Beruflich Dokumente
Kultur Dokumente
Performance Summary
As of 12/31/2010
Texas County & District Retirement System
Partnership
Strategy
(A)
Commitment
Amount
Unfunded
Amount
(B)
Cumulative
Contributions
(B) / (A)
% Drawn
(C)
Cumulative
Distributions
(D)
Fair
Value
(C+D)
Total
Value
(C+D-B)
Gain/Loss
Net IRR
Bench mark
Total Value to
Paid in
Capital
(in thousands)
Vintage Year 2006
Blackstone Capital Partners V
Centerbridge Capital Partners, L.P.
Madison Dearborn Capital Partners V, L
L.P.
TA X, L.P.
EnCap Energy Capital VI, L.P.
First Reserve Fund XI, L.P.
TA Subordinated Debt Fund II L.P.
Coller International Partners V, L.P.
M/C Venture Partners VI, L.P.
Oak Investment Partners XII, L.P.
Thomas, McNerney & Partners II, L.P.
Buyout
Buyout
Buyout
28,000
25,000
20,000
4,227
1,810
2,616
23,773
23,190
17,384
84.90 %
92.76 %
86.92 %
1,300
5,565
1,442
22,574
28,296
14,274
23,874
33,861
15,716
101
10,671
-1,668
-1.05%
18.82%
-3.07%
1.42 %
1.42 %
1.42 %
0.97x
1.46x
0.90x
Buyout
Energy
Energy
Mezzanine
Secondary
Venture Capital
Venture Capital
Venture Capital
15,000
10,000
20,000
5,000
25,000
15,000
15,000
10,000
525
1,638
4,331
925
8,906
3,043
2,552
4,375
14,475
8,362
15,669
4,075
16,094
11,957
12,448
5,625
96.50 %
83.62 %
78.35 %
81.50 %
64.38 %
79.71 %
82.99 %
56.25 %
3,225
3,667
1,198
1,600
3,440
0
1,562
555
11,377
10,173
15,467
3,057
14,971
14,356
11,654
4,421
14,602
13,840
16,665
4,657
18,411
14,356
13,216
4,976
127
5,478
995
582
2,317
2,399
768
-649
0.34%
24.65%
2.29%
6.42%
7.25%
6.93%
2.49%
-5.48%
1.42 %
2.51 %
2.51 %
1.42 %
-1.93 %
-1.88 %
-1.88 %
-1.88 %
1.01x
1.66x
1.06x
1.14x
1.14x
1.20x
1.06x
0.88x
188,000
34,948
153,052
81.41 %
23,553
150,620
174,174
21,122
4.97%
0.55%
1.13x
50,000
21,750
30,000
50,000
30,000
35,000
26,777
40,000
50,000
30,000
10,000
26,250
10,000
26,735
2,956
14,885
32,182
12,902
10,002
16,318
20,012
32,677
12,419
6,133
1,916
1,555
23,265
18,794
15,115
17,818
17,098
24,998
10,459
19,988
17,323
17,581
3,867
24,334
8,445
46.53 %
86.41 %
50.38 %
35.64 %
56.99 %
71.42 %
39.06 %
49.97 %
34.65 %
58.60 %
38.67 %
92.70 %
84.45 %
43
2,830
530
973
269
48
0
2,325
2,431
4,330
967
0
1,023
27,377
19,163
14,056
15,921
15,925
26,149
11,946
18,214
14,987
18,228
2,904
26,216
9,127
27,420
21,992
14,586
16,894
16,193
26,196
11,946
20,539
17,417
22,558
3,871
26,216
10,149
4,156
3,199
-529
-925
-905
1,198
1,487
551
95
4,977
4
1,882
1,704
7.95%
6.95%
-3.78%
-6.24%
-2.49%
2.02%
5.90%
2.39%
0.23%
17.98%
0.05%
4.93%
8.52%
7.27 %
7.27 %
7.27 %
7.27 %
7.27 %
7.27 %
7.27 %
-4.80 %
7.27 %
6.62 %
6.62 %
-1.66 %
-1.66 %
1.18x
1.17x
0.96x
0.95x
0.95x
1.05x
1.14x
1.03x
1.01x
1.28x
1.00x
1.08x
1.20x
409,777
190,693
219,084
53.46 %
15,767
220,210
235,978
16,893
4.15%
3.41%
1.08x
46,382
8,770
30,000
38,670
30,000
24,569
2,710
16,136
23,904
22,058
22,941
6,505
13,864
18,297
7,942
49.46 %
74.17 %
46.21 %
47.32 %
26.47 %
382
171
56
243
0
24,432
4,293
17,287
12,728
7,414
24,813
4,464
17,342
12,971
7,414
1,873
-2,042
3,478
-5,326
-529
7.71%
-16.28%
23.00%
-12.50%
-4.38%
-3.82 %
-3.82 %
-3.82 %
-3.82 %
5.81 %
1.08x
0.69x
1.25x
0.71x
0.93x
46,382
50,000
50,000
50,000
30,000
40,000
30,000
30,000
25,000
40,000
25,221
33,418
32,628
25,425
28,000
15,265
15,597
19,150
16,500
27,864
22,468
16,582
17,372
24,575
2,000
24,735
14,403
10,850
8,500
12,136
48.44 %
33.16 %
34.74 %
49.15 %
6.67 %
61.84 %
48.01 %
36.17 %
34.00 %
30.34 %
-191
1
339
2,126
16
1,969
164
0
1,114
0
20,508
14,352
16,067
18,367
823
29,042
16,096
10,413
6,390
12,291
20,317
14,354
16,407
20,493
839
31,011
16,260
10,413
7,504
12,291
-2,152
-2,228
-965
-4,082
-1,161
6,276
1,857
-437
-996
155
-7.36%
-23.70%
-5.63%
-11.44%
-32.63%
18.16%
6.68%
-3.41%
-11.34%
1.19%
-3.82 %
5.81 %
5.81 %
5.81 %
5.81 %
5.81 %
5.81 %
-6.52 %
-6.52 %
-6.52 %
0.90x
0.87x
0.94x
0.83x
0.42x
1.25x
1.13x
0.96x
0.88x
1.01x
CLIFFWATER LLC
Section C - 1
Performance Summary
As of 12/31/2010
Texas County & District Retirement System
(A)
Commitment
Amount
Unfunded
Amount
(B)
Cumulative
Contributions
545,205
328,445
223,171
40.93 %
25,000
46,382
30,000
30,000
30,000
25,000
13,300
20,805
37,962
27,479
21,225
28,200
19,300
11,438
4,195
8,632
2,521
8,775
1,800
5,700
1,862
15,000
40,000
7,050
29,600
254,682
Buyout
Buyout
Buyout
Buyout
Buyout
Energy
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Venture Capital
Total Value to
Paid in
Capital
(D)
Fair
Value
(C+D)
Total
Value
6,389
210,502
216,892
-6,279
-2.09%
1.16%
0.97x
16.78 %
18.61 %
8.40 %
29.25 %
6.00 %
22.80 %
14.00 %
970
0
0
36
0
-27
0
3,625
8,527
1,277
9,786
822
12,428
1,952
4,595
8,527
1,277
9,822
822
12,400
1,952
400
-105
-1,244
1,047
-978
6,700
90
N/M
-1.21%
-65.41%
10.96%
-65.47%
N/M
6.74%
N/M
-2.99 %
-9.19 %
-9.19 %
12.08 %
N/M
-9.19 %
1.10x
0.99x
0.51x
1.12x
0.46x
2.18x
1.05x
7,950
10,400
53.00 %
26.00 %
6
962
8,990
9,783
8,997
10,745
1,047
345
N/M
3.78%
N/M
-5.23 %
1.13x
1.03x
203,059
51,836
20.35 %
1,948
57,189
59,137
7,301
16.42%
2.83%
1.14x
25,000
40,000
20,000
22,157
24,250
40,000
18,298
17,394
750
0
1,702
4,544
3.00 %
0.00 %
8.51 %
20.51 %
0
0
11
0
41
0
1,570
4,669
41
0
1,581
4,669
-709
0
-121
125
N/M
N/M
N/M
4.83%
N/M
N/M
N/M
N/A
0.06x
N/A
0.93x
1.03x
25,000
40,000
25,000
25,000
25,000
30,000
20,000
25,000
22,375
39,160
22,063
20,625
22,500
25,874
17,960
23,938
2,625
840
2,938
4,375
2,500
4,126
2,040
1,063
10.50 %
2.10 %
11.75 %
17.50 %
10.00 %
13.75 %
10.20 %
4.25 %
0
0
1
0
0
0
0
0
2,639
902
2,488
3,771
2,347
3,952
1,892
977
2,639
902
2,489
3,771
2,347
3,952
1,892
977
14
62
-448
-604
-153
-175
-148
-86
N/M
N/M
N/M
N/M
N/M
N/M
N/M
-8.05%
N/M
N/M
N/M
N/M
N/M
N/M
N/M
N/A
1.01x
1.07x
0.85x
0.86x
0.94x
0.96x
0.93x
0.92x
322,157
294,435
27,502
8.54 %
11
25,248
25,259
-2,242
-19.94%
0.00%
0.92x
30,000
50,000
35,000
50,000
27,692
30,000
50,000
35,000
50,000
27,692
0
0
0
0
0
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
N/M
N/M
N/M
N/M
N/M
N/A
N/M
N/M
N/M
N/M
N/A
N/A
N/A
N/A
N/A
192,692
192,692
0.00 %
N/A
0.00%
N/A
1,912,513
1,244,272
674,645
35.28 %
47,669
663,770
711,439
36,794
3.08%
1.66%
1.05x
Buyout
786,527
502,823
283,704
36.07 %
20,002 277,204
297,206
13,502
2.26%
1.04x
Energy
315,000
195,468
119,532
37.95 %
14,409 125,251
139,660
20,129
9.53%
1.17x
Partnership
Strategy
(B) / (A)
% Drawn
(C)
Cumulative
Distributions
(C+D-B)
Gain/Loss
Net IRR
Bench mark
(in thousands)
Vintage Year 2008
Vintage Year 2008 Total
Vintage Year 2009
Charlesbank Equity Fund VII, L.P.
Buyout
Charterhouse Capital Partners IX
Buyout
Lincolnshire Equity Fund IV, L.P.
Buyout
Odyssey Investment Partners IV
Buyout
Kayne Anderson Energy Fund V, L.P. Energy
Energy
Resource Capital Fund V
Summit Partners Subordinated Debt FunMezzanine
Fund IV
Khosla Ventures III
Venture Capital
New Enterprise Associates 13
Venture Capital
Vintage Year 2009 Total
Vintage Year 2010
Advent Latin America PE Fund V Ltd.
Baring Asia Private Equity Fund V
CDH Fund IV, L.P.
Summit Partners Europe Private Equity
Fund
TA XI, L.P.
EnCap Energy Capital VIII, L.P.
Draper Fisher Jurveston X, LP
Highland Capital Partners VIII, L.P.
Institutional Venture Partners XIII
Oak Investment Partners XIII, L.P.
Orbimed Private Investments IV, LP
Spectrum Equity VI
Vintage Year 2010 Total
Vintage Year 2011
Blackstone Capital Partners VI, LP
Centerbridge Capital Partners II, L.P.
GTCR X, L.P.
Hellman & Friedman Cap Partners VII
JMI Equity Fund VII, L.P.
Vintage Year 2011 Total
Portfolio Total:
Buyout
Buyout
Buyout
Buyout
Venture Capital
CLIFFWATER LLC
Section C - 2
Performance Summary
As of 12/31/2010
Texas County & District Retirement System
(A)
Commitment
Amount
Unfunded
Amount
(B)
Cumulative
Contributions
18,300
12,363
5,937
32.44 %
1,600
5,009
6,609
Venture Capital
403,942
274,255
129,687
32.11 %
5,222 129,068
134,290
4,603
2.43%
1.04x
Non-US
388,744
259,362
135,786
34.93 %
6,436 127,239
133,675
-2,111
-1.09%
0.98x
1,912,513
1,244,272
674,645
35.28 %
47,669 663,770
711,439
36,794
3.08%
Partnership
Strategy
(B) / (A)
% Drawn
(C)
Cumulative
Distributions
(D)
Fair
Value
(C+D)
Total
Value
(C+D-B)
Gain/Loss
Net IRR
Bench mark
Total Value to
Paid in
Capital
(in thousands)
Mezzanine
Portfolio Total:
672
6.45%
1.11x
1.66%
1.05x
CLIFFWATER LLC
Section C - 3