San Mateo County Employees' Retirement Association

Private Equity Portfolio Performance

As of 3/31/2020

Vintage  Contributed 
1 2 3
Investment Name Year Percentage Commitment Uncalled Capital Contributions Distributions Reported Value Net IRR TVPI DPI
Buyout Funds
ABRY Partners VII, L.P. 2011 95% 10,000,000 509,388 11,004,042 14,629,092 2,618,533 12.79% 1.57x 1.33x
Sycamore Partners, L.P. (Combined) 2011 58% 25,000,000 10,408,684 32,755,134 37,203,872 20,779,615 27.52% 1.77x 1.14x
Warburg Pincus Private Equity XI, L.P. ‐ BO 2012 100% 32,000,000 0 32,308,173 32,790,712 16,856,986 11.36% 1.54x 1.01x
Cevian Capital II LP USD 2013 100% 25,000,000 0 25,000,000 20,000,000 12,635,333 4.33% 1.31x 0.80x
Great Hill Equity Partners V, L.P. 2014 99% 25,000,000 262,500 24,737,500 25,000,000 23,455,382 20.79% 1.96x 1.01x
Sycamore Partners II, L.P. 2014 83% 25,000,000 4,203,160 21,705,754 8,982,584 13,936,159 2.34% 1.06x 0.41x
ABRY Partners VIII, L.P. 2015 92% 15,000,000 1,197,647 16,026,354 7,794,710 11,509,317 6.55% 1.20x 0.49x
JLL Partners Fund VII, L.P. 2015 86% 15,000,000 2,149,875 13,199,570 451,869 15,533,560 8.59% 1.21x 0.03x
Angeles Equity Partners I, L.P. 2016 46% 10,000,000 5,436,145 5,026,261 415,021 3,942,358 ‐10.32% 0.87x 0.08x
Great Hill Equity Partners VI, L.P. ‐ BO 2017 73% 15,000,000 4,102,500 11,044,250 4,403,079 11,099,453 44.47% 1.40x 0.40x
Bernhard Capital Partners Fund II, LP 2018 14% 15,000,000 12,925,743 2,075,296 0 336,424 ‐90.91% 0.16x 0.00x
Sycamore Partners III, L.P. 2018 15% 20,000,000 17,072,720 2,927,280 0 1,406,539 ‐45.05% 0.48x 0.00x
Altas Partners Holdings II, L.P. 2019 23% 10,000,000 7,724,233 2,281,520 3,354 1,909,001 ‐27.05% 0.84x 0.00x
CapVest Equity Partners IV, L.P.* 2020 0% 22,001,040 22,001,040 0 0 N/A N/A N/A N/A
Great Hill Equity Partners VII, L.P. ‐ BO* 2020 0% 15,000,000 15,000,000 0 0 N/A N/A N/A N/A
Venture Capital Funds
Emergence Capital Partners III, L.P. 2012 93% 8,000,000 560,000 7,440,000 28,264,827 67,154,261 58.76% 12.83x 3.80x
General Catalyst Group VI, L.P. 2012 99% 10,000,000 150,000 9,850,000 8,966,212 23,650,873 25.05% 3.31x 0.91x
New Enterprise Associates 14, L.P. 2012 96% 10,000,000 450,000 9,550,000 9,054,847 11,236,355 16.06% 2.12x 0.95x
Warburg Pincus Private Equity XI, L.P. ‐ VC 2012 100% 8,000,000 0 8,077,043 8,197,678 4,214,246 11.36% 1.54x 1.01x
Third Rock Ventures III, L.P. 2013 100% 10,000,000 0 10,000,000 6,036,802 11,887,415 19.66% 1.79x 0.60x
Emergence Capital Partners IV, L.P. 2015 78% 8,000,000 1,800,000 6,200,000 0 8,784,924 14.95% 1.42x 0.00x
Great Hill Equity Partners VI, L.P. ‐ VC 2017 73% 5,000,000 1,367,500 3,681,417 1,467,693 3,699,818 44.47% 1.40x 0.40x
Great Hill Equity Partners VII, L.P. ‐ VC* 2020 0% 5,000,000 5,000,000 0 0 N/A N/A N/A N/A
Debt‐Related/Special Situations Funds
ABRY Advanced Securities Fund II, L.P. 2011 56% 20,000,000 8,798,281 14,740,171 22,754,894 1,276,114 13.13% 1.63x 1.54x
Regiment Capital Special Situations Fund V, LP 2011 68% 20,000,000 6,423,624 19,160,395 20,757,615 257,474 6.83% 1.10x 1.08x
ABRY Advanced Securities Fund III, L.P. 2014 100% 22,500,000 0 25,865,259 3,365,259 14,543,019 ‐26.58% 0.69x 0.13x
Catalyst Fund Limited Partners V 2015 68% 15,000,000 4,785,005 10,875,000 1,391,002 7,027,437 ‐24.19% 0.77x 0.13x
ABRY Senior Equity V, L.P. 2016 48% 7,000,000 3,642,625 3,709,949 697,832 3,349,596 8.75% 1.09x 0.19x
OHA Strategic Credit Fund II, L.P. 2017 40% 10,000,000 6,000,000 4,000,000 0 3,293,192 ‐21.59% 0.82x 0.00x
ABRY Advanced Securities Fund IV, L.P. 2019 43% 20,000,000 11,363,414 8,638,216 0 5,742,366 ‐90.20% 0.66x 0.00x
Total Private Equity All 457,501,040 153,334,084 341,878,584 262,628,954 302,135,750 16.53% 1.65x 0.77x

*New commitemnt ‐ no cash flow yet
1
Contributions as a percentage of Commitment
2
Total value over paid‐in (TVPI). The gross TVPIs are calculated as follows: [unrealized value + realized proceeds]/[capital drawn down].
3
Distributions over paid‐in (DPI). The gross DPIs are calculated as follows: [realized proceeds]/[capital drawn down].
Analysis provided by Solovis.  All amounts in U.S. dollars.