 11817 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 780 | 822 | 1289 | |||||
International | 220 | 178 | 364 | |||||
Un-Allocated | -653 | |||||||
Total | 1000 | 1000 | 1000 | |||||
Strategy | Commitments | NAV | of Commitments to Date | of NAV to Date | of Target PE Allocation | ||||||||
BO | Buy-out (40 to 75) | 1200350000 | 214575006 | 526 | 385 | 870 | |||||||
GE | GrowthVenture (10 to 40) | 606000000 | 214251758 | 266 | 385 | 439 | |||||||
SS | Special Situations (5 to 35) | 473750000 | 127909154 | 208 | 230 | 343 | |||||||
Un-Allocated | -653 | ||||||||||||
Total | 2280100000 | 556735918 | 1000 | 1000 | 1000 | ||||||||
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 0 | 55 | 1216 | 60 | 0 | ||||||
GrowthVenture | 0 | 55 | 0 | 40 | 75 | ||||||
Special Situations | 0 | 75 | 0 | 0 | 0 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 0 | 55 | 1766 | 2366 | 2366 | ||||||
GrowthVenture | 0 | 55 | 55 | 95 | 170 | ||||||
Special Situations | 0 | 75 | 75 | 75 | 75 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 600 | 00 | 00 | ||||||
GrowthVenture | 00 | 833 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 650 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 2850 | ||||||
GrowthVenture | 0 | 833 | 833 | 833 | 833 | ||||||
Special Situations | 0 | 00 | 650 | 650 | 650 | ||||||
Unallocated | 450 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 |
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | 58000000 | 254 | 420 | |||||
BO 02 | 57000000 | 250 | 413 | |||||
BO 03 | 55000000 | 241 | 399 | |||||
BO 04 | 50000000 | 219 | 362 | |||||
BO 05 | 50000000 | 219 | 362 | |||||
BO 06 | 50000000 | 219 | 362 | |||||
BO 07 | 50000000 | 219 | 362 | |||||
BO 08 | 47000000 | 206 | 341 | |||||
BO 09 | 45000000 | 197 | 326 | |||||
BO 10 | 40000000 | 175 | 290 | |||||
BO 11 | 35000000 | 154 | 254 | |||||
BO 12 | 20000000 | 088 | 145 | |||||
BO 13 | 14250000 | 062 | 103 | |||||
BO 14 | 12500000 | 055 | 091 | |||||
BO 15 | 46600000 | 204 | 338 | |||||
BO 16 | 300000000 | 1316 | 2175 | |||||
BO 17 | 60000000 | 263 | 435 | |||||
BO 18 | 50000000 | 219 | 362 | |||||
BO 19 | 50000000 | 219 | 362 | |||||
BO 20 | 50000000 | 219 | 362 | |||||
GE 01 | 70000000 | 307 | 507 | |||||
GE 02 | 60000000 | 263 | 435 | |||||
GE 03 | 125000000 | 548 | 906 | |||||
GE 04 | 46000000 | 202 | 333 | |||||
GE 05 | 45000000 | 197 | 326 | |||||
GE 06 | 40000000 | 175 | 290 | |||||
GE 07 | 30000000 | 132 | 217 | |||||
GE 08 | 40000000 | 175 | 290 | |||||
GE 09 | 50000000 | 219 | 362 | |||||
GE 10 | 100000000 | 439 | 725 | |||||
SS 01 | 75000000 | 329 | 544 | |||||
SS 02 | 75000000 | 329 | 544 | |||||
SS 03 | 65000000 | 285 | 471 | |||||
SS 04 | 60000000 | 263 | 435 | |||||
SS 05 | 50000000 | 219 | 362 | |||||
SS 06 | 25000000 | 110 | 181 | |||||
SS 07 | 105000000 | 461 | 761 | |||||
SS 08 | 18750000 | 082 | 136 | |||||
UA | -6529 | |||||||
Total | 2220100000 | 9737 | 9565 | |||||
CHECK | CHECK | CHECK |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | $18727000 | BO 1 | BO | 132 | 217 | |||||||||||
Tritium | Buy-out | $110000000 | $58988138 | BO 2 | BO | 48 | 80 | ||||||||||||
Searchlight | Buy-out | $97000000 | $33454296 | BO 3 | BO | 43 | 70 | ||||||||||||
Marlin | Buy-out | $71250000 | $14717073 | BO 4 | BO | 31 | 52 | ||||||||||||
Altaris | Buy-out | $62500000 | $15328169 | BO 5 | BO | 27 | 45 | ||||||||||||
Northlane | Buy-out | $60000000 | BO 6 | BO | 26 | 43 | |||||||||||||
Capital Partners | Buy-out | $58000000 | $12317286 | BO 7 | BO | 25 | 42 | ||||||||||||
Providence | Buy-out | $55000000 | $0 | BO 8 | BO | 24 | 40 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $0 | BO 9 | BO | 22 | 36 | ||||||||||||
GTCR | Buy-out | $50000000 | $4985798 | BO 10 | BO | 22 | 36 | ||||||||||||
Reverence | Buy-out | $50000000 | $0 | BO 11 | BO | 22 | 36 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 22 | 36 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 34 | ||||||||||||
One Rock | Buy-out | $45000000 | $13180746 | BO 14 | BO | 20 | 33 | ||||||||||||
Incline | Buy-out | $40000000 | $11611636 | BO 15 | BO | 18 | 29 | ||||||||||||
Kainos | Buy-out | $35000000 | $19539188 | BO 16 | BO | 15 | 25 | ||||||||||||
Harvest | Buy-out | $20000000 | $11725676 | BO 17 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $82125840 | GE 1 | GE | 79 | 130 | ||||||||||||
Foundry | Venture Growth | $175000000 | $30834484 | GE 2 | GE | 77 | 127 | ||||||||||||
Updata | Venture Growth | $125000000 | $46209141 | GE 3 | GE | 55 | 91 | ||||||||||||
Main Post | Venture Growth | $40000000 | $0 | GE 4 | GE | 18 | 29 | ||||||||||||
FTV | Venture Growth | $46000000 | $31248971 | GE 5 | GE | 20 | 33 | ||||||||||||
Mercato | Venture Growth | $40000000 | $23833321 | GE 6 | GE | 18 | 29 | ||||||||||||
TSSP | Special Situations | $150000000 | $49206694 | SS 1 | SS | 66 | 109 | ||||||||||||
BlackstoneGSO | Special Situations | $93750000 | $37091463 | SS 2 | SS | 41 | 68 | ||||||||||||
BlackstoneBAAM | Special Situations | $65000000 | SS 3 | SS | 29 | 47 | |||||||||||||
Carlyle | Special Situations | $65000000 | $24236270 | SS 4 | SS | 29 | 47 | ||||||||||||
HIG | Special Situations | $60000000 | $17374728 | SS 5 | SS | 26 | 43 | ||||||||||||
LightBay | Special Situations | $40000000 | $0 | SS 6 | SS | 18 | 29 | ||||||||||||
Total | $2280100000 | $556735918 | 10000 | 16529 | |||||||||||||||
CHECK | |||||||||||||||||||
Altaris | |||||||||||||||||||
Arcline | |||||||||||||||||||
BlackstoneGSO | |||||||||||||||||||
Capital Partners | |||||||||||||||||||
CapVest | |||||||||||||||||||
Carlyle | |||||||||||||||||||
Dunes Point | |||||||||||||||||||
Foundry | |||||||||||||||||||
FTV | |||||||||||||||||||
GTCR | |||||||||||||||||||
HIG | |||||||||||||||||||
Harvest | |||||||||||||||||||
Incline | |||||||||||||||||||
Kainos | |||||||||||||||||||
LightBay | |||||||||||||||||||
Main Post | |||||||||||||||||||
Marlin | |||||||||||||||||||
Mercato | |||||||||||||||||||
One Rock | |||||||||||||||||||
Providence | |||||||||||||||||||
Reverence | |||||||||||||||||||
Searchlight | |||||||||||||||||||
Tritium | |||||||||||||||||||
TSSP | |||||||||||||||||||
Updata |
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Vintage Year | Report Name | Short Name | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | State Street NAV ($) | US Fund Div ( of Fund) | Intl Fund Div ( of Fund) | US Fund Div ( of Total Commits) | Intl Fund Div ( of Total Commits) | US Fund Div ( of Total NAV | Intl Fund Div ( of Total NAV | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 2015 | Special Situations Manager 3 | SS 03 | 2819243965 | Voting | 65000000 | 65000000 | 2423627012 | 75 | 25 | 2 | 1 | 3 | 1 | |||||||||||||||||||||
HIG | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2015 | Special Situations Manager 4 | SS 04 | 1100000000 | 60000000 | 60000000 | 1737472771 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 2016 | Buy-out Manager 12 | BO 12 | 2200000000 | 50000000 | 20000000 | 1172567574 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 2015 | Buy-out Manager 8 | BO 08 | 1939000000 | 50000000 | 47000000 | 3345429620 | 60 | 40 | 1 | 1 | 4 | 2 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 2014 | Buy-out Manager 4 | BO 04 | 309000000 | Voting | 50000000 | 50000000 | 5898813765 | 85 | 15 | 2 | 0 | 9 | 2 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 2014 | Special Situations Manager 1 | SS 01 | 3500000000 | 75000000 | 75000000 | 4920669401 | 60 | 40 | 2 | 1 | 5 | 4 | ||||||||||||||||||||||
BlackstoneGSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 2 | SS 02 | 6000000000 | 75000000 | 75000000 | 32285251 | 80 | 20 | 3 | 1 | 5 | 1 | ||||||||||||||||||||||
BlackstoneGSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 8 | SS 08 | 2000000000 | 18750000 | 18750000 | 4806212 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 2016 | GrowthVenture Manager 7 | GE 07 | 500000000 | 35000000 | 30000000 | 2644022252 | 100 | 0 | 1 | 0 | 5 | 0 | ||||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 2017 | GrowthVenture Manager 4 | GE 04 | 867000000 | Voting | 50000000 | 46000000 | 3124897116 | 75 | 25 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 2017 | Buy-out Manager 10 | BO 10 | 601000000 | 50000000 | 40000000 | 1161163584 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 2016 | Buy-out Manager 11 | BO 11 | 895000000 | Observer | 50000000 | 35000000 | 1953918849 | 75 | 25 | 1 | 0 | 3 | 1 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 2015 | GrowthVenture Manager 6 | GE 06 | 246000000 | Voting | 40000000 | 40000000 | 2383332060 | 100 | 0 | 2 | 0 | 4 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 2016 | GrowthVenture Manager 2 | GE 02 | 640000000 | Voting | 60000000 | 60000000 | 6665235799 | 100 | 0 | 3 | 0 | 12 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 2014 | GrowthVenture Manager 3 | GE 03 | 280000000 | Voting | 50000000 | 50000000 | 4620914142 | 90 | 10 | 2 | 0 | 7 | 1 | |||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 14 | BO 14 | 240000000 | 12500000 | 12500000 | 4140390 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 5 | BO 05 | 1000000000 | 50000000 | 50000000 | 11187778 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 2018 | Buy-out Manager 1 | BO 01 | 500000000 | Voting | 70000000 | 58000000 | 12317286 | 100 | 0 | 3 | 0 | 2 | 0 | |||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 2018 | Buy-out Manager 7 | BO 07 | 535000000 | Voting | 50000000 | 50000000 | - 0 | 80 | 20 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 2018 | Buy-out Manager 6 | BO 06 | 5250000000 | 75000000 | 50000000 | 498579807 | 75 | 25 | 2 | 1 | 1 | 0 | ||||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 2018 | Special Situations Manager 7 | SS 07 | 615000000 | Voting | 50000000 | 40000000 | - 0 | 80 | 20 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 2018 | Buy-out Manager 2 | BO 02 | 2500000000 | 60000000 | 57000000 | 946658473 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 2017 | Buy-out Manager 13 | BO 13 | 750000000 | 15000000 | 14250000 | 525048862 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 2017 | Buy-out Manager 9 | BO 09 | 964000000 | 50000000 | 45000000 | 1318074623 | 90 | 10 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 2018 | GrowthVenture Manager 1 | GE 01 | 1322000000 | Voting | 70000000 | 70000000 | 1547348223 | 100 | 0 | 3 | 0 | 3 | 0 | |||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 2018 | Buy-out Manager 15 | BO 15 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 2018 | GrowthVenture Manager 5 | GE 05 | 750000000 | 45000000 | 45000000 | 439426166 | 90 | 10 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 2018 | Buy-out Manager 16 | BO 16 | 1115000000 | 300000000 | 300000000 | 1872700007 | 60 | 40 | 8 | 5 | 2 | 1 | ||||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 2019 | GrowthVenture Manager 8 | GE 08 | 700000000 | Voting | 50000000 | 40000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 2017 | Buy-out Manager 3 | BO 03 | 5000000000 | 55000000 | 55000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 2019 | Buy-out Manager 17 | BO 17 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 6 | SS 06 | 3000000000 | 50000000 | 25000000 | - 0 | 60 | 40 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 5 | SS 05 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 2014 | GrowthVenture Manager 3 | GE 03 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | GE 09 | 2000000000 | Voting | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | GE 10 | 200000000 | 100000000 | 100000000 | - 0 | 90 | 10 | 4 | 0 | 0 | 0 | ||||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | BO 18 | 1000000000 | Voting | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | BO 19 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | Buy-out Manager 8 | BO 20 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | BO 21 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | |||||||||||||||||||||||
BlackstoneBAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | SS 07 | 4000000000 | Voting | 65000000 | 65000000 | - 0 | 80 | 20 | 2 | 1 | 0 | 0 | |||||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
2800000000 | |||||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||
TMRS (AUM) | $ 27589122062 | ltltltlt | As of 12312018 | |||||
PE Target () | 500 | |||||||
PE Target ($) | $ 1379456103 | |||||||
PE Commitments ($) | $ 2280100000 | |||||||
PE NAV ($) | $ 556735918 | ltltltlt | As of 12312018 | |||||
PE NAV () | 202 | |||||||
Un-Allocated () | -6529 | |||||||
Instructions by Sheet Name | ||||
Notes | Light blue-filled cells are hard-coded (not formula-driven) | |||
The green-colored tabs are the only ones to be updated right now | ||||
The red-colored tab does not need to be updated (still under construction) | ||||
Portfolio | ||||
1) | Input new Fund commitment into the next open row | |||
2) | Confirm and input the details for the row of the new Fund in columns A through G | |||
3) | Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I | |||
4) | Copy paste the formulas used in columns J and K for the row of the new Fund | |||
Manager | ||||
1) | If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated | |||
2) | Input the name of the Manager for the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Manager | |||
4) | Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option | |||
Fund | ||||
1) | Insert a row above the one beginning with UA (Un-Allocated) | |||
2) | Input the Short Name of the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Fund | |||
4) | Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option |
526
266
208
Private Equity Strategy Diversification by Commitment
Buy-out (40 to75)
GrowthVenture(10 to 40)
Special Situations(5 to 35)
9
Synthesize AnalysisDiversification Analysis
Strategy considerations
2015 Overweight special situations early for J-Curve mitigation efficiency of capital deployment and tactical opportunities
2016 Focus on growth opportunity set and continue to add buy-out exposure
2017 Round out buy-out portfolio and opportunistically add to growth and credit
2018 Steady state on pacing selectively adding new relationships and European exposure
2019 Steady state on pacing selectively adding new relationships and Venture and European exposure
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082172551941443706017827448058556272
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
2018 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977
of Pacing Plan Utilized
10
Synthesize AnalysisDiversification Analysis
The overall goal remains identifying top quartile performers to partner with
Position sizing considerations
Continue to reduce the unallocated portion of the private equity portfolio while sensibly balancing the trade-off between diversification and concentration
Areas of focus are enhancing manager diversification and building strategic relationships where possibleappropriate
Private Equity Manager Diversification by Commitment BO 1 BO 2
BO 3 BO 4BO 5 BO 6BO 7 BO 8BO 9 BO 10BO 11 BO 12BO 13 BO 14BO 15 BO 16BO 17 GE 1GE 2 GE 3GE 4 GE 5GE 6 SS 1SS 2 SS 3SS 4 SS 5SS 6
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082172551941443706017827448058556272
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
2018 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977
of Pacing Plan Utilized
11
Synthesize AnalysisDiversification Analysis
TMRS is focused on taking a measured approach to global geographic diversification
The Target Portfolio keeps a conservative stance on international exposure
780
220
Private Equity Geographic Diversification by Commitment
USA
International
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082172551941443706017827448058556272
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
2018 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977
of Pacing Plan Utilized
Section IV
12
13
Top Candidate Characteristics ndash Northlane II $60 million Recommendation
Northlane Capital Partners
Date of First TMRS Meeting5102018
Dates of Subsequent Meetings892018312019
5162019
Dates of Diligence AdvancementlsquoBrsquo Rating ndash 312019
lsquoArsquo Rating ndash 5162019
Reference ChecksYes
Date of Consultant IDD ReportSeptember 2018
Date of Consultant Board MemoJune 2019
Legal Negotiation InitiatedMay 2019
Comparable Strategies Reviewed18 (Business Services Buy-Out)
16 (Healthcare Buy-Out)
Northlane Capital Partners LLC (ldquoNorthlanerdquo)is a Washington DC-based buyout firmfounded in 2017 that focuses on acquiringlower-middle market companies in thebusiness services and healthcare sectorsThese target companies will be profitablemarket leaders within their niches typicallygenerating up to $30 million of EBITDA whileproviding critical outsourced services to theircustomers Northlane Capital Partners II LP(Northlane II) is targeting $375 million tobuild a portfolio of 10 to 12 businessesrequiring equity investments of up to $75million continuing to employ the prior fundrsquosstrategy that was developed during thefoundersrsquo tenure at American Capital
Section V
14
15
Approval of Recommendation
TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the selection of the following fund
Recommendations
bull Northlane Capital Partners II LP $60 million
16
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1390 | 2298 | |||||||
2016 | 394750000 | 1731 | 2862 | |||||||
2017 | 436750000 | 1915 | 3166 | |||||||
2018 | 481600000 | 2112 | 3491 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 7149 | 11817 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 780 | 822 | 1289 | |||||
International | 220 | 178 | 364 | |||||
Un-Allocated | -653 | |||||||
Total | 1000 | 1000 | 1000 | |||||
Strategy | Commitments | NAV | of Commitments to Date | of NAV to Date | of Target PE Allocation | ||||||||
BO | Buy-out (40 to 75) | 1200350000 | 214575006 | 526 | 385 | 870 | |||||||
GE | GrowthVenture (10 to 40) | 606000000 | 214251758 | 266 | 385 | 439 | |||||||
SS | Special Situations (5 to 35) | 473750000 | 127909154 | 208 | 230 | 343 | |||||||
Un-Allocated | -653 | ||||||||||||
Total | 2280100000 | 556735918 | 1000 | 1000 | 1000 | ||||||||
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 0 | 55 | 1216 | 60 | 0 | ||||||
GrowthVenture | 0 | 55 | 0 | 40 | 75 | ||||||
Special Situations | 0 | 75 | 0 | 0 | 0 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 0 | 55 | 1766 | 2366 | 2366 | ||||||
GrowthVenture | 0 | 55 | 55 | 95 | 170 | ||||||
Special Situations | 0 | 75 | 75 | 75 | 75 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 600 | 00 | 00 | ||||||
GrowthVenture | 00 | 833 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 650 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 2850 | ||||||
GrowthVenture | 0 | 833 | 833 | 833 | 833 | ||||||
Special Situations | 0 | 00 | 650 | 650 | 650 | ||||||
Unallocated | 450 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 |
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | 58000000 | 254 | 420 | |||||
BO 02 | 57000000 | 250 | 413 | |||||
BO 03 | 55000000 | 241 | 399 | |||||
BO 04 | 50000000 | 219 | 362 | |||||
BO 05 | 50000000 | 219 | 362 | |||||
BO 06 | 50000000 | 219 | 362 | |||||
BO 07 | 50000000 | 219 | 362 | |||||
BO 08 | 47000000 | 206 | 341 | |||||
BO 09 | 45000000 | 197 | 326 | |||||
BO 10 | 40000000 | 175 | 290 | |||||
BO 11 | 35000000 | 154 | 254 | |||||
BO 12 | 20000000 | 088 | 145 | |||||
BO 13 | 14250000 | 062 | 103 | |||||
BO 14 | 12500000 | 055 | 091 | |||||
BO 15 | 46600000 | 204 | 338 | |||||
BO 16 | 300000000 | 1316 | 2175 | |||||
BO 17 | 60000000 | 263 | 435 | |||||
BO 18 | 50000000 | 219 | 362 | |||||
BO 19 | 50000000 | 219 | 362 | |||||
BO 20 | 50000000 | 219 | 362 | |||||
GE 01 | 70000000 | 307 | 507 | |||||
GE 02 | 60000000 | 263 | 435 | |||||
GE 03 | 125000000 | 548 | 906 | |||||
GE 04 | 46000000 | 202 | 333 | |||||
GE 05 | 45000000 | 197 | 326 | |||||
GE 06 | 40000000 | 175 | 290 | |||||
GE 07 | 30000000 | 132 | 217 | |||||
GE 08 | 40000000 | 175 | 290 | |||||
GE 09 | 50000000 | 219 | 362 | |||||
GE 10 | 100000000 | 439 | 725 | |||||
SS 01 | 75000000 | 329 | 544 | |||||
SS 02 | 75000000 | 329 | 544 | |||||
SS 03 | 65000000 | 285 | 471 | |||||
SS 04 | 60000000 | 263 | 435 | |||||
SS 05 | 50000000 | 219 | 362 | |||||
SS 06 | 25000000 | 110 | 181 | |||||
SS 07 | 105000000 | 461 | 761 | |||||
SS 08 | 18750000 | 082 | 136 | |||||
UA | -6529 | |||||||
Total | 2220100000 | 9737 | 9565 | |||||
CHECK | CHECK | CHECK |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | $18727000 | BO 1 | BO | 132 | 217 | |||||||||||
Tritium | Buy-out | $110000000 | $58988138 | BO 2 | BO | 48 | 80 | ||||||||||||
Searchlight | Buy-out | $97000000 | $33454296 | BO 3 | BO | 43 | 70 | ||||||||||||
Marlin | Buy-out | $71250000 | $14717073 | BO 4 | BO | 31 | 52 | ||||||||||||
Altaris | Buy-out | $62500000 | $15328169 | BO 5 | BO | 27 | 45 | ||||||||||||
Northlane | Buy-out | $60000000 | BO 6 | BO | 26 | 43 | |||||||||||||
Capital Partners | Buy-out | $58000000 | $12317286 | BO 7 | BO | 25 | 42 | ||||||||||||
Providence | Buy-out | $55000000 | $0 | BO 8 | BO | 24 | 40 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $0 | BO 9 | BO | 22 | 36 | ||||||||||||
GTCR | Buy-out | $50000000 | $4985798 | BO 10 | BO | 22 | 36 | ||||||||||||
Reverence | Buy-out | $50000000 | $0 | BO 11 | BO | 22 | 36 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 22 | 36 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 34 | ||||||||||||
One Rock | Buy-out | $45000000 | $13180746 | BO 14 | BO | 20 | 33 | ||||||||||||
Incline | Buy-out | $40000000 | $11611636 | BO 15 | BO | 18 | 29 | ||||||||||||
Kainos | Buy-out | $35000000 | $19539188 | BO 16 | BO | 15 | 25 | ||||||||||||
Harvest | Buy-out | $20000000 | $11725676 | BO 17 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $82125840 | GE 1 | GE | 79 | 130 | ||||||||||||
Foundry | Venture Growth | $175000000 | $30834484 | GE 2 | GE | 77 | 127 | ||||||||||||
Updata | Venture Growth | $125000000 | $46209141 | GE 3 | GE | 55 | 91 | ||||||||||||
Main Post | Venture Growth | $40000000 | $0 | GE 4 | GE | 18 | 29 | ||||||||||||
FTV | Venture Growth | $46000000 | $31248971 | GE 5 | GE | 20 | 33 | ||||||||||||
Mercato | Venture Growth | $40000000 | $23833321 | GE 6 | GE | 18 | 29 | ||||||||||||
TSSP | Special Situations | $150000000 | $49206694 | SS 1 | SS | 66 | 109 | ||||||||||||
BlackstoneGSO | Special Situations | $93750000 | $37091463 | SS 2 | SS | 41 | 68 | ||||||||||||
BlackstoneBAAM | Special Situations | $65000000 | SS 3 | SS | 29 | 47 | |||||||||||||
Carlyle | Special Situations | $65000000 | $24236270 | SS 4 | SS | 29 | 47 | ||||||||||||
HIG | Special Situations | $60000000 | $17374728 | SS 5 | SS | 26 | 43 | ||||||||||||
LightBay | Special Situations | $40000000 | $0 | SS 6 | SS | 18 | 29 | ||||||||||||
Total | $2280100000 | $556735918 | 10000 | 16529 | |||||||||||||||
CHECK | |||||||||||||||||||
Altaris | |||||||||||||||||||
Arcline | |||||||||||||||||||
BlackstoneGSO | |||||||||||||||||||
Capital Partners | |||||||||||||||||||
CapVest | |||||||||||||||||||
Carlyle | |||||||||||||||||||
Dunes Point | |||||||||||||||||||
Foundry | |||||||||||||||||||
FTV | |||||||||||||||||||
GTCR | |||||||||||||||||||
HIG | |||||||||||||||||||
Harvest | |||||||||||||||||||
Incline | |||||||||||||||||||
Kainos | |||||||||||||||||||
LightBay | |||||||||||||||||||
Main Post | |||||||||||||||||||
Marlin | |||||||||||||||||||
Mercato | |||||||||||||||||||
One Rock | |||||||||||||||||||
Providence | |||||||||||||||||||
Reverence | |||||||||||||||||||
Searchlight | |||||||||||||||||||
Tritium | |||||||||||||||||||
TSSP | |||||||||||||||||||
Updata |
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Vintage Year | Report Name | Short Name | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | State Street NAV ($) | US Fund Div ( of Fund) | Intl Fund Div ( of Fund) | US Fund Div ( of Total Commits) | Intl Fund Div ( of Total Commits) | US Fund Div ( of Total NAV | Intl Fund Div ( of Total NAV | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 2015 | Special Situations Manager 3 | SS 03 | 2819243965 | Voting | 65000000 | 65000000 | 2423627012 | 75 | 25 | 2 | 1 | 3 | 1 | |||||||||||||||||||||
HIG | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2015 | Special Situations Manager 4 | SS 04 | 1100000000 | 60000000 | 60000000 | 1737472771 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 2016 | Buy-out Manager 12 | BO 12 | 2200000000 | 50000000 | 20000000 | 1172567574 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 2015 | Buy-out Manager 8 | BO 08 | 1939000000 | 50000000 | 47000000 | 3345429620 | 60 | 40 | 1 | 1 | 4 | 2 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 2014 | Buy-out Manager 4 | BO 04 | 309000000 | Voting | 50000000 | 50000000 | 5898813765 | 85 | 15 | 2 | 0 | 9 | 2 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 2014 | Special Situations Manager 1 | SS 01 | 3500000000 | 75000000 | 75000000 | 4920669401 | 60 | 40 | 2 | 1 | 5 | 4 | ||||||||||||||||||||||
BlackstoneGSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 2 | SS 02 | 6000000000 | 75000000 | 75000000 | 32285251 | 80 | 20 | 3 | 1 | 5 | 1 | ||||||||||||||||||||||
BlackstoneGSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 8 | SS 08 | 2000000000 | 18750000 | 18750000 | 4806212 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 2016 | GrowthVenture Manager 7 | GE 07 | 500000000 | 35000000 | 30000000 | 2644022252 | 100 | 0 | 1 | 0 | 5 | 0 | ||||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 2017 | GrowthVenture Manager 4 | GE 04 | 867000000 | Voting | 50000000 | 46000000 | 3124897116 | 75 | 25 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 2017 | Buy-out Manager 10 | BO 10 | 601000000 | 50000000 | 40000000 | 1161163584 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 2016 | Buy-out Manager 11 | BO 11 | 895000000 | Observer | 50000000 | 35000000 | 1953918849 | 75 | 25 | 1 | 0 | 3 | 1 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 2015 | GrowthVenture Manager 6 | GE 06 | 246000000 | Voting | 40000000 | 40000000 | 2383332060 | 100 | 0 | 2 | 0 | 4 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 2016 | GrowthVenture Manager 2 | GE 02 | 640000000 | Voting | 60000000 | 60000000 | 6665235799 | 100 | 0 | 3 | 0 | 12 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 2014 | GrowthVenture Manager 3 | GE 03 | 280000000 | Voting | 50000000 | 50000000 | 4620914142 | 90 | 10 | 2 | 0 | 7 | 1 | |||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 14 | BO 14 | 240000000 | 12500000 | 12500000 | 4140390 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 5 | BO 05 | 1000000000 | 50000000 | 50000000 | 11187778 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 2018 | Buy-out Manager 1 | BO 01 | 500000000 | Voting | 70000000 | 58000000 | 12317286 | 100 | 0 | 3 | 0 | 2 | 0 | |||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 2018 | Buy-out Manager 7 | BO 07 | 535000000 | Voting | 50000000 | 50000000 | - 0 | 80 | 20 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 2018 | Buy-out Manager 6 | BO 06 | 5250000000 | 75000000 | 50000000 | 498579807 | 75 | 25 | 2 | 1 | 1 | 0 | ||||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 2018 | Special Situations Manager 7 | SS 07 | 615000000 | Voting | 50000000 | 40000000 | - 0 | 80 | 20 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 2018 | Buy-out Manager 2 | BO 02 | 2500000000 | 60000000 | 57000000 | 946658473 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 2017 | Buy-out Manager 13 | BO 13 | 750000000 | 15000000 | 14250000 | 525048862 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 2017 | Buy-out Manager 9 | BO 09 | 964000000 | 50000000 | 45000000 | 1318074623 | 90 | 10 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 2018 | GrowthVenture Manager 1 | GE 01 | 1322000000 | Voting | 70000000 | 70000000 | 1547348223 | 100 | 0 | 3 | 0 | 3 | 0 | |||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 2018 | Buy-out Manager 15 | BO 15 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 2018 | GrowthVenture Manager 5 | GE 05 | 750000000 | 45000000 | 45000000 | 439426166 | 90 | 10 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 2018 | Buy-out Manager 16 | BO 16 | 1115000000 | 300000000 | 300000000 | 1872700007 | 60 | 40 | 8 | 5 | 2 | 1 | ||||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 2019 | GrowthVenture Manager 8 | GE 08 | 700000000 | Voting | 50000000 | 40000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 2017 | Buy-out Manager 3 | BO 03 | 5000000000 | 55000000 | 55000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 2019 | Buy-out Manager 17 | BO 17 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 6 | SS 06 | 3000000000 | 50000000 | 25000000 | - 0 | 60 | 40 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 5 | SS 05 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 2014 | GrowthVenture Manager 3 | GE 03 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | GE 09 | 2000000000 | Voting | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | GE 10 | 200000000 | 100000000 | 100000000 | - 0 | 90 | 10 | 4 | 0 | 0 | 0 | ||||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | BO 18 | 1000000000 | Voting | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | BO 19 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | Buy-out Manager 8 | BO 20 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | BO 21 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | |||||||||||||||||||||||
BlackstoneBAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | SS 07 | 4000000000 | Voting | 65000000 | 65000000 | - 0 | 80 | 20 | 2 | 1 | 0 | 0 | |||||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
2800000000 | |||||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||
TMRS (AUM) | $ 27589122062 | ltltltlt | As of 12312018 | |||||
PE Target () | 500 | |||||||
PE Target ($) | $ 1379456103 | |||||||
PE Commitments ($) | $ 2280100000 | |||||||
PE NAV ($) | $ 556735918 | ltltltlt | As of 12312018 | |||||
PE NAV () | 202 | |||||||
Un-Allocated () | -6529 | |||||||
Instructions by Sheet Name | ||||
Notes | Light blue-filled cells are hard-coded (not formula-driven) | |||
The green-colored tabs are the only ones to be updated right now | ||||
The red-colored tab does not need to be updated (still under construction) | ||||
Portfolio | ||||
1) | Input new Fund commitment into the next open row | |||
2) | Confirm and input the details for the row of the new Fund in columns A through G | |||
3) | Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I | |||
4) | Copy paste the formulas used in columns J and K for the row of the new Fund | |||
Manager | ||||
1) | If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated | |||
2) | Input the name of the Manager for the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Manager | |||
4) | Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option | |||
Fund | ||||
1) | Insert a row above the one beginning with UA (Un-Allocated) | |||
2) | Input the Short Name of the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Fund | |||
4) | Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option |
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1390 | 2298 | |||||||
2016 | 394750000 | 1731 | 2862 | |||||||
2017 | 436750000 | 1915 | 3166 | |||||||
2018 | 481600000 | 2112 | 3491 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 7149 | 11817 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 780 | 822 | 1289 | |||||
International | 220 | 178 | 364 | |||||
Un-Allocated | -653 | |||||||
Total | 1000 | 1000 | 1000 | |||||
Strategy | Commitments | NAV | of Commitments to Date | of NAV to Date | of Target PE Allocation | ||||||||
BO | Buy-out (40 to 75) | 1200350000 | 214575006 | 526 | 385 | 870 | |||||||
GE | GrowthVenture (10 to 40) | 606000000 | 214251758 | 266 | 385 | 439 | |||||||
SS | Special Situations (5 to 35) | 473750000 | 127909154 | 208 | 230 | 343 | |||||||
Un-Allocated | -653 | ||||||||||||
Total | 2280100000 | 556735918 | 1000 | 1000 | 1000 | ||||||||
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 0 | 55 | 1216 | 60 | 0 | ||||||
GrowthVenture | 0 | 55 | 0 | 40 | 75 | ||||||
Special Situations | 0 | 75 | 0 | 0 | 0 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 0 | 55 | 1766 | 2366 | 2366 | ||||||
GrowthVenture | 0 | 55 | 55 | 95 | 170 | ||||||
Special Situations | 0 | 75 | 75 | 75 | 75 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 600 | 00 | 00 | ||||||
GrowthVenture | 00 | 833 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 650 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 2850 | ||||||
GrowthVenture | 0 | 833 | 833 | 833 | 833 | ||||||
Special Situations | 0 | 00 | 650 | 650 | 650 | ||||||
Unallocated | 450 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 |
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | 58000000 | 254 | 420 | |||||
BO 02 | 57000000 | 250 | 413 | |||||
BO 03 | 55000000 | 241 | 399 | |||||
BO 04 | 50000000 | 219 | 362 | |||||
BO 05 | 50000000 | 219 | 362 | |||||
BO 06 | 50000000 | 219 | 362 | |||||
BO 07 | 50000000 | 219 | 362 | |||||
BO 08 | 47000000 | 206 | 341 | |||||
BO 09 | 45000000 | 197 | 326 | |||||
BO 10 | 40000000 | 175 | 290 | |||||
BO 11 | 35000000 | 154 | 254 | |||||
BO 12 | 20000000 | 088 | 145 | |||||
BO 13 | 14250000 | 062 | 103 | |||||
BO 14 | 12500000 | 055 | 091 | |||||
BO 15 | 46600000 | 204 | 338 | |||||
BO 16 | 300000000 | 1316 | 2175 | |||||
BO 17 | 60000000 | 263 | 435 | |||||
BO 18 | 50000000 | 219 | 362 | |||||
BO 19 | 50000000 | 219 | 362 | |||||
BO 20 | 50000000 | 219 | 362 | |||||
GE 01 | 70000000 | 307 | 507 | |||||
GE 02 | 60000000 | 263 | 435 | |||||
GE 03 | 125000000 | 548 | 906 | |||||
GE 04 | 46000000 | 202 | 333 | |||||
GE 05 | 45000000 | 197 | 326 | |||||
GE 06 | 40000000 | 175 | 290 | |||||
GE 07 | 30000000 | 132 | 217 | |||||
GE 08 | 40000000 | 175 | 290 | |||||
GE 09 | 50000000 | 219 | 362 | |||||
GE 10 | 100000000 | 439 | 725 | |||||
SS 01 | 75000000 | 329 | 544 | |||||
SS 02 | 75000000 | 329 | 544 | |||||
SS 03 | 65000000 | 285 | 471 | |||||
SS 04 | 60000000 | 263 | 435 | |||||
SS 05 | 50000000 | 219 | 362 | |||||
SS 06 | 25000000 | 110 | 181 | |||||
SS 07 | 105000000 | 461 | 761 | |||||
SS 08 | 18750000 | 082 | 136 | |||||
UA | -6529 | |||||||
Total | 2220100000 | 9737 | 9565 | |||||
CHECK | CHECK | CHECK |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | $18727000 | BO 1 | BO | 132 | 217 | |||||||||||
Tritium | Buy-out | $110000000 | $58988138 | BO 2 | BO | 48 | 80 | ||||||||||||
Searchlight | Buy-out | $97000000 | $33454296 | BO 3 | BO | 43 | 70 | ||||||||||||
Marlin | Buy-out | $71250000 | $14717073 | BO 4 | BO | 31 | 52 | ||||||||||||
Altaris | Buy-out | $62500000 | $15328169 | BO 5 | BO | 27 | 45 | ||||||||||||
Northlane | Buy-out | $60000000 | BO 6 | BO | 26 | 43 | |||||||||||||
Capital Partners | Buy-out | $58000000 | $12317286 | BO 7 | BO | 25 | 42 | ||||||||||||
Providence | Buy-out | $55000000 | $0 | BO 8 | BO | 24 | 40 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $0 | BO 9 | BO | 22 | 36 | ||||||||||||
GTCR | Buy-out | $50000000 | $4985798 | BO 10 | BO | 22 | 36 | ||||||||||||
Reverence | Buy-out | $50000000 | $0 | BO 11 | BO | 22 | 36 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 22 | 36 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 34 | ||||||||||||
One Rock | Buy-out | $45000000 | $13180746 | BO 14 | BO | 20 | 33 | ||||||||||||
Incline | Buy-out | $40000000 | $11611636 | BO 15 | BO | 18 | 29 | ||||||||||||
Kainos | Buy-out | $35000000 | $19539188 | BO 16 | BO | 15 | 25 | ||||||||||||
Harvest | Buy-out | $20000000 | $11725676 | BO 17 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $82125840 | GE 1 | GE | 79 | 130 | ||||||||||||
Foundry | Venture Growth | $175000000 | $30834484 | GE 2 | GE | 77 | 127 | ||||||||||||
Updata | Venture Growth | $125000000 | $46209141 | GE 3 | GE | 55 | 91 | ||||||||||||
Main Post | Venture Growth | $40000000 | $0 | GE 4 | GE | 18 | 29 | ||||||||||||
FTV | Venture Growth | $46000000 | $31248971 | GE 5 | GE | 20 | 33 | ||||||||||||
Mercato | Venture Growth | $40000000 | $23833321 | GE 6 | GE | 18 | 29 | ||||||||||||
TSSP | Special Situations | $150000000 | $49206694 | SS 1 | SS | 66 | 109 | ||||||||||||
BlackstoneGSO | Special Situations | $93750000 | $37091463 | SS 2 | SS | 41 | 68 | ||||||||||||
BlackstoneBAAM | Special Situations | $65000000 | SS 3 | SS | 29 | 47 | |||||||||||||
Carlyle | Special Situations | $65000000 | $24236270 | SS 4 | SS | 29 | 47 | ||||||||||||
HIG | Special Situations | $60000000 | $17374728 | SS 5 | SS | 26 | 43 | ||||||||||||
LightBay | Special Situations | $40000000 | $0 | SS 6 | SS | 18 | 29 | ||||||||||||
Total | $2280100000 | $556735918 | 10000 | 16529 | |||||||||||||||
CHECK | |||||||||||||||||||
Altaris | |||||||||||||||||||
Arcline | |||||||||||||||||||
BlackstoneGSO | |||||||||||||||||||
Capital Partners | |||||||||||||||||||
CapVest | |||||||||||||||||||
Carlyle | |||||||||||||||||||
Dunes Point | |||||||||||||||||||
Foundry | |||||||||||||||||||
FTV | |||||||||||||||||||
GTCR | |||||||||||||||||||
HIG | |||||||||||||||||||
Harvest | |||||||||||||||||||
Incline | |||||||||||||||||||
Kainos | |||||||||||||||||||
LightBay | |||||||||||||||||||
Main Post | |||||||||||||||||||
Marlin | |||||||||||||||||||
Mercato | |||||||||||||||||||
One Rock | |||||||||||||||||||
Providence | |||||||||||||||||||
Reverence | |||||||||||||||||||
Searchlight | |||||||||||||||||||
Tritium | |||||||||||||||||||
TSSP | |||||||||||||||||||
Updata |
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Vintage Year | Report Name | Short Name | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | State Street NAV ($) | US Fund Div ( of Fund) | Intl Fund Div ( of Fund) | US Fund Div ( of Total Commits) | Intl Fund Div ( of Total Commits) | US Fund Div ( of Total NAV | Intl Fund Div ( of Total NAV | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 2015 | Special Situations Manager 3 | SS 03 | 2819243965 | Voting | 65000000 | 65000000 | 2423627012 | 75 | 25 | 2 | 1 | 3 | 1 | |||||||||||||||||||||
HIG | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2015 | Special Situations Manager 4 | SS 04 | 1100000000 | 60000000 | 60000000 | 1737472771 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 2016 | Buy-out Manager 12 | BO 12 | 2200000000 | 50000000 | 20000000 | 1172567574 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 2015 | Buy-out Manager 8 | BO 08 | 1939000000 | 50000000 | 47000000 | 3345429620 | 60 | 40 | 1 | 1 | 4 | 2 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 2014 | Buy-out Manager 4 | BO 04 | 309000000 | Voting | 50000000 | 50000000 | 5898813765 | 85 | 15 | 2 | 0 | 9 | 2 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 2014 | Special Situations Manager 1 | SS 01 | 3500000000 | 75000000 | 75000000 | 4920669401 | 60 | 40 | 2 | 1 | 5 | 4 | ||||||||||||||||||||||
BlackstoneGSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 2 | SS 02 | 6000000000 | 75000000 | 75000000 | 32285251 | 80 | 20 | 3 | 1 | 5 | 1 | ||||||||||||||||||||||
BlackstoneGSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 8 | SS 08 | 2000000000 | 18750000 | 18750000 | 4806212 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 2016 | GrowthVenture Manager 7 | GE 07 | 500000000 | 35000000 | 30000000 | 2644022252 | 100 | 0 | 1 | 0 | 5 | 0 | ||||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 2017 | GrowthVenture Manager 4 | GE 04 | 867000000 | Voting | 50000000 | 46000000 | 3124897116 | 75 | 25 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 2017 | Buy-out Manager 10 | BO 10 | 601000000 | 50000000 | 40000000 | 1161163584 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 2016 | Buy-out Manager 11 | BO 11 | 895000000 | Observer | 50000000 | 35000000 | 1953918849 | 75 | 25 | 1 | 0 | 3 | 1 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 2015 | GrowthVenture Manager 6 | GE 06 | 246000000 | Voting | 40000000 | 40000000 | 2383332060 | 100 | 0 | 2 | 0 | 4 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 2016 | GrowthVenture Manager 2 | GE 02 | 640000000 | Voting | 60000000 | 60000000 | 6665235799 | 100 | 0 | 3 | 0 | 12 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 2014 | GrowthVenture Manager 3 | GE 03 | 280000000 | Voting | 50000000 | 50000000 | 4620914142 | 90 | 10 | 2 | 0 | 7 | 1 | |||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 14 | BO 14 | 240000000 | 12500000 | 12500000 | 4140390 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 5 | BO 05 | 1000000000 | 50000000 | 50000000 | 11187778 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 2018 | Buy-out Manager 1 | BO 01 | 500000000 | Voting | 70000000 | 58000000 | 12317286 | 100 | 0 | 3 | 0 | 2 | 0 | |||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 2018 | Buy-out Manager 7 | BO 07 | 535000000 | Voting | 50000000 | 50000000 | - 0 | 80 | 20 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 2018 | Buy-out Manager 6 | BO 06 | 5250000000 | 75000000 | 50000000 | 498579807 | 75 | 25 | 2 | 1 | 1 | 0 | ||||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 2018 | Special Situations Manager 7 | SS 07 | 615000000 | Voting | 50000000 | 40000000 | - 0 | 80 | 20 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 2018 | Buy-out Manager 2 | BO 02 | 2500000000 | 60000000 | 57000000 | 946658473 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 2017 | Buy-out Manager 13 | BO 13 | 750000000 | 15000000 | 14250000 | 525048862 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 2017 | Buy-out Manager 9 | BO 09 | 964000000 | 50000000 | 45000000 | 1318074623 | 90 | 10 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 2018 | GrowthVenture Manager 1 | GE 01 | 1322000000 | Voting | 70000000 | 70000000 | 1547348223 | 100 | 0 | 3 | 0 | 3 | 0 | |||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 2018 | Buy-out Manager 15 | BO 15 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 2018 | GrowthVenture Manager 5 | GE 05 | 750000000 | 45000000 | 45000000 | 439426166 | 90 | 10 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 2018 | Buy-out Manager 16 | BO 16 | 1115000000 | 300000000 | 300000000 | 1872700007 | 60 | 40 | 8 | 5 | 2 | 1 | ||||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 2019 | GrowthVenture Manager 8 | GE 08 | 700000000 | Voting | 50000000 | 40000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 2017 | Buy-out Manager 3 | BO 03 | 5000000000 | 55000000 | 55000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 2019 | Buy-out Manager 17 | BO 17 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 6 | SS 06 | 3000000000 | 50000000 | 25000000 | - 0 | 60 | 40 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 5 | SS 05 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 2014 | GrowthVenture Manager 3 | GE 03 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | GE 09 | 2000000000 | Voting | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | GE 10 | 200000000 | 100000000 | 100000000 | - 0 | 90 | 10 | 4 | 0 | 0 | 0 | ||||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | BO 18 | 1000000000 | Voting | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | BO 19 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | Buy-out Manager 8 | BO 20 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | BO 21 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | |||||||||||||||||||||||
BlackstoneBAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | SS 07 | 4000000000 | Voting | 65000000 | 65000000 | - 0 | 80 | 20 | 2 | 1 | 0 | 0 | |||||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
2800000000 | |||||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||
TMRS (AUM) | $ 27589122062 | ltltltlt | As of 12312018 | |||||
PE Target () | 500 | |||||||
PE Target ($) | $ 1379456103 | |||||||
PE Commitments ($) | $ 2280100000 | |||||||
PE NAV ($) | $ 556735918 | ltltltlt | As of 12312018 | |||||
PE NAV () | 202 | |||||||
Un-Allocated () | -6529 | |||||||
Instructions by Sheet Name | ||||
Notes | Light blue-filled cells are hard-coded (not formula-driven) | |||
The green-colored tabs are the only ones to be updated right now | ||||
The red-colored tab does not need to be updated (still under construction) | ||||
Portfolio | ||||
1) | Input new Fund commitment into the next open row | |||
2) | Confirm and input the details for the row of the new Fund in columns A through G | |||
3) | Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I | |||
4) | Copy paste the formulas used in columns J and K for the row of the new Fund | |||
Manager | ||||
1) | If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated | |||
2) | Input the name of the Manager for the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Manager | |||
4) | Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option | |||
Fund | ||||
1) | Insert a row above the one beginning with UA (Un-Allocated) | |||
2) | Input the Short Name of the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Fund | |||
4) | Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option |
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1390 | 2298 | |||||||
2016 | 394750000 | 1731 | 2862 | |||||||
2017 | 436750000 | 1915 | 3166 | |||||||
2018 | 481600000 | 2112 | 3491 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 7149 | 11817 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 780 | 822 | 1289 | |||||
International | 220 | 178 | 364 | |||||
Un-Allocated | -653 | |||||||
Total | 1000 | 1000 | 1000 | |||||
Strategy | Commitments | NAV | of Commitments to Date | of NAV to Date | of Target PE Allocation | ||||||||
BO | Buy-out (40 to 75) | 1200350000 | 214575006 | 526 | 385 | 870 | |||||||
GE | GrowthVenture (10 to 40) | 606000000 | 214251758 | 266 | 385 | 439 | |||||||
SS | Special Situations (5 to 35) | 473750000 | 127909154 | 208 | 230 | 343 | |||||||
Un-Allocated | -653 | ||||||||||||
Total | 2280100000 | 556735918 | 1000 | 1000 | 1000 | ||||||||
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 0 | 55 | 1216 | 60 | 0 | ||||||
GrowthVenture | 0 | 55 | 0 | 40 | 75 | ||||||
Special Situations | 0 | 75 | 0 | 0 | 0 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 0 | 55 | 1766 | 2366 | 2366 | ||||||
GrowthVenture | 0 | 55 | 55 | 95 | 170 | ||||||
Special Situations | 0 | 75 | 75 | 75 | 75 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 600 | 00 | 00 | ||||||
GrowthVenture | 00 | 833 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 650 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 2850 | ||||||
GrowthVenture | 0 | 833 | 833 | 833 | 833 | ||||||
Special Situations | 0 | 00 | 650 | 650 | 650 | ||||||
Unallocated | 450 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 |
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | 58000000 | 254 | 420 | |||||
BO 02 | 57000000 | 250 | 413 | |||||
BO 03 | 55000000 | 241 | 399 | |||||
BO 04 | 50000000 | 219 | 362 | |||||
BO 05 | 50000000 | 219 | 362 | |||||
BO 06 | 50000000 | 219 | 362 | |||||
BO 07 | 50000000 | 219 | 362 | |||||
BO 08 | 47000000 | 206 | 341 | |||||
BO 09 | 45000000 | 197 | 326 | |||||
BO 10 | 40000000 | 175 | 290 | |||||
BO 11 | 35000000 | 154 | 254 | |||||
BO 12 | 20000000 | 088 | 145 | |||||
BO 13 | 14250000 | 062 | 103 | |||||
BO 14 | 12500000 | 055 | 091 | |||||
BO 15 | 46600000 | 204 | 338 | |||||
BO 16 | 300000000 | 1316 | 2175 | |||||
BO 17 | 60000000 | 263 | 435 | |||||
BO 18 | 50000000 | 219 | 362 | |||||
BO 19 | 50000000 | 219 | 362 | |||||
BO 20 | 50000000 | 219 | 362 | |||||
GE 01 | 70000000 | 307 | 507 | |||||
GE 02 | 60000000 | 263 | 435 | |||||
GE 03 | 125000000 | 548 | 906 | |||||
GE 04 | 46000000 | 202 | 333 | |||||
GE 05 | 45000000 | 197 | 326 | |||||
GE 06 | 40000000 | 175 | 290 | |||||
GE 07 | 30000000 | 132 | 217 | |||||
GE 08 | 40000000 | 175 | 290 | |||||
GE 09 | 50000000 | 219 | 362 | |||||
GE 10 | 100000000 | 439 | 725 | |||||
SS 01 | 75000000 | 329 | 544 | |||||
SS 02 | 75000000 | 329 | 544 | |||||
SS 03 | 65000000 | 285 | 471 | |||||
SS 04 | 60000000 | 263 | 435 | |||||
SS 05 | 50000000 | 219 | 362 | |||||
SS 06 | 25000000 | 110 | 181 | |||||
SS 07 | 105000000 | 461 | 761 | |||||
SS 08 | 18750000 | 082 | 136 | |||||
UA | -6529 | |||||||
Total | 2220100000 | 9737 | 9565 | |||||
CHECK | CHECK | CHECK |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | $18727000 | BO 1 | BO | 132 | 217 | |||||||||||
Tritium | Buy-out | $110000000 | $58988138 | BO 2 | BO | 48 | 80 | ||||||||||||
Searchlight | Buy-out | $97000000 | $33454296 | BO 3 | BO | 43 | 70 | ||||||||||||
Marlin | Buy-out | $71250000 | $14717073 | BO 4 | BO | 31 | 52 | ||||||||||||
Altaris | Buy-out | $62500000 | $15328169 | BO 5 | BO | 27 | 45 | ||||||||||||
Northlane | Buy-out | $60000000 | BO 6 | BO | 26 | 43 | |||||||||||||
Capital Partners | Buy-out | $58000000 | $12317286 | BO 7 | BO | 25 | 42 | ||||||||||||
Providence | Buy-out | $55000000 | $0 | BO 8 | BO | 24 | 40 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $0 | BO 9 | BO | 22 | 36 | ||||||||||||
GTCR | Buy-out | $50000000 | $4985798 | BO 10 | BO | 22 | 36 | ||||||||||||
Reverence | Buy-out | $50000000 | $0 | BO 11 | BO | 22 | 36 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 22 | 36 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 34 | ||||||||||||
One Rock | Buy-out | $45000000 | $13180746 | BO 14 | BO | 20 | 33 | ||||||||||||
Incline | Buy-out | $40000000 | $11611636 | BO 15 | BO | 18 | 29 | ||||||||||||
Kainos | Buy-out | $35000000 | $19539188 | BO 16 | BO | 15 | 25 | ||||||||||||
Harvest | Buy-out | $20000000 | $11725676 | BO 17 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $82125840 | GE 1 | GE | 79 | 130 | ||||||||||||
Foundry | Venture Growth | $175000000 | $30834484 | GE 2 | GE | 77 | 127 | ||||||||||||
Updata | Venture Growth | $125000000 | $46209141 | GE 3 | GE | 55 | 91 | ||||||||||||
Main Post | Venture Growth | $40000000 | $0 | GE 4 | GE | 18 | 29 | ||||||||||||
FTV | Venture Growth | $46000000 | $31248971 | GE 5 | GE | 20 | 33 | ||||||||||||
Mercato | Venture Growth | $40000000 | $23833321 | GE 6 | GE | 18 | 29 | ||||||||||||
TSSP | Special Situations | $150000000 | $49206694 | SS 1 | SS | 66 | 109 | ||||||||||||
BlackstoneGSO | Special Situations | $93750000 | $37091463 | SS 2 | SS | 41 | 68 | ||||||||||||
BlackstoneBAAM | Special Situations | $65000000 | SS 3 | SS | 29 | 47 | |||||||||||||
Carlyle | Special Situations | $65000000 | $24236270 | SS 4 | SS | 29 | 47 | ||||||||||||
HIG | Special Situations | $60000000 | $17374728 | SS 5 | SS | 26 | 43 | ||||||||||||
LightBay | Special Situations | $40000000 | $0 | SS 6 | SS | 18 | 29 | ||||||||||||
Total | $2280100000 | $556735918 | 10000 | 16529 | |||||||||||||||
CHECK | |||||||||||||||||||
Altaris | |||||||||||||||||||
Arcline | |||||||||||||||||||
BlackstoneGSO | |||||||||||||||||||
Capital Partners | |||||||||||||||||||
CapVest | |||||||||||||||||||
Carlyle | |||||||||||||||||||
Dunes Point | |||||||||||||||||||
Foundry | |||||||||||||||||||
FTV | |||||||||||||||||||
GTCR | |||||||||||||||||||
HIG | |||||||||||||||||||
Harvest | |||||||||||||||||||
Incline | |||||||||||||||||||
Kainos | |||||||||||||||||||
LightBay | |||||||||||||||||||
Main Post | |||||||||||||||||||
Marlin | |||||||||||||||||||
Mercato | |||||||||||||||||||
One Rock | |||||||||||||||||||
Providence | |||||||||||||||||||
Reverence | |||||||||||||||||||
Searchlight | |||||||||||||||||||
Tritium | |||||||||||||||||||
TSSP | |||||||||||||||||||
Updata |
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Vintage Year | Report Name | Short Name | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | State Street NAV ($) | US Fund Div ( of Fund) | Intl Fund Div ( of Fund) | US Fund Div ( of Total Commits) | Intl Fund Div ( of Total Commits) | US Fund Div ( of Total NAV | Intl Fund Div ( of Total NAV | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 2015 | Special Situations Manager 3 | SS 03 | 2819243965 | Voting | 65000000 | 65000000 | 2423627012 | 75 | 25 | 2 | 1 | 3 | 1 | |||||||||||||||||||||
HIG | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2015 | Special Situations Manager 4 | SS 04 | 1100000000 | 60000000 | 60000000 | 1737472771 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 2016 | Buy-out Manager 12 | BO 12 | 2200000000 | 50000000 | 20000000 | 1172567574 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 2015 | Buy-out Manager 8 | BO 08 | 1939000000 | 50000000 | 47000000 | 3345429620 | 60 | 40 | 1 | 1 | 4 | 2 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 2014 | Buy-out Manager 4 | BO 04 | 309000000 | Voting | 50000000 | 50000000 | 5898813765 | 85 | 15 | 2 | 0 | 9 | 2 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 2014 | Special Situations Manager 1 | SS 01 | 3500000000 | 75000000 | 75000000 | 4920669401 | 60 | 40 | 2 | 1 | 5 | 4 | ||||||||||||||||||||||
BlackstoneGSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 2 | SS 02 | 6000000000 | 75000000 | 75000000 | 32285251 | 80 | 20 | 3 | 1 | 5 | 1 | ||||||||||||||||||||||
BlackstoneGSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 8 | SS 08 | 2000000000 | 18750000 | 18750000 | 4806212 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 2016 | GrowthVenture Manager 7 | GE 07 | 500000000 | 35000000 | 30000000 | 2644022252 | 100 | 0 | 1 | 0 | 5 | 0 | ||||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 2017 | GrowthVenture Manager 4 | GE 04 | 867000000 | Voting | 50000000 | 46000000 | 3124897116 | 75 | 25 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 2017 | Buy-out Manager 10 | BO 10 | 601000000 | 50000000 | 40000000 | 1161163584 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 2016 | Buy-out Manager 11 | BO 11 | 895000000 | Observer | 50000000 | 35000000 | 1953918849 | 75 | 25 | 1 | 0 | 3 | 1 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 2015 | GrowthVenture Manager 6 | GE 06 | 246000000 | Voting | 40000000 | 40000000 | 2383332060 | 100 | 0 | 2 | 0 | 4 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 2016 | GrowthVenture Manager 2 | GE 02 | 640000000 | Voting | 60000000 | 60000000 | 6665235799 | 100 | 0 | 3 | 0 | 12 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 2014 | GrowthVenture Manager 3 | GE 03 | 280000000 | Voting | 50000000 | 50000000 | 4620914142 | 90 | 10 | 2 | 0 | 7 | 1 | |||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 14 | BO 14 | 240000000 | 12500000 | 12500000 | 4140390 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 5 | BO 05 | 1000000000 | 50000000 | 50000000 | 11187778 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 2018 | Buy-out Manager 1 | BO 01 | 500000000 | Voting | 70000000 | 58000000 | 12317286 | 100 | 0 | 3 | 0 | 2 | 0 | |||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 2018 | Buy-out Manager 7 | BO 07 | 535000000 | Voting | 50000000 | 50000000 | - 0 | 80 | 20 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 2018 | Buy-out Manager 6 | BO 06 | 5250000000 | 75000000 | 50000000 | 498579807 | 75 | 25 | 2 | 1 | 1 | 0 | ||||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 2018 | Special Situations Manager 7 | SS 07 | 615000000 | Voting | 50000000 | 40000000 | - 0 | 80 | 20 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 2018 | Buy-out Manager 2 | BO 02 | 2500000000 | 60000000 | 57000000 | 946658473 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 2017 | Buy-out Manager 13 | BO 13 | 750000000 | 15000000 | 14250000 | 525048862 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 2017 | Buy-out Manager 9 | BO 09 | 964000000 | 50000000 | 45000000 | 1318074623 | 90 | 10 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 2018 | GrowthVenture Manager 1 | GE 01 | 1322000000 | Voting | 70000000 | 70000000 | 1547348223 | 100 | 0 | 3 | 0 | 3 | 0 | |||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 2018 | Buy-out Manager 15 | BO 15 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 2018 | GrowthVenture Manager 5 | GE 05 | 750000000 | 45000000 | 45000000 | 439426166 | 90 | 10 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 2018 | Buy-out Manager 16 | BO 16 | 1115000000 | 300000000 | 300000000 | 1872700007 | 60 | 40 | 8 | 5 | 2 | 1 | ||||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 2019 | GrowthVenture Manager 8 | GE 08 | 700000000 | Voting | 50000000 | 40000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 2017 | Buy-out Manager 3 | BO 03 | 5000000000 | 55000000 | 55000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 2019 | Buy-out Manager 17 | BO 17 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 6 | SS 06 | 3000000000 | 50000000 | 25000000 | - 0 | 60 | 40 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 5 | SS 05 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 2014 | GrowthVenture Manager 3 | GE 03 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | GE 09 | 2000000000 | Voting | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | GE 10 | 200000000 | 100000000 | 100000000 | - 0 | 90 | 10 | 4 | 0 | 0 | 0 | ||||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | BO 18 | 1000000000 | Voting | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | BO 19 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | Buy-out Manager 8 | BO 20 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | BO 21 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | |||||||||||||||||||||||
BlackstoneBAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | SS 07 | 4000000000 | Voting | 65000000 | 65000000 | - 0 | 80 | 20 | 2 | 1 | 0 | 0 | |||||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
2800000000 | |||||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||
TMRS (AUM) | $ 27589122062 | ltltltlt | As of 12312018 | |||||
PE Target () | 500 | |||||||
PE Target ($) | $ 1379456103 | |||||||
PE Commitments ($) | $ 2280100000 | |||||||
PE NAV ($) | $ 556735918 | ltltltlt | As of 12312018 | |||||
PE NAV () | 202 | |||||||
Un-Allocated () | -6529 | |||||||
Instructions by Sheet Name | ||||
Notes | Light blue-filled cells are hard-coded (not formula-driven) | |||
The green-colored tabs are the only ones to be updated right now | ||||
The red-colored tab does not need to be updated (still under construction) | ||||
Portfolio | ||||
1) | Input new Fund commitment into the next open row | |||
2) | Confirm and input the details for the row of the new Fund in columns A through G | |||
3) | Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I | |||
4) | Copy paste the formulas used in columns J and K for the row of the new Fund | |||
Manager | ||||
1) | If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated | |||
2) | Input the name of the Manager for the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Manager | |||
4) | Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option | |||
Fund | ||||
1) | Insert a row above the one beginning with UA (Un-Allocated) | |||
2) | Input the Short Name of the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Fund | |||
4) | Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option |
10
Synthesize AnalysisDiversification Analysis
The overall goal remains identifying top quartile performers to partner with
Position sizing considerations
Continue to reduce the unallocated portion of the private equity portfolio while sensibly balancing the trade-off between diversification and concentration
Areas of focus are enhancing manager diversification and building strategic relationships where possibleappropriate
Private Equity Manager Diversification by Commitment BO 1 BO 2
BO 3 BO 4BO 5 BO 6BO 7 BO 8BO 9 BO 10BO 11 BO 12BO 13 BO 14BO 15 BO 16BO 17 GE 1GE 2 GE 3GE 4 GE 5GE 6 SS 1SS 2 SS 3SS 4 SS 5SS 6
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082172551941443706017827448058556272
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
2018 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977
of Pacing Plan Utilized
11
Synthesize AnalysisDiversification Analysis
TMRS is focused on taking a measured approach to global geographic diversification
The Target Portfolio keeps a conservative stance on international exposure
780
220
Private Equity Geographic Diversification by Commitment
USA
International
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082172551941443706017827448058556272
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
2018 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977
of Pacing Plan Utilized
Section IV
12
13
Top Candidate Characteristics ndash Northlane II $60 million Recommendation
Northlane Capital Partners
Date of First TMRS Meeting5102018
Dates of Subsequent Meetings892018312019
5162019
Dates of Diligence AdvancementlsquoBrsquo Rating ndash 312019
lsquoArsquo Rating ndash 5162019
Reference ChecksYes
Date of Consultant IDD ReportSeptember 2018
Date of Consultant Board MemoJune 2019
Legal Negotiation InitiatedMay 2019
Comparable Strategies Reviewed18 (Business Services Buy-Out)
16 (Healthcare Buy-Out)
Northlane Capital Partners LLC (ldquoNorthlanerdquo)is a Washington DC-based buyout firmfounded in 2017 that focuses on acquiringlower-middle market companies in thebusiness services and healthcare sectorsThese target companies will be profitablemarket leaders within their niches typicallygenerating up to $30 million of EBITDA whileproviding critical outsourced services to theircustomers Northlane Capital Partners II LP(Northlane II) is targeting $375 million tobuild a portfolio of 10 to 12 businessesrequiring equity investments of up to $75million continuing to employ the prior fundrsquosstrategy that was developed during thefoundersrsquo tenure at American Capital
Section V
14
15
Approval of Recommendation
TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the selection of the following fund
Recommendations
bull Northlane Capital Partners II LP $60 million
16
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1390 | 2298 | |||||||
2016 | 394750000 | 1731 | 2862 | |||||||
2017 | 436750000 | 1915 | 3166 | |||||||
2018 | 481600000 | 2112 | 3491 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 7149 | 11817 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 780 | 822 | 1289 | |||||
International | 220 | 178 | 364 | |||||
Un-Allocated | -653 | |||||||
Total | 1000 | 1000 | 1000 | |||||
Strategy | Commitments | NAV | of Commitments to Date | of NAV to Date | of Target PE Allocation | ||||||||
BO | Buy-out (40 to 75) | 1200350000 | 214575006 | 526 | 385 | 870 | |||||||
GE | GrowthVenture (10 to 40) | 606000000 | 214251758 | 266 | 385 | 439 | |||||||
SS | Special Situations (5 to 35) | 473750000 | 127909154 | 208 | 230 | 343 | |||||||
Un-Allocated | -653 | ||||||||||||
Total | 2280100000 | 556735918 | 1000 | 1000 | 1000 | ||||||||
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 0 | 55 | 1216 | 60 | 0 | ||||||
GrowthVenture | 0 | 55 | 0 | 40 | 75 | ||||||
Special Situations | 0 | 75 | 0 | 0 | 0 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 0 | 55 | 1766 | 2366 | 2366 | ||||||
GrowthVenture | 0 | 55 | 55 | 95 | 170 | ||||||
Special Situations | 0 | 75 | 75 | 75 | 75 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 600 | 00 | 00 | ||||||
GrowthVenture | 00 | 833 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 650 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 2850 | ||||||
GrowthVenture | 0 | 833 | 833 | 833 | 833 | ||||||
Special Situations | 0 | 00 | 650 | 650 | 650 | ||||||
Unallocated | 450 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 |
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | 58000000 | 254 | 420 | |||||
BO 02 | 57000000 | 250 | 413 | |||||
BO 03 | 55000000 | 241 | 399 | |||||
BO 04 | 50000000 | 219 | 362 | |||||
BO 05 | 50000000 | 219 | 362 | |||||
BO 06 | 50000000 | 219 | 362 | |||||
BO 07 | 50000000 | 219 | 362 | |||||
BO 08 | 47000000 | 206 | 341 | |||||
BO 09 | 45000000 | 197 | 326 | |||||
BO 10 | 40000000 | 175 | 290 | |||||
BO 11 | 35000000 | 154 | 254 | |||||
BO 12 | 20000000 | 088 | 145 | |||||
BO 13 | 14250000 | 062 | 103 | |||||
BO 14 | 12500000 | 055 | 091 | |||||
BO 15 | 46600000 | 204 | 338 | |||||
BO 16 | 300000000 | 1316 | 2175 | |||||
BO 17 | 60000000 | 263 | 435 | |||||
BO 18 | 50000000 | 219 | 362 | |||||
BO 19 | 50000000 | 219 | 362 | |||||
BO 20 | 50000000 | 219 | 362 | |||||
GE 01 | 70000000 | 307 | 507 | |||||
GE 02 | 60000000 | 263 | 435 | |||||
GE 03 | 125000000 | 548 | 906 | |||||
GE 04 | 46000000 | 202 | 333 | |||||
GE 05 | 45000000 | 197 | 326 | |||||
GE 06 | 40000000 | 175 | 290 | |||||
GE 07 | 30000000 | 132 | 217 | |||||
GE 08 | 40000000 | 175 | 290 | |||||
GE 09 | 50000000 | 219 | 362 | |||||
GE 10 | 100000000 | 439 | 725 | |||||
SS 01 | 75000000 | 329 | 544 | |||||
SS 02 | 75000000 | 329 | 544 | |||||
SS 03 | 65000000 | 285 | 471 | |||||
SS 04 | 60000000 | 263 | 435 | |||||
SS 05 | 50000000 | 219 | 362 | |||||
SS 06 | 25000000 | 110 | 181 | |||||
SS 07 | 105000000 | 461 | 761 | |||||
SS 08 | 18750000 | 082 | 136 | |||||
UA | -6529 | |||||||
Total | 2220100000 | 9737 | 9565 | |||||
CHECK | CHECK | CHECK |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | $18727000 | BO 1 | BO | 132 | 217 | |||||||||||
Tritium | Buy-out | $110000000 | $58988138 | BO 2 | BO | 48 | 80 | ||||||||||||
Searchlight | Buy-out | $97000000 | $33454296 | BO 3 | BO | 43 | 70 | ||||||||||||
Marlin | Buy-out | $71250000 | $14717073 | BO 4 | BO | 31 | 52 | ||||||||||||
Altaris | Buy-out | $62500000 | $15328169 | BO 5 | BO | 27 | 45 | ||||||||||||
Northlane | Buy-out | $60000000 | BO 6 | BO | 26 | 43 | |||||||||||||
Capital Partners | Buy-out | $58000000 | $12317286 | BO 7 | BO | 25 | 42 | ||||||||||||
Providence | Buy-out | $55000000 | $0 | BO 8 | BO | 24 | 40 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $0 | BO 9 | BO | 22 | 36 | ||||||||||||
GTCR | Buy-out | $50000000 | $4985798 | BO 10 | BO | 22 | 36 | ||||||||||||
Reverence | Buy-out | $50000000 | $0 | BO 11 | BO | 22 | 36 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 22 | 36 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 34 | ||||||||||||
One Rock | Buy-out | $45000000 | $13180746 | BO 14 | BO | 20 | 33 | ||||||||||||
Incline | Buy-out | $40000000 | $11611636 | BO 15 | BO | 18 | 29 | ||||||||||||
Kainos | Buy-out | $35000000 | $19539188 | BO 16 | BO | 15 | 25 | ||||||||||||
Harvest | Buy-out | $20000000 | $11725676 | BO 17 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $82125840 | GE 1 | GE | 79 | 130 | ||||||||||||
Foundry | Venture Growth | $175000000 | $30834484 | GE 2 | GE | 77 | 127 | ||||||||||||
Updata | Venture Growth | $125000000 | $46209141 | GE 3 | GE | 55 | 91 | ||||||||||||
Main Post | Venture Growth | $40000000 | $0 | GE 4 | GE | 18 | 29 | ||||||||||||
FTV | Venture Growth | $46000000 | $31248971 | GE 5 | GE | 20 | 33 | ||||||||||||
Mercato | Venture Growth | $40000000 | $23833321 | GE 6 | GE | 18 | 29 | ||||||||||||
TSSP | Special Situations | $150000000 | $49206694 | SS 1 | SS | 66 | 109 | ||||||||||||
BlackstoneGSO | Special Situations | $93750000 | $37091463 | SS 2 | SS | 41 | 68 | ||||||||||||
BlackstoneBAAM | Special Situations | $65000000 | SS 3 | SS | 29 | 47 | |||||||||||||
Carlyle | Special Situations | $65000000 | $24236270 | SS 4 | SS | 29 | 47 | ||||||||||||
HIG | Special Situations | $60000000 | $17374728 | SS 5 | SS | 26 | 43 | ||||||||||||
LightBay | Special Situations | $40000000 | $0 | SS 6 | SS | 18 | 29 | ||||||||||||
Total | $2280100000 | $556735918 | 10000 | 16529 | |||||||||||||||
CHECK | |||||||||||||||||||
Altaris | |||||||||||||||||||
Arcline | |||||||||||||||||||
BlackstoneGSO | |||||||||||||||||||
Capital Partners | |||||||||||||||||||
CapVest | |||||||||||||||||||
Carlyle | |||||||||||||||||||
Dunes Point | |||||||||||||||||||
Foundry | |||||||||||||||||||
FTV | |||||||||||||||||||
GTCR | |||||||||||||||||||
HIG | |||||||||||||||||||
Harvest | |||||||||||||||||||
Incline | |||||||||||||||||||
Kainos | |||||||||||||||||||
LightBay | |||||||||||||||||||
Main Post | |||||||||||||||||||
Marlin | |||||||||||||||||||
Mercato | |||||||||||||||||||
One Rock | |||||||||||||||||||
Providence | |||||||||||||||||||
Reverence | |||||||||||||||||||
Searchlight | |||||||||||||||||||
Tritium | |||||||||||||||||||
TSSP | |||||||||||||||||||
Updata |
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Vintage Year | Report Name | Short Name | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | State Street NAV ($) | US Fund Div ( of Fund) | Intl Fund Div ( of Fund) | US Fund Div ( of Total Commits) | Intl Fund Div ( of Total Commits) | US Fund Div ( of Total NAV | Intl Fund Div ( of Total NAV | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 2015 | Special Situations Manager 3 | SS 03 | 2819243965 | Voting | 65000000 | 65000000 | 2423627012 | 75 | 25 | 2 | 1 | 3 | 1 | |||||||||||||||||||||
HIG | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2015 | Special Situations Manager 4 | SS 04 | 1100000000 | 60000000 | 60000000 | 1737472771 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 2016 | Buy-out Manager 12 | BO 12 | 2200000000 | 50000000 | 20000000 | 1172567574 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 2015 | Buy-out Manager 8 | BO 08 | 1939000000 | 50000000 | 47000000 | 3345429620 | 60 | 40 | 1 | 1 | 4 | 2 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 2014 | Buy-out Manager 4 | BO 04 | 309000000 | Voting | 50000000 | 50000000 | 5898813765 | 85 | 15 | 2 | 0 | 9 | 2 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 2014 | Special Situations Manager 1 | SS 01 | 3500000000 | 75000000 | 75000000 | 4920669401 | 60 | 40 | 2 | 1 | 5 | 4 | ||||||||||||||||||||||
BlackstoneGSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 2 | SS 02 | 6000000000 | 75000000 | 75000000 | 32285251 | 80 | 20 | 3 | 1 | 5 | 1 | ||||||||||||||||||||||
BlackstoneGSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 8 | SS 08 | 2000000000 | 18750000 | 18750000 | 4806212 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 2016 | GrowthVenture Manager 7 | GE 07 | 500000000 | 35000000 | 30000000 | 2644022252 | 100 | 0 | 1 | 0 | 5 | 0 | ||||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 2017 | GrowthVenture Manager 4 | GE 04 | 867000000 | Voting | 50000000 | 46000000 | 3124897116 | 75 | 25 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 2017 | Buy-out Manager 10 | BO 10 | 601000000 | 50000000 | 40000000 | 1161163584 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 2016 | Buy-out Manager 11 | BO 11 | 895000000 | Observer | 50000000 | 35000000 | 1953918849 | 75 | 25 | 1 | 0 | 3 | 1 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 2015 | GrowthVenture Manager 6 | GE 06 | 246000000 | Voting | 40000000 | 40000000 | 2383332060 | 100 | 0 | 2 | 0 | 4 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 2016 | GrowthVenture Manager 2 | GE 02 | 640000000 | Voting | 60000000 | 60000000 | 6665235799 | 100 | 0 | 3 | 0 | 12 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 2014 | GrowthVenture Manager 3 | GE 03 | 280000000 | Voting | 50000000 | 50000000 | 4620914142 | 90 | 10 | 2 | 0 | 7 | 1 | |||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 14 | BO 14 | 240000000 | 12500000 | 12500000 | 4140390 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 5 | BO 05 | 1000000000 | 50000000 | 50000000 | 11187778 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 2018 | Buy-out Manager 1 | BO 01 | 500000000 | Voting | 70000000 | 58000000 | 12317286 | 100 | 0 | 3 | 0 | 2 | 0 | |||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 2018 | Buy-out Manager 7 | BO 07 | 535000000 | Voting | 50000000 | 50000000 | - 0 | 80 | 20 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 2018 | Buy-out Manager 6 | BO 06 | 5250000000 | 75000000 | 50000000 | 498579807 | 75 | 25 | 2 | 1 | 1 | 0 | ||||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 2018 | Special Situations Manager 7 | SS 07 | 615000000 | Voting | 50000000 | 40000000 | - 0 | 80 | 20 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 2018 | Buy-out Manager 2 | BO 02 | 2500000000 | 60000000 | 57000000 | 946658473 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 2017 | Buy-out Manager 13 | BO 13 | 750000000 | 15000000 | 14250000 | 525048862 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 2017 | Buy-out Manager 9 | BO 09 | 964000000 | 50000000 | 45000000 | 1318074623 | 90 | 10 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 2018 | GrowthVenture Manager 1 | GE 01 | 1322000000 | Voting | 70000000 | 70000000 | 1547348223 | 100 | 0 | 3 | 0 | 3 | 0 | |||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 2018 | Buy-out Manager 15 | BO 15 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 2018 | GrowthVenture Manager 5 | GE 05 | 750000000 | 45000000 | 45000000 | 439426166 | 90 | 10 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 2018 | Buy-out Manager 16 | BO 16 | 1115000000 | 300000000 | 300000000 | 1872700007 | 60 | 40 | 8 | 5 | 2 | 1 | ||||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 2019 | GrowthVenture Manager 8 | GE 08 | 700000000 | Voting | 50000000 | 40000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 2017 | Buy-out Manager 3 | BO 03 | 5000000000 | 55000000 | 55000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 2019 | Buy-out Manager 17 | BO 17 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 6 | SS 06 | 3000000000 | 50000000 | 25000000 | - 0 | 60 | 40 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 5 | SS 05 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 2014 | GrowthVenture Manager 3 | GE 03 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | GE 09 | 2000000000 | Voting | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | GE 10 | 200000000 | 100000000 | 100000000 | - 0 | 90 | 10 | 4 | 0 | 0 | 0 | ||||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | BO 18 | 1000000000 | Voting | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | BO 19 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | Buy-out Manager 8 | BO 20 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | BO 21 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | |||||||||||||||||||||||
BlackstoneBAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | SS 07 | 4000000000 | Voting | 65000000 | 65000000 | - 0 | 80 | 20 | 2 | 1 | 0 | 0 | |||||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
2800000000 | |||||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||
TMRS (AUM) | $ 27589122062 | ltltltlt | As of 12312018 | |||||
PE Target () | 500 | |||||||
PE Target ($) | $ 1379456103 | |||||||
PE Commitments ($) | $ 2280100000 | |||||||
PE NAV ($) | $ 556735918 | ltltltlt | As of 12312018 | |||||
PE NAV () | 202 | |||||||
Un-Allocated () | -6529 | |||||||
Instructions by Sheet Name | ||||
Notes | Light blue-filled cells are hard-coded (not formula-driven) | |||
The green-colored tabs are the only ones to be updated right now | ||||
The red-colored tab does not need to be updated (still under construction) | ||||
Portfolio | ||||
1) | Input new Fund commitment into the next open row | |||
2) | Confirm and input the details for the row of the new Fund in columns A through G | |||
3) | Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I | |||
4) | Copy paste the formulas used in columns J and K for the row of the new Fund | |||
Manager | ||||
1) | If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated | |||
2) | Input the name of the Manager for the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Manager | |||
4) | Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option | |||
Fund | ||||
1) | Insert a row above the one beginning with UA (Un-Allocated) | |||
2) | Input the Short Name of the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Fund | |||
4) | Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option |
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1390 | 2298 | |||||||
2016 | 394750000 | 1731 | 2862 | |||||||
2017 | 436750000 | 1915 | 3166 | |||||||
2018 | 481600000 | 2112 | 3491 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 7149 | 11817 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 780 | 822 | 1289 | |||||
International | 220 | 178 | 364 | |||||
Un-Allocated | -653 | |||||||
Total | 1000 | 1000 | 1000 | |||||
Strategy | Commitments | NAV | of Commitments to Date | of NAV to Date | of Target PE Allocation | ||||||||
BO | Buy-out (40 to 75) | 1200350000 | 214575006 | 526 | 385 | 870 | |||||||
GE | GrowthVenture (10 to 40) | 606000000 | 214251758 | 266 | 385 | 439 | |||||||
SS | Special Situations (5 to 35) | 473750000 | 127909154 | 208 | 230 | 343 | |||||||
Un-Allocated | -653 | ||||||||||||
Total | 2280100000 | 556735918 | 1000 | 1000 | 1000 | ||||||||
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 0 | 55 | 1216 | 60 | 0 | ||||||
GrowthVenture | 0 | 55 | 0 | 40 | 75 | ||||||
Special Situations | 0 | 75 | 0 | 0 | 0 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 0 | 55 | 1766 | 2366 | 2366 | ||||||
GrowthVenture | 0 | 55 | 55 | 95 | 170 | ||||||
Special Situations | 0 | 75 | 75 | 75 | 75 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 600 | 00 | 00 | ||||||
GrowthVenture | 00 | 833 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 650 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 2850 | ||||||
GrowthVenture | 0 | 833 | 833 | 833 | 833 | ||||||
Special Situations | 0 | 00 | 650 | 650 | 650 | ||||||
Unallocated | 450 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 |
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | 58000000 | 254 | 420 | |||||
BO 02 | 57000000 | 250 | 413 | |||||
BO 03 | 55000000 | 241 | 399 | |||||
BO 04 | 50000000 | 219 | 362 | |||||
BO 05 | 50000000 | 219 | 362 | |||||
BO 06 | 50000000 | 219 | 362 | |||||
BO 07 | 50000000 | 219 | 362 | |||||
BO 08 | 47000000 | 206 | 341 | |||||
BO 09 | 45000000 | 197 | 326 | |||||
BO 10 | 40000000 | 175 | 290 | |||||
BO 11 | 35000000 | 154 | 254 | |||||
BO 12 | 20000000 | 088 | 145 | |||||
BO 13 | 14250000 | 062 | 103 | |||||
BO 14 | 12500000 | 055 | 091 | |||||
BO 15 | 46600000 | 204 | 338 | |||||
BO 16 | 300000000 | 1316 | 2175 | |||||
BO 17 | 60000000 | 263 | 435 | |||||
BO 18 | 50000000 | 219 | 362 | |||||
BO 19 | 50000000 | 219 | 362 | |||||
BO 20 | 50000000 | 219 | 362 | |||||
GE 01 | 70000000 | 307 | 507 | |||||
GE 02 | 60000000 | 263 | 435 | |||||
GE 03 | 125000000 | 548 | 906 | |||||
GE 04 | 46000000 | 202 | 333 | |||||
GE 05 | 45000000 | 197 | 326 | |||||
GE 06 | 40000000 | 175 | 290 | |||||
GE 07 | 30000000 | 132 | 217 | |||||
GE 08 | 40000000 | 175 | 290 | |||||
GE 09 | 50000000 | 219 | 362 | |||||
GE 10 | 100000000 | 439 | 725 | |||||
SS 01 | 75000000 | 329 | 544 | |||||
SS 02 | 75000000 | 329 | 544 | |||||
SS 03 | 65000000 | 285 | 471 | |||||
SS 04 | 60000000 | 263 | 435 | |||||
SS 05 | 50000000 | 219 | 362 | |||||
SS 06 | 25000000 | 110 | 181 | |||||
SS 07 | 105000000 | 461 | 761 | |||||
SS 08 | 18750000 | 082 | 136 | |||||
UA | -6529 | |||||||
Total | 2220100000 | 9737 | 9565 | |||||
CHECK | CHECK | CHECK |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | $18727000 | BO 1 | BO | 132 | 217 | |||||||||||
Tritium | Buy-out | $110000000 | $58988138 | BO 2 | BO | 48 | 80 | ||||||||||||
Searchlight | Buy-out | $97000000 | $33454296 | BO 3 | BO | 43 | 70 | ||||||||||||
Marlin | Buy-out | $71250000 | $14717073 | BO 4 | BO | 31 | 52 | ||||||||||||
Altaris | Buy-out | $62500000 | $15328169 | BO 5 | BO | 27 | 45 | ||||||||||||
Northlane | Buy-out | $60000000 | BO 6 | BO | 26 | 43 | |||||||||||||
Capital Partners | Buy-out | $58000000 | $12317286 | BO 7 | BO | 25 | 42 | ||||||||||||
Providence | Buy-out | $55000000 | $0 | BO 8 | BO | 24 | 40 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $0 | BO 9 | BO | 22 | 36 | ||||||||||||
GTCR | Buy-out | $50000000 | $4985798 | BO 10 | BO | 22 | 36 | ||||||||||||
Reverence | Buy-out | $50000000 | $0 | BO 11 | BO | 22 | 36 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 22 | 36 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 34 | ||||||||||||
One Rock | Buy-out | $45000000 | $13180746 | BO 14 | BO | 20 | 33 | ||||||||||||
Incline | Buy-out | $40000000 | $11611636 | BO 15 | BO | 18 | 29 | ||||||||||||
Kainos | Buy-out | $35000000 | $19539188 | BO 16 | BO | 15 | 25 | ||||||||||||
Harvest | Buy-out | $20000000 | $11725676 | BO 17 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $82125840 | GE 1 | GE | 79 | 130 | ||||||||||||
Foundry | Venture Growth | $175000000 | $30834484 | GE 2 | GE | 77 | 127 | ||||||||||||
Updata | Venture Growth | $125000000 | $46209141 | GE 3 | GE | 55 | 91 | ||||||||||||
Main Post | Venture Growth | $40000000 | $0 | GE 4 | GE | 18 | 29 | ||||||||||||
FTV | Venture Growth | $46000000 | $31248971 | GE 5 | GE | 20 | 33 | ||||||||||||
Mercato | Venture Growth | $40000000 | $23833321 | GE 6 | GE | 18 | 29 | ||||||||||||
TSSP | Special Situations | $150000000 | $49206694 | SS 1 | SS | 66 | 109 | ||||||||||||
BlackstoneGSO | Special Situations | $93750000 | $37091463 | SS 2 | SS | 41 | 68 | ||||||||||||
BlackstoneBAAM | Special Situations | $65000000 | SS 3 | SS | 29 | 47 | |||||||||||||
Carlyle | Special Situations | $65000000 | $24236270 | SS 4 | SS | 29 | 47 | ||||||||||||
HIG | Special Situations | $60000000 | $17374728 | SS 5 | SS | 26 | 43 | ||||||||||||
LightBay | Special Situations | $40000000 | $0 | SS 6 | SS | 18 | 29 | ||||||||||||
Total | $2280100000 | $556735918 | 10000 | 16529 | |||||||||||||||
CHECK | |||||||||||||||||||
Altaris | |||||||||||||||||||
Arcline | |||||||||||||||||||
BlackstoneGSO | |||||||||||||||||||
Capital Partners | |||||||||||||||||||
CapVest | |||||||||||||||||||
Carlyle | |||||||||||||||||||
Dunes Point | |||||||||||||||||||
Foundry | |||||||||||||||||||
FTV | |||||||||||||||||||
GTCR | |||||||||||||||||||
HIG | |||||||||||||||||||
Harvest | |||||||||||||||||||
Incline | |||||||||||||||||||
Kainos | |||||||||||||||||||
LightBay | |||||||||||||||||||
Main Post | |||||||||||||||||||
Marlin | |||||||||||||||||||
Mercato | |||||||||||||||||||
One Rock | |||||||||||||||||||
Providence | |||||||||||||||||||
Reverence | |||||||||||||||||||
Searchlight | |||||||||||||||||||
Tritium | |||||||||||||||||||
TSSP | |||||||||||||||||||
Updata |
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Vintage Year | Report Name | Short Name | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | State Street NAV ($) | US Fund Div ( of Fund) | Intl Fund Div ( of Fund) | US Fund Div ( of Total Commits) | Intl Fund Div ( of Total Commits) | US Fund Div ( of Total NAV | Intl Fund Div ( of Total NAV | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 2015 | Special Situations Manager 3 | SS 03 | 2819243965 | Voting | 65000000 | 65000000 | 2423627012 | 75 | 25 | 2 | 1 | 3 | 1 | |||||||||||||||||||||
HIG | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2015 | Special Situations Manager 4 | SS 04 | 1100000000 | 60000000 | 60000000 | 1737472771 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 2016 | Buy-out Manager 12 | BO 12 | 2200000000 | 50000000 | 20000000 | 1172567574 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 2015 | Buy-out Manager 8 | BO 08 | 1939000000 | 50000000 | 47000000 | 3345429620 | 60 | 40 | 1 | 1 | 4 | 2 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 2014 | Buy-out Manager 4 | BO 04 | 309000000 | Voting | 50000000 | 50000000 | 5898813765 | 85 | 15 | 2 | 0 | 9 | 2 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 2014 | Special Situations Manager 1 | SS 01 | 3500000000 | 75000000 | 75000000 | 4920669401 | 60 | 40 | 2 | 1 | 5 | 4 | ||||||||||||||||||||||
BlackstoneGSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 2 | SS 02 | 6000000000 | 75000000 | 75000000 | 32285251 | 80 | 20 | 3 | 1 | 5 | 1 | ||||||||||||||||||||||
BlackstoneGSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 8 | SS 08 | 2000000000 | 18750000 | 18750000 | 4806212 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 2016 | GrowthVenture Manager 7 | GE 07 | 500000000 | 35000000 | 30000000 | 2644022252 | 100 | 0 | 1 | 0 | 5 | 0 | ||||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 2017 | GrowthVenture Manager 4 | GE 04 | 867000000 | Voting | 50000000 | 46000000 | 3124897116 | 75 | 25 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 2017 | Buy-out Manager 10 | BO 10 | 601000000 | 50000000 | 40000000 | 1161163584 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 2016 | Buy-out Manager 11 | BO 11 | 895000000 | Observer | 50000000 | 35000000 | 1953918849 | 75 | 25 | 1 | 0 | 3 | 1 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 2015 | GrowthVenture Manager 6 | GE 06 | 246000000 | Voting | 40000000 | 40000000 | 2383332060 | 100 | 0 | 2 | 0 | 4 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 2016 | GrowthVenture Manager 2 | GE 02 | 640000000 | Voting | 60000000 | 60000000 | 6665235799 | 100 | 0 | 3 | 0 | 12 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 2014 | GrowthVenture Manager 3 | GE 03 | 280000000 | Voting | 50000000 | 50000000 | 4620914142 | 90 | 10 | 2 | 0 | 7 | 1 | |||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 14 | BO 14 | 240000000 | 12500000 | 12500000 | 4140390 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 5 | BO 05 | 1000000000 | 50000000 | 50000000 | 11187778 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 2018 | Buy-out Manager 1 | BO 01 | 500000000 | Voting | 70000000 | 58000000 | 12317286 | 100 | 0 | 3 | 0 | 2 | 0 | |||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 2018 | Buy-out Manager 7 | BO 07 | 535000000 | Voting | 50000000 | 50000000 | - 0 | 80 | 20 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 2018 | Buy-out Manager 6 | BO 06 | 5250000000 | 75000000 | 50000000 | 498579807 | 75 | 25 | 2 | 1 | 1 | 0 | ||||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 2018 | Special Situations Manager 7 | SS 07 | 615000000 | Voting | 50000000 | 40000000 | - 0 | 80 | 20 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 2018 | Buy-out Manager 2 | BO 02 | 2500000000 | 60000000 | 57000000 | 946658473 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 2017 | Buy-out Manager 13 | BO 13 | 750000000 | 15000000 | 14250000 | 525048862 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 2017 | Buy-out Manager 9 | BO 09 | 964000000 | 50000000 | 45000000 | 1318074623 | 90 | 10 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 2018 | GrowthVenture Manager 1 | GE 01 | 1322000000 | Voting | 70000000 | 70000000 | 1547348223 | 100 | 0 | 3 | 0 | 3 | 0 | |||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 2018 | Buy-out Manager 15 | BO 15 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 2018 | GrowthVenture Manager 5 | GE 05 | 750000000 | 45000000 | 45000000 | 439426166 | 90 | 10 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 2018 | Buy-out Manager 16 | BO 16 | 1115000000 | 300000000 | 300000000 | 1872700007 | 60 | 40 | 8 | 5 | 2 | 1 | ||||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 2019 | GrowthVenture Manager 8 | GE 08 | 700000000 | Voting | 50000000 | 40000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 2017 | Buy-out Manager 3 | BO 03 | 5000000000 | 55000000 | 55000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 2019 | Buy-out Manager 17 | BO 17 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 6 | SS 06 | 3000000000 | 50000000 | 25000000 | - 0 | 60 | 40 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 5 | SS 05 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 2014 | GrowthVenture Manager 3 | GE 03 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | GE 09 | 2000000000 | Voting | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | GE 10 | 200000000 | 100000000 | 100000000 | - 0 | 90 | 10 | 4 | 0 | 0 | 0 | ||||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | BO 18 | 1000000000 | Voting | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | BO 19 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | Buy-out Manager 8 | BO 20 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | BO 21 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | |||||||||||||||||||||||
BlackstoneBAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | SS 07 | 4000000000 | Voting | 65000000 | 65000000 | - 0 | 80 | 20 | 2 | 1 | 0 | 0 | |||||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
2800000000 | |||||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||
TMRS (AUM) | $ 27589122062 | ltltltlt | As of 12312018 | |||||
PE Target () | 500 | |||||||
PE Target ($) | $ 1379456103 | |||||||
PE Commitments ($) | $ 2280100000 | |||||||
PE NAV ($) | $ 556735918 | ltltltlt | As of 12312018 | |||||
PE NAV () | 202 | |||||||
Un-Allocated () | -6529 | |||||||
Instructions by Sheet Name | ||||
Notes | Light blue-filled cells are hard-coded (not formula-driven) | |||
The green-colored tabs are the only ones to be updated right now | ||||
The red-colored tab does not need to be updated (still under construction) | ||||
Portfolio | ||||
1) | Input new Fund commitment into the next open row | |||
2) | Confirm and input the details for the row of the new Fund in columns A through G | |||
3) | Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I | |||
4) | Copy paste the formulas used in columns J and K for the row of the new Fund | |||
Manager | ||||
1) | If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated | |||
2) | Input the name of the Manager for the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Manager | |||
4) | Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option | |||
Fund | ||||
1) | Insert a row above the one beginning with UA (Un-Allocated) | |||
2) | Input the Short Name of the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Fund | |||
4) | Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option |
11
Synthesize AnalysisDiversification Analysis
TMRS is focused on taking a measured approach to global geographic diversification
The Target Portfolio keeps a conservative stance on international exposure
780
220
Private Equity Geographic Diversification by Commitment
USA
International
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Geographic Diversification by Commitment
USA International077994934432700325022005065567299681
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)05264462084996272026577781676242268020777597473795009
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 63000000001100000009700000071250000625000006000000058000000550000005000000050000000500000005000000046600000450000004000000035000000200000001800000001750000001250000004000000046000000400000001500000009375000065000000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082172551941443706017827448058556272
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)038541613585377232038483552161767282022974834252855444
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5SS 61872700007589881376499999993345429619999999914717073350000001153281686400000011231728610049857980700013180746231161163584195391884899999981172567574821258402199999993083448418462091414200000020312489711623833320600000001492066940099999983709146264999999924236270120000001173747277100000010
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285285GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333438333333333333334383333333333333343Special Situations Beg YearQ1Q2Q3End Year00656565UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663916666666666666299166666666666662991666666666666629
of Pacing Plan Utilized
2018 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year055176623662366GrowthVentureBeg YearQ1Q2Q3End Year0555595170Special Situations Beg YearQ1Q2Q3End Year075757575UnallocatedBeg YearQ1Q2Q3End Year500315193399999999999989339999999999997718399999999999977
of Pacing Plan Utilized
Section IV
12
13
Top Candidate Characteristics ndash Northlane II $60 million Recommendation
Northlane Capital Partners
Date of First TMRS Meeting5102018
Dates of Subsequent Meetings892018312019
5162019
Dates of Diligence AdvancementlsquoBrsquo Rating ndash 312019
lsquoArsquo Rating ndash 5162019
Reference ChecksYes
Date of Consultant IDD ReportSeptember 2018
Date of Consultant Board MemoJune 2019
Legal Negotiation InitiatedMay 2019
Comparable Strategies Reviewed18 (Business Services Buy-Out)
16 (Healthcare Buy-Out)
Northlane Capital Partners LLC (ldquoNorthlanerdquo)is a Washington DC-based buyout firmfounded in 2017 that focuses on acquiringlower-middle market companies in thebusiness services and healthcare sectorsThese target companies will be profitablemarket leaders within their niches typicallygenerating up to $30 million of EBITDA whileproviding critical outsourced services to theircustomers Northlane Capital Partners II LP(Northlane II) is targeting $375 million tobuild a portfolio of 10 to 12 businessesrequiring equity investments of up to $75million continuing to employ the prior fundrsquosstrategy that was developed during thefoundersrsquo tenure at American Capital
Section V
14
15
Approval of Recommendation
TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the selection of the following fund
Recommendations
bull Northlane Capital Partners II LP $60 million
16
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1390 | 2298 | |||||||
2016 | 394750000 | 1731 | 2862 | |||||||
2017 | 436750000 | 1915 | 3166 | |||||||
2018 | 481600000 | 2112 | 3491 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 7149 | 11817 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 780 | 822 | 1289 | |||||
International | 220 | 178 | 364 | |||||
Un-Allocated | -653 | |||||||
Total | 1000 | 1000 | 1000 | |||||
Strategy | Commitments | NAV | of Commitments to Date | of NAV to Date | of Target PE Allocation | ||||||||
BO | Buy-out (40 to 75) | 1200350000 | 214575006 | 526 | 385 | 870 | |||||||
GE | GrowthVenture (10 to 40) | 606000000 | 214251758 | 266 | 385 | 439 | |||||||
SS | Special Situations (5 to 35) | 473750000 | 127909154 | 208 | 230 | 343 | |||||||
Un-Allocated | -653 | ||||||||||||
Total | 2280100000 | 556735918 | 1000 | 1000 | 1000 | ||||||||
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 0 | 55 | 1216 | 60 | 0 | ||||||
GrowthVenture | 0 | 55 | 0 | 40 | 75 | ||||||
Special Situations | 0 | 75 | 0 | 0 | 0 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 0 | 55 | 1766 | 2366 | 2366 | ||||||
GrowthVenture | 0 | 55 | 55 | 95 | 170 | ||||||
Special Situations | 0 | 75 | 75 | 75 | 75 | ||||||
Unallocated | 500 | 315 | 1934 | 934 | 184 | ||||||
Target | 500 | 500 | 500 | 500 | 500 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 600 | 00 | 00 | ||||||
GrowthVenture | 00 | 833 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 650 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 2850 | ||||||
GrowthVenture | 0 | 833 | 833 | 833 | 833 | ||||||
Special Situations | 0 | 00 | 650 | 650 | 650 | ||||||
Unallocated | 450 | 2167 | 917 | 917 | 917 | ||||||
Target | 525 | 525 | 525 | 525 | 525 |
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | 58000000 | 254 | 420 | |||||
BO 02 | 57000000 | 250 | 413 | |||||
BO 03 | 55000000 | 241 | 399 | |||||
BO 04 | 50000000 | 219 | 362 | |||||
BO 05 | 50000000 | 219 | 362 | |||||
BO 06 | 50000000 | 219 | 362 | |||||
BO 07 | 50000000 | 219 | 362 | |||||
BO 08 | 47000000 | 206 | 341 | |||||
BO 09 | 45000000 | 197 | 326 | |||||
BO 10 | 40000000 | 175 | 290 | |||||
BO 11 | 35000000 | 154 | 254 | |||||
BO 12 | 20000000 | 088 | 145 | |||||
BO 13 | 14250000 | 062 | 103 | |||||
BO 14 | 12500000 | 055 | 091 | |||||
BO 15 | 46600000 | 204 | 338 | |||||
BO 16 | 300000000 | 1316 | 2175 | |||||
BO 17 | 60000000 | 263 | 435 | |||||
BO 18 | 50000000 | 219 | 362 | |||||
BO 19 | 50000000 | 219 | 362 | |||||
BO 20 | 50000000 | 219 | 362 | |||||
GE 01 | 70000000 | 307 | 507 | |||||
GE 02 | 60000000 | 263 | 435 | |||||
GE 03 | 125000000 | 548 | 906 | |||||
GE 04 | 46000000 | 202 | 333 | |||||
GE 05 | 45000000 | 197 | 326 | |||||
GE 06 | 40000000 | 175 | 290 | |||||
GE 07 | 30000000 | 132 | 217 | |||||
GE 08 | 40000000 | 175 | 290 | |||||
GE 09 | 50000000 | 219 | 362 | |||||
GE 10 | 100000000 | 439 | 725 | |||||
SS 01 | 75000000 | 329 | 544 | |||||
SS 02 | 75000000 | 329 | 544 | |||||
SS 03 | 65000000 | 285 | 471 | |||||
SS 04 | 60000000 | 263 | 435 | |||||
SS 05 | 50000000 | 219 | 362 | |||||
SS 06 | 25000000 | 110 | 181 | |||||
SS 07 | 105000000 | 461 | 761 | |||||
SS 08 | 18750000 | 082 | 136 | |||||
UA | -6529 | |||||||
Total | 2220100000 | 9737 | 9565 | |||||
CHECK | CHECK | CHECK |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | $18727000 | BO 1 | BO | 132 | 217 | |||||||||||
Tritium | Buy-out | $110000000 | $58988138 | BO 2 | BO | 48 | 80 | ||||||||||||
Searchlight | Buy-out | $97000000 | $33454296 | BO 3 | BO | 43 | 70 | ||||||||||||
Marlin | Buy-out | $71250000 | $14717073 | BO 4 | BO | 31 | 52 | ||||||||||||
Altaris | Buy-out | $62500000 | $15328169 | BO 5 | BO | 27 | 45 | ||||||||||||
Northlane | Buy-out | $60000000 | BO 6 | BO | 26 | 43 | |||||||||||||
Capital Partners | Buy-out | $58000000 | $12317286 | BO 7 | BO | 25 | 42 | ||||||||||||
Providence | Buy-out | $55000000 | $0 | BO 8 | BO | 24 | 40 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $0 | BO 9 | BO | 22 | 36 | ||||||||||||
GTCR | Buy-out | $50000000 | $4985798 | BO 10 | BO | 22 | 36 | ||||||||||||
Reverence | Buy-out | $50000000 | $0 | BO 11 | BO | 22 | 36 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 22 | 36 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 34 | ||||||||||||
One Rock | Buy-out | $45000000 | $13180746 | BO 14 | BO | 20 | 33 | ||||||||||||
Incline | Buy-out | $40000000 | $11611636 | BO 15 | BO | 18 | 29 | ||||||||||||
Kainos | Buy-out | $35000000 | $19539188 | BO 16 | BO | 15 | 25 | ||||||||||||
Harvest | Buy-out | $20000000 | $11725676 | BO 17 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $82125840 | GE 1 | GE | 79 | 130 | ||||||||||||
Foundry | Venture Growth | $175000000 | $30834484 | GE 2 | GE | 77 | 127 | ||||||||||||
Updata | Venture Growth | $125000000 | $46209141 | GE 3 | GE | 55 | 91 | ||||||||||||
Main Post | Venture Growth | $40000000 | $0 | GE 4 | GE | 18 | 29 | ||||||||||||
FTV | Venture Growth | $46000000 | $31248971 | GE 5 | GE | 20 | 33 | ||||||||||||
Mercato | Venture Growth | $40000000 | $23833321 | GE 6 | GE | 18 | 29 | ||||||||||||
TSSP | Special Situations | $150000000 | $49206694 | SS 1 | SS | 66 | 109 | ||||||||||||
BlackstoneGSO | Special Situations | $93750000 | $37091463 | SS 2 | SS | 41 | 68 | ||||||||||||
BlackstoneBAAM | Special Situations | $65000000 | SS 3 | SS | 29 | 47 | |||||||||||||
Carlyle | Special Situations | $65000000 | $24236270 | SS 4 | SS | 29 | 47 | ||||||||||||
HIG | Special Situations | $60000000 | $17374728 | SS 5 | SS | 26 | 43 | ||||||||||||
LightBay | Special Situations | $40000000 | $0 | SS 6 | SS | 18 | 29 | ||||||||||||
Total | $2280100000 | $556735918 | 10000 | 16529 | |||||||||||||||
CHECK | |||||||||||||||||||
Altaris | |||||||||||||||||||
Arcline | |||||||||||||||||||
BlackstoneGSO | |||||||||||||||||||
Capital Partners | |||||||||||||||||||
CapVest | |||||||||||||||||||
Carlyle | |||||||||||||||||||
Dunes Point | |||||||||||||||||||
Foundry | |||||||||||||||||||
FTV | |||||||||||||||||||
GTCR | |||||||||||||||||||
HIG | |||||||||||||||||||
Harvest | |||||||||||||||||||
Incline | |||||||||||||||||||
Kainos | |||||||||||||||||||
LightBay | |||||||||||||||||||
Main Post | |||||||||||||||||||
Marlin | |||||||||||||||||||
Mercato | |||||||||||||||||||
One Rock | |||||||||||||||||||
Providence | |||||||||||||||||||
Reverence | |||||||||||||||||||
Searchlight | |||||||||||||||||||
Tritium | |||||||||||||||||||
TSSP | |||||||||||||||||||
Updata |
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Vintage Year | Report Name | Short Name | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | State Street NAV ($) | US Fund Div ( of Fund) | Intl Fund Div ( of Fund) | US Fund Div ( of Total Commits) | Intl Fund Div ( of Total Commits) | US Fund Div ( of Total NAV | Intl Fund Div ( of Total NAV | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 2015 | Special Situations Manager 3 | SS 03 | 2819243965 | Voting | 65000000 | 65000000 | 2423627012 | 75 | 25 | 2 | 1 | 3 | 1 | |||||||||||||||||||||
HIG | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2015 | Special Situations Manager 4 | SS 04 | 1100000000 | 60000000 | 60000000 | 1737472771 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 2016 | Buy-out Manager 12 | BO 12 | 2200000000 | 50000000 | 20000000 | 1172567574 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 2015 | Buy-out Manager 8 | BO 08 | 1939000000 | 50000000 | 47000000 | 3345429620 | 60 | 40 | 1 | 1 | 4 | 2 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 2014 | Buy-out Manager 4 | BO 04 | 309000000 | Voting | 50000000 | 50000000 | 5898813765 | 85 | 15 | 2 | 0 | 9 | 2 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 2014 | Special Situations Manager 1 | SS 01 | 3500000000 | 75000000 | 75000000 | 4920669401 | 60 | 40 | 2 | 1 | 5 | 4 | ||||||||||||||||||||||
BlackstoneGSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 2 | SS 02 | 6000000000 | 75000000 | 75000000 | 32285251 | 80 | 20 | 3 | 1 | 5 | 1 | ||||||||||||||||||||||
BlackstoneGSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 2016 | Special Situations Manager 8 | SS 08 | 2000000000 | 18750000 | 18750000 | 4806212 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 2016 | GrowthVenture Manager 7 | GE 07 | 500000000 | 35000000 | 30000000 | 2644022252 | 100 | 0 | 1 | 0 | 5 | 0 | ||||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 2017 | GrowthVenture Manager 4 | GE 04 | 867000000 | Voting | 50000000 | 46000000 | 3124897116 | 75 | 25 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 2017 | Buy-out Manager 10 | BO 10 | 601000000 | 50000000 | 40000000 | 1161163584 | 80 | 20 | 1 | 0 | 2 | 0 | ||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 2016 | Buy-out Manager 11 | BO 11 | 895000000 | Observer | 50000000 | 35000000 | 1953918849 | 75 | 25 | 1 | 0 | 3 | 1 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 2015 | GrowthVenture Manager 6 | GE 06 | 246000000 | Voting | 40000000 | 40000000 | 2383332060 | 100 | 0 | 2 | 0 | 4 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 2016 | GrowthVenture Manager 2 | GE 02 | 640000000 | Voting | 60000000 | 60000000 | 6665235799 | 100 | 0 | 3 | 0 | 12 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 2014 | GrowthVenture Manager 3 | GE 03 | 280000000 | Voting | 50000000 | 50000000 | 4620914142 | 90 | 10 | 2 | 0 | 7 | 1 | |||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 14 | BO 14 | 240000000 | 12500000 | 12500000 | 4140390 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 2018 | Buy-out Manager 5 | BO 05 | 1000000000 | 50000000 | 50000000 | 11187778 | 75 | 25 | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 2018 | Buy-out Manager 1 | BO 01 | 500000000 | Voting | 70000000 | 58000000 | 12317286 | 100 | 0 | 3 | 0 | 2 | 0 | |||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 2018 | Buy-out Manager 7 | BO 07 | 535000000 | Voting | 50000000 | 50000000 | - 0 | 80 | 20 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 2018 | Buy-out Manager 6 | BO 06 | 5250000000 | 75000000 | 50000000 | 498579807 | 75 | 25 | 2 | 1 | 1 | 0 | ||||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 2018 | Special Situations Manager 7 | SS 07 | 615000000 | Voting | 50000000 | 40000000 | - 0 | 80 | 20 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 2018 | Buy-out Manager 2 | BO 02 | 2500000000 | 60000000 | 57000000 | 946658473 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 2017 | Buy-out Manager 13 | BO 13 | 750000000 | 15000000 | 14250000 | 525048862 | 75 | 25 | 0 | 0 | 1 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 2017 | Buy-out Manager 9 | BO 09 | 964000000 | 50000000 | 45000000 | 1318074623 | 90 | 10 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 2018 | GrowthVenture Manager 1 | GE 01 | 1322000000 | Voting | 70000000 | 70000000 | 1547348223 | 100 | 0 | 3 | 0 | 3 | 0 | |||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 2018 | Buy-out Manager 15 | BO 15 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 2018 | GrowthVenture Manager 5 | GE 05 | 750000000 | 45000000 | 45000000 | 439426166 | 90 | 10 | 2 | 0 | 1 | 0 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 2018 | Buy-out Manager 16 | BO 16 | 1115000000 | 300000000 | 300000000 | 1872700007 | 60 | 40 | 8 | 5 | 2 | 1 | ||||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 2019 | GrowthVenture Manager 8 | GE 08 | 700000000 | Voting | 50000000 | 40000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 2017 | Buy-out Manager 3 | BO 03 | 5000000000 | 55000000 | 55000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 2019 | Buy-out Manager 17 | BO 17 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 6 | SS 06 | 3000000000 | 50000000 | 25000000 | - 0 | 60 | 40 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 2018 | Special Situations Manager 5 | SS 05 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 2014 | GrowthVenture Manager 3 | GE 03 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | GE 09 | 2000000000 | Voting | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | GE 10 | 200000000 | 100000000 | 100000000 | - 0 | 90 | 10 | 4 | 0 | 0 | 0 | ||||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | BO 18 | 1000000000 | Voting | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | |||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | BO 19 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | Buy-out Manager 8 | BO 20 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | BO 21 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | |||||||||||||||||||||||
BlackstoneBAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | SS 07 | 4000000000 | Voting | 65000000 | 65000000 | - 0 | 80 | 20 | 2 | 1 | 0 | 0 | |||||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||||
2800000000 | |||||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||
TMRS (AUM) | $ 27589122062 | ltltltlt | As of 12312018 | |||||
PE Target () | 500 | |||||||
PE Target ($) | $ 1379456103 | |||||||
PE Commitments ($) | $ 2280100000 | |||||||
PE NAV ($) | $ 556735918 | ltltltlt | As of 12312018 | |||||
PE NAV () | 202 | |||||||
Un-Allocated () | -6529 | |||||||
Instructions by Sheet Name | ||||
Notes | Light blue-filled cells are hard-coded (not formula-driven) | |||
The green-colored tabs are the only ones to be updated right now | ||||
The red-colored tab does not need to be updated (still under construction) | ||||
Portfolio | ||||
1) | Input new Fund commitment into the next open row | |||
2) | Confirm and input the details for the row of the new Fund in columns A through G | |||
3) | Input the estimated USA and international diversification targets for the row of the new Fund in columns H and I | |||
4) | Copy paste the formulas used in columns J and K for the row of the new Fund | |||
Manager | ||||
1) | If the new Fund commitment is made to a Manager not yet shown in the Portfolio sheet insert a row above the one beginning with Un-Allocated | |||
2) | Input the name of the Manager for the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Manager | |||
4) | Click the Filter box at the top of Column B (labeled Commitment) and select the Sort Largest to Smallest option | |||
Fund | ||||
1) | Insert a row above the one beginning with UA (Un-Allocated) | |||
2) | Input the Short Name of the new Fund in column B | |||
3) | Copy paste the formulas used in columns C through E into the row of the new Fund | |||
4) | Click the Filter box at the top of Column B (labeled Short Name) and select the Sort A to Z option |
Section IV
12
13
Top Candidate Characteristics ndash Northlane II $60 million Recommendation
Northlane Capital Partners
Date of First TMRS Meeting5102018
Dates of Subsequent Meetings892018312019
5162019
Dates of Diligence AdvancementlsquoBrsquo Rating ndash 312019
lsquoArsquo Rating ndash 5162019
Reference ChecksYes
Date of Consultant IDD ReportSeptember 2018
Date of Consultant Board MemoJune 2019
Legal Negotiation InitiatedMay 2019
Comparable Strategies Reviewed18 (Business Services Buy-Out)
16 (Healthcare Buy-Out)
Northlane Capital Partners LLC (ldquoNorthlanerdquo)is a Washington DC-based buyout firmfounded in 2017 that focuses on acquiringlower-middle market companies in thebusiness services and healthcare sectorsThese target companies will be profitablemarket leaders within their niches typicallygenerating up to $30 million of EBITDA whileproviding critical outsourced services to theircustomers Northlane Capital Partners II LP(Northlane II) is targeting $375 million tobuild a portfolio of 10 to 12 businessesrequiring equity investments of up to $75million continuing to employ the prior fundrsquosstrategy that was developed during thefoundersrsquo tenure at American Capital
Section V
14
15
Approval of Recommendation
TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the selection of the following fund
Recommendations
bull Northlane Capital Partners II LP $60 million
16
13
Top Candidate Characteristics ndash Northlane II $60 million Recommendation
Northlane Capital Partners
Date of First TMRS Meeting5102018
Dates of Subsequent Meetings892018312019
5162019
Dates of Diligence AdvancementlsquoBrsquo Rating ndash 312019
lsquoArsquo Rating ndash 5162019
Reference ChecksYes
Date of Consultant IDD ReportSeptember 2018
Date of Consultant Board MemoJune 2019
Legal Negotiation InitiatedMay 2019
Comparable Strategies Reviewed18 (Business Services Buy-Out)
16 (Healthcare Buy-Out)
Northlane Capital Partners LLC (ldquoNorthlanerdquo)is a Washington DC-based buyout firmfounded in 2017 that focuses on acquiringlower-middle market companies in thebusiness services and healthcare sectorsThese target companies will be profitablemarket leaders within their niches typicallygenerating up to $30 million of EBITDA whileproviding critical outsourced services to theircustomers Northlane Capital Partners II LP(Northlane II) is targeting $375 million tobuild a portfolio of 10 to 12 businessesrequiring equity investments of up to $75million continuing to employ the prior fundrsquosstrategy that was developed during thefoundersrsquo tenure at American Capital
Section V
14
15
Approval of Recommendation
TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the selection of the following fund
Recommendations
bull Northlane Capital Partners II LP $60 million
16
Section V
14
15
Approval of Recommendation
TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the selection of the following fund
Recommendations
bull Northlane Capital Partners II LP $60 million
16
15
Approval of Recommendation
TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the selection of the following fund
Recommendations
bull Northlane Capital Partners II LP $60 million
16
16