PresentersChris Schelling Director of Private EquityPeter Teneriello AnalystStepStone Group
2
I Executive SummaryII Due Diligence Process ReviewIII Portfolio Construction IV Manager Selection amp Recommendations 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 RecommendationsRecommended ManagerFund
Strategy Classification Recommended Amount
Altaris Health Partners Fund V LP (ldquoAltaris Vrdquo)
Buy-out $75 million
One Rock Capital Partners III LP
(ldquoOne Rock IIIrdquo)Buy-out $75 million
Insight Partners XI LP (ldquoInsight XIrdquo) Growth Equity $100 million
Total Approximate Recommended InvestmentsCommitments $250 million
Manager RecommendationExecutive Summary
Section II
5
$891
$1296
$1745
$2294
$2884
$3548
$4316
$4640
$4941
$5217
$488 $900 $1000 $1100 $1200 $1300 $1400 $1500 $1600 $17000
2
4
6
8
10
12
14
16
$-
$1000
$2000
$3000
$4000
$5000
$6000
2019 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E
o
f Tot
al P
lan
Valu
e
Valu
e in
US$
(Mill
ions
)
2019 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
2019 Staff Pacing Model
Private Equity NAV20192020E2021E2022E2023E2024E2025E2026E2027E2028E89091312816790014129628034662552981745262739021210622939097066184381288407772581337393547569007023778843156137527612764463975319680120994940927282465337252167246471241979Annual Commitment20192020E2021E2022E2023E2024E2025E2026E2027E2028E488390010001100120013001400150016001700PE of Plan 20192020E2021E2022E2023E2024E2025E2026E2027E2028E28446585508212992E-23907760847523617E-249755807956705957E-261935739159315654E-273843081792895213E-286237176767258963E-29970546681946367E-2010196964699437272010338325650055948010400959157830028Target of Plan20192020E2021E2022E2023E2024E2025E2026E2027E2028E005010101010101010101
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
2019 Staff Pacing Model
Private Equity NAV20192020E2021E2022E2023E2024E2025E2026E2027E2028E89091312816790014129628034662552981745262739021210622939097066184381288407772581337393547569007023778843156137527612764463975319680120994940927282465337252167246471241979Annual Commitment20192020E2021E2022E2023E2024E2025E2026E2027E2028E488390010001100120013001400150016001700PE of Plan 20192020E2021E2022E2023E2024E2025E2026E2027E2028E28446585508212992E-23907760847523617E-249755807956705957E-261935739159315654E-273843081792895213E-286237176767258963E-29970546681946367E-2010196964699437272010338325650055948010400959157830028Target of Plan20192020E2021E2022E2023E2024E2025E2026E2027E2028E005010101010101010101
Value in US$ (Millions)
of Total Plan Value
2020 Staff Pacing Model
Private Equity NAV2020E2021E2022E2023E2024E2025E2026E2027E2028E2029E12962803466255298174526273902121062293909706618438128840777258133739354756900702377884315613752761276446397531968012099494092728246533725216724647124197954244807350722385Annual Commitment2020E2021E2022E2023E2024E2025E2026E2027E2028E2029E900100011001200130014001500160017001600PE of Plan 2020E2021E2022E2023E2024E2025E2026E2027E2028E2029E3907760847523617E-249755807956705957E-261935739159315654E-273843081792895213E-286237176767258963E-29970546681946367E-2010196964699437272010338325650055948010400959157830028010296922671484597Target of Plan2020E2021E2022E2023E2024E2025E2026E2027E2028E2029E01010101010101010101
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
2020 Private Equity Pacing Plan Progress
Buy-out GrowthVenture Special Situations Unallocated
7
February Insight XI ($100mm)Altaris V ($75mm)
One Rock III ($75mm)
Search processes are approved in annual amounts Progress will be made throughout the year as opposed to all at once
The 2020 Private Equity search process has
culminated in ~$358 million of closed
andor recommended
investments in line with the $900 mm
primary pacing model goal for the
year2018
HIG SPF ($75mm)
2019FGN 2018 Partner $33mm)
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
Private Equity Geographic Diversification by Commitment
USA International078266990707036088021733009292963892
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053331763093657658029163633249111387017504603657230955
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 530000000011000000097000000712500006250000060000000580000005500000050000000500000005000000050000000466000004500000045000000400000003500000020000000180000000175000000125000000121000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082531977105091459017468022894908541
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)041727248225964858038375502281000567019897249493034577
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 532798964309999999544013981700000023605016927597109323630360154510800941591471065569812166313174696650026210958227268052424743817482770118146622436264596429359543482202376545433655258570617644390308730476347222043253000000015514622
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285330GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333431583333333333333415833333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663156666666666666638166666666666662936666666666666629
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
540302
158
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 Over-weighted special situations earlyfor J-Curve mitigation efficiency of capitaldeployment and tactical opportunities
2016 Focused on growth opportunity setand continue to add buy-out exposure
2017 Rounded out buy-out portfolio andopportunistically added to growth and credit
2018 Steady state on pacing selectivelyadded new relationships and Europeanexposure
2019 Steady state on pacing selectivelyadded new relationships and Venture andEuropean exposure
2020 Selectively up-sizing commitmentsadding new relationships and VentureGrowth exposure
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053976635333255962030211597230281229015811767436462806
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053976635333255962030211597230281229015811767436462806
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001200000001375000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082531977105091459017468022894908541
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)041727248225964858038375502281000567019897249493034577
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285330GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333431583333333333333415833333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663156666666666666638166666666666662936666666666666629
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 BO 18GE 1 GE 2GE 3 GE 4
GE 5GE 6 SS 1SS 2 SS 3SS 4 SS 5
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001375000001200000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053976635333255962030211597230281229015811767436462806
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001375000001200000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082531977105091459017468022894908541
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)041727248225964858038375502281000567019897249493034577
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285330GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333431583333333333333415833333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663156666666666666638166666666666662936666666666666629
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
784
216
Private Equity Geographic Diversification by Commitment
USA
International
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053976635333255962030211597230281229015811767436462806
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001375000001200000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082531977105091459017468022894908541
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)041727248225964858038375502281000567019897249493034577
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285330GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333431583333333333333415833333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663156666666666666638166666666666662936666666666666629
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 Altaris V$75 million Recommendation
Altaris Capital Partners (ldquoAltarisrdquo) is a New York-based investment firm thatfocuses exclusively on the healthcare industry specifically pharmaceuticalmedical device and diagnostics provider services and payorsinsurancebusinesses across North America and Western Europe Altaris HealthPartners V LP (ldquoFund Vrdquo) is targeting $25 billion and will seekopportunities where they can invest between $100 million to $500 millionThe Firm is flexible with the transaction type as well making control andnon-control investments into carve-outs break-ups corporate partnershipsldquotake-privatesrdquo and familyfounder-owned companies Post-investment theFirm will leverage their Operating Network to improve and grow theunderlying businesses in addition to pursuing add-on acquisitions Altariswill continue to execute a strategy similar to those employed in the priorfunds
14
Top Candidate Characteristics ndash One Rock III$75 million Recommendation
One Rock Capital Partners (ldquoOne Rockrdquo) is a New York-based buy-out firmfounded in 2010 by Tony Lee and Scott Spielvogel that focuses on value-oriented control stakes in complex middle-market businesses within sub-sectors of the ldquoold economyrdquo One Rock Capital Partners III LP (One RockIII) is targeting $15 billion to make equity investments ranging from $50million to $200 million where they can improve the operations andstrategically reposition their business units while leveraging their OperatingPartner network and their strategic partnership with the MitsubishiCorporation The Firm will continue to execute the same strategy employedin their prior funds and during their tenure with Ripplewood Holdings
15
Top Candidate Characteristics ndash Insight XI$100 million Recommendation
Insight Partners (ldquoInsightrdquo) is a New York-based private equity firm thatfocuses on small-to-mid cap growth-stage software software-enabledservices and Internet businesses with the potential for recurring revenuegrowth Insight seeks to execute both minority and majority investmentsalongside the assistance of Insight Onsite an in-house consulting groupcomprised of over forty-five dedicated software experts With over twentyyears of industry expertise and consistent returns Insight has become one ofthe most tenured software investors in private equity Insight Partners XILP (Insight XI) is targeting $725 billion to make equity investmentsranging from $10 million to $250 million The Firm will continue to executethe same strategy employed in their prior funds
Section V
16
17
Recommendation
TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the following funds
Recommendation Altaris Health Partners Fund V LP $75 million One Rock Capital Partners III LP $75 million Insight Partners XI LP $100 million
18
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1226 | 2166 | |||||||
2016 | 394750000 | 1527 | 2698 | |||||||
2017 | 436750000 | 1689 | 2985 | |||||||
2018 | 481600000 | 1863 | 3291 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 6306 | 11140 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 784 | 825 | 1385 | |||||
International | 216 | 175 | 382 | |||||
Un-Allocated | -767 | |||||||
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) | 1395350000 | 333780551 | 540 | 417 | 954 | |||||||
GE | GrowthVenture (10 to 40) | 781000000 | 306969590 | 302 | 384 | 534 | |||||||
SS | Special Situations (5 to 35) | 408750000 | 159160145 | 158 | 199 | 279 | |||||||
Un-Allocated | -767 | ||||||||||||
Total | 2585100000 | 799910286 | 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 | 450 | ||||||
GrowthVenture | 00 | 833 | 00 | 750 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 3300 | ||||||
GrowthVenture | 0 | 833 | 833 | 1583 | 1583 | ||||||
Special Situations | 0 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 450 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
3683 | |||||||||||
07015873016 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 00 | 00 | 00 | ||||||
GrowthVenture | 333 | 1000 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 750 | 2250 | 2250 | 2250 | 2250 | ||||||
GrowthVenture | 333 | 1333 | 1333 | 1333 | 1333 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
80006709754 | 321081669 | ||||||||||
80006709754 | 321081669 | ||||||||||
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 02 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 03 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 04 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 05 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 06 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 07 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 08 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 09 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 10 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 11 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 12 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 13 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 14 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 15 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 16 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 17 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 18 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 19 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 20 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 01 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 02 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 03 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 04 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 05 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 06 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 07 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 08 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 09 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 10 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 01 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 02 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 03 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 04 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 05 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 06 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 07 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 08 | ERRORREF | ERRORREF | ERRORREF | |||||
UA | -7667 | |||||||
Total | ERRORREF | ERRORREF | ERRORREF | |||||
ERRORREF | ERRORREF | ERRORREF |
Updated | 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 | BO 1 | BO | 116 | 205 | |||||||||||||
X | Altaris | Buy-out | $137500000 | BO 2 | BO | 53 | 94 | |||||||||||||
X | One Rock | Buy-out | $120000000 | BO 3 | BO | 46 | 82 | |||||||||||||
Tritium | Buy-out | $110000000 | BO 4 | BO | 43 | 75 | ||||||||||||||
Searchlight | Buy-out | $97000000 | BO 5 | BO | 38 | 66 | ||||||||||||||
Marlin | Buy-out | $71250000 | BO 6 | BO | 28 | 49 | ||||||||||||||
Northlane | Buy-out | $60000000 | BO 7 | BO | 23 | 41 | ||||||||||||||
Capital Partners | Buy-out | $58000000 | BO 8 | BO | 22 | 40 | ||||||||||||||
Providence | Buy-out | $55000000 | BO 9 | BO | 21 | 38 | ||||||||||||||
Dunes Point | Buy-out | $50000000 | BO 10 | BO | 19 | 34 | ||||||||||||||
GTCR | Buy-out | $50000000 | BO 11 | BO | 19 | 34 | ||||||||||||||
Reverence | Buy-out | $50000000 | BO 12 | BO | 19 | 34 | ||||||||||||||
Arcline | Buy-out | $50000000 | BO 13 | BO | 19 | 34 | ||||||||||||||
CapVest | Buy-out | $46600000 | BO 14 | BO | 18 | 32 | ||||||||||||||
Parthenon | Buy-out | $45000000 | BO 15 | BO | ||||||||||||||||
Incline | Buy-out | $40000000 | BO 16 | BO | 15 | 27 | ||||||||||||||
Kainos | Buy-out | $35000000 | BO 17 | BO | 14 | 24 | ||||||||||||||
Harvest | Buy-out | $20000000 | BO 18 | BO | 08 | 14 | ||||||||||||||
PSG | Venture Growth | $180000000 | GE 1 | GE | 70 | 123 | ||||||||||||||
Foundry | Venture Growth | $175000000 | GE 2 | GE | 68 | 120 | ||||||||||||||
Updata | Venture Growth | $125000000 | GE 3 | GE | 48 | 85 | ||||||||||||||
FTV | Venture Growth | $121000000 | GE 4 | GE | 47 | 83 | ||||||||||||||
X | Insight | Venture Growth | $100000000 | |||||||||||||||||
Main Post | Venture Growth | $40000000 | GE 5 | GE | 15 | 27 | ||||||||||||||
Mercato | Venture Growth | $40000000 | GE 6 | GE | 15 | 27 | ||||||||||||||
TSSP | Special Situations | $150000000 | SS 1 | SS | 58 | 103 | ||||||||||||||
GSO | Special Situations | $93750000 | SS 2 | SS | 36 | 64 | ||||||||||||||
Carlyle | Special Situations | $65000000 | SS 3 | SS | 25 | 44 | ||||||||||||||
HIG Bayside | Special Situations | $60000000 | SS 4 | SS | 23 | 41 | ||||||||||||||
LightBay | Special Situations | $40000000 | SS 5 | SS | 15 | 27 | ||||||||||||||
Total | $2585100000 | $0 | 9439 | 16676 | ||||||||||||||||
CHECK | CHECK | |||||||||||||||||||
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Closing Date | Vintage Year | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | Omni NAV as of 10312019 ($) | 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 | ||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 240000000 | Voting | 12500000 | 12500000 | 4838617 | 75 | 25 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 1080000000 | Voting | 50000000 | 50000000 | 27524419 | 75 | 25 | 1 | 0 | 3 | 1 | ||||||||||||||||||||
Altaris | Altaris Health Partners V | 17 | 2003 | 5 | BO | 2020 | 2018 | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | 31119 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 72017 | 2018 | 600000000 | Voting | 70000000 | 58000000 | 15451080 | 100 | 0 | 2 | 0 | 2 | 0 | ||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 62918 | 2018 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 122215 | 2015 | 2819281339 | Voting | 65000000 | 65000000 | 30476347 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 113017 | 2018 | 535000000 | Voting | 50000000 | 50000000 | 10655698 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 5118 | 2018 | 750000000 | 45000000 | 45000000 | 8935029 | 90 | 10 | 2 | 0 | 1 | 0 | |||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | 4119 | 100000000 | 100000000 | 100000000 | 6337986 | 90 | 10 | 3 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 6616 | 2016 | 489690722 | 35000000 | 30000000 | 28353444 | 100 | 0 | 1 | 0 | 4 | 0 | |||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 91516 | 2017 | 867000000 | Voting | 50000000 | 46000000 | 43482202 | 75 | 25 | 1 | 0 | 4 | 1 | ||||||||||||||||||||
FTV | FTV VI | 21 | 1998 | 5 | GE | 2019 | 2017 | 1250000000 | Voting | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||
GSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 7116 | 2016 | 6500000000 | 75000000 | 75000000 | 36916611 | 80 | 20 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
GSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 112116 | 2016 | 2000000000 | 18750000 | 18750000 | 6986476 | 80 | 20 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 92917 | 2018 | 5250000000 | 75000000 | 50000000 | 12166313 | 75 | 25 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
HIG Bayside | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2516 | 2015 | 933375000 | 60000000 | 60000000 | 22204325 | 75 | 25 | 2 | 1 | 2 | 1 | |||||||||||||||||||||
HIG SPF | HIG Capital - TMRS Capella SMA | 25 | 1993 | NA | BO | 2018 | 101518 | 100000000 | 100000000 | 100000000 | 26121909 | 60 | 40 | 2 | 2 | 2 | 1 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 10118 | 2018 | 1115000000 | 200000000 | 200000000 | 6677055 | 60 | 40 | 5 | 3 | 1 | 0 | |||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 121515 | 2016 | 2200000000 | 50000000 | 20000000 | 17482770 | 80 | 20 | 1 | 0 | 2 | 0 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 121616 | 2017 | 601000000 | 50000000 | 40000000 | 22726805 | 80 | 20 | 1 | 0 | 2 | 1 | |||||||||||||||||||||
Insight | Insight Partners XI | 25 | 1995 | 11 | GE | 2020 | 100000000 | 100000000 | 75 | 25 | 3 | 1 | 0 | 0 | |||||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 82516 | 2016 | 895000000 | Observer | 50000000 | 35000000 | 24247438 | 75 | 25 | 1 | 0 | 2 | 1 | ||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 122217 | 2018 | 615000000 | Voting | 50000000 | 40000000 | 5514622 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 11718 | 2019 | 700000000 | Voting | 50000000 | 40000000 | 3765454 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 31017 | 2018 | 2500000000 | 60000000 | 57000000 | 19504557 | 80 | 20 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 31017 | 2017 | 750000000 | 15000000 | 14250000 | 8092552 | 75 | 25 | 0 | 0 | 1 | 0 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 52516 | 2015 | 246000000 | Voting | 40000000 | 40000000 | 33655258 | 100 | 0 | 2 | 0 | 4 | 0 | ||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 33117 | 2017 | 964000000 | 50000000 | 45000000 | 26210958 | 90 | 10 | 2 | 0 | 3 | 0 | |||||||||||||||||||||
One Rock | One Rock Capital Partners III | 10 | 2010 | 3 | BO | 2020 | 2017 | 75000000 | 75000000 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||||||
Parthenon | Parthenon Investors VI | 21 | 1998 | 6 | BO | 2019 | 1800000000 | 50000000 | 45000000 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 4218 | 2017 | 5000000000 | 55000000 | 55000000 | 4159147 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 62116 | 2016 | 640000000 | Voting | 60000000 | 60000000 | 70001780 | 100 | 0 | 2 | 0 | 9 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 32318 | 2018 | 1322000000 | Voting | 70000000 | 70000000 | 48144842 | 100 | 0 | 3 | 0 | 6 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | 42619 | 2000000000 | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | 21419 | 1000000000 | Voting | 50000000 | 50000000 | 17469665 | 90 | 10 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 112515 | 2015 | 1939000000 | 50000000 | 47000000 | 36050169 | 60 | 40 | 1 | 1 | 3 | 2 | |||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 111615 | 2014 | 309000000 | Voting | 50000000 | 50000000 | 54401398 | 85 | 15 | 2 | 0 | 6 | 1 | ||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 112018 | 2019 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 6818 | 2018 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 123115 | 2014 | 3500000000 | 75000000 | 75000000 | 53260061 | 60 | 40 | 2 | 1 | 4 | 3 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 8918 | 2018 | 3000000000 | 50000000 | 25000000 | 3801703 | 60 | 40 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 62116 | 2014 | 280000000 | Voting | 50000000 | 50000000 | 64293595 | 90 | 10 | 2 | 0 | 7 | 1 | ||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 12818 | 2014 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
2819243965 | |||||||||||||||||||||||||||||||||||||||
2750000000 | |||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
1939000000 | |||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||
375000000 | |||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||||||||||||||||||||||||||||||
TMRS (AUM) | $ 29264820023 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE Target () | 500 | |||||||||||||||||||||||||||||||||||
PE Target ($) | $ 1463241001 | |||||||||||||||||||||||||||||||||||
PE Commitments ($) | $ 2585100000 | |||||||||||||||||||||||||||||||||||
PE NAV ($) | $ 799910286 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE NAV () | 273 | |||||||||||||||||||||||||||||||||||
Un-Allocated () | -7667 | |||||||||||||||||||||||||||||||||||
BAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | 4000000000 | 65000000 | 65000000 | - 0 | 80 | 20 | 80 | 20 | ERRORDIV0 | ERRORDIV0 |
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 | 1226 | 2166 | |||||||
2016 | 394750000 | 1527 | 2698 | |||||||
2017 | 436750000 | 1689 | 2985 | |||||||
2018 | 481600000 | 1863 | 3291 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 6306 | 11140 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 784 | 825 | 1385 | |||||
International | 216 | 175 | 382 | |||||
Un-Allocated | -767 | |||||||
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) | 1395350000 | 333780551 | 540 | 417 | 954 | |||||||
GE | GrowthVenture (10 to 40) | 781000000 | 306969590 | 302 | 384 | 534 | |||||||
SS | Special Situations (5 to 35) | 408750000 | 159160145 | 158 | 199 | 279 | |||||||
Un-Allocated | -767 | ||||||||||||
Total | 2585100000 | 799910286 | 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 | 450 | ||||||
GrowthVenture | 00 | 833 | 00 | 750 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 3300 | ||||||
GrowthVenture | 0 | 833 | 833 | 1583 | 1583 | ||||||
Special Situations | 0 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 450 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
3683 | |||||||||||
07015873016 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 00 | 00 | 00 | ||||||
GrowthVenture | 333 | 1000 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 750 | 2250 | 2250 | 2250 | 2250 | ||||||
GrowthVenture | 333 | 1333 | 1333 | 1333 | 1333 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
80006709754 | 321081669 | ||||||||||
80006709754 | 321081669 | ||||||||||
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 02 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 03 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 04 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 05 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 06 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 07 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 08 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 09 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 10 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 11 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 12 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 13 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 14 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 15 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 16 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 17 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 18 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 19 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 20 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 01 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 02 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 03 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 04 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 05 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 06 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 07 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 08 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 09 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 10 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 01 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 02 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 03 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 04 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 05 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 06 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 07 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 08 | ERRORREF | ERRORREF | ERRORREF | |||||
UA | -7667 | |||||||
Total | ERRORREF | ERRORREF | ERRORREF | |||||
ERRORREF | ERRORREF | ERRORREF |
Updated | 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 | BO 1 | BO | 116 | 205 | |||||||||||||
X | Altaris | Buy-out | $137500000 | BO 2 | BO | 53 | 94 | |||||||||||||
X | One Rock | Buy-out | $120000000 | BO 3 | BO | 46 | 82 | |||||||||||||
Tritium | Buy-out | $110000000 | BO 4 | BO | 43 | 75 | ||||||||||||||
Searchlight | Buy-out | $97000000 | BO 5 | BO | 38 | 66 | ||||||||||||||
Marlin | Buy-out | $71250000 | BO 6 | BO | 28 | 49 | ||||||||||||||
Northlane | Buy-out | $60000000 | BO 7 | BO | 23 | 41 | ||||||||||||||
Capital Partners | Buy-out | $58000000 | BO 8 | BO | 22 | 40 | ||||||||||||||
Providence | Buy-out | $55000000 | BO 9 | BO | 21 | 38 | ||||||||||||||
Dunes Point | Buy-out | $50000000 | BO 10 | BO | 19 | 34 | ||||||||||||||
GTCR | Buy-out | $50000000 | BO 11 | BO | 19 | 34 | ||||||||||||||
Reverence | Buy-out | $50000000 | BO 12 | BO | 19 | 34 | ||||||||||||||
Arcline | Buy-out | $50000000 | BO 13 | BO | 19 | 34 | ||||||||||||||
CapVest | Buy-out | $46600000 | BO 14 | BO | 18 | 32 | ||||||||||||||
Parthenon | Buy-out | $45000000 | BO 15 | BO | ||||||||||||||||
Incline | Buy-out | $40000000 | BO 16 | BO | 15 | 27 | ||||||||||||||
Kainos | Buy-out | $35000000 | BO 17 | BO | 14 | 24 | ||||||||||||||
Harvest | Buy-out | $20000000 | BO 18 | BO | 08 | 14 | ||||||||||||||
PSG | Venture Growth | $180000000 | GE 1 | GE | 70 | 123 | ||||||||||||||
Foundry | Venture Growth | $175000000 | GE 2 | GE | 68 | 120 | ||||||||||||||
Updata | Venture Growth | $125000000 | GE 3 | GE | 48 | 85 | ||||||||||||||
FTV | Venture Growth | $121000000 | GE 4 | GE | 47 | 83 | ||||||||||||||
X | Insight | Venture Growth | $100000000 | |||||||||||||||||
Main Post | Venture Growth | $40000000 | GE 5 | GE | 15 | 27 | ||||||||||||||
Mercato | Venture Growth | $40000000 | GE 6 | GE | 15 | 27 | ||||||||||||||
TSSP | Special Situations | $150000000 | SS 1 | SS | 58 | 103 | ||||||||||||||
GSO | Special Situations | $93750000 | SS 2 | SS | 36 | 64 | ||||||||||||||
Carlyle | Special Situations | $65000000 | SS 3 | SS | 25 | 44 | ||||||||||||||
HIG Bayside | Special Situations | $60000000 | SS 4 | SS | 23 | 41 | ||||||||||||||
LightBay | Special Situations | $40000000 | SS 5 | SS | 15 | 27 | ||||||||||||||
Total | $2585100000 | $0 | 9439 | 16676 | ||||||||||||||||
CHECK | CHECK | |||||||||||||||||||
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Closing Date | Vintage Year | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | Omni NAV as of 10312019 ($) | 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 | ||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 240000000 | Voting | 12500000 | 12500000 | 4838617 | 75 | 25 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 1080000000 | Voting | 50000000 | 50000000 | 27524419 | 75 | 25 | 1 | 0 | 3 | 1 | ||||||||||||||||||||
Altaris | Altaris Health Partners V | 17 | 2003 | 5 | BO | 2020 | 2018 | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | 31119 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 72017 | 2018 | 600000000 | Voting | 70000000 | 58000000 | 15451080 | 100 | 0 | 2 | 0 | 2 | 0 | ||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 62918 | 2018 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 122215 | 2015 | 2819281339 | Voting | 65000000 | 65000000 | 30476347 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 113017 | 2018 | 535000000 | Voting | 50000000 | 50000000 | 10655698 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 5118 | 2018 | 750000000 | 45000000 | 45000000 | 8935029 | 90 | 10 | 2 | 0 | 1 | 0 | |||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | 4119 | 100000000 | 100000000 | 100000000 | 6337986 | 90 | 10 | 3 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 6616 | 2016 | 489690722 | 35000000 | 30000000 | 28353444 | 100 | 0 | 1 | 0 | 4 | 0 | |||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 91516 | 2017 | 867000000 | Voting | 50000000 | 46000000 | 43482202 | 75 | 25 | 1 | 0 | 4 | 1 | ||||||||||||||||||||
FTV | FTV VI | 21 | 1998 | 5 | GE | 2019 | 2017 | 1250000000 | Voting | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||
GSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 7116 | 2016 | 6500000000 | 75000000 | 75000000 | 36916611 | 80 | 20 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
GSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 112116 | 2016 | 2000000000 | 18750000 | 18750000 | 6986476 | 80 | 20 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 92917 | 2018 | 5250000000 | 75000000 | 50000000 | 12166313 | 75 | 25 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
HIG Bayside | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2516 | 2015 | 933375000 | 60000000 | 60000000 | 22204325 | 75 | 25 | 2 | 1 | 2 | 1 | |||||||||||||||||||||
HIG SPF | HIG Capital - TMRS Capella SMA | 25 | 1993 | NA | BO | 2018 | 101518 | 100000000 | 100000000 | 100000000 | 26121909 | 60 | 40 | 2 | 2 | 2 | 1 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 10118 | 2018 | 1115000000 | 200000000 | 200000000 | 6677055 | 60 | 40 | 5 | 3 | 1 | 0 | |||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 121515 | 2016 | 2200000000 | 50000000 | 20000000 | 17482770 | 80 | 20 | 1 | 0 | 2 | 0 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 121616 | 2017 | 601000000 | 50000000 | 40000000 | 22726805 | 80 | 20 | 1 | 0 | 2 | 1 | |||||||||||||||||||||
Insight | Insight Partners XI | 25 | 1995 | 11 | GE | 2020 | 100000000 | 100000000 | 75 | 25 | 3 | 1 | 0 | 0 | |||||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 82516 | 2016 | 895000000 | Observer | 50000000 | 35000000 | 24247438 | 75 | 25 | 1 | 0 | 2 | 1 | ||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 122217 | 2018 | 615000000 | Voting | 50000000 | 40000000 | 5514622 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 11718 | 2019 | 700000000 | Voting | 50000000 | 40000000 | 3765454 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 31017 | 2018 | 2500000000 | 60000000 | 57000000 | 19504557 | 80 | 20 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 31017 | 2017 | 750000000 | 15000000 | 14250000 | 8092552 | 75 | 25 | 0 | 0 | 1 | 0 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 52516 | 2015 | 246000000 | Voting | 40000000 | 40000000 | 33655258 | 100 | 0 | 2 | 0 | 4 | 0 | ||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 33117 | 2017 | 964000000 | 50000000 | 45000000 | 26210958 | 90 | 10 | 2 | 0 | 3 | 0 | |||||||||||||||||||||
One Rock | One Rock Capital Partners III | 10 | 2010 | 3 | BO | 2020 | 2017 | 75000000 | 75000000 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||||||
Parthenon | Parthenon Investors VI | 21 | 1998 | 6 | BO | 2019 | 1800000000 | 50000000 | 45000000 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 4218 | 2017 | 5000000000 | 55000000 | 55000000 | 4159147 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 62116 | 2016 | 640000000 | Voting | 60000000 | 60000000 | 70001780 | 100 | 0 | 2 | 0 | 9 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 32318 | 2018 | 1322000000 | Voting | 70000000 | 70000000 | 48144842 | 100 | 0 | 3 | 0 | 6 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | 42619 | 2000000000 | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | 21419 | 1000000000 | Voting | 50000000 | 50000000 | 17469665 | 90 | 10 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 112515 | 2015 | 1939000000 | 50000000 | 47000000 | 36050169 | 60 | 40 | 1 | 1 | 3 | 2 | |||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 111615 | 2014 | 309000000 | Voting | 50000000 | 50000000 | 54401398 | 85 | 15 | 2 | 0 | 6 | 1 | ||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 112018 | 2019 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 6818 | 2018 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 123115 | 2014 | 3500000000 | 75000000 | 75000000 | 53260061 | 60 | 40 | 2 | 1 | 4 | 3 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 8918 | 2018 | 3000000000 | 50000000 | 25000000 | 3801703 | 60 | 40 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 62116 | 2014 | 280000000 | Voting | 50000000 | 50000000 | 64293595 | 90 | 10 | 2 | 0 | 7 | 1 | ||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 12818 | 2014 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
2819243965 | |||||||||||||||||||||||||||||||||||||||
2750000000 | |||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
1939000000 | |||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||
375000000 | |||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||||||||||||||||||||||||||||||
TMRS (AUM) | $ 29264820023 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE Target () | 500 | |||||||||||||||||||||||||||||||||||
PE Target ($) | $ 1463241001 | |||||||||||||||||||||||||||||||||||
PE Commitments ($) | $ 2585100000 | |||||||||||||||||||||||||||||||||||
PE NAV ($) | $ 799910286 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE NAV () | 273 | |||||||||||||||||||||||||||||||||||
Un-Allocated () | -7667 | |||||||||||||||||||||||||||||||||||
BAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | 4000000000 | 65000000 | 65000000 | - 0 | 80 | 20 | 80 | 20 | ERRORDIV0 | ERRORDIV0 |
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 | 1226 | 2166 | |||||||
2016 | 394750000 | 1527 | 2698 | |||||||
2017 | 436750000 | 1689 | 2985 | |||||||
2018 | 481600000 | 1863 | 3291 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 6306 | 11140 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 784 | 825 | 1385 | |||||
International | 216 | 175 | 382 | |||||
Un-Allocated | -767 | |||||||
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) | 1395350000 | 333780551 | 540 | 417 | 954 | |||||||
GE | GrowthVenture (10 to 40) | 781000000 | 306969590 | 302 | 384 | 534 | |||||||
SS | Special Situations (5 to 35) | 408750000 | 159160145 | 158 | 199 | 279 | |||||||
Un-Allocated | -767 | ||||||||||||
Total | 2585100000 | 799910286 | 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 | 450 | ||||||
GrowthVenture | 00 | 833 | 00 | 750 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 3300 | ||||||
GrowthVenture | 0 | 833 | 833 | 1583 | 1583 | ||||||
Special Situations | 0 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 450 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
3683 | |||||||||||
07015873016 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 00 | 00 | 00 | ||||||
GrowthVenture | 333 | 1000 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 750 | 2250 | 2250 | 2250 | 2250 | ||||||
GrowthVenture | 333 | 1333 | 1333 | 1333 | 1333 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
80006709754 | 321081669 | ||||||||||
80006709754 | 321081669 | ||||||||||
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 02 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 03 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 04 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 05 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 06 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 07 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 08 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 09 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 10 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 11 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 12 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 13 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 14 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 15 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 16 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 17 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 18 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 19 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 20 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 01 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 02 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 03 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 04 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 05 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 06 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 07 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 08 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 09 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 10 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 01 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 02 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 03 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 04 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 05 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 06 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 07 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 08 | ERRORREF | ERRORREF | ERRORREF | |||||
UA | -7667 | |||||||
Total | ERRORREF | ERRORREF | ERRORREF | |||||
ERRORREF | ERRORREF | ERRORREF |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
One Rock | HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | BO 1 | BO | 116 | 205 | |||||||||||
Altaris | One Rock | Buy-out | $120000000 | BO 2 | BO | 46 | 82 | ||||||||||||
Tritium | Altaris | Buy-out | $137500000 | BO 3 | BO | 53 | 94 | ||||||||||||
Searchlight | Tritium | Buy-out | $110000000 | BO 4 | BO | 43 | 75 | ||||||||||||
Marlin | Searchlight | Buy-out | $97000000 | BO 5 | BO | 38 | 66 | ||||||||||||
Northlane | Marlin | Buy-out | $71250000 | BO 6 | BO | 28 | 49 | ||||||||||||
Capital Partners | Northlane | Buy-out | $60000000 | BO 7 | BO | 23 | 41 | ||||||||||||
Providence | Capital Partners | Buy-out | $58000000 | BO 8 | BO | 22 | 40 | ||||||||||||
Dunes Point | Providence | Buy-out | $55000000 | BO 9 | BO | 21 | 38 | ||||||||||||
GTCR | Dunes Point | Buy-out | $50000000 | BO 10 | BO | 19 | 34 | ||||||||||||
Reverence | GTCR | Buy-out | $50000000 | BO 11 | BO | 19 | 34 | ||||||||||||
Arcline | Reverence | Buy-out | $50000000 | BO 12 | BO | 19 | 34 | ||||||||||||
CapVest | Arcline | Buy-out | $50000000 | BO 13 | BO | 19 | 34 | ||||||||||||
Parthenon | CapVest | Buy-out | $46600000 | BO 14 | BO | 18 | 32 | ||||||||||||
Incline | Parthenon | Buy-out | $45000000 | BO 15 | BO | ||||||||||||||
Kainos | Incline | Buy-out | $40000000 | BO 16 | BO | 15 | 27 | ||||||||||||
Harvest | Kainos | Buy-out | $35000000 | BO 17 | BO | 14 | 24 | ||||||||||||
Harvest | Buy-out | $20000000 | BO 18 | BO | 08 | 14 | |||||||||||||
PSG | Venture Growth | $180000000 | GE 1 | GE | 70 | 123 | |||||||||||||
Foundry | Venture Growth | $175000000 | GE 2 | GE | 68 | 120 | |||||||||||||
Updata | Venture Growth | $125000000 | GE 3 | GE | 48 | 85 | |||||||||||||
FTV | Venture Growth | $121000000 | GE 4 | GE | 47 | 83 | |||||||||||||
Insight | Venture Growth | $100000000 | |||||||||||||||||
Main Post | Venture Growth | $40000000 | GE 5 | GE | 15 | 27 | |||||||||||||
Mercato | Venture Growth | $40000000 | GE 6 | GE | 15 | 27 | |||||||||||||
TSSP | Special Situations | $150000000 | SS 1 | SS | 58 | 103 | |||||||||||||
GSO | Special Situations | $93750000 | SS 2 | SS | 36 | 64 | |||||||||||||
Carlyle | Special Situations | $65000000 | SS 3 | SS | 25 | 44 | |||||||||||||
HIG Bayside | Special Situations | $60000000 | SS 4 | SS | 23 | 41 | |||||||||||||
LightBay | Special Situations | $40000000 | SS 5 | SS | 15 | 27 | |||||||||||||
Total | $2585100000 | $0 | 9439 | 16676 | |||||||||||||||
CHECK | CHECK | ||||||||||||||||||
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Closing Date | Vintage Year | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | Omni NAV as of 10312019 ($) | 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 | ||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 240000000 | Voting | 12500000 | 12500000 | 4838617 | 75 | 25 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 1080000000 | Voting | 50000000 | 50000000 | 27524419 | 75 | 25 | 1 | 0 | 3 | 1 | ||||||||||||||||||||
Altaris | Altaris Health Partners V | 17 | 2003 | 5 | BO | 2020 | 2018 | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | 31119 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 72017 | 2018 | 600000000 | Voting | 70000000 | 58000000 | 15451080 | 100 | 0 | 2 | 0 | 2 | 0 | ||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 62918 | 2018 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 122215 | 2015 | 2819281339 | Voting | 65000000 | 65000000 | 30476347 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 113017 | 2018 | 535000000 | Voting | 50000000 | 50000000 | 10655698 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 5118 | 2018 | 750000000 | 45000000 | 45000000 | 8935029 | 90 | 10 | 2 | 0 | 1 | 0 | |||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | 4119 | 100000000 | 100000000 | 100000000 | 6337986 | 90 | 10 | 3 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 6616 | 2016 | 489690722 | 35000000 | 30000000 | 28353444 | 100 | 0 | 1 | 0 | 4 | 0 | |||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 91516 | 2017 | 867000000 | Voting | 50000000 | 46000000 | 43482202 | 75 | 25 | 1 | 0 | 4 | 1 | ||||||||||||||||||||
FTV | FTV VI | 21 | 1998 | 5 | GE | 2019 | 2017 | 1250000000 | Voting | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||
GSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 7116 | 2016 | 6500000000 | 75000000 | 75000000 | 36916611 | 80 | 20 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
GSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 112116 | 2016 | 2000000000 | 18750000 | 18750000 | 6986476 | 80 | 20 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 92917 | 2018 | 5250000000 | 75000000 | 50000000 | 12166313 | 75 | 25 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
HIG Bayside | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2516 | 2015 | 933375000 | 60000000 | 60000000 | 22204325 | 75 | 25 | 2 | 1 | 2 | 1 | |||||||||||||||||||||
HIG SPF | HIG Capital - TMRS Capella SMA | 25 | 1993 | NA | BO | 2018 | 101518 | 100000000 | 100000000 | 100000000 | 26121909 | 60 | 40 | 2 | 2 | 2 | 1 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 10118 | 2018 | 1115000000 | 200000000 | 200000000 | 6677055 | 60 | 40 | 5 | 3 | 1 | 0 | |||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 121515 | 2016 | 2200000000 | 50000000 | 20000000 | 17482770 | 80 | 20 | 1 | 0 | 2 | 0 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 121616 | 2017 | 601000000 | 50000000 | 40000000 | 22726805 | 80 | 20 | 1 | 0 | 2 | 1 | |||||||||||||||||||||
Insight | Insight Partners XI | 25 | 1995 | 11 | GE | 2020 | 100000000 | 100000000 | 75 | 25 | 3 | 1 | 0 | 0 | |||||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 82516 | 2016 | 895000000 | Observer | 50000000 | 35000000 | 24247438 | 75 | 25 | 1 | 0 | 2 | 1 | ||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 122217 | 2018 | 615000000 | Voting | 50000000 | 40000000 | 5514622 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 11718 | 2019 | 700000000 | Voting | 50000000 | 40000000 | 3765454 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 31017 | 2018 | 2500000000 | 60000000 | 57000000 | 19504557 | 80 | 20 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 31017 | 2017 | 750000000 | 15000000 | 14250000 | 8092552 | 75 | 25 | 0 | 0 | 1 | 0 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 52516 | 2015 | 246000000 | Voting | 40000000 | 40000000 | 33655258 | 100 | 0 | 2 | 0 | 4 | 0 | ||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 33117 | 2017 | 964000000 | 50000000 | 45000000 | 26210958 | 90 | 10 | 2 | 0 | 3 | 0 | |||||||||||||||||||||
One Rock | One Rock Capital Partners III | 10 | 2010 | 3 | BO | 2020 | 2017 | 75000000 | 75000000 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||||||
Parthenon | Parthenon Investors VI | 21 | 1998 | 6 | BO | 2019 | 1800000000 | 50000000 | 45000000 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 4218 | 2017 | 5000000000 | 55000000 | 55000000 | 4159147 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 62116 | 2016 | 640000000 | Voting | 60000000 | 60000000 | 70001780 | 100 | 0 | 2 | 0 | 9 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 32318 | 2018 | 1322000000 | Voting | 70000000 | 70000000 | 48144842 | 100 | 0 | 3 | 0 | 6 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | 42619 | 2000000000 | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | 21419 | 1000000000 | Voting | 50000000 | 50000000 | 17469665 | 90 | 10 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 112515 | 2015 | 1939000000 | 50000000 | 47000000 | 36050169 | 60 | 40 | 1 | 1 | 3 | 2 | |||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 111615 | 2014 | 309000000 | Voting | 50000000 | 50000000 | 54401398 | 85 | 15 | 2 | 0 | 6 | 1 | ||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 112018 | 2019 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 6818 | 2018 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 123115 | 2014 | 3500000000 | 75000000 | 75000000 | 53260061 | 60 | 40 | 2 | 1 | 4 | 3 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 8918 | 2018 | 3000000000 | 50000000 | 25000000 | 3801703 | 60 | 40 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 62116 | 2014 | 280000000 | Voting | 50000000 | 50000000 | 64293595 | 90 | 10 | 2 | 0 | 7 | 1 | ||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 12818 | 2014 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
2819243965 | |||||||||||||||||||||||||||||||||||||||
2750000000 | |||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
1939000000 | |||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||
375000000 | |||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||||||||||||||||||||||||||||||
TMRS (AUM) | $ 29264820023 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE Target () | 500 | |||||||||||||||||||||||||||||||||||
PE Target ($) | $ 1463241001 | |||||||||||||||||||||||||||||||||||
PE Commitments ($) | $ 2585100000 | |||||||||||||||||||||||||||||||||||
PE NAV ($) | $ 799910286 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE NAV () | 273 | |||||||||||||||||||||||||||||||||||
Un-Allocated () | -7667 | |||||||||||||||||||||||||||||||||||
BAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | 4000000000 | 65000000 | 65000000 | - 0 | 80 | 20 | 80 | 20 | ERRORDIV0 | ERRORDIV0 |
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 | 1358 | 2166 | |||||||
2016 | 394750000 | 1691 | 2698 | |||||||
2017 | 436750000 | 1870 | 2985 | |||||||
2018 | 481600000 | 2062 | 3291 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 6981 | 11140 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 783 | 825 | 1249 | |||||
International | 217 | 175 | 347 | |||||
Un-Allocated | -596 | |||||||
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) | 1245350000 | 333780551 | 533 | 417 | 851 | |||||||
GE | GrowthVenture (10 to 40) | 681000000 | 306969590 | 292 | 384 | 465 | |||||||
SS | Special Situations (5 to 35) | 408750000 | 159160145 | 175 | 199 | 279 | |||||||
Un-Allocated | -596 | ||||||||||||
Total | 2335100000 | 799910286 | 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 | 450 | ||||||
GrowthVenture | 00 | 833 | 00 | 750 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 3300 | ||||||
GrowthVenture | 0 | 833 | 833 | 1583 | 1583 | ||||||
Special Situations | 0 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 450 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
3683 | |||||||||||
07015873016 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 00 | 00 | 00 | ||||||
GrowthVenture | 333 | 1000 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 750 | 2250 | 2250 | 2250 | 2250 | ||||||
GrowthVenture | 333 | 1333 | 1333 | 1333 | 1333 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
80006709754 | 321081669 | ||||||||||
80006709754 | 321081669 | ||||||||||
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 02 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 03 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 04 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 05 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 06 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 07 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 08 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 09 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 10 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 11 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 12 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 13 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 14 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 15 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 16 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 17 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 18 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 19 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 20 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 01 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 02 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 03 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 04 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 05 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 06 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 07 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 08 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 09 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 10 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 01 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 02 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 03 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 04 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 05 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 06 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 07 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 08 | ERRORREF | ERRORREF | ERRORREF | |||||
UA | -5958 | |||||||
Total | ERRORREF | ERRORREF | ERRORREF | |||||
ERRORREF | ERRORREF | ERRORREF |
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 | $32798964 | BO 1 | BO | 128 | 205 | |||||||||||
Tritium | Buy-out | $110000000 | $54401398 | BO 2 | BO | 47 | 75 | ||||||||||||
Searchlight | Buy-out | $97000000 | $36050169 | BO 3 | BO | 42 | 66 | ||||||||||||
Marlin | Buy-out | $71250000 | $27597109 | BO 4 | BO | 31 | 49 | ||||||||||||
Altaris | Buy-out | $62500000 | $32363036 | BO 5 | BO | 27 | 43 | ||||||||||||
Northlane | Buy-out | $60000000 | $0 | BO 6 | BO | 26 | 41 | ||||||||||||
Capital Partners | Buy-out | $58000000 | $15451080 | BO 7 | BO | 25 | 40 | ||||||||||||
Providence | Buy-out | $55000000 | $4159147 | BO 8 | BO | 24 | 38 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $10655698 | BO 9 | BO | 21 | 34 | ||||||||||||
GTCR | Buy-out | $50000000 | $12166313 | BO 10 | BO | 21 | 34 | ||||||||||||
Reverence | Buy-out | $50000000 | $17469665 | BO 11 | BO | 21 | 34 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 21 | 34 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 32 | ||||||||||||
One Rock | Buy-out | $45000000 | $26210958 | BO 14 | BO | 19 | 31 | ||||||||||||
Parthenon | Buy-out | $45000000 | BO 15 | BO | |||||||||||||||
Incline | Buy-out | $40000000 | $22726805 | BO 16 | BO | 17 | 27 | ||||||||||||
Kainos | Buy-out | $35000000 | $24247438 | BO 17 | BO | 15 | 24 | ||||||||||||
Harvest | Buy-out | $20000000 | $17482770 | BO 18 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $118146622 | GE 1 | GE | 77 | 123 | ||||||||||||
Foundry | Venture Growth | $175000000 | $43626459 | GE 2 | GE | 75 | 120 | ||||||||||||
Updata | Venture Growth | $125000000 | $64293595 | GE 3 | GE | 54 | 85 | ||||||||||||
FTV | Venture Growth | $121000000 | $43482202 | GE 4 | GE | 52 | 83 | ||||||||||||
Main Post | Venture Growth | $40000000 | $3765454 | GE 5 | GE | 17 | 27 | ||||||||||||
Mercato | Venture Growth | $40000000 | $33655258 | GE 6 | GE | 17 | 27 | ||||||||||||
TSSP | Special Situations | $150000000 | $57061764 | SS 1 | SS | 64 | 103 | ||||||||||||
GSO | Special Situations | $93750000 | $43903087 | SS 2 | SS | 40 | 64 | ||||||||||||
Carlyle | Special Situations | $65000000 | $30476347 | SS 3 | SS | 28 | 44 | ||||||||||||
HIG Bayside | Special Situations | $60000000 | $22204325 | SS 4 | SS | 26 | 41 | ||||||||||||
LightBay | Special Situations | $40000000 | $5514622 | SS 5 | SS | 17 | 27 | ||||||||||||
Total | $2335100000 | $799910286 | 9807 | 15651 | |||||||||||||||
CHECK | CHECK | ||||||||||||||||||
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Closing Date | Vintage Year | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | Omni NAV as of 10312019 ($) | 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 | ||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 240000000 | Voting | 12500000 | 12500000 | 4838617 | 75 | 25 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 1080000000 | Voting | 50000000 | 50000000 | 27524419 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | 31119 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 72017 | 2018 | 600000000 | Voting | 70000000 | 58000000 | 15451080 | 100 | 0 | 2 | 0 | 2 | 0 | ||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 62918 | 2018 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 122215 | 2015 | 2819281339 | Voting | 65000000 | 65000000 | 30476347 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 113017 | 2018 | 535000000 | Voting | 50000000 | 50000000 | 10655698 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 5118 | 2018 | 750000000 | 45000000 | 45000000 | 8935029 | 90 | 10 | 2 | 0 | 1 | 0 | |||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | 4119 | 100000000 | 100000000 | 100000000 | 6337986 | 90 | 10 | 4 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 6616 | 2016 | 489690722 | 35000000 | 30000000 | 28353444 | 100 | 0 | 1 | 0 | 4 | 0 | |||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 91516 | 2017 | 867000000 | Voting | 50000000 | 46000000 | 43482202 | 75 | 25 | 1 | 0 | 4 | 1 | ||||||||||||||||||||
FTV | FTV VI | 21 | 1998 | 5 | GE | 2019 | 2017 | 1250000000 | Voting | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||
GSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 7116 | 2016 | 6500000000 | 75000000 | 75000000 | 36916611 | 80 | 20 | 3 | 1 | 4 | 1 | |||||||||||||||||||||
GSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 112116 | 2016 | 2000000000 | 18750000 | 18750000 | 6986476 | 80 | 20 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 92917 | 2018 | 5250000000 | 75000000 | 50000000 | 12166313 | 75 | 25 | 2 | 1 | 1 | 0 | |||||||||||||||||||||
HIG Bayside | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2516 | 2015 | 933375000 | 60000000 | 60000000 | 22204325 | 75 | 25 | 2 | 1 | 2 | 1 | |||||||||||||||||||||
HIG SPF | HIG Capital - TMRS Capella SMA | 25 | 1993 | NA | BO | 2018 | 101518 | 100000000 | 100000000 | 100000000 | 26121909 | 60 | 40 | 3 | 2 | 2 | 1 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 10118 | 2018 | 1115000000 | 200000000 | 200000000 | 6677055 | 60 | 40 | 5 | 3 | 1 | 0 | |||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 121515 | 2016 | 2200000000 | 50000000 | 20000000 | 17482770 | 80 | 20 | 1 | 0 | 2 | 0 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 121616 | 2017 | 601000000 | 50000000 | 40000000 | 22726805 | 80 | 20 | 1 | 0 | 2 | 1 | |||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 82516 | 2016 | 895000000 | Observer | 50000000 | 35000000 | 24247438 | 75 | 25 | 1 | 0 | 2 | 1 | ||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 122217 | 2018 | 615000000 | Voting | 50000000 | 40000000 | 5514622 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 11718 | 2019 | 700000000 | Voting | 50000000 | 40000000 | 3765454 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 31017 | 2018 | 2500000000 | 60000000 | 57000000 | 19504557 | 80 | 20 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 31017 | 2017 | 750000000 | 15000000 | 14250000 | 8092552 | 75 | 25 | 0 | 0 | 1 | 0 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 52516 | 2015 | 246000000 | Voting | 40000000 | 40000000 | 33655258 | 100 | 0 | 2 | 0 | 4 | 0 | ||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 33117 | 2017 | 964000000 | 50000000 | 45000000 | 26210958 | 90 | 10 | 2 | 0 | 3 | 0 | |||||||||||||||||||||
Parthenon | Parthenon Investors VI | 21 | 1998 | 6 | BO | 2019 | 1800000000 | 50000000 | 45000000 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 4218 | 2017 | 5000000000 | 55000000 | 55000000 | 4159147 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 62116 | 2016 | 640000000 | Voting | 60000000 | 60000000 | 70001780 | 100 | 0 | 3 | 0 | 9 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 32318 | 2018 | 1322000000 | Voting | 70000000 | 70000000 | 48144842 | 100 | 0 | 3 | 0 | 6 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | 42619 | 2000000000 | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | 21419 | 1000000000 | Voting | 50000000 | 50000000 | 17469665 | 90 | 10 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 112515 | 2015 | 1939000000 | 50000000 | 47000000 | 36050169 | 60 | 40 | 1 | 1 | 3 | 2 | |||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 111615 | 2014 | 309000000 | Voting | 50000000 | 50000000 | 54401398 | 85 | 15 | 2 | 0 | 6 | 1 | ||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 112018 | 2019 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 6818 | 2018 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 123115 | 2014 | 3500000000 | 75000000 | 75000000 | 53260061 | 60 | 40 | 2 | 1 | 4 | 3 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 8918 | 2018 | 3000000000 | 50000000 | 25000000 | 3801703 | 60 | 40 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 62116 | 2014 | 280000000 | Voting | 50000000 | 50000000 | 64293595 | 90 | 10 | 2 | 0 | 7 | 1 | ||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 12818 | 2014 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
2819243965 | |||||||||||||||||||||||||||||||||||||||
2750000000 | |||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
1939000000 | |||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||
375000000 | |||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||||||||||||||||||||||||||||||
TMRS (AUM) | $ 29264820023 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE Target () | 500 | |||||||||||||||||||||||||||||||||||
PE Target ($) | $ 1463241001 | |||||||||||||||||||||||||||||||||||
PE Commitments ($) | $ 2335100000 | |||||||||||||||||||||||||||||||||||
PE NAV ($) | $ 799910286 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE NAV () | 273 | |||||||||||||||||||||||||||||||||||
Un-Allocated () | -5958 | |||||||||||||||||||||||||||||||||||
BAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | 4000000000 | 65000000 | 65000000 | - 0 | 80 | 20 | 80 | 20 | ERRORDIV0 | ERRORDIV0 |
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 | AUM | Net Growth Rate | Implied Payout (assume 675 AUM growth) | Benefit Payout ($mm) | |||||
2018 | 29050396924 | ||||||||
2019 | 30655961493 | 550 | 120 | 380 | |||||
2020 | 32384009577 | 560 | 110 | 365 | |||||
2021 | 34123041773 | 540 | 140 | 477 | |||||
2022 | 35922282888 | 530 | 150 | 539 | |||||
2023 | 37694455530 | 490 | 180 | 697 | |||||
2024 | 39463267168 | 470 | 210 | 829 | |||||
2025 | 41234373259 | 450 | 230 | 954 | |||||
2026 | 43275861217 | 500 | 180 | 793 | |||||
2027 | 45268676728 | 460 | 210 | 992 | |||||
2028 | 46971376772 | 380 | 300 | 1447 | |||||
2029 | 48844226102 | 400 | 280 | 1388 | |||||
2030 | 50822447306 | 410 | 270 | 1410 | |||||
2031 | 52742019621 | 380 | 300 | 1616 | |||||
2032 | 54628992945 | 360 | 320 | 1790 | |||||
2033 | 56451530726 | 330 | 340 | 1995 | |||||
2034 | 58576503820 | 380 | 300 | 1803 | |||||
2035 | 60640211459 | 350 | 320 | 2022 | |||||
2036 | 62879058937 | 370 | 310 | 1983 | |||||
2037 | 65007850601 | 340 | 340 | 2263 | |||||
2015 | 2016 | 2017 | 2018 | 2019 | 2020E | 2021E | 2022E | 2023E | 2024E | 2025E | 2026E | 2027E | 2028E | 2029E | |||||||||||||||||||
TMRS | $2372929 | $2525383 | $2866831 | $2770094 | $3131881 | $3317195 | $3507656 | $3703693 | $3905684 | $4113735 | $4328362 | $4550132 | $4779234 | $5015619 | $5268060 | ||||||||||||||||||
Target PE NAV | $143342 | $138505 | $156594 | $331719 | $350766 | $370369 | $390568 | $411374 | $432836 | $455013 | $477923 | $501562 | $526806 | ||||||||||||||||||||
Distributions | ($002) | ($799) | ($2566) | ($5265) | ($8654) | ($20000) | ($31700) | ($39475) | ($54594) | ($67434) | ($73245) | ($135000) | ($150000) | ($165000) | ($180000) | ||||||||||||||||||
Annual Commitment | $31700 | $39475 | $43675 | $48167 | $48830 | $90000 | $100000 | $110000 | $120000 | $130000 | $140000 | $150000 | $160000 | $170000 | $160000 | ||||||||||||||||||
Private Equity NAV | $1303 | $11649 | $28890 | $56893 | $89091 | $129628 | $174526 | $229391 | $288408 | $354757 | $431561 | $463975 | $494093 | $521672 | $542448 | ||||||||||||||||||
Pacing per NAV | 305 | 348 | 312 | 271 | 285 | 297 | 307 | 316 | 323 | 330 | 335 | 339 | 304 | ||||||||||||||||||||
PE of Plan | 10 | 21 | 28 | 39 | 50 | 62 | 74 | 86 | 100 | 102 | 103 | 104 | 103 | ||||||||||||||||||||
Target of Plan | 50 | 50 | 50 | 50 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | |||||||||||||||||||
+- | -50 | -40 | -29 | -22 | -61 | -50 | -38 | -26 | -14 | -00 | 02 | 03 | 04 | 03 | |||||||||||||||||||
PE NAV return | 1050 | $3033 | $5974 | $9355 | $13611 | $18325 | $24086 | $30283 | $37249 | $45314 | $48717 | $51880 | $54776 | $56957 | |||||||||||||||||||
Net plan distributions | ($27816) | ($26088) | ($33449) | ($40730) | ($48008) | ($55583) | ($63050) | ($70395) | ($78032) | ($86213) | ($86113) | ($86013) | |||||||||||||||||||||
Plan Return | 675 | $193511 | $186981 | $211402 | $223911 | $236767 | $249999 | $263634 | $277677 | $292164 | $307134 | $322598 | $338554 | $355594 | |||||||||||||||||||
2433535 | 798792136 | 2565989737 | 5264522094 | 86630700 | 165015820 | 257609290 | 365078650 | 4806841325 | 584697160 | 866218100833333 | 961925898333333 | 103033793833333 | 110412948583333 | 132368313833333 | |||||||||||||||||||
-002 | -799 | -2566 | -5265 | -8663 | -16502 | -25761 | -36508 | -48068 | -58470 | -86622 | -96193 | -103034 | -110413 | -132368 |
2015 | 2016 | 2017 | 2018 | 2019 | 2020E | 2021E | 2022E | 2023E | 2024E | 2025E | 2026E | 2027E | 2028E | |||||||||||||||||||
TMRS | $2372929 | $2525383 | $2866831 | $2770094 | $3131881 | $3317195 | $3507656 | $3703693 | $3905684 | $4113735 | $4328362 | $4550132 | $4779234 | $5015619 | ||||||||||||||||||
Target PE NAV | $143342 | $138505 | $156594 | $165860 | $175383 | $185185 | $195284 | $205687 | $216418 | $227507 | $238962 | $250781 | ||||||||||||||||||||
Distributions | ($002) | ($799) | ($2566) | ($5265) | ($8654) | ($20000) | ($31700) | ($39475) | ($54594) | ($67434) | ($73245) | ($135000) | ($150000) | ($165000) | ||||||||||||||||||
Annual Commitment | $31700 | $39475 | $43675 | $48167 | $48830 | $90000 | $100000 | $110000 | $120000 | $130000 | $140000 | $150000 | $160000 | $170000 | ||||||||||||||||||
Private Equity NAV | $1303 | $11649 | $28890 | $56893 | $89091 | $129628 | $174526 | $229391 | $288408 | $354757 | $431561 | $463975 | $494093 | $521672 | ||||||||||||||||||
Pacing per NAV | 305 | 348 | 312 | 543 | 570 | 594 | 614 | 632 | 647 | 659 | 670 | 678 | ||||||||||||||||||||
PE of Plan | 10 | 21 | 28 | 39 | 50 | 62 | 74 | 86 | 100 | 102 | 103 | 104 | ||||||||||||||||||||
Target of Plan | 50 | 50 | 50 | 50 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | |||||||||||||||||||
+- | -50 | -40 | -29 | -22 | -61 | -50 | -38 | -26 | -14 | -00 | 02 | 03 | 04 | |||||||||||||||||||
PE NAV return | 1050 | $3033 | $5974 | $9355 | $13611 | $18325 | $24086 | $30283 | $37249 | $45314 | $48717 | $51880 | $54776 | |||||||||||||||||||
Net plan distributions | ($27816) | ($26088) | ($33449) | ($40730) | ($48008) | ($55583) | ($63050) | ($70395) | ($78032) | ($86213) | ($86113) | |||||||||||||||||||||
Plan Return | 675 | $193511 | $186981 | $211402 | $223911 | $236767 | $249999 | $263634 | $277677 | $292164 | $307134 | $322598 | $338554 | |||||||||||||||||||
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) | ($31700) | ($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 | $188096 | $195896 | $199640 | $201777 | ||||||||||||||||||
Annual Commitment | $31700 | $39500 | $44700 | $50000 | $52500 | $52500 | $52500 | $55000 | $60000 | $62500 | $65000 | $65000 | $65000 | ||||||||||||||
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 Recommendations 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 RecommendationsRecommended ManagerFund
Strategy Classification Recommended Amount
Altaris Health Partners Fund V LP (ldquoAltaris Vrdquo)
Buy-out $75 million
One Rock Capital Partners III LP
(ldquoOne Rock IIIrdquo)Buy-out $75 million
Insight Partners XI LP (ldquoInsight XIrdquo) Growth Equity $100 million
Total Approximate Recommended InvestmentsCommitments $250 million
Manager RecommendationExecutive Summary
Section II
5
$891
$1296
$1745
$2294
$2884
$3548
$4316
$4640
$4941
$5217
$488 $900 $1000 $1100 $1200 $1300 $1400 $1500 $1600 $17000
2
4
6
8
10
12
14
16
$-
$1000
$2000
$3000
$4000
$5000
$6000
2019 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E
o
f Tot
al P
lan
Valu
e
Valu
e in
US$
(Mill
ions
)
2019 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
2019 Staff Pacing Model
Private Equity NAV20192020E2021E2022E2023E2024E2025E2026E2027E2028E89091312816790014129628034662552981745262739021210622939097066184381288407772581337393547569007023778843156137527612764463975319680120994940927282465337252167246471241979Annual Commitment20192020E2021E2022E2023E2024E2025E2026E2027E2028E488390010001100120013001400150016001700PE of Plan 20192020E2021E2022E2023E2024E2025E2026E2027E2028E28446585508212992E-23907760847523617E-249755807956705957E-261935739159315654E-273843081792895213E-286237176767258963E-29970546681946367E-2010196964699437272010338325650055948010400959157830028Target of Plan20192020E2021E2022E2023E2024E2025E2026E2027E2028E005010101010101010101
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
2019 Staff Pacing Model
Private Equity NAV20192020E2021E2022E2023E2024E2025E2026E2027E2028E89091312816790014129628034662552981745262739021210622939097066184381288407772581337393547569007023778843156137527612764463975319680120994940927282465337252167246471241979Annual Commitment20192020E2021E2022E2023E2024E2025E2026E2027E2028E488390010001100120013001400150016001700PE of Plan 20192020E2021E2022E2023E2024E2025E2026E2027E2028E28446585508212992E-23907760847523617E-249755807956705957E-261935739159315654E-273843081792895213E-286237176767258963E-29970546681946367E-2010196964699437272010338325650055948010400959157830028Target of Plan20192020E2021E2022E2023E2024E2025E2026E2027E2028E005010101010101010101
Value in US$ (Millions)
of Total Plan Value
2020 Staff Pacing Model
Private Equity NAV2020E2021E2022E2023E2024E2025E2026E2027E2028E2029E12962803466255298174526273902121062293909706618438128840777258133739354756900702377884315613752761276446397531968012099494092728246533725216724647124197954244807350722385Annual Commitment2020E2021E2022E2023E2024E2025E2026E2027E2028E2029E900100011001200130014001500160017001600PE of Plan 2020E2021E2022E2023E2024E2025E2026E2027E2028E2029E3907760847523617E-249755807956705957E-261935739159315654E-273843081792895213E-286237176767258963E-29970546681946367E-2010196964699437272010338325650055948010400959157830028010296922671484597Target of Plan2020E2021E2022E2023E2024E2025E2026E2027E2028E2029E01010101010101010101
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
2020 Private Equity Pacing Plan Progress
Buy-out GrowthVenture Special Situations Unallocated
7
February Insight XI ($100mm)Altaris V ($75mm)
One Rock III ($75mm)
Search processes are approved in annual amounts Progress will be made throughout the year as opposed to all at once
The 2020 Private Equity search process has
culminated in ~$358 million of closed
andor recommended
investments in line with the $900 mm
primary pacing model goal for the
year2018
HIG SPF ($75mm)
2019FGN 2018 Partner $33mm)
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
Private Equity Geographic Diversification by Commitment
USA International078266990707036088021733009292963892
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053331763093657658029163633249111387017504603657230955
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 530000000011000000097000000712500006250000060000000580000005500000050000000500000005000000050000000466000004500000045000000400000003500000020000000180000000175000000125000000121000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082531977105091459017468022894908541
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)041727248225964858038375502281000567019897249493034577
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 532798964309999999544013981700000023605016927597109323630360154510800941591471065569812166313174696650026210958227268052424743817482770118146622436264596429359543482202376545433655258570617644390308730476347222043253000000015514622
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285330GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333431583333333333333415833333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663156666666666666638166666666666662936666666666666629
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
540302
158
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 Over-weighted special situations earlyfor J-Curve mitigation efficiency of capitaldeployment and tactical opportunities
2016 Focused on growth opportunity setand continue to add buy-out exposure
2017 Rounded out buy-out portfolio andopportunistically added to growth and credit
2018 Steady state on pacing selectivelyadded new relationships and Europeanexposure
2019 Steady state on pacing selectivelyadded new relationships and Venture andEuropean exposure
2020 Selectively up-sizing commitmentsadding new relationships and VentureGrowth exposure
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053976635333255962030211597230281229015811767436462806
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053976635333255962030211597230281229015811767436462806
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001200000001375000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082531977105091459017468022894908541
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)041727248225964858038375502281000567019897249493034577
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285330GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333431583333333333333415833333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663156666666666666638166666666666662936666666666666629
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 BO 18GE 1 GE 2GE 3 GE 4
GE 5GE 6 SS 1SS 2 SS 3SS 4 SS 5
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001375000001200000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053976635333255962030211597230281229015811767436462806
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001375000001200000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082531977105091459017468022894908541
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)041727248225964858038375502281000567019897249493034577
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285330GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333431583333333333333415833333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663156666666666666638166666666666662936666666666666629
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
784
216
Private Equity Geographic Diversification by Commitment
USA
International
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053976635333255962030211597230281229015811767436462806
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001375000001200000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082531977105091459017468022894908541
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)041727248225964858038375502281000567019897249493034577
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285330GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333431583333333333333415833333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663156666666666666638166666666666662936666666666666629
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 Altaris V$75 million Recommendation
Altaris Capital Partners (ldquoAltarisrdquo) is a New York-based investment firm thatfocuses exclusively on the healthcare industry specifically pharmaceuticalmedical device and diagnostics provider services and payorsinsurancebusinesses across North America and Western Europe Altaris HealthPartners V LP (ldquoFund Vrdquo) is targeting $25 billion and will seekopportunities where they can invest between $100 million to $500 millionThe Firm is flexible with the transaction type as well making control andnon-control investments into carve-outs break-ups corporate partnershipsldquotake-privatesrdquo and familyfounder-owned companies Post-investment theFirm will leverage their Operating Network to improve and grow theunderlying businesses in addition to pursuing add-on acquisitions Altariswill continue to execute a strategy similar to those employed in the priorfunds
14
Top Candidate Characteristics ndash One Rock III$75 million Recommendation
One Rock Capital Partners (ldquoOne Rockrdquo) is a New York-based buy-out firmfounded in 2010 by Tony Lee and Scott Spielvogel that focuses on value-oriented control stakes in complex middle-market businesses within sub-sectors of the ldquoold economyrdquo One Rock Capital Partners III LP (One RockIII) is targeting $15 billion to make equity investments ranging from $50million to $200 million where they can improve the operations andstrategically reposition their business units while leveraging their OperatingPartner network and their strategic partnership with the MitsubishiCorporation The Firm will continue to execute the same strategy employedin their prior funds and during their tenure with Ripplewood Holdings
15
Top Candidate Characteristics ndash Insight XI$100 million Recommendation
Insight Partners (ldquoInsightrdquo) is a New York-based private equity firm thatfocuses on small-to-mid cap growth-stage software software-enabledservices and Internet businesses with the potential for recurring revenuegrowth Insight seeks to execute both minority and majority investmentsalongside the assistance of Insight Onsite an in-house consulting groupcomprised of over forty-five dedicated software experts With over twentyyears of industry expertise and consistent returns Insight has become one ofthe most tenured software investors in private equity Insight Partners XILP (Insight XI) is targeting $725 billion to make equity investmentsranging from $10 million to $250 million The Firm will continue to executethe same strategy employed in their prior funds
Section V
16
17
Recommendation
TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the following funds
Recommendation Altaris Health Partners Fund V LP $75 million One Rock Capital Partners III LP $75 million Insight Partners XI LP $100 million
18
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1226 | 2166 | |||||||
2016 | 394750000 | 1527 | 2698 | |||||||
2017 | 436750000 | 1689 | 2985 | |||||||
2018 | 481600000 | 1863 | 3291 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 6306 | 11140 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 784 | 825 | 1385 | |||||
International | 216 | 175 | 382 | |||||
Un-Allocated | -767 | |||||||
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) | 1395350000 | 333780551 | 540 | 417 | 954 | |||||||
GE | GrowthVenture (10 to 40) | 781000000 | 306969590 | 302 | 384 | 534 | |||||||
SS | Special Situations (5 to 35) | 408750000 | 159160145 | 158 | 199 | 279 | |||||||
Un-Allocated | -767 | ||||||||||||
Total | 2585100000 | 799910286 | 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 | 450 | ||||||
GrowthVenture | 00 | 833 | 00 | 750 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 3300 | ||||||
GrowthVenture | 0 | 833 | 833 | 1583 | 1583 | ||||||
Special Situations | 0 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 450 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
3683 | |||||||||||
07015873016 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 00 | 00 | 00 | ||||||
GrowthVenture | 333 | 1000 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 750 | 2250 | 2250 | 2250 | 2250 | ||||||
GrowthVenture | 333 | 1333 | 1333 | 1333 | 1333 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
80006709754 | 321081669 | ||||||||||
80006709754 | 321081669 | ||||||||||
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 02 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 03 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 04 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 05 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 06 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 07 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 08 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 09 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 10 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 11 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 12 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 13 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 14 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 15 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 16 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 17 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 18 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 19 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 20 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 01 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 02 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 03 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 04 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 05 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 06 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 07 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 08 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 09 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 10 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 01 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 02 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 03 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 04 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 05 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 06 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 07 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 08 | ERRORREF | ERRORREF | ERRORREF | |||||
UA | -7667 | |||||||
Total | ERRORREF | ERRORREF | ERRORREF | |||||
ERRORREF | ERRORREF | ERRORREF |
Updated | 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 | BO 1 | BO | 116 | 205 | |||||||||||||
X | Altaris | Buy-out | $137500000 | BO 2 | BO | 53 | 94 | |||||||||||||
X | One Rock | Buy-out | $120000000 | BO 3 | BO | 46 | 82 | |||||||||||||
Tritium | Buy-out | $110000000 | BO 4 | BO | 43 | 75 | ||||||||||||||
Searchlight | Buy-out | $97000000 | BO 5 | BO | 38 | 66 | ||||||||||||||
Marlin | Buy-out | $71250000 | BO 6 | BO | 28 | 49 | ||||||||||||||
Northlane | Buy-out | $60000000 | BO 7 | BO | 23 | 41 | ||||||||||||||
Capital Partners | Buy-out | $58000000 | BO 8 | BO | 22 | 40 | ||||||||||||||
Providence | Buy-out | $55000000 | BO 9 | BO | 21 | 38 | ||||||||||||||
Dunes Point | Buy-out | $50000000 | BO 10 | BO | 19 | 34 | ||||||||||||||
GTCR | Buy-out | $50000000 | BO 11 | BO | 19 | 34 | ||||||||||||||
Reverence | Buy-out | $50000000 | BO 12 | BO | 19 | 34 | ||||||||||||||
Arcline | Buy-out | $50000000 | BO 13 | BO | 19 | 34 | ||||||||||||||
CapVest | Buy-out | $46600000 | BO 14 | BO | 18 | 32 | ||||||||||||||
Parthenon | Buy-out | $45000000 | BO 15 | BO | ||||||||||||||||
Incline | Buy-out | $40000000 | BO 16 | BO | 15 | 27 | ||||||||||||||
Kainos | Buy-out | $35000000 | BO 17 | BO | 14 | 24 | ||||||||||||||
Harvest | Buy-out | $20000000 | BO 18 | BO | 08 | 14 | ||||||||||||||
PSG | Venture Growth | $180000000 | GE 1 | GE | 70 | 123 | ||||||||||||||
Foundry | Venture Growth | $175000000 | GE 2 | GE | 68 | 120 | ||||||||||||||
Updata | Venture Growth | $125000000 | GE 3 | GE | 48 | 85 | ||||||||||||||
FTV | Venture Growth | $121000000 | GE 4 | GE | 47 | 83 | ||||||||||||||
X | Insight | Venture Growth | $100000000 | |||||||||||||||||
Main Post | Venture Growth | $40000000 | GE 5 | GE | 15 | 27 | ||||||||||||||
Mercato | Venture Growth | $40000000 | GE 6 | GE | 15 | 27 | ||||||||||||||
TSSP | Special Situations | $150000000 | SS 1 | SS | 58 | 103 | ||||||||||||||
GSO | Special Situations | $93750000 | SS 2 | SS | 36 | 64 | ||||||||||||||
Carlyle | Special Situations | $65000000 | SS 3 | SS | 25 | 44 | ||||||||||||||
HIG Bayside | Special Situations | $60000000 | SS 4 | SS | 23 | 41 | ||||||||||||||
LightBay | Special Situations | $40000000 | SS 5 | SS | 15 | 27 | ||||||||||||||
Total | $2585100000 | $0 | 9439 | 16676 | ||||||||||||||||
CHECK | CHECK | |||||||||||||||||||
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Closing Date | Vintage Year | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | Omni NAV as of 10312019 ($) | 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 | ||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 240000000 | Voting | 12500000 | 12500000 | 4838617 | 75 | 25 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 1080000000 | Voting | 50000000 | 50000000 | 27524419 | 75 | 25 | 1 | 0 | 3 | 1 | ||||||||||||||||||||
Altaris | Altaris Health Partners V | 17 | 2003 | 5 | BO | 2020 | 2018 | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | 31119 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 72017 | 2018 | 600000000 | Voting | 70000000 | 58000000 | 15451080 | 100 | 0 | 2 | 0 | 2 | 0 | ||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 62918 | 2018 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 122215 | 2015 | 2819281339 | Voting | 65000000 | 65000000 | 30476347 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 113017 | 2018 | 535000000 | Voting | 50000000 | 50000000 | 10655698 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 5118 | 2018 | 750000000 | 45000000 | 45000000 | 8935029 | 90 | 10 | 2 | 0 | 1 | 0 | |||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | 4119 | 100000000 | 100000000 | 100000000 | 6337986 | 90 | 10 | 3 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 6616 | 2016 | 489690722 | 35000000 | 30000000 | 28353444 | 100 | 0 | 1 | 0 | 4 | 0 | |||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 91516 | 2017 | 867000000 | Voting | 50000000 | 46000000 | 43482202 | 75 | 25 | 1 | 0 | 4 | 1 | ||||||||||||||||||||
FTV | FTV VI | 21 | 1998 | 5 | GE | 2019 | 2017 | 1250000000 | Voting | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||
GSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 7116 | 2016 | 6500000000 | 75000000 | 75000000 | 36916611 | 80 | 20 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
GSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 112116 | 2016 | 2000000000 | 18750000 | 18750000 | 6986476 | 80 | 20 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 92917 | 2018 | 5250000000 | 75000000 | 50000000 | 12166313 | 75 | 25 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
HIG Bayside | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2516 | 2015 | 933375000 | 60000000 | 60000000 | 22204325 | 75 | 25 | 2 | 1 | 2 | 1 | |||||||||||||||||||||
HIG SPF | HIG Capital - TMRS Capella SMA | 25 | 1993 | NA | BO | 2018 | 101518 | 100000000 | 100000000 | 100000000 | 26121909 | 60 | 40 | 2 | 2 | 2 | 1 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 10118 | 2018 | 1115000000 | 200000000 | 200000000 | 6677055 | 60 | 40 | 5 | 3 | 1 | 0 | |||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 121515 | 2016 | 2200000000 | 50000000 | 20000000 | 17482770 | 80 | 20 | 1 | 0 | 2 | 0 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 121616 | 2017 | 601000000 | 50000000 | 40000000 | 22726805 | 80 | 20 | 1 | 0 | 2 | 1 | |||||||||||||||||||||
Insight | Insight Partners XI | 25 | 1995 | 11 | GE | 2020 | 100000000 | 100000000 | 75 | 25 | 3 | 1 | 0 | 0 | |||||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 82516 | 2016 | 895000000 | Observer | 50000000 | 35000000 | 24247438 | 75 | 25 | 1 | 0 | 2 | 1 | ||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 122217 | 2018 | 615000000 | Voting | 50000000 | 40000000 | 5514622 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 11718 | 2019 | 700000000 | Voting | 50000000 | 40000000 | 3765454 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 31017 | 2018 | 2500000000 | 60000000 | 57000000 | 19504557 | 80 | 20 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 31017 | 2017 | 750000000 | 15000000 | 14250000 | 8092552 | 75 | 25 | 0 | 0 | 1 | 0 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 52516 | 2015 | 246000000 | Voting | 40000000 | 40000000 | 33655258 | 100 | 0 | 2 | 0 | 4 | 0 | ||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 33117 | 2017 | 964000000 | 50000000 | 45000000 | 26210958 | 90 | 10 | 2 | 0 | 3 | 0 | |||||||||||||||||||||
One Rock | One Rock Capital Partners III | 10 | 2010 | 3 | BO | 2020 | 2017 | 75000000 | 75000000 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||||||
Parthenon | Parthenon Investors VI | 21 | 1998 | 6 | BO | 2019 | 1800000000 | 50000000 | 45000000 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 4218 | 2017 | 5000000000 | 55000000 | 55000000 | 4159147 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 62116 | 2016 | 640000000 | Voting | 60000000 | 60000000 | 70001780 | 100 | 0 | 2 | 0 | 9 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 32318 | 2018 | 1322000000 | Voting | 70000000 | 70000000 | 48144842 | 100 | 0 | 3 | 0 | 6 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | 42619 | 2000000000 | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | 21419 | 1000000000 | Voting | 50000000 | 50000000 | 17469665 | 90 | 10 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 112515 | 2015 | 1939000000 | 50000000 | 47000000 | 36050169 | 60 | 40 | 1 | 1 | 3 | 2 | |||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 111615 | 2014 | 309000000 | Voting | 50000000 | 50000000 | 54401398 | 85 | 15 | 2 | 0 | 6 | 1 | ||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 112018 | 2019 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 6818 | 2018 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 123115 | 2014 | 3500000000 | 75000000 | 75000000 | 53260061 | 60 | 40 | 2 | 1 | 4 | 3 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 8918 | 2018 | 3000000000 | 50000000 | 25000000 | 3801703 | 60 | 40 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 62116 | 2014 | 280000000 | Voting | 50000000 | 50000000 | 64293595 | 90 | 10 | 2 | 0 | 7 | 1 | ||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 12818 | 2014 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
2819243965 | |||||||||||||||||||||||||||||||||||||||
2750000000 | |||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
1939000000 | |||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||
375000000 | |||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||||||||||||||||||||||||||||||
TMRS (AUM) | $ 29264820023 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE Target () | 500 | |||||||||||||||||||||||||||||||||||
PE Target ($) | $ 1463241001 | |||||||||||||||||||||||||||||||||||
PE Commitments ($) | $ 2585100000 | |||||||||||||||||||||||||||||||||||
PE NAV ($) | $ 799910286 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE NAV () | 273 | |||||||||||||||||||||||||||||||||||
Un-Allocated () | -7667 | |||||||||||||||||||||||||||||||||||
BAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | 4000000000 | 65000000 | 65000000 | - 0 | 80 | 20 | 80 | 20 | ERRORDIV0 | ERRORDIV0 |
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 | 1226 | 2166 | |||||||
2016 | 394750000 | 1527 | 2698 | |||||||
2017 | 436750000 | 1689 | 2985 | |||||||
2018 | 481600000 | 1863 | 3291 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 6306 | 11140 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 784 | 825 | 1385 | |||||
International | 216 | 175 | 382 | |||||
Un-Allocated | -767 | |||||||
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) | 1395350000 | 333780551 | 540 | 417 | 954 | |||||||
GE | GrowthVenture (10 to 40) | 781000000 | 306969590 | 302 | 384 | 534 | |||||||
SS | Special Situations (5 to 35) | 408750000 | 159160145 | 158 | 199 | 279 | |||||||
Un-Allocated | -767 | ||||||||||||
Total | 2585100000 | 799910286 | 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 | 450 | ||||||
GrowthVenture | 00 | 833 | 00 | 750 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 3300 | ||||||
GrowthVenture | 0 | 833 | 833 | 1583 | 1583 | ||||||
Special Situations | 0 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 450 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
3683 | |||||||||||
07015873016 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 00 | 00 | 00 | ||||||
GrowthVenture | 333 | 1000 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 750 | 2250 | 2250 | 2250 | 2250 | ||||||
GrowthVenture | 333 | 1333 | 1333 | 1333 | 1333 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
80006709754 | 321081669 | ||||||||||
80006709754 | 321081669 | ||||||||||
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 02 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 03 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 04 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 05 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 06 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 07 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 08 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 09 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 10 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 11 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 12 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 13 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 14 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 15 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 16 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 17 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 18 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 19 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 20 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 01 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 02 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 03 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 04 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 05 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 06 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 07 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 08 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 09 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 10 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 01 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 02 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 03 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 04 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 05 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 06 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 07 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 08 | ERRORREF | ERRORREF | ERRORREF | |||||
UA | -7667 | |||||||
Total | ERRORREF | ERRORREF | ERRORREF | |||||
ERRORREF | ERRORREF | ERRORREF |
Updated | 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 | BO 1 | BO | 116 | 205 | |||||||||||||
X | Altaris | Buy-out | $137500000 | BO 2 | BO | 53 | 94 | |||||||||||||
X | One Rock | Buy-out | $120000000 | BO 3 | BO | 46 | 82 | |||||||||||||
Tritium | Buy-out | $110000000 | BO 4 | BO | 43 | 75 | ||||||||||||||
Searchlight | Buy-out | $97000000 | BO 5 | BO | 38 | 66 | ||||||||||||||
Marlin | Buy-out | $71250000 | BO 6 | BO | 28 | 49 | ||||||||||||||
Northlane | Buy-out | $60000000 | BO 7 | BO | 23 | 41 | ||||||||||||||
Capital Partners | Buy-out | $58000000 | BO 8 | BO | 22 | 40 | ||||||||||||||
Providence | Buy-out | $55000000 | BO 9 | BO | 21 | 38 | ||||||||||||||
Dunes Point | Buy-out | $50000000 | BO 10 | BO | 19 | 34 | ||||||||||||||
GTCR | Buy-out | $50000000 | BO 11 | BO | 19 | 34 | ||||||||||||||
Reverence | Buy-out | $50000000 | BO 12 | BO | 19 | 34 | ||||||||||||||
Arcline | Buy-out | $50000000 | BO 13 | BO | 19 | 34 | ||||||||||||||
CapVest | Buy-out | $46600000 | BO 14 | BO | 18 | 32 | ||||||||||||||
Parthenon | Buy-out | $45000000 | BO 15 | BO | ||||||||||||||||
Incline | Buy-out | $40000000 | BO 16 | BO | 15 | 27 | ||||||||||||||
Kainos | Buy-out | $35000000 | BO 17 | BO | 14 | 24 | ||||||||||||||
Harvest | Buy-out | $20000000 | BO 18 | BO | 08 | 14 | ||||||||||||||
PSG | Venture Growth | $180000000 | GE 1 | GE | 70 | 123 | ||||||||||||||
Foundry | Venture Growth | $175000000 | GE 2 | GE | 68 | 120 | ||||||||||||||
Updata | Venture Growth | $125000000 | GE 3 | GE | 48 | 85 | ||||||||||||||
FTV | Venture Growth | $121000000 | GE 4 | GE | 47 | 83 | ||||||||||||||
X | Insight | Venture Growth | $100000000 | |||||||||||||||||
Main Post | Venture Growth | $40000000 | GE 5 | GE | 15 | 27 | ||||||||||||||
Mercato | Venture Growth | $40000000 | GE 6 | GE | 15 | 27 | ||||||||||||||
TSSP | Special Situations | $150000000 | SS 1 | SS | 58 | 103 | ||||||||||||||
GSO | Special Situations | $93750000 | SS 2 | SS | 36 | 64 | ||||||||||||||
Carlyle | Special Situations | $65000000 | SS 3 | SS | 25 | 44 | ||||||||||||||
HIG Bayside | Special Situations | $60000000 | SS 4 | SS | 23 | 41 | ||||||||||||||
LightBay | Special Situations | $40000000 | SS 5 | SS | 15 | 27 | ||||||||||||||
Total | $2585100000 | $0 | 9439 | 16676 | ||||||||||||||||
CHECK | CHECK | |||||||||||||||||||
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Closing Date | Vintage Year | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | Omni NAV as of 10312019 ($) | 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 | ||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 240000000 | Voting | 12500000 | 12500000 | 4838617 | 75 | 25 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 1080000000 | Voting | 50000000 | 50000000 | 27524419 | 75 | 25 | 1 | 0 | 3 | 1 | ||||||||||||||||||||
Altaris | Altaris Health Partners V | 17 | 2003 | 5 | BO | 2020 | 2018 | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | 31119 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 72017 | 2018 | 600000000 | Voting | 70000000 | 58000000 | 15451080 | 100 | 0 | 2 | 0 | 2 | 0 | ||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 62918 | 2018 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 122215 | 2015 | 2819281339 | Voting | 65000000 | 65000000 | 30476347 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 113017 | 2018 | 535000000 | Voting | 50000000 | 50000000 | 10655698 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 5118 | 2018 | 750000000 | 45000000 | 45000000 | 8935029 | 90 | 10 | 2 | 0 | 1 | 0 | |||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | 4119 | 100000000 | 100000000 | 100000000 | 6337986 | 90 | 10 | 3 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 6616 | 2016 | 489690722 | 35000000 | 30000000 | 28353444 | 100 | 0 | 1 | 0 | 4 | 0 | |||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 91516 | 2017 | 867000000 | Voting | 50000000 | 46000000 | 43482202 | 75 | 25 | 1 | 0 | 4 | 1 | ||||||||||||||||||||
FTV | FTV VI | 21 | 1998 | 5 | GE | 2019 | 2017 | 1250000000 | Voting | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||
GSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 7116 | 2016 | 6500000000 | 75000000 | 75000000 | 36916611 | 80 | 20 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
GSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 112116 | 2016 | 2000000000 | 18750000 | 18750000 | 6986476 | 80 | 20 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 92917 | 2018 | 5250000000 | 75000000 | 50000000 | 12166313 | 75 | 25 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
HIG Bayside | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2516 | 2015 | 933375000 | 60000000 | 60000000 | 22204325 | 75 | 25 | 2 | 1 | 2 | 1 | |||||||||||||||||||||
HIG SPF | HIG Capital - TMRS Capella SMA | 25 | 1993 | NA | BO | 2018 | 101518 | 100000000 | 100000000 | 100000000 | 26121909 | 60 | 40 | 2 | 2 | 2 | 1 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 10118 | 2018 | 1115000000 | 200000000 | 200000000 | 6677055 | 60 | 40 | 5 | 3 | 1 | 0 | |||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 121515 | 2016 | 2200000000 | 50000000 | 20000000 | 17482770 | 80 | 20 | 1 | 0 | 2 | 0 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 121616 | 2017 | 601000000 | 50000000 | 40000000 | 22726805 | 80 | 20 | 1 | 0 | 2 | 1 | |||||||||||||||||||||
Insight | Insight Partners XI | 25 | 1995 | 11 | GE | 2020 | 100000000 | 100000000 | 75 | 25 | 3 | 1 | 0 | 0 | |||||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 82516 | 2016 | 895000000 | Observer | 50000000 | 35000000 | 24247438 | 75 | 25 | 1 | 0 | 2 | 1 | ||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 122217 | 2018 | 615000000 | Voting | 50000000 | 40000000 | 5514622 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 11718 | 2019 | 700000000 | Voting | 50000000 | 40000000 | 3765454 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 31017 | 2018 | 2500000000 | 60000000 | 57000000 | 19504557 | 80 | 20 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 31017 | 2017 | 750000000 | 15000000 | 14250000 | 8092552 | 75 | 25 | 0 | 0 | 1 | 0 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 52516 | 2015 | 246000000 | Voting | 40000000 | 40000000 | 33655258 | 100 | 0 | 2 | 0 | 4 | 0 | ||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 33117 | 2017 | 964000000 | 50000000 | 45000000 | 26210958 | 90 | 10 | 2 | 0 | 3 | 0 | |||||||||||||||||||||
One Rock | One Rock Capital Partners III | 10 | 2010 | 3 | BO | 2020 | 2017 | 75000000 | 75000000 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||||||
Parthenon | Parthenon Investors VI | 21 | 1998 | 6 | BO | 2019 | 1800000000 | 50000000 | 45000000 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 4218 | 2017 | 5000000000 | 55000000 | 55000000 | 4159147 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 62116 | 2016 | 640000000 | Voting | 60000000 | 60000000 | 70001780 | 100 | 0 | 2 | 0 | 9 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 32318 | 2018 | 1322000000 | Voting | 70000000 | 70000000 | 48144842 | 100 | 0 | 3 | 0 | 6 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | 42619 | 2000000000 | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | 21419 | 1000000000 | Voting | 50000000 | 50000000 | 17469665 | 90 | 10 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 112515 | 2015 | 1939000000 | 50000000 | 47000000 | 36050169 | 60 | 40 | 1 | 1 | 3 | 2 | |||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 111615 | 2014 | 309000000 | Voting | 50000000 | 50000000 | 54401398 | 85 | 15 | 2 | 0 | 6 | 1 | ||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 112018 | 2019 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 6818 | 2018 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 123115 | 2014 | 3500000000 | 75000000 | 75000000 | 53260061 | 60 | 40 | 2 | 1 | 4 | 3 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 8918 | 2018 | 3000000000 | 50000000 | 25000000 | 3801703 | 60 | 40 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 62116 | 2014 | 280000000 | Voting | 50000000 | 50000000 | 64293595 | 90 | 10 | 2 | 0 | 7 | 1 | ||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 12818 | 2014 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
2819243965 | |||||||||||||||||||||||||||||||||||||||
2750000000 | |||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
1939000000 | |||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||
375000000 | |||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||||||||||||||||||||||||||||||
TMRS (AUM) | $ 29264820023 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE Target () | 500 | |||||||||||||||||||||||||||||||||||
PE Target ($) | $ 1463241001 | |||||||||||||||||||||||||||||||||||
PE Commitments ($) | $ 2585100000 | |||||||||||||||||||||||||||||||||||
PE NAV ($) | $ 799910286 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE NAV () | 273 | |||||||||||||||||||||||||||||||||||
Un-Allocated () | -7667 | |||||||||||||||||||||||||||||||||||
BAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | 4000000000 | 65000000 | 65000000 | - 0 | 80 | 20 | 80 | 20 | ERRORDIV0 | ERRORDIV0 |
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 | 1226 | 2166 | |||||||
2016 | 394750000 | 1527 | 2698 | |||||||
2017 | 436750000 | 1689 | 2985 | |||||||
2018 | 481600000 | 1863 | 3291 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 6306 | 11140 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 784 | 825 | 1385 | |||||
International | 216 | 175 | 382 | |||||
Un-Allocated | -767 | |||||||
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) | 1395350000 | 333780551 | 540 | 417 | 954 | |||||||
GE | GrowthVenture (10 to 40) | 781000000 | 306969590 | 302 | 384 | 534 | |||||||
SS | Special Situations (5 to 35) | 408750000 | 159160145 | 158 | 199 | 279 | |||||||
Un-Allocated | -767 | ||||||||||||
Total | 2585100000 | 799910286 | 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 | 450 | ||||||
GrowthVenture | 00 | 833 | 00 | 750 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 3300 | ||||||
GrowthVenture | 0 | 833 | 833 | 1583 | 1583 | ||||||
Special Situations | 0 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 450 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
3683 | |||||||||||
07015873016 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 00 | 00 | 00 | ||||||
GrowthVenture | 333 | 1000 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 750 | 2250 | 2250 | 2250 | 2250 | ||||||
GrowthVenture | 333 | 1333 | 1333 | 1333 | 1333 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
80006709754 | 321081669 | ||||||||||
80006709754 | 321081669 | ||||||||||
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 02 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 03 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 04 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 05 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 06 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 07 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 08 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 09 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 10 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 11 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 12 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 13 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 14 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 15 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 16 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 17 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 18 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 19 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 20 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 01 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 02 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 03 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 04 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 05 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 06 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 07 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 08 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 09 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 10 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 01 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 02 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 03 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 04 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 05 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 06 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 07 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 08 | ERRORREF | ERRORREF | ERRORREF | |||||
UA | -7667 | |||||||
Total | ERRORREF | ERRORREF | ERRORREF | |||||
ERRORREF | ERRORREF | ERRORREF |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
One Rock | HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | BO 1 | BO | 116 | 205 | |||||||||||
Altaris | One Rock | Buy-out | $120000000 | BO 2 | BO | 46 | 82 | ||||||||||||
Tritium | Altaris | Buy-out | $137500000 | BO 3 | BO | 53 | 94 | ||||||||||||
Searchlight | Tritium | Buy-out | $110000000 | BO 4 | BO | 43 | 75 | ||||||||||||
Marlin | Searchlight | Buy-out | $97000000 | BO 5 | BO | 38 | 66 | ||||||||||||
Northlane | Marlin | Buy-out | $71250000 | BO 6 | BO | 28 | 49 | ||||||||||||
Capital Partners | Northlane | Buy-out | $60000000 | BO 7 | BO | 23 | 41 | ||||||||||||
Providence | Capital Partners | Buy-out | $58000000 | BO 8 | BO | 22 | 40 | ||||||||||||
Dunes Point | Providence | Buy-out | $55000000 | BO 9 | BO | 21 | 38 | ||||||||||||
GTCR | Dunes Point | Buy-out | $50000000 | BO 10 | BO | 19 | 34 | ||||||||||||
Reverence | GTCR | Buy-out | $50000000 | BO 11 | BO | 19 | 34 | ||||||||||||
Arcline | Reverence | Buy-out | $50000000 | BO 12 | BO | 19 | 34 | ||||||||||||
CapVest | Arcline | Buy-out | $50000000 | BO 13 | BO | 19 | 34 | ||||||||||||
Parthenon | CapVest | Buy-out | $46600000 | BO 14 | BO | 18 | 32 | ||||||||||||
Incline | Parthenon | Buy-out | $45000000 | BO 15 | BO | ||||||||||||||
Kainos | Incline | Buy-out | $40000000 | BO 16 | BO | 15 | 27 | ||||||||||||
Harvest | Kainos | Buy-out | $35000000 | BO 17 | BO | 14 | 24 | ||||||||||||
Harvest | Buy-out | $20000000 | BO 18 | BO | 08 | 14 | |||||||||||||
PSG | Venture Growth | $180000000 | GE 1 | GE | 70 | 123 | |||||||||||||
Foundry | Venture Growth | $175000000 | GE 2 | GE | 68 | 120 | |||||||||||||
Updata | Venture Growth | $125000000 | GE 3 | GE | 48 | 85 | |||||||||||||
FTV | Venture Growth | $121000000 | GE 4 | GE | 47 | 83 | |||||||||||||
Insight | Venture Growth | $100000000 | |||||||||||||||||
Main Post | Venture Growth | $40000000 | GE 5 | GE | 15 | 27 | |||||||||||||
Mercato | Venture Growth | $40000000 | GE 6 | GE | 15 | 27 | |||||||||||||
TSSP | Special Situations | $150000000 | SS 1 | SS | 58 | 103 | |||||||||||||
GSO | Special Situations | $93750000 | SS 2 | SS | 36 | 64 | |||||||||||||
Carlyle | Special Situations | $65000000 | SS 3 | SS | 25 | 44 | |||||||||||||
HIG Bayside | Special Situations | $60000000 | SS 4 | SS | 23 | 41 | |||||||||||||
LightBay | Special Situations | $40000000 | SS 5 | SS | 15 | 27 | |||||||||||||
Total | $2585100000 | $0 | 9439 | 16676 | |||||||||||||||
CHECK | CHECK | ||||||||||||||||||
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Closing Date | Vintage Year | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | Omni NAV as of 10312019 ($) | 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 | ||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 240000000 | Voting | 12500000 | 12500000 | 4838617 | 75 | 25 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 1080000000 | Voting | 50000000 | 50000000 | 27524419 | 75 | 25 | 1 | 0 | 3 | 1 | ||||||||||||||||||||
Altaris | Altaris Health Partners V | 17 | 2003 | 5 | BO | 2020 | 2018 | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | 31119 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 72017 | 2018 | 600000000 | Voting | 70000000 | 58000000 | 15451080 | 100 | 0 | 2 | 0 | 2 | 0 | ||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 62918 | 2018 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 122215 | 2015 | 2819281339 | Voting | 65000000 | 65000000 | 30476347 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 113017 | 2018 | 535000000 | Voting | 50000000 | 50000000 | 10655698 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 5118 | 2018 | 750000000 | 45000000 | 45000000 | 8935029 | 90 | 10 | 2 | 0 | 1 | 0 | |||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | 4119 | 100000000 | 100000000 | 100000000 | 6337986 | 90 | 10 | 3 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 6616 | 2016 | 489690722 | 35000000 | 30000000 | 28353444 | 100 | 0 | 1 | 0 | 4 | 0 | |||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 91516 | 2017 | 867000000 | Voting | 50000000 | 46000000 | 43482202 | 75 | 25 | 1 | 0 | 4 | 1 | ||||||||||||||||||||
FTV | FTV VI | 21 | 1998 | 5 | GE | 2019 | 2017 | 1250000000 | Voting | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||
GSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 7116 | 2016 | 6500000000 | 75000000 | 75000000 | 36916611 | 80 | 20 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
GSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 112116 | 2016 | 2000000000 | 18750000 | 18750000 | 6986476 | 80 | 20 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 92917 | 2018 | 5250000000 | 75000000 | 50000000 | 12166313 | 75 | 25 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
HIG Bayside | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2516 | 2015 | 933375000 | 60000000 | 60000000 | 22204325 | 75 | 25 | 2 | 1 | 2 | 1 | |||||||||||||||||||||
HIG SPF | HIG Capital - TMRS Capella SMA | 25 | 1993 | NA | BO | 2018 | 101518 | 100000000 | 100000000 | 100000000 | 26121909 | 60 | 40 | 2 | 2 | 2 | 1 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 10118 | 2018 | 1115000000 | 200000000 | 200000000 | 6677055 | 60 | 40 | 5 | 3 | 1 | 0 | |||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 121515 | 2016 | 2200000000 | 50000000 | 20000000 | 17482770 | 80 | 20 | 1 | 0 | 2 | 0 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 121616 | 2017 | 601000000 | 50000000 | 40000000 | 22726805 | 80 | 20 | 1 | 0 | 2 | 1 | |||||||||||||||||||||
Insight | Insight Partners XI | 25 | 1995 | 11 | GE | 2020 | 100000000 | 100000000 | 75 | 25 | 3 | 1 | 0 | 0 | |||||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 82516 | 2016 | 895000000 | Observer | 50000000 | 35000000 | 24247438 | 75 | 25 | 1 | 0 | 2 | 1 | ||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 122217 | 2018 | 615000000 | Voting | 50000000 | 40000000 | 5514622 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 11718 | 2019 | 700000000 | Voting | 50000000 | 40000000 | 3765454 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 31017 | 2018 | 2500000000 | 60000000 | 57000000 | 19504557 | 80 | 20 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 31017 | 2017 | 750000000 | 15000000 | 14250000 | 8092552 | 75 | 25 | 0 | 0 | 1 | 0 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 52516 | 2015 | 246000000 | Voting | 40000000 | 40000000 | 33655258 | 100 | 0 | 2 | 0 | 4 | 0 | ||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 33117 | 2017 | 964000000 | 50000000 | 45000000 | 26210958 | 90 | 10 | 2 | 0 | 3 | 0 | |||||||||||||||||||||
One Rock | One Rock Capital Partners III | 10 | 2010 | 3 | BO | 2020 | 2017 | 75000000 | 75000000 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||||||
Parthenon | Parthenon Investors VI | 21 | 1998 | 6 | BO | 2019 | 1800000000 | 50000000 | 45000000 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 4218 | 2017 | 5000000000 | 55000000 | 55000000 | 4159147 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 62116 | 2016 | 640000000 | Voting | 60000000 | 60000000 | 70001780 | 100 | 0 | 2 | 0 | 9 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 32318 | 2018 | 1322000000 | Voting | 70000000 | 70000000 | 48144842 | 100 | 0 | 3 | 0 | 6 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | 42619 | 2000000000 | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | 21419 | 1000000000 | Voting | 50000000 | 50000000 | 17469665 | 90 | 10 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 112515 | 2015 | 1939000000 | 50000000 | 47000000 | 36050169 | 60 | 40 | 1 | 1 | 3 | 2 | |||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 111615 | 2014 | 309000000 | Voting | 50000000 | 50000000 | 54401398 | 85 | 15 | 2 | 0 | 6 | 1 | ||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 112018 | 2019 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 6818 | 2018 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 123115 | 2014 | 3500000000 | 75000000 | 75000000 | 53260061 | 60 | 40 | 2 | 1 | 4 | 3 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 8918 | 2018 | 3000000000 | 50000000 | 25000000 | 3801703 | 60 | 40 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 62116 | 2014 | 280000000 | Voting | 50000000 | 50000000 | 64293595 | 90 | 10 | 2 | 0 | 7 | 1 | ||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 12818 | 2014 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
2819243965 | |||||||||||||||||||||||||||||||||||||||
2750000000 | |||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
1939000000 | |||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||
375000000 | |||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||||||||||||||||||||||||||||||
TMRS (AUM) | $ 29264820023 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE Target () | 500 | |||||||||||||||||||||||||||||||||||
PE Target ($) | $ 1463241001 | |||||||||||||||||||||||||||||||||||
PE Commitments ($) | $ 2585100000 | |||||||||||||||||||||||||||||||||||
PE NAV ($) | $ 799910286 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE NAV () | 273 | |||||||||||||||||||||||||||||||||||
Un-Allocated () | -7667 | |||||||||||||||||||||||||||||||||||
BAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | 4000000000 | 65000000 | 65000000 | - 0 | 80 | 20 | 80 | 20 | ERRORDIV0 | ERRORDIV0 |
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 | 1358 | 2166 | |||||||
2016 | 394750000 | 1691 | 2698 | |||||||
2017 | 436750000 | 1870 | 2985 | |||||||
2018 | 481600000 | 2062 | 3291 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 6981 | 11140 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 783 | 825 | 1249 | |||||
International | 217 | 175 | 347 | |||||
Un-Allocated | -596 | |||||||
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) | 1245350000 | 333780551 | 533 | 417 | 851 | |||||||
GE | GrowthVenture (10 to 40) | 681000000 | 306969590 | 292 | 384 | 465 | |||||||
SS | Special Situations (5 to 35) | 408750000 | 159160145 | 175 | 199 | 279 | |||||||
Un-Allocated | -596 | ||||||||||||
Total | 2335100000 | 799910286 | 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 | 450 | ||||||
GrowthVenture | 00 | 833 | 00 | 750 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 3300 | ||||||
GrowthVenture | 0 | 833 | 833 | 1583 | 1583 | ||||||
Special Situations | 0 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 450 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
3683 | |||||||||||
07015873016 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 00 | 00 | 00 | ||||||
GrowthVenture | 333 | 1000 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 750 | 2250 | 2250 | 2250 | 2250 | ||||||
GrowthVenture | 333 | 1333 | 1333 | 1333 | 1333 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
80006709754 | 321081669 | ||||||||||
80006709754 | 321081669 | ||||||||||
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 02 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 03 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 04 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 05 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 06 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 07 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 08 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 09 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 10 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 11 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 12 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 13 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 14 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 15 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 16 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 17 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 18 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 19 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 20 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 01 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 02 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 03 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 04 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 05 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 06 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 07 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 08 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 09 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 10 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 01 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 02 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 03 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 04 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 05 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 06 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 07 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 08 | ERRORREF | ERRORREF | ERRORREF | |||||
UA | -5958 | |||||||
Total | ERRORREF | ERRORREF | ERRORREF | |||||
ERRORREF | ERRORREF | ERRORREF |
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 | $32798964 | BO 1 | BO | 128 | 205 | |||||||||||
Tritium | Buy-out | $110000000 | $54401398 | BO 2 | BO | 47 | 75 | ||||||||||||
Searchlight | Buy-out | $97000000 | $36050169 | BO 3 | BO | 42 | 66 | ||||||||||||
Marlin | Buy-out | $71250000 | $27597109 | BO 4 | BO | 31 | 49 | ||||||||||||
Altaris | Buy-out | $62500000 | $32363036 | BO 5 | BO | 27 | 43 | ||||||||||||
Northlane | Buy-out | $60000000 | $0 | BO 6 | BO | 26 | 41 | ||||||||||||
Capital Partners | Buy-out | $58000000 | $15451080 | BO 7 | BO | 25 | 40 | ||||||||||||
Providence | Buy-out | $55000000 | $4159147 | BO 8 | BO | 24 | 38 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $10655698 | BO 9 | BO | 21 | 34 | ||||||||||||
GTCR | Buy-out | $50000000 | $12166313 | BO 10 | BO | 21 | 34 | ||||||||||||
Reverence | Buy-out | $50000000 | $17469665 | BO 11 | BO | 21 | 34 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 21 | 34 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 32 | ||||||||||||
One Rock | Buy-out | $45000000 | $26210958 | BO 14 | BO | 19 | 31 | ||||||||||||
Parthenon | Buy-out | $45000000 | BO 15 | BO | |||||||||||||||
Incline | Buy-out | $40000000 | $22726805 | BO 16 | BO | 17 | 27 | ||||||||||||
Kainos | Buy-out | $35000000 | $24247438 | BO 17 | BO | 15 | 24 | ||||||||||||
Harvest | Buy-out | $20000000 | $17482770 | BO 18 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $118146622 | GE 1 | GE | 77 | 123 | ||||||||||||
Foundry | Venture Growth | $175000000 | $43626459 | GE 2 | GE | 75 | 120 | ||||||||||||
Updata | Venture Growth | $125000000 | $64293595 | GE 3 | GE | 54 | 85 | ||||||||||||
FTV | Venture Growth | $121000000 | $43482202 | GE 4 | GE | 52 | 83 | ||||||||||||
Main Post | Venture Growth | $40000000 | $3765454 | GE 5 | GE | 17 | 27 | ||||||||||||
Mercato | Venture Growth | $40000000 | $33655258 | GE 6 | GE | 17 | 27 | ||||||||||||
TSSP | Special Situations | $150000000 | $57061764 | SS 1 | SS | 64 | 103 | ||||||||||||
GSO | Special Situations | $93750000 | $43903087 | SS 2 | SS | 40 | 64 | ||||||||||||
Carlyle | Special Situations | $65000000 | $30476347 | SS 3 | SS | 28 | 44 | ||||||||||||
HIG Bayside | Special Situations | $60000000 | $22204325 | SS 4 | SS | 26 | 41 | ||||||||||||
LightBay | Special Situations | $40000000 | $5514622 | SS 5 | SS | 17 | 27 | ||||||||||||
Total | $2335100000 | $799910286 | 9807 | 15651 | |||||||||||||||
CHECK | CHECK | ||||||||||||||||||
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Closing Date | Vintage Year | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | Omni NAV as of 10312019 ($) | 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 | ||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 240000000 | Voting | 12500000 | 12500000 | 4838617 | 75 | 25 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 1080000000 | Voting | 50000000 | 50000000 | 27524419 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | 31119 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 72017 | 2018 | 600000000 | Voting | 70000000 | 58000000 | 15451080 | 100 | 0 | 2 | 0 | 2 | 0 | ||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 62918 | 2018 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 122215 | 2015 | 2819281339 | Voting | 65000000 | 65000000 | 30476347 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 113017 | 2018 | 535000000 | Voting | 50000000 | 50000000 | 10655698 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 5118 | 2018 | 750000000 | 45000000 | 45000000 | 8935029 | 90 | 10 | 2 | 0 | 1 | 0 | |||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | 4119 | 100000000 | 100000000 | 100000000 | 6337986 | 90 | 10 | 4 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 6616 | 2016 | 489690722 | 35000000 | 30000000 | 28353444 | 100 | 0 | 1 | 0 | 4 | 0 | |||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 91516 | 2017 | 867000000 | Voting | 50000000 | 46000000 | 43482202 | 75 | 25 | 1 | 0 | 4 | 1 | ||||||||||||||||||||
FTV | FTV VI | 21 | 1998 | 5 | GE | 2019 | 2017 | 1250000000 | Voting | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||
GSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 7116 | 2016 | 6500000000 | 75000000 | 75000000 | 36916611 | 80 | 20 | 3 | 1 | 4 | 1 | |||||||||||||||||||||
GSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 112116 | 2016 | 2000000000 | 18750000 | 18750000 | 6986476 | 80 | 20 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 92917 | 2018 | 5250000000 | 75000000 | 50000000 | 12166313 | 75 | 25 | 2 | 1 | 1 | 0 | |||||||||||||||||||||
HIG Bayside | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2516 | 2015 | 933375000 | 60000000 | 60000000 | 22204325 | 75 | 25 | 2 | 1 | 2 | 1 | |||||||||||||||||||||
HIG SPF | HIG Capital - TMRS Capella SMA | 25 | 1993 | NA | BO | 2018 | 101518 | 100000000 | 100000000 | 100000000 | 26121909 | 60 | 40 | 3 | 2 | 2 | 1 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 10118 | 2018 | 1115000000 | 200000000 | 200000000 | 6677055 | 60 | 40 | 5 | 3 | 1 | 0 | |||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 121515 | 2016 | 2200000000 | 50000000 | 20000000 | 17482770 | 80 | 20 | 1 | 0 | 2 | 0 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 121616 | 2017 | 601000000 | 50000000 | 40000000 | 22726805 | 80 | 20 | 1 | 0 | 2 | 1 | |||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 82516 | 2016 | 895000000 | Observer | 50000000 | 35000000 | 24247438 | 75 | 25 | 1 | 0 | 2 | 1 | ||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 122217 | 2018 | 615000000 | Voting | 50000000 | 40000000 | 5514622 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 11718 | 2019 | 700000000 | Voting | 50000000 | 40000000 | 3765454 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 31017 | 2018 | 2500000000 | 60000000 | 57000000 | 19504557 | 80 | 20 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 31017 | 2017 | 750000000 | 15000000 | 14250000 | 8092552 | 75 | 25 | 0 | 0 | 1 | 0 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 52516 | 2015 | 246000000 | Voting | 40000000 | 40000000 | 33655258 | 100 | 0 | 2 | 0 | 4 | 0 | ||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 33117 | 2017 | 964000000 | 50000000 | 45000000 | 26210958 | 90 | 10 | 2 | 0 | 3 | 0 | |||||||||||||||||||||
Parthenon | Parthenon Investors VI | 21 | 1998 | 6 | BO | 2019 | 1800000000 | 50000000 | 45000000 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 4218 | 2017 | 5000000000 | 55000000 | 55000000 | 4159147 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 62116 | 2016 | 640000000 | Voting | 60000000 | 60000000 | 70001780 | 100 | 0 | 3 | 0 | 9 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 32318 | 2018 | 1322000000 | Voting | 70000000 | 70000000 | 48144842 | 100 | 0 | 3 | 0 | 6 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | 42619 | 2000000000 | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | 21419 | 1000000000 | Voting | 50000000 | 50000000 | 17469665 | 90 | 10 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 112515 | 2015 | 1939000000 | 50000000 | 47000000 | 36050169 | 60 | 40 | 1 | 1 | 3 | 2 | |||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 111615 | 2014 | 309000000 | Voting | 50000000 | 50000000 | 54401398 | 85 | 15 | 2 | 0 | 6 | 1 | ||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 112018 | 2019 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 6818 | 2018 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 123115 | 2014 | 3500000000 | 75000000 | 75000000 | 53260061 | 60 | 40 | 2 | 1 | 4 | 3 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 8918 | 2018 | 3000000000 | 50000000 | 25000000 | 3801703 | 60 | 40 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 62116 | 2014 | 280000000 | Voting | 50000000 | 50000000 | 64293595 | 90 | 10 | 2 | 0 | 7 | 1 | ||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 12818 | 2014 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
2819243965 | |||||||||||||||||||||||||||||||||||||||
2750000000 | |||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
1939000000 | |||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||
375000000 | |||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||||||||||||||||||||||||||||||
TMRS (AUM) | $ 29264820023 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE Target () | 500 | |||||||||||||||||||||||||||||||||||
PE Target ($) | $ 1463241001 | |||||||||||||||||||||||||||||||||||
PE Commitments ($) | $ 2335100000 | |||||||||||||||||||||||||||||||||||
PE NAV ($) | $ 799910286 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE NAV () | 273 | |||||||||||||||||||||||||||||||||||
Un-Allocated () | -5958 | |||||||||||||||||||||||||||||||||||
BAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | 4000000000 | 65000000 | 65000000 | - 0 | 80 | 20 | 80 | 20 | ERRORDIV0 | ERRORDIV0 |
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 | AUM | Net Growth Rate | Implied Payout (assume 675 AUM growth) | Benefit Payout ($mm) | |||||
2018 | 29050396924 | ||||||||
2019 | 30655961493 | 550 | 120 | 380 | |||||
2020 | 32384009577 | 560 | 110 | 365 | |||||
2021 | 34123041773 | 540 | 140 | 477 | |||||
2022 | 35922282888 | 530 | 150 | 539 | |||||
2023 | 37694455530 | 490 | 180 | 697 | |||||
2024 | 39463267168 | 470 | 210 | 829 | |||||
2025 | 41234373259 | 450 | 230 | 954 | |||||
2026 | 43275861217 | 500 | 180 | 793 | |||||
2027 | 45268676728 | 460 | 210 | 992 | |||||
2028 | 46971376772 | 380 | 300 | 1447 | |||||
2029 | 48844226102 | 400 | 280 | 1388 | |||||
2030 | 50822447306 | 410 | 270 | 1410 | |||||
2031 | 52742019621 | 380 | 300 | 1616 | |||||
2032 | 54628992945 | 360 | 320 | 1790 | |||||
2033 | 56451530726 | 330 | 340 | 1995 | |||||
2034 | 58576503820 | 380 | 300 | 1803 | |||||
2035 | 60640211459 | 350 | 320 | 2022 | |||||
2036 | 62879058937 | 370 | 310 | 1983 | |||||
2037 | 65007850601 | 340 | 340 | 2263 | |||||
2015 | 2016 | 2017 | 2018 | 2019 | 2020E | 2021E | 2022E | 2023E | 2024E | 2025E | 2026E | 2027E | 2028E | 2029E | |||||||||||||||||||
TMRS | $2372929 | $2525383 | $2866831 | $2770094 | $3131881 | $3317195 | $3507656 | $3703693 | $3905684 | $4113735 | $4328362 | $4550132 | $4779234 | $5015619 | $5268060 | ||||||||||||||||||
Target PE NAV | $143342 | $138505 | $156594 | $331719 | $350766 | $370369 | $390568 | $411374 | $432836 | $455013 | $477923 | $501562 | $526806 | ||||||||||||||||||||
Distributions | ($002) | ($799) | ($2566) | ($5265) | ($8654) | ($20000) | ($31700) | ($39475) | ($54594) | ($67434) | ($73245) | ($135000) | ($150000) | ($165000) | ($180000) | ||||||||||||||||||
Annual Commitment | $31700 | $39475 | $43675 | $48167 | $48830 | $90000 | $100000 | $110000 | $120000 | $130000 | $140000 | $150000 | $160000 | $170000 | $160000 | ||||||||||||||||||
Private Equity NAV | $1303 | $11649 | $28890 | $56893 | $89091 | $129628 | $174526 | $229391 | $288408 | $354757 | $431561 | $463975 | $494093 | $521672 | $542448 | ||||||||||||||||||
Pacing per NAV | 305 | 348 | 312 | 271 | 285 | 297 | 307 | 316 | 323 | 330 | 335 | 339 | 304 | ||||||||||||||||||||
PE of Plan | 10 | 21 | 28 | 39 | 50 | 62 | 74 | 86 | 100 | 102 | 103 | 104 | 103 | ||||||||||||||||||||
Target of Plan | 50 | 50 | 50 | 50 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | |||||||||||||||||||
+- | -50 | -40 | -29 | -22 | -61 | -50 | -38 | -26 | -14 | -00 | 02 | 03 | 04 | 03 | |||||||||||||||||||
PE NAV return | 1050 | $3033 | $5974 | $9355 | $13611 | $18325 | $24086 | $30283 | $37249 | $45314 | $48717 | $51880 | $54776 | $56957 | |||||||||||||||||||
Net plan distributions | ($27816) | ($26088) | ($33449) | ($40730) | ($48008) | ($55583) | ($63050) | ($70395) | ($78032) | ($86213) | ($86113) | ($86013) | |||||||||||||||||||||
Plan Return | 675 | $193511 | $186981 | $211402 | $223911 | $236767 | $249999 | $263634 | $277677 | $292164 | $307134 | $322598 | $338554 | $355594 | |||||||||||||||||||
2433535 | 798792136 | 2565989737 | 5264522094 | 86630700 | 165015820 | 257609290 | 365078650 | 4806841325 | 584697160 | 866218100833333 | 961925898333333 | 103033793833333 | 110412948583333 | 132368313833333 | |||||||||||||||||||
-002 | -799 | -2566 | -5265 | -8663 | -16502 | -25761 | -36508 | -48068 | -58470 | -86622 | -96193 | -103034 | -110413 | -132368 |
2015 | 2016 | 2017 | 2018 | 2019 | 2020E | 2021E | 2022E | 2023E | 2024E | 2025E | 2026E | 2027E | 2028E | |||||||||||||||||||
TMRS | $2372929 | $2525383 | $2866831 | $2770094 | $3131881 | $3317195 | $3507656 | $3703693 | $3905684 | $4113735 | $4328362 | $4550132 | $4779234 | $5015619 | ||||||||||||||||||
Target PE NAV | $143342 | $138505 | $156594 | $165860 | $175383 | $185185 | $195284 | $205687 | $216418 | $227507 | $238962 | $250781 | ||||||||||||||||||||
Distributions | ($002) | ($799) | ($2566) | ($5265) | ($8654) | ($20000) | ($31700) | ($39475) | ($54594) | ($67434) | ($73245) | ($135000) | ($150000) | ($165000) | ||||||||||||||||||
Annual Commitment | $31700 | $39475 | $43675 | $48167 | $48830 | $90000 | $100000 | $110000 | $120000 | $130000 | $140000 | $150000 | $160000 | $170000 | ||||||||||||||||||
Private Equity NAV | $1303 | $11649 | $28890 | $56893 | $89091 | $129628 | $174526 | $229391 | $288408 | $354757 | $431561 | $463975 | $494093 | $521672 | ||||||||||||||||||
Pacing per NAV | 305 | 348 | 312 | 543 | 570 | 594 | 614 | 632 | 647 | 659 | 670 | 678 | ||||||||||||||||||||
PE of Plan | 10 | 21 | 28 | 39 | 50 | 62 | 74 | 86 | 100 | 102 | 103 | 104 | ||||||||||||||||||||
Target of Plan | 50 | 50 | 50 | 50 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | |||||||||||||||||||
+- | -50 | -40 | -29 | -22 | -61 | -50 | -38 | -26 | -14 | -00 | 02 | 03 | 04 | |||||||||||||||||||
PE NAV return | 1050 | $3033 | $5974 | $9355 | $13611 | $18325 | $24086 | $30283 | $37249 | $45314 | $48717 | $51880 | $54776 | |||||||||||||||||||
Net plan distributions | ($27816) | ($26088) | ($33449) | ($40730) | ($48008) | ($55583) | ($63050) | ($70395) | ($78032) | ($86213) | ($86113) | |||||||||||||||||||||
Plan Return | 675 | $193511 | $186981 | $211402 | $223911 | $236767 | $249999 | $263634 | $277677 | $292164 | $307134 | $322598 | $338554 | |||||||||||||||||||
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) | ($31700) | ($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 | $188096 | $195896 | $199640 | $201777 | ||||||||||||||||||
Annual Commitment | $31700 | $39500 | $44700 | $50000 | $52500 | $52500 | $52500 | $55000 | $60000 | $62500 | $65000 | $65000 | $65000 | ||||||||||||||
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 RecommendationsRecommended ManagerFund
Strategy Classification Recommended Amount
Altaris Health Partners Fund V LP (ldquoAltaris Vrdquo)
Buy-out $75 million
One Rock Capital Partners III LP
(ldquoOne Rock IIIrdquo)Buy-out $75 million
Insight Partners XI LP (ldquoInsight XIrdquo) Growth Equity $100 million
Total Approximate Recommended InvestmentsCommitments $250 million
Manager RecommendationExecutive Summary
Section II
5
$891
$1296
$1745
$2294
$2884
$3548
$4316
$4640
$4941
$5217
$488 $900 $1000 $1100 $1200 $1300 $1400 $1500 $1600 $17000
2
4
6
8
10
12
14
16
$-
$1000
$2000
$3000
$4000
$5000
$6000
2019 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E
o
f Tot
al P
lan
Valu
e
Valu
e in
US$
(Mill
ions
)
2019 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
2019 Staff Pacing Model
Private Equity NAV20192020E2021E2022E2023E2024E2025E2026E2027E2028E89091312816790014129628034662552981745262739021210622939097066184381288407772581337393547569007023778843156137527612764463975319680120994940927282465337252167246471241979Annual Commitment20192020E2021E2022E2023E2024E2025E2026E2027E2028E488390010001100120013001400150016001700PE of Plan 20192020E2021E2022E2023E2024E2025E2026E2027E2028E28446585508212992E-23907760847523617E-249755807956705957E-261935739159315654E-273843081792895213E-286237176767258963E-29970546681946367E-2010196964699437272010338325650055948010400959157830028Target of Plan20192020E2021E2022E2023E2024E2025E2026E2027E2028E005010101010101010101
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
2019 Staff Pacing Model
Private Equity NAV20192020E2021E2022E2023E2024E2025E2026E2027E2028E89091312816790014129628034662552981745262739021210622939097066184381288407772581337393547569007023778843156137527612764463975319680120994940927282465337252167246471241979Annual Commitment20192020E2021E2022E2023E2024E2025E2026E2027E2028E488390010001100120013001400150016001700PE of Plan 20192020E2021E2022E2023E2024E2025E2026E2027E2028E28446585508212992E-23907760847523617E-249755807956705957E-261935739159315654E-273843081792895213E-286237176767258963E-29970546681946367E-2010196964699437272010338325650055948010400959157830028Target of Plan20192020E2021E2022E2023E2024E2025E2026E2027E2028E005010101010101010101
Value in US$ (Millions)
of Total Plan Value
2020 Staff Pacing Model
Private Equity NAV2020E2021E2022E2023E2024E2025E2026E2027E2028E2029E12962803466255298174526273902121062293909706618438128840777258133739354756900702377884315613752761276446397531968012099494092728246533725216724647124197954244807350722385Annual Commitment2020E2021E2022E2023E2024E2025E2026E2027E2028E2029E900100011001200130014001500160017001600PE of Plan 2020E2021E2022E2023E2024E2025E2026E2027E2028E2029E3907760847523617E-249755807956705957E-261935739159315654E-273843081792895213E-286237176767258963E-29970546681946367E-2010196964699437272010338325650055948010400959157830028010296922671484597Target of Plan2020E2021E2022E2023E2024E2025E2026E2027E2028E2029E01010101010101010101
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
2020 Private Equity Pacing Plan Progress
Buy-out GrowthVenture Special Situations Unallocated
7
February Insight XI ($100mm)Altaris V ($75mm)
One Rock III ($75mm)
Search processes are approved in annual amounts Progress will be made throughout the year as opposed to all at once
The 2020 Private Equity search process has
culminated in ~$358 million of closed
andor recommended
investments in line with the $900 mm
primary pacing model goal for the
year2018
HIG SPF ($75mm)
2019FGN 2018 Partner $33mm)
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
Private Equity Geographic Diversification by Commitment
USA International078266990707036088021733009292963892
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053331763093657658029163633249111387017504603657230955
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 530000000011000000097000000712500006250000060000000580000005500000050000000500000005000000050000000466000004500000045000000400000003500000020000000180000000175000000125000000121000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082531977105091459017468022894908541
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)041727248225964858038375502281000567019897249493034577
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 532798964309999999544013981700000023605016927597109323630360154510800941591471065569812166313174696650026210958227268052424743817482770118146622436264596429359543482202376545433655258570617644390308730476347222043253000000015514622
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285330GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333431583333333333333415833333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663156666666666666638166666666666662936666666666666629
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
540302
158
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 Over-weighted special situations earlyfor J-Curve mitigation efficiency of capitaldeployment and tactical opportunities
2016 Focused on growth opportunity setand continue to add buy-out exposure
2017 Rounded out buy-out portfolio andopportunistically added to growth and credit
2018 Steady state on pacing selectivelyadded new relationships and Europeanexposure
2019 Steady state on pacing selectivelyadded new relationships and Venture andEuropean exposure
2020 Selectively up-sizing commitmentsadding new relationships and VentureGrowth exposure
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053976635333255962030211597230281229015811767436462806
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053976635333255962030211597230281229015811767436462806
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001200000001375000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082531977105091459017468022894908541
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)041727248225964858038375502281000567019897249493034577
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285330GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333431583333333333333415833333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663156666666666666638166666666666662936666666666666629
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 BO 18GE 1 GE 2GE 3 GE 4
GE 5GE 6 SS 1SS 2 SS 3SS 4 SS 5
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001375000001200000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053976635333255962030211597230281229015811767436462806
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001375000001200000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082531977105091459017468022894908541
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)041727248225964858038375502281000567019897249493034577
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285330GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333431583333333333333415833333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663156666666666666638166666666666662936666666666666629
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
784
216
Private Equity Geographic Diversification by Commitment
USA
International
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053976635333255962030211597230281229015811767436462806
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001375000001200000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082531977105091459017468022894908541
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)041727248225964858038375502281000567019897249493034577
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285330GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333431583333333333333415833333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663156666666666666638166666666666662936666666666666629
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 Altaris V$75 million Recommendation
Altaris Capital Partners (ldquoAltarisrdquo) is a New York-based investment firm thatfocuses exclusively on the healthcare industry specifically pharmaceuticalmedical device and diagnostics provider services and payorsinsurancebusinesses across North America and Western Europe Altaris HealthPartners V LP (ldquoFund Vrdquo) is targeting $25 billion and will seekopportunities where they can invest between $100 million to $500 millionThe Firm is flexible with the transaction type as well making control andnon-control investments into carve-outs break-ups corporate partnershipsldquotake-privatesrdquo and familyfounder-owned companies Post-investment theFirm will leverage their Operating Network to improve and grow theunderlying businesses in addition to pursuing add-on acquisitions Altariswill continue to execute a strategy similar to those employed in the priorfunds
14
Top Candidate Characteristics ndash One Rock III$75 million Recommendation
One Rock Capital Partners (ldquoOne Rockrdquo) is a New York-based buy-out firmfounded in 2010 by Tony Lee and Scott Spielvogel that focuses on value-oriented control stakes in complex middle-market businesses within sub-sectors of the ldquoold economyrdquo One Rock Capital Partners III LP (One RockIII) is targeting $15 billion to make equity investments ranging from $50million to $200 million where they can improve the operations andstrategically reposition their business units while leveraging their OperatingPartner network and their strategic partnership with the MitsubishiCorporation The Firm will continue to execute the same strategy employedin their prior funds and during their tenure with Ripplewood Holdings
15
Top Candidate Characteristics ndash Insight XI$100 million Recommendation
Insight Partners (ldquoInsightrdquo) is a New York-based private equity firm thatfocuses on small-to-mid cap growth-stage software software-enabledservices and Internet businesses with the potential for recurring revenuegrowth Insight seeks to execute both minority and majority investmentsalongside the assistance of Insight Onsite an in-house consulting groupcomprised of over forty-five dedicated software experts With over twentyyears of industry expertise and consistent returns Insight has become one ofthe most tenured software investors in private equity Insight Partners XILP (Insight XI) is targeting $725 billion to make equity investmentsranging from $10 million to $250 million The Firm will continue to executethe same strategy employed in their prior funds
Section V
16
17
Recommendation
TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the following funds
Recommendation Altaris Health Partners Fund V LP $75 million One Rock Capital Partners III LP $75 million Insight Partners XI LP $100 million
18
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1226 | 2166 | |||||||
2016 | 394750000 | 1527 | 2698 | |||||||
2017 | 436750000 | 1689 | 2985 | |||||||
2018 | 481600000 | 1863 | 3291 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 6306 | 11140 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 784 | 825 | 1385 | |||||
International | 216 | 175 | 382 | |||||
Un-Allocated | -767 | |||||||
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) | 1395350000 | 333780551 | 540 | 417 | 954 | |||||||
GE | GrowthVenture (10 to 40) | 781000000 | 306969590 | 302 | 384 | 534 | |||||||
SS | Special Situations (5 to 35) | 408750000 | 159160145 | 158 | 199 | 279 | |||||||
Un-Allocated | -767 | ||||||||||||
Total | 2585100000 | 799910286 | 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 | 450 | ||||||
GrowthVenture | 00 | 833 | 00 | 750 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 3300 | ||||||
GrowthVenture | 0 | 833 | 833 | 1583 | 1583 | ||||||
Special Situations | 0 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 450 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
3683 | |||||||||||
07015873016 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 00 | 00 | 00 | ||||||
GrowthVenture | 333 | 1000 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 750 | 2250 | 2250 | 2250 | 2250 | ||||||
GrowthVenture | 333 | 1333 | 1333 | 1333 | 1333 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
80006709754 | 321081669 | ||||||||||
80006709754 | 321081669 | ||||||||||
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 02 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 03 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 04 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 05 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 06 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 07 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 08 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 09 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 10 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 11 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 12 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 13 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 14 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 15 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 16 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 17 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 18 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 19 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 20 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 01 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 02 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 03 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 04 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 05 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 06 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 07 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 08 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 09 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 10 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 01 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 02 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 03 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 04 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 05 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 06 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 07 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 08 | ERRORREF | ERRORREF | ERRORREF | |||||
UA | -7667 | |||||||
Total | ERRORREF | ERRORREF | ERRORREF | |||||
ERRORREF | ERRORREF | ERRORREF |
Updated | 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 | BO 1 | BO | 116 | 205 | |||||||||||||
X | Altaris | Buy-out | $137500000 | BO 2 | BO | 53 | 94 | |||||||||||||
X | One Rock | Buy-out | $120000000 | BO 3 | BO | 46 | 82 | |||||||||||||
Tritium | Buy-out | $110000000 | BO 4 | BO | 43 | 75 | ||||||||||||||
Searchlight | Buy-out | $97000000 | BO 5 | BO | 38 | 66 | ||||||||||||||
Marlin | Buy-out | $71250000 | BO 6 | BO | 28 | 49 | ||||||||||||||
Northlane | Buy-out | $60000000 | BO 7 | BO | 23 | 41 | ||||||||||||||
Capital Partners | Buy-out | $58000000 | BO 8 | BO | 22 | 40 | ||||||||||||||
Providence | Buy-out | $55000000 | BO 9 | BO | 21 | 38 | ||||||||||||||
Dunes Point | Buy-out | $50000000 | BO 10 | BO | 19 | 34 | ||||||||||||||
GTCR | Buy-out | $50000000 | BO 11 | BO | 19 | 34 | ||||||||||||||
Reverence | Buy-out | $50000000 | BO 12 | BO | 19 | 34 | ||||||||||||||
Arcline | Buy-out | $50000000 | BO 13 | BO | 19 | 34 | ||||||||||||||
CapVest | Buy-out | $46600000 | BO 14 | BO | 18 | 32 | ||||||||||||||
Parthenon | Buy-out | $45000000 | BO 15 | BO | ||||||||||||||||
Incline | Buy-out | $40000000 | BO 16 | BO | 15 | 27 | ||||||||||||||
Kainos | Buy-out | $35000000 | BO 17 | BO | 14 | 24 | ||||||||||||||
Harvest | Buy-out | $20000000 | BO 18 | BO | 08 | 14 | ||||||||||||||
PSG | Venture Growth | $180000000 | GE 1 | GE | 70 | 123 | ||||||||||||||
Foundry | Venture Growth | $175000000 | GE 2 | GE | 68 | 120 | ||||||||||||||
Updata | Venture Growth | $125000000 | GE 3 | GE | 48 | 85 | ||||||||||||||
FTV | Venture Growth | $121000000 | GE 4 | GE | 47 | 83 | ||||||||||||||
X | Insight | Venture Growth | $100000000 | |||||||||||||||||
Main Post | Venture Growth | $40000000 | GE 5 | GE | 15 | 27 | ||||||||||||||
Mercato | Venture Growth | $40000000 | GE 6 | GE | 15 | 27 | ||||||||||||||
TSSP | Special Situations | $150000000 | SS 1 | SS | 58 | 103 | ||||||||||||||
GSO | Special Situations | $93750000 | SS 2 | SS | 36 | 64 | ||||||||||||||
Carlyle | Special Situations | $65000000 | SS 3 | SS | 25 | 44 | ||||||||||||||
HIG Bayside | Special Situations | $60000000 | SS 4 | SS | 23 | 41 | ||||||||||||||
LightBay | Special Situations | $40000000 | SS 5 | SS | 15 | 27 | ||||||||||||||
Total | $2585100000 | $0 | 9439 | 16676 | ||||||||||||||||
CHECK | CHECK | |||||||||||||||||||
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Closing Date | Vintage Year | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | Omni NAV as of 10312019 ($) | 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 | ||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 240000000 | Voting | 12500000 | 12500000 | 4838617 | 75 | 25 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 1080000000 | Voting | 50000000 | 50000000 | 27524419 | 75 | 25 | 1 | 0 | 3 | 1 | ||||||||||||||||||||
Altaris | Altaris Health Partners V | 17 | 2003 | 5 | BO | 2020 | 2018 | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | 31119 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 72017 | 2018 | 600000000 | Voting | 70000000 | 58000000 | 15451080 | 100 | 0 | 2 | 0 | 2 | 0 | ||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 62918 | 2018 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 122215 | 2015 | 2819281339 | Voting | 65000000 | 65000000 | 30476347 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 113017 | 2018 | 535000000 | Voting | 50000000 | 50000000 | 10655698 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 5118 | 2018 | 750000000 | 45000000 | 45000000 | 8935029 | 90 | 10 | 2 | 0 | 1 | 0 | |||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | 4119 | 100000000 | 100000000 | 100000000 | 6337986 | 90 | 10 | 3 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 6616 | 2016 | 489690722 | 35000000 | 30000000 | 28353444 | 100 | 0 | 1 | 0 | 4 | 0 | |||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 91516 | 2017 | 867000000 | Voting | 50000000 | 46000000 | 43482202 | 75 | 25 | 1 | 0 | 4 | 1 | ||||||||||||||||||||
FTV | FTV VI | 21 | 1998 | 5 | GE | 2019 | 2017 | 1250000000 | Voting | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||
GSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 7116 | 2016 | 6500000000 | 75000000 | 75000000 | 36916611 | 80 | 20 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
GSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 112116 | 2016 | 2000000000 | 18750000 | 18750000 | 6986476 | 80 | 20 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 92917 | 2018 | 5250000000 | 75000000 | 50000000 | 12166313 | 75 | 25 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
HIG Bayside | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2516 | 2015 | 933375000 | 60000000 | 60000000 | 22204325 | 75 | 25 | 2 | 1 | 2 | 1 | |||||||||||||||||||||
HIG SPF | HIG Capital - TMRS Capella SMA | 25 | 1993 | NA | BO | 2018 | 101518 | 100000000 | 100000000 | 100000000 | 26121909 | 60 | 40 | 2 | 2 | 2 | 1 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 10118 | 2018 | 1115000000 | 200000000 | 200000000 | 6677055 | 60 | 40 | 5 | 3 | 1 | 0 | |||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 121515 | 2016 | 2200000000 | 50000000 | 20000000 | 17482770 | 80 | 20 | 1 | 0 | 2 | 0 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 121616 | 2017 | 601000000 | 50000000 | 40000000 | 22726805 | 80 | 20 | 1 | 0 | 2 | 1 | |||||||||||||||||||||
Insight | Insight Partners XI | 25 | 1995 | 11 | GE | 2020 | 100000000 | 100000000 | 75 | 25 | 3 | 1 | 0 | 0 | |||||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 82516 | 2016 | 895000000 | Observer | 50000000 | 35000000 | 24247438 | 75 | 25 | 1 | 0 | 2 | 1 | ||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 122217 | 2018 | 615000000 | Voting | 50000000 | 40000000 | 5514622 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 11718 | 2019 | 700000000 | Voting | 50000000 | 40000000 | 3765454 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 31017 | 2018 | 2500000000 | 60000000 | 57000000 | 19504557 | 80 | 20 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 31017 | 2017 | 750000000 | 15000000 | 14250000 | 8092552 | 75 | 25 | 0 | 0 | 1 | 0 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 52516 | 2015 | 246000000 | Voting | 40000000 | 40000000 | 33655258 | 100 | 0 | 2 | 0 | 4 | 0 | ||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 33117 | 2017 | 964000000 | 50000000 | 45000000 | 26210958 | 90 | 10 | 2 | 0 | 3 | 0 | |||||||||||||||||||||
One Rock | One Rock Capital Partners III | 10 | 2010 | 3 | BO | 2020 | 2017 | 75000000 | 75000000 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||||||
Parthenon | Parthenon Investors VI | 21 | 1998 | 6 | BO | 2019 | 1800000000 | 50000000 | 45000000 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 4218 | 2017 | 5000000000 | 55000000 | 55000000 | 4159147 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 62116 | 2016 | 640000000 | Voting | 60000000 | 60000000 | 70001780 | 100 | 0 | 2 | 0 | 9 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 32318 | 2018 | 1322000000 | Voting | 70000000 | 70000000 | 48144842 | 100 | 0 | 3 | 0 | 6 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | 42619 | 2000000000 | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | 21419 | 1000000000 | Voting | 50000000 | 50000000 | 17469665 | 90 | 10 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 112515 | 2015 | 1939000000 | 50000000 | 47000000 | 36050169 | 60 | 40 | 1 | 1 | 3 | 2 | |||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 111615 | 2014 | 309000000 | Voting | 50000000 | 50000000 | 54401398 | 85 | 15 | 2 | 0 | 6 | 1 | ||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 112018 | 2019 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 6818 | 2018 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 123115 | 2014 | 3500000000 | 75000000 | 75000000 | 53260061 | 60 | 40 | 2 | 1 | 4 | 3 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 8918 | 2018 | 3000000000 | 50000000 | 25000000 | 3801703 | 60 | 40 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 62116 | 2014 | 280000000 | Voting | 50000000 | 50000000 | 64293595 | 90 | 10 | 2 | 0 | 7 | 1 | ||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 12818 | 2014 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
2819243965 | |||||||||||||||||||||||||||||||||||||||
2750000000 | |||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
1939000000 | |||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||
375000000 | |||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||||||||||||||||||||||||||||||
TMRS (AUM) | $ 29264820023 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE Target () | 500 | |||||||||||||||||||||||||||||||||||
PE Target ($) | $ 1463241001 | |||||||||||||||||||||||||||||||||||
PE Commitments ($) | $ 2585100000 | |||||||||||||||||||||||||||||||||||
PE NAV ($) | $ 799910286 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE NAV () | 273 | |||||||||||||||||||||||||||||||||||
Un-Allocated () | -7667 | |||||||||||||||||||||||||||||||||||
BAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | 4000000000 | 65000000 | 65000000 | - 0 | 80 | 20 | 80 | 20 | ERRORDIV0 | ERRORDIV0 |
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 | 1226 | 2166 | |||||||
2016 | 394750000 | 1527 | 2698 | |||||||
2017 | 436750000 | 1689 | 2985 | |||||||
2018 | 481600000 | 1863 | 3291 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 6306 | 11140 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 784 | 825 | 1385 | |||||
International | 216 | 175 | 382 | |||||
Un-Allocated | -767 | |||||||
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) | 1395350000 | 333780551 | 540 | 417 | 954 | |||||||
GE | GrowthVenture (10 to 40) | 781000000 | 306969590 | 302 | 384 | 534 | |||||||
SS | Special Situations (5 to 35) | 408750000 | 159160145 | 158 | 199 | 279 | |||||||
Un-Allocated | -767 | ||||||||||||
Total | 2585100000 | 799910286 | 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 | 450 | ||||||
GrowthVenture | 00 | 833 | 00 | 750 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 3300 | ||||||
GrowthVenture | 0 | 833 | 833 | 1583 | 1583 | ||||||
Special Situations | 0 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 450 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
3683 | |||||||||||
07015873016 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 00 | 00 | 00 | ||||||
GrowthVenture | 333 | 1000 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 750 | 2250 | 2250 | 2250 | 2250 | ||||||
GrowthVenture | 333 | 1333 | 1333 | 1333 | 1333 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
80006709754 | 321081669 | ||||||||||
80006709754 | 321081669 | ||||||||||
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 02 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 03 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 04 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 05 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 06 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 07 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 08 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 09 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 10 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 11 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 12 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 13 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 14 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 15 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 16 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 17 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 18 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 19 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 20 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 01 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 02 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 03 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 04 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 05 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 06 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 07 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 08 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 09 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 10 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 01 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 02 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 03 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 04 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 05 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 06 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 07 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 08 | ERRORREF | ERRORREF | ERRORREF | |||||
UA | -7667 | |||||||
Total | ERRORREF | ERRORREF | ERRORREF | |||||
ERRORREF | ERRORREF | ERRORREF |
Updated | 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 | BO 1 | BO | 116 | 205 | |||||||||||||
X | Altaris | Buy-out | $137500000 | BO 2 | BO | 53 | 94 | |||||||||||||
X | One Rock | Buy-out | $120000000 | BO 3 | BO | 46 | 82 | |||||||||||||
Tritium | Buy-out | $110000000 | BO 4 | BO | 43 | 75 | ||||||||||||||
Searchlight | Buy-out | $97000000 | BO 5 | BO | 38 | 66 | ||||||||||||||
Marlin | Buy-out | $71250000 | BO 6 | BO | 28 | 49 | ||||||||||||||
Northlane | Buy-out | $60000000 | BO 7 | BO | 23 | 41 | ||||||||||||||
Capital Partners | Buy-out | $58000000 | BO 8 | BO | 22 | 40 | ||||||||||||||
Providence | Buy-out | $55000000 | BO 9 | BO | 21 | 38 | ||||||||||||||
Dunes Point | Buy-out | $50000000 | BO 10 | BO | 19 | 34 | ||||||||||||||
GTCR | Buy-out | $50000000 | BO 11 | BO | 19 | 34 | ||||||||||||||
Reverence | Buy-out | $50000000 | BO 12 | BO | 19 | 34 | ||||||||||||||
Arcline | Buy-out | $50000000 | BO 13 | BO | 19 | 34 | ||||||||||||||
CapVest | Buy-out | $46600000 | BO 14 | BO | 18 | 32 | ||||||||||||||
Parthenon | Buy-out | $45000000 | BO 15 | BO | ||||||||||||||||
Incline | Buy-out | $40000000 | BO 16 | BO | 15 | 27 | ||||||||||||||
Kainos | Buy-out | $35000000 | BO 17 | BO | 14 | 24 | ||||||||||||||
Harvest | Buy-out | $20000000 | BO 18 | BO | 08 | 14 | ||||||||||||||
PSG | Venture Growth | $180000000 | GE 1 | GE | 70 | 123 | ||||||||||||||
Foundry | Venture Growth | $175000000 | GE 2 | GE | 68 | 120 | ||||||||||||||
Updata | Venture Growth | $125000000 | GE 3 | GE | 48 | 85 | ||||||||||||||
FTV | Venture Growth | $121000000 | GE 4 | GE | 47 | 83 | ||||||||||||||
X | Insight | Venture Growth | $100000000 | |||||||||||||||||
Main Post | Venture Growth | $40000000 | GE 5 | GE | 15 | 27 | ||||||||||||||
Mercato | Venture Growth | $40000000 | GE 6 | GE | 15 | 27 | ||||||||||||||
TSSP | Special Situations | $150000000 | SS 1 | SS | 58 | 103 | ||||||||||||||
GSO | Special Situations | $93750000 | SS 2 | SS | 36 | 64 | ||||||||||||||
Carlyle | Special Situations | $65000000 | SS 3 | SS | 25 | 44 | ||||||||||||||
HIG Bayside | Special Situations | $60000000 | SS 4 | SS | 23 | 41 | ||||||||||||||
LightBay | Special Situations | $40000000 | SS 5 | SS | 15 | 27 | ||||||||||||||
Total | $2585100000 | $0 | 9439 | 16676 | ||||||||||||||||
CHECK | CHECK | |||||||||||||||||||
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Closing Date | Vintage Year | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | Omni NAV as of 10312019 ($) | 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 | ||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 240000000 | Voting | 12500000 | 12500000 | 4838617 | 75 | 25 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 1080000000 | Voting | 50000000 | 50000000 | 27524419 | 75 | 25 | 1 | 0 | 3 | 1 | ||||||||||||||||||||
Altaris | Altaris Health Partners V | 17 | 2003 | 5 | BO | 2020 | 2018 | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | 31119 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 72017 | 2018 | 600000000 | Voting | 70000000 | 58000000 | 15451080 | 100 | 0 | 2 | 0 | 2 | 0 | ||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 62918 | 2018 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 122215 | 2015 | 2819281339 | Voting | 65000000 | 65000000 | 30476347 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 113017 | 2018 | 535000000 | Voting | 50000000 | 50000000 | 10655698 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 5118 | 2018 | 750000000 | 45000000 | 45000000 | 8935029 | 90 | 10 | 2 | 0 | 1 | 0 | |||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | 4119 | 100000000 | 100000000 | 100000000 | 6337986 | 90 | 10 | 3 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 6616 | 2016 | 489690722 | 35000000 | 30000000 | 28353444 | 100 | 0 | 1 | 0 | 4 | 0 | |||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 91516 | 2017 | 867000000 | Voting | 50000000 | 46000000 | 43482202 | 75 | 25 | 1 | 0 | 4 | 1 | ||||||||||||||||||||
FTV | FTV VI | 21 | 1998 | 5 | GE | 2019 | 2017 | 1250000000 | Voting | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||
GSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 7116 | 2016 | 6500000000 | 75000000 | 75000000 | 36916611 | 80 | 20 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
GSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 112116 | 2016 | 2000000000 | 18750000 | 18750000 | 6986476 | 80 | 20 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 92917 | 2018 | 5250000000 | 75000000 | 50000000 | 12166313 | 75 | 25 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
HIG Bayside | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2516 | 2015 | 933375000 | 60000000 | 60000000 | 22204325 | 75 | 25 | 2 | 1 | 2 | 1 | |||||||||||||||||||||
HIG SPF | HIG Capital - TMRS Capella SMA | 25 | 1993 | NA | BO | 2018 | 101518 | 100000000 | 100000000 | 100000000 | 26121909 | 60 | 40 | 2 | 2 | 2 | 1 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 10118 | 2018 | 1115000000 | 200000000 | 200000000 | 6677055 | 60 | 40 | 5 | 3 | 1 | 0 | |||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 121515 | 2016 | 2200000000 | 50000000 | 20000000 | 17482770 | 80 | 20 | 1 | 0 | 2 | 0 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 121616 | 2017 | 601000000 | 50000000 | 40000000 | 22726805 | 80 | 20 | 1 | 0 | 2 | 1 | |||||||||||||||||||||
Insight | Insight Partners XI | 25 | 1995 | 11 | GE | 2020 | 100000000 | 100000000 | 75 | 25 | 3 | 1 | 0 | 0 | |||||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 82516 | 2016 | 895000000 | Observer | 50000000 | 35000000 | 24247438 | 75 | 25 | 1 | 0 | 2 | 1 | ||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 122217 | 2018 | 615000000 | Voting | 50000000 | 40000000 | 5514622 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 11718 | 2019 | 700000000 | Voting | 50000000 | 40000000 | 3765454 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 31017 | 2018 | 2500000000 | 60000000 | 57000000 | 19504557 | 80 | 20 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 31017 | 2017 | 750000000 | 15000000 | 14250000 | 8092552 | 75 | 25 | 0 | 0 | 1 | 0 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 52516 | 2015 | 246000000 | Voting | 40000000 | 40000000 | 33655258 | 100 | 0 | 2 | 0 | 4 | 0 | ||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 33117 | 2017 | 964000000 | 50000000 | 45000000 | 26210958 | 90 | 10 | 2 | 0 | 3 | 0 | |||||||||||||||||||||
One Rock | One Rock Capital Partners III | 10 | 2010 | 3 | BO | 2020 | 2017 | 75000000 | 75000000 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||||||
Parthenon | Parthenon Investors VI | 21 | 1998 | 6 | BO | 2019 | 1800000000 | 50000000 | 45000000 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 4218 | 2017 | 5000000000 | 55000000 | 55000000 | 4159147 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 62116 | 2016 | 640000000 | Voting | 60000000 | 60000000 | 70001780 | 100 | 0 | 2 | 0 | 9 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 32318 | 2018 | 1322000000 | Voting | 70000000 | 70000000 | 48144842 | 100 | 0 | 3 | 0 | 6 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | 42619 | 2000000000 | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | 21419 | 1000000000 | Voting | 50000000 | 50000000 | 17469665 | 90 | 10 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 112515 | 2015 | 1939000000 | 50000000 | 47000000 | 36050169 | 60 | 40 | 1 | 1 | 3 | 2 | |||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 111615 | 2014 | 309000000 | Voting | 50000000 | 50000000 | 54401398 | 85 | 15 | 2 | 0 | 6 | 1 | ||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 112018 | 2019 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 6818 | 2018 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 123115 | 2014 | 3500000000 | 75000000 | 75000000 | 53260061 | 60 | 40 | 2 | 1 | 4 | 3 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 8918 | 2018 | 3000000000 | 50000000 | 25000000 | 3801703 | 60 | 40 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 62116 | 2014 | 280000000 | Voting | 50000000 | 50000000 | 64293595 | 90 | 10 | 2 | 0 | 7 | 1 | ||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 12818 | 2014 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
2819243965 | |||||||||||||||||||||||||||||||||||||||
2750000000 | |||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
1939000000 | |||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||
375000000 | |||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||||||||||||||||||||||||||||||
TMRS (AUM) | $ 29264820023 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE Target () | 500 | |||||||||||||||||||||||||||||||||||
PE Target ($) | $ 1463241001 | |||||||||||||||||||||||||||||||||||
PE Commitments ($) | $ 2585100000 | |||||||||||||||||||||||||||||||||||
PE NAV ($) | $ 799910286 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE NAV () | 273 | |||||||||||||||||||||||||||||||||||
Un-Allocated () | -7667 | |||||||||||||||||||||||||||||||||||
BAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | 4000000000 | 65000000 | 65000000 | - 0 | 80 | 20 | 80 | 20 | ERRORDIV0 | ERRORDIV0 |
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 | 1226 | 2166 | |||||||
2016 | 394750000 | 1527 | 2698 | |||||||
2017 | 436750000 | 1689 | 2985 | |||||||
2018 | 481600000 | 1863 | 3291 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 6306 | 11140 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 784 | 825 | 1385 | |||||
International | 216 | 175 | 382 | |||||
Un-Allocated | -767 | |||||||
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) | 1395350000 | 333780551 | 540 | 417 | 954 | |||||||
GE | GrowthVenture (10 to 40) | 781000000 | 306969590 | 302 | 384 | 534 | |||||||
SS | Special Situations (5 to 35) | 408750000 | 159160145 | 158 | 199 | 279 | |||||||
Un-Allocated | -767 | ||||||||||||
Total | 2585100000 | 799910286 | 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 | 450 | ||||||
GrowthVenture | 00 | 833 | 00 | 750 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 3300 | ||||||
GrowthVenture | 0 | 833 | 833 | 1583 | 1583 | ||||||
Special Situations | 0 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 450 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
3683 | |||||||||||
07015873016 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 00 | 00 | 00 | ||||||
GrowthVenture | 333 | 1000 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 750 | 2250 | 2250 | 2250 | 2250 | ||||||
GrowthVenture | 333 | 1333 | 1333 | 1333 | 1333 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
80006709754 | 321081669 | ||||||||||
80006709754 | 321081669 | ||||||||||
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 02 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 03 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 04 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 05 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 06 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 07 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 08 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 09 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 10 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 11 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 12 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 13 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 14 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 15 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 16 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 17 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 18 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 19 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 20 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 01 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 02 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 03 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 04 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 05 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 06 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 07 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 08 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 09 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 10 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 01 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 02 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 03 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 04 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 05 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 06 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 07 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 08 | ERRORREF | ERRORREF | ERRORREF | |||||
UA | -7667 | |||||||
Total | ERRORREF | ERRORREF | ERRORREF | |||||
ERRORREF | ERRORREF | ERRORREF |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
One Rock | HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | BO 1 | BO | 116 | 205 | |||||||||||
Altaris | One Rock | Buy-out | $120000000 | BO 2 | BO | 46 | 82 | ||||||||||||
Tritium | Altaris | Buy-out | $137500000 | BO 3 | BO | 53 | 94 | ||||||||||||
Searchlight | Tritium | Buy-out | $110000000 | BO 4 | BO | 43 | 75 | ||||||||||||
Marlin | Searchlight | Buy-out | $97000000 | BO 5 | BO | 38 | 66 | ||||||||||||
Northlane | Marlin | Buy-out | $71250000 | BO 6 | BO | 28 | 49 | ||||||||||||
Capital Partners | Northlane | Buy-out | $60000000 | BO 7 | BO | 23 | 41 | ||||||||||||
Providence | Capital Partners | Buy-out | $58000000 | BO 8 | BO | 22 | 40 | ||||||||||||
Dunes Point | Providence | Buy-out | $55000000 | BO 9 | BO | 21 | 38 | ||||||||||||
GTCR | Dunes Point | Buy-out | $50000000 | BO 10 | BO | 19 | 34 | ||||||||||||
Reverence | GTCR | Buy-out | $50000000 | BO 11 | BO | 19 | 34 | ||||||||||||
Arcline | Reverence | Buy-out | $50000000 | BO 12 | BO | 19 | 34 | ||||||||||||
CapVest | Arcline | Buy-out | $50000000 | BO 13 | BO | 19 | 34 | ||||||||||||
Parthenon | CapVest | Buy-out | $46600000 | BO 14 | BO | 18 | 32 | ||||||||||||
Incline | Parthenon | Buy-out | $45000000 | BO 15 | BO | ||||||||||||||
Kainos | Incline | Buy-out | $40000000 | BO 16 | BO | 15 | 27 | ||||||||||||
Harvest | Kainos | Buy-out | $35000000 | BO 17 | BO | 14 | 24 | ||||||||||||
Harvest | Buy-out | $20000000 | BO 18 | BO | 08 | 14 | |||||||||||||
PSG | Venture Growth | $180000000 | GE 1 | GE | 70 | 123 | |||||||||||||
Foundry | Venture Growth | $175000000 | GE 2 | GE | 68 | 120 | |||||||||||||
Updata | Venture Growth | $125000000 | GE 3 | GE | 48 | 85 | |||||||||||||
FTV | Venture Growth | $121000000 | GE 4 | GE | 47 | 83 | |||||||||||||
Insight | Venture Growth | $100000000 | |||||||||||||||||
Main Post | Venture Growth | $40000000 | GE 5 | GE | 15 | 27 | |||||||||||||
Mercato | Venture Growth | $40000000 | GE 6 | GE | 15 | 27 | |||||||||||||
TSSP | Special Situations | $150000000 | SS 1 | SS | 58 | 103 | |||||||||||||
GSO | Special Situations | $93750000 | SS 2 | SS | 36 | 64 | |||||||||||||
Carlyle | Special Situations | $65000000 | SS 3 | SS | 25 | 44 | |||||||||||||
HIG Bayside | Special Situations | $60000000 | SS 4 | SS | 23 | 41 | |||||||||||||
LightBay | Special Situations | $40000000 | SS 5 | SS | 15 | 27 | |||||||||||||
Total | $2585100000 | $0 | 9439 | 16676 | |||||||||||||||
CHECK | CHECK | ||||||||||||||||||
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Closing Date | Vintage Year | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | Omni NAV as of 10312019 ($) | 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 | ||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 240000000 | Voting | 12500000 | 12500000 | 4838617 | 75 | 25 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 1080000000 | Voting | 50000000 | 50000000 | 27524419 | 75 | 25 | 1 | 0 | 3 | 1 | ||||||||||||||||||||
Altaris | Altaris Health Partners V | 17 | 2003 | 5 | BO | 2020 | 2018 | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | 31119 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 72017 | 2018 | 600000000 | Voting | 70000000 | 58000000 | 15451080 | 100 | 0 | 2 | 0 | 2 | 0 | ||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 62918 | 2018 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 122215 | 2015 | 2819281339 | Voting | 65000000 | 65000000 | 30476347 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 113017 | 2018 | 535000000 | Voting | 50000000 | 50000000 | 10655698 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 5118 | 2018 | 750000000 | 45000000 | 45000000 | 8935029 | 90 | 10 | 2 | 0 | 1 | 0 | |||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | 4119 | 100000000 | 100000000 | 100000000 | 6337986 | 90 | 10 | 3 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 6616 | 2016 | 489690722 | 35000000 | 30000000 | 28353444 | 100 | 0 | 1 | 0 | 4 | 0 | |||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 91516 | 2017 | 867000000 | Voting | 50000000 | 46000000 | 43482202 | 75 | 25 | 1 | 0 | 4 | 1 | ||||||||||||||||||||
FTV | FTV VI | 21 | 1998 | 5 | GE | 2019 | 2017 | 1250000000 | Voting | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||
GSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 7116 | 2016 | 6500000000 | 75000000 | 75000000 | 36916611 | 80 | 20 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
GSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 112116 | 2016 | 2000000000 | 18750000 | 18750000 | 6986476 | 80 | 20 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 92917 | 2018 | 5250000000 | 75000000 | 50000000 | 12166313 | 75 | 25 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
HIG Bayside | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2516 | 2015 | 933375000 | 60000000 | 60000000 | 22204325 | 75 | 25 | 2 | 1 | 2 | 1 | |||||||||||||||||||||
HIG SPF | HIG Capital - TMRS Capella SMA | 25 | 1993 | NA | BO | 2018 | 101518 | 100000000 | 100000000 | 100000000 | 26121909 | 60 | 40 | 2 | 2 | 2 | 1 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 10118 | 2018 | 1115000000 | 200000000 | 200000000 | 6677055 | 60 | 40 | 5 | 3 | 1 | 0 | |||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 121515 | 2016 | 2200000000 | 50000000 | 20000000 | 17482770 | 80 | 20 | 1 | 0 | 2 | 0 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 121616 | 2017 | 601000000 | 50000000 | 40000000 | 22726805 | 80 | 20 | 1 | 0 | 2 | 1 | |||||||||||||||||||||
Insight | Insight Partners XI | 25 | 1995 | 11 | GE | 2020 | 100000000 | 100000000 | 75 | 25 | 3 | 1 | 0 | 0 | |||||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 82516 | 2016 | 895000000 | Observer | 50000000 | 35000000 | 24247438 | 75 | 25 | 1 | 0 | 2 | 1 | ||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 122217 | 2018 | 615000000 | Voting | 50000000 | 40000000 | 5514622 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 11718 | 2019 | 700000000 | Voting | 50000000 | 40000000 | 3765454 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 31017 | 2018 | 2500000000 | 60000000 | 57000000 | 19504557 | 80 | 20 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 31017 | 2017 | 750000000 | 15000000 | 14250000 | 8092552 | 75 | 25 | 0 | 0 | 1 | 0 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 52516 | 2015 | 246000000 | Voting | 40000000 | 40000000 | 33655258 | 100 | 0 | 2 | 0 | 4 | 0 | ||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 33117 | 2017 | 964000000 | 50000000 | 45000000 | 26210958 | 90 | 10 | 2 | 0 | 3 | 0 | |||||||||||||||||||||
One Rock | One Rock Capital Partners III | 10 | 2010 | 3 | BO | 2020 | 2017 | 75000000 | 75000000 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||||||
Parthenon | Parthenon Investors VI | 21 | 1998 | 6 | BO | 2019 | 1800000000 | 50000000 | 45000000 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 4218 | 2017 | 5000000000 | 55000000 | 55000000 | 4159147 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 62116 | 2016 | 640000000 | Voting | 60000000 | 60000000 | 70001780 | 100 | 0 | 2 | 0 | 9 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 32318 | 2018 | 1322000000 | Voting | 70000000 | 70000000 | 48144842 | 100 | 0 | 3 | 0 | 6 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | 42619 | 2000000000 | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | 21419 | 1000000000 | Voting | 50000000 | 50000000 | 17469665 | 90 | 10 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 112515 | 2015 | 1939000000 | 50000000 | 47000000 | 36050169 | 60 | 40 | 1 | 1 | 3 | 2 | |||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 111615 | 2014 | 309000000 | Voting | 50000000 | 50000000 | 54401398 | 85 | 15 | 2 | 0 | 6 | 1 | ||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 112018 | 2019 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 6818 | 2018 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 123115 | 2014 | 3500000000 | 75000000 | 75000000 | 53260061 | 60 | 40 | 2 | 1 | 4 | 3 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 8918 | 2018 | 3000000000 | 50000000 | 25000000 | 3801703 | 60 | 40 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 62116 | 2014 | 280000000 | Voting | 50000000 | 50000000 | 64293595 | 90 | 10 | 2 | 0 | 7 | 1 | ||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 12818 | 2014 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
2819243965 | |||||||||||||||||||||||||||||||||||||||
2750000000 | |||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
1939000000 | |||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||
375000000 | |||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||||||||||||||||||||||||||||||
TMRS (AUM) | $ 29264820023 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE Target () | 500 | |||||||||||||||||||||||||||||||||||
PE Target ($) | $ 1463241001 | |||||||||||||||||||||||||||||||||||
PE Commitments ($) | $ 2585100000 | |||||||||||||||||||||||||||||||||||
PE NAV ($) | $ 799910286 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE NAV () | 273 | |||||||||||||||||||||||||||||||||||
Un-Allocated () | -7667 | |||||||||||||||||||||||||||||||||||
BAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | 4000000000 | 65000000 | 65000000 | - 0 | 80 | 20 | 80 | 20 | ERRORDIV0 | ERRORDIV0 |
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 | 1358 | 2166 | |||||||
2016 | 394750000 | 1691 | 2698 | |||||||
2017 | 436750000 | 1870 | 2985 | |||||||
2018 | 481600000 | 2062 | 3291 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 6981 | 11140 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 783 | 825 | 1249 | |||||
International | 217 | 175 | 347 | |||||
Un-Allocated | -596 | |||||||
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) | 1245350000 | 333780551 | 533 | 417 | 851 | |||||||
GE | GrowthVenture (10 to 40) | 681000000 | 306969590 | 292 | 384 | 465 | |||||||
SS | Special Situations (5 to 35) | 408750000 | 159160145 | 175 | 199 | 279 | |||||||
Un-Allocated | -596 | ||||||||||||
Total | 2335100000 | 799910286 | 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 | 450 | ||||||
GrowthVenture | 00 | 833 | 00 | 750 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 3300 | ||||||
GrowthVenture | 0 | 833 | 833 | 1583 | 1583 | ||||||
Special Situations | 0 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 450 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
3683 | |||||||||||
07015873016 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 00 | 00 | 00 | ||||||
GrowthVenture | 333 | 1000 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 750 | 2250 | 2250 | 2250 | 2250 | ||||||
GrowthVenture | 333 | 1333 | 1333 | 1333 | 1333 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
80006709754 | 321081669 | ||||||||||
80006709754 | 321081669 | ||||||||||
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 02 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 03 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 04 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 05 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 06 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 07 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 08 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 09 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 10 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 11 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 12 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 13 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 14 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 15 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 16 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 17 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 18 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 19 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 20 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 01 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 02 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 03 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 04 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 05 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 06 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 07 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 08 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 09 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 10 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 01 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 02 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 03 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 04 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 05 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 06 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 07 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 08 | ERRORREF | ERRORREF | ERRORREF | |||||
UA | -5958 | |||||||
Total | ERRORREF | ERRORREF | ERRORREF | |||||
ERRORREF | ERRORREF | ERRORREF |
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 | $32798964 | BO 1 | BO | 128 | 205 | |||||||||||
Tritium | Buy-out | $110000000 | $54401398 | BO 2 | BO | 47 | 75 | ||||||||||||
Searchlight | Buy-out | $97000000 | $36050169 | BO 3 | BO | 42 | 66 | ||||||||||||
Marlin | Buy-out | $71250000 | $27597109 | BO 4 | BO | 31 | 49 | ||||||||||||
Altaris | Buy-out | $62500000 | $32363036 | BO 5 | BO | 27 | 43 | ||||||||||||
Northlane | Buy-out | $60000000 | $0 | BO 6 | BO | 26 | 41 | ||||||||||||
Capital Partners | Buy-out | $58000000 | $15451080 | BO 7 | BO | 25 | 40 | ||||||||||||
Providence | Buy-out | $55000000 | $4159147 | BO 8 | BO | 24 | 38 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $10655698 | BO 9 | BO | 21 | 34 | ||||||||||||
GTCR | Buy-out | $50000000 | $12166313 | BO 10 | BO | 21 | 34 | ||||||||||||
Reverence | Buy-out | $50000000 | $17469665 | BO 11 | BO | 21 | 34 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 21 | 34 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 32 | ||||||||||||
One Rock | Buy-out | $45000000 | $26210958 | BO 14 | BO | 19 | 31 | ||||||||||||
Parthenon | Buy-out | $45000000 | BO 15 | BO | |||||||||||||||
Incline | Buy-out | $40000000 | $22726805 | BO 16 | BO | 17 | 27 | ||||||||||||
Kainos | Buy-out | $35000000 | $24247438 | BO 17 | BO | 15 | 24 | ||||||||||||
Harvest | Buy-out | $20000000 | $17482770 | BO 18 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $118146622 | GE 1 | GE | 77 | 123 | ||||||||||||
Foundry | Venture Growth | $175000000 | $43626459 | GE 2 | GE | 75 | 120 | ||||||||||||
Updata | Venture Growth | $125000000 | $64293595 | GE 3 | GE | 54 | 85 | ||||||||||||
FTV | Venture Growth | $121000000 | $43482202 | GE 4 | GE | 52 | 83 | ||||||||||||
Main Post | Venture Growth | $40000000 | $3765454 | GE 5 | GE | 17 | 27 | ||||||||||||
Mercato | Venture Growth | $40000000 | $33655258 | GE 6 | GE | 17 | 27 | ||||||||||||
TSSP | Special Situations | $150000000 | $57061764 | SS 1 | SS | 64 | 103 | ||||||||||||
GSO | Special Situations | $93750000 | $43903087 | SS 2 | SS | 40 | 64 | ||||||||||||
Carlyle | Special Situations | $65000000 | $30476347 | SS 3 | SS | 28 | 44 | ||||||||||||
HIG Bayside | Special Situations | $60000000 | $22204325 | SS 4 | SS | 26 | 41 | ||||||||||||
LightBay | Special Situations | $40000000 | $5514622 | SS 5 | SS | 17 | 27 | ||||||||||||
Total | $2335100000 | $799910286 | 9807 | 15651 | |||||||||||||||
CHECK | CHECK | ||||||||||||||||||
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Closing Date | Vintage Year | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | Omni NAV as of 10312019 ($) | 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 | ||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 240000000 | Voting | 12500000 | 12500000 | 4838617 | 75 | 25 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 1080000000 | Voting | 50000000 | 50000000 | 27524419 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | 31119 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 72017 | 2018 | 600000000 | Voting | 70000000 | 58000000 | 15451080 | 100 | 0 | 2 | 0 | 2 | 0 | ||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 62918 | 2018 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 122215 | 2015 | 2819281339 | Voting | 65000000 | 65000000 | 30476347 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 113017 | 2018 | 535000000 | Voting | 50000000 | 50000000 | 10655698 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 5118 | 2018 | 750000000 | 45000000 | 45000000 | 8935029 | 90 | 10 | 2 | 0 | 1 | 0 | |||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | 4119 | 100000000 | 100000000 | 100000000 | 6337986 | 90 | 10 | 4 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 6616 | 2016 | 489690722 | 35000000 | 30000000 | 28353444 | 100 | 0 | 1 | 0 | 4 | 0 | |||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 91516 | 2017 | 867000000 | Voting | 50000000 | 46000000 | 43482202 | 75 | 25 | 1 | 0 | 4 | 1 | ||||||||||||||||||||
FTV | FTV VI | 21 | 1998 | 5 | GE | 2019 | 2017 | 1250000000 | Voting | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||
GSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 7116 | 2016 | 6500000000 | 75000000 | 75000000 | 36916611 | 80 | 20 | 3 | 1 | 4 | 1 | |||||||||||||||||||||
GSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 112116 | 2016 | 2000000000 | 18750000 | 18750000 | 6986476 | 80 | 20 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 92917 | 2018 | 5250000000 | 75000000 | 50000000 | 12166313 | 75 | 25 | 2 | 1 | 1 | 0 | |||||||||||||||||||||
HIG Bayside | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2516 | 2015 | 933375000 | 60000000 | 60000000 | 22204325 | 75 | 25 | 2 | 1 | 2 | 1 | |||||||||||||||||||||
HIG SPF | HIG Capital - TMRS Capella SMA | 25 | 1993 | NA | BO | 2018 | 101518 | 100000000 | 100000000 | 100000000 | 26121909 | 60 | 40 | 3 | 2 | 2 | 1 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 10118 | 2018 | 1115000000 | 200000000 | 200000000 | 6677055 | 60 | 40 | 5 | 3 | 1 | 0 | |||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 121515 | 2016 | 2200000000 | 50000000 | 20000000 | 17482770 | 80 | 20 | 1 | 0 | 2 | 0 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 121616 | 2017 | 601000000 | 50000000 | 40000000 | 22726805 | 80 | 20 | 1 | 0 | 2 | 1 | |||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 82516 | 2016 | 895000000 | Observer | 50000000 | 35000000 | 24247438 | 75 | 25 | 1 | 0 | 2 | 1 | ||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 122217 | 2018 | 615000000 | Voting | 50000000 | 40000000 | 5514622 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 11718 | 2019 | 700000000 | Voting | 50000000 | 40000000 | 3765454 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 31017 | 2018 | 2500000000 | 60000000 | 57000000 | 19504557 | 80 | 20 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 31017 | 2017 | 750000000 | 15000000 | 14250000 | 8092552 | 75 | 25 | 0 | 0 | 1 | 0 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 52516 | 2015 | 246000000 | Voting | 40000000 | 40000000 | 33655258 | 100 | 0 | 2 | 0 | 4 | 0 | ||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 33117 | 2017 | 964000000 | 50000000 | 45000000 | 26210958 | 90 | 10 | 2 | 0 | 3 | 0 | |||||||||||||||||||||
Parthenon | Parthenon Investors VI | 21 | 1998 | 6 | BO | 2019 | 1800000000 | 50000000 | 45000000 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 4218 | 2017 | 5000000000 | 55000000 | 55000000 | 4159147 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 62116 | 2016 | 640000000 | Voting | 60000000 | 60000000 | 70001780 | 100 | 0 | 3 | 0 | 9 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 32318 | 2018 | 1322000000 | Voting | 70000000 | 70000000 | 48144842 | 100 | 0 | 3 | 0 | 6 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | 42619 | 2000000000 | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | 21419 | 1000000000 | Voting | 50000000 | 50000000 | 17469665 | 90 | 10 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 112515 | 2015 | 1939000000 | 50000000 | 47000000 | 36050169 | 60 | 40 | 1 | 1 | 3 | 2 | |||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 111615 | 2014 | 309000000 | Voting | 50000000 | 50000000 | 54401398 | 85 | 15 | 2 | 0 | 6 | 1 | ||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 112018 | 2019 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 6818 | 2018 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 123115 | 2014 | 3500000000 | 75000000 | 75000000 | 53260061 | 60 | 40 | 2 | 1 | 4 | 3 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 8918 | 2018 | 3000000000 | 50000000 | 25000000 | 3801703 | 60 | 40 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 62116 | 2014 | 280000000 | Voting | 50000000 | 50000000 | 64293595 | 90 | 10 | 2 | 0 | 7 | 1 | ||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 12818 | 2014 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
2819243965 | |||||||||||||||||||||||||||||||||||||||
2750000000 | |||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
1939000000 | |||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||
375000000 | |||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||||||||||||||||||||||||||||||
TMRS (AUM) | $ 29264820023 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE Target () | 500 | |||||||||||||||||||||||||||||||||||
PE Target ($) | $ 1463241001 | |||||||||||||||||||||||||||||||||||
PE Commitments ($) | $ 2335100000 | |||||||||||||||||||||||||||||||||||
PE NAV ($) | $ 799910286 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE NAV () | 273 | |||||||||||||||||||||||||||||||||||
Un-Allocated () | -5958 | |||||||||||||||||||||||||||||||||||
BAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | 4000000000 | 65000000 | 65000000 | - 0 | 80 | 20 | 80 | 20 | ERRORDIV0 | ERRORDIV0 |
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 | AUM | Net Growth Rate | Implied Payout (assume 675 AUM growth) | Benefit Payout ($mm) | |||||
2018 | 29050396924 | ||||||||
2019 | 30655961493 | 550 | 120 | 380 | |||||
2020 | 32384009577 | 560 | 110 | 365 | |||||
2021 | 34123041773 | 540 | 140 | 477 | |||||
2022 | 35922282888 | 530 | 150 | 539 | |||||
2023 | 37694455530 | 490 | 180 | 697 | |||||
2024 | 39463267168 | 470 | 210 | 829 | |||||
2025 | 41234373259 | 450 | 230 | 954 | |||||
2026 | 43275861217 | 500 | 180 | 793 | |||||
2027 | 45268676728 | 460 | 210 | 992 | |||||
2028 | 46971376772 | 380 | 300 | 1447 | |||||
2029 | 48844226102 | 400 | 280 | 1388 | |||||
2030 | 50822447306 | 410 | 270 | 1410 | |||||
2031 | 52742019621 | 380 | 300 | 1616 | |||||
2032 | 54628992945 | 360 | 320 | 1790 | |||||
2033 | 56451530726 | 330 | 340 | 1995 | |||||
2034 | 58576503820 | 380 | 300 | 1803 | |||||
2035 | 60640211459 | 350 | 320 | 2022 | |||||
2036 | 62879058937 | 370 | 310 | 1983 | |||||
2037 | 65007850601 | 340 | 340 | 2263 | |||||
2015 | 2016 | 2017 | 2018 | 2019 | 2020E | 2021E | 2022E | 2023E | 2024E | 2025E | 2026E | 2027E | 2028E | 2029E | |||||||||||||||||||
TMRS | $2372929 | $2525383 | $2866831 | $2770094 | $3131881 | $3317195 | $3507656 | $3703693 | $3905684 | $4113735 | $4328362 | $4550132 | $4779234 | $5015619 | $5268060 | ||||||||||||||||||
Target PE NAV | $143342 | $138505 | $156594 | $331719 | $350766 | $370369 | $390568 | $411374 | $432836 | $455013 | $477923 | $501562 | $526806 | ||||||||||||||||||||
Distributions | ($002) | ($799) | ($2566) | ($5265) | ($8654) | ($20000) | ($31700) | ($39475) | ($54594) | ($67434) | ($73245) | ($135000) | ($150000) | ($165000) | ($180000) | ||||||||||||||||||
Annual Commitment | $31700 | $39475 | $43675 | $48167 | $48830 | $90000 | $100000 | $110000 | $120000 | $130000 | $140000 | $150000 | $160000 | $170000 | $160000 | ||||||||||||||||||
Private Equity NAV | $1303 | $11649 | $28890 | $56893 | $89091 | $129628 | $174526 | $229391 | $288408 | $354757 | $431561 | $463975 | $494093 | $521672 | $542448 | ||||||||||||||||||
Pacing per NAV | 305 | 348 | 312 | 271 | 285 | 297 | 307 | 316 | 323 | 330 | 335 | 339 | 304 | ||||||||||||||||||||
PE of Plan | 10 | 21 | 28 | 39 | 50 | 62 | 74 | 86 | 100 | 102 | 103 | 104 | 103 | ||||||||||||||||||||
Target of Plan | 50 | 50 | 50 | 50 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | |||||||||||||||||||
+- | -50 | -40 | -29 | -22 | -61 | -50 | -38 | -26 | -14 | -00 | 02 | 03 | 04 | 03 | |||||||||||||||||||
PE NAV return | 1050 | $3033 | $5974 | $9355 | $13611 | $18325 | $24086 | $30283 | $37249 | $45314 | $48717 | $51880 | $54776 | $56957 | |||||||||||||||||||
Net plan distributions | ($27816) | ($26088) | ($33449) | ($40730) | ($48008) | ($55583) | ($63050) | ($70395) | ($78032) | ($86213) | ($86113) | ($86013) | |||||||||||||||||||||
Plan Return | 675 | $193511 | $186981 | $211402 | $223911 | $236767 | $249999 | $263634 | $277677 | $292164 | $307134 | $322598 | $338554 | $355594 | |||||||||||||||||||
2433535 | 798792136 | 2565989737 | 5264522094 | 86630700 | 165015820 | 257609290 | 365078650 | 4806841325 | 584697160 | 866218100833333 | 961925898333333 | 103033793833333 | 110412948583333 | 132368313833333 | |||||||||||||||||||
-002 | -799 | -2566 | -5265 | -8663 | -16502 | -25761 | -36508 | -48068 | -58470 | -86622 | -96193 | -103034 | -110413 | -132368 |
2015 | 2016 | 2017 | 2018 | 2019 | 2020E | 2021E | 2022E | 2023E | 2024E | 2025E | 2026E | 2027E | 2028E | |||||||||||||||||||
TMRS | $2372929 | $2525383 | $2866831 | $2770094 | $3131881 | $3317195 | $3507656 | $3703693 | $3905684 | $4113735 | $4328362 | $4550132 | $4779234 | $5015619 | ||||||||||||||||||
Target PE NAV | $143342 | $138505 | $156594 | $165860 | $175383 | $185185 | $195284 | $205687 | $216418 | $227507 | $238962 | $250781 | ||||||||||||||||||||
Distributions | ($002) | ($799) | ($2566) | ($5265) | ($8654) | ($20000) | ($31700) | ($39475) | ($54594) | ($67434) | ($73245) | ($135000) | ($150000) | ($165000) | ||||||||||||||||||
Annual Commitment | $31700 | $39475 | $43675 | $48167 | $48830 | $90000 | $100000 | $110000 | $120000 | $130000 | $140000 | $150000 | $160000 | $170000 | ||||||||||||||||||
Private Equity NAV | $1303 | $11649 | $28890 | $56893 | $89091 | $129628 | $174526 | $229391 | $288408 | $354757 | $431561 | $463975 | $494093 | $521672 | ||||||||||||||||||
Pacing per NAV | 305 | 348 | 312 | 543 | 570 | 594 | 614 | 632 | 647 | 659 | 670 | 678 | ||||||||||||||||||||
PE of Plan | 10 | 21 | 28 | 39 | 50 | 62 | 74 | 86 | 100 | 102 | 103 | 104 | ||||||||||||||||||||
Target of Plan | 50 | 50 | 50 | 50 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | |||||||||||||||||||
+- | -50 | -40 | -29 | -22 | -61 | -50 | -38 | -26 | -14 | -00 | 02 | 03 | 04 | |||||||||||||||||||
PE NAV return | 1050 | $3033 | $5974 | $9355 | $13611 | $18325 | $24086 | $30283 | $37249 | $45314 | $48717 | $51880 | $54776 | |||||||||||||||||||
Net plan distributions | ($27816) | ($26088) | ($33449) | ($40730) | ($48008) | ($55583) | ($63050) | ($70395) | ($78032) | ($86213) | ($86113) | |||||||||||||||||||||
Plan Return | 675 | $193511 | $186981 | $211402 | $223911 | $236767 | $249999 | $263634 | $277677 | $292164 | $307134 | $322598 | $338554 | |||||||||||||||||||
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) | ($31700) | ($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 | $188096 | $195896 | $199640 | $201777 | ||||||||||||||||||
Annual Commitment | $31700 | $39500 | $44700 | $50000 | $52500 | $52500 | $52500 | $55000 | $60000 | $62500 | $65000 | $65000 | $65000 | ||||||||||||||
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 RecommendationsRecommended ManagerFund
Strategy Classification Recommended Amount
Altaris Health Partners Fund V LP (ldquoAltaris Vrdquo)
Buy-out $75 million
One Rock Capital Partners III LP
(ldquoOne Rock IIIrdquo)Buy-out $75 million
Insight Partners XI LP (ldquoInsight XIrdquo) Growth Equity $100 million
Total Approximate Recommended InvestmentsCommitments $250 million
Manager RecommendationExecutive Summary
Section II
5
$891
$1296
$1745
$2294
$2884
$3548
$4316
$4640
$4941
$5217
$488 $900 $1000 $1100 $1200 $1300 $1400 $1500 $1600 $17000
2
4
6
8
10
12
14
16
$-
$1000
$2000
$3000
$4000
$5000
$6000
2019 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E
o
f Tot
al P
lan
Valu
e
Valu
e in
US$
(Mill
ions
)
2019 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
2019 Staff Pacing Model
Private Equity NAV20192020E2021E2022E2023E2024E2025E2026E2027E2028E89091312816790014129628034662552981745262739021210622939097066184381288407772581337393547569007023778843156137527612764463975319680120994940927282465337252167246471241979Annual Commitment20192020E2021E2022E2023E2024E2025E2026E2027E2028E488390010001100120013001400150016001700PE of Plan 20192020E2021E2022E2023E2024E2025E2026E2027E2028E28446585508212992E-23907760847523617E-249755807956705957E-261935739159315654E-273843081792895213E-286237176767258963E-29970546681946367E-2010196964699437272010338325650055948010400959157830028Target of Plan20192020E2021E2022E2023E2024E2025E2026E2027E2028E005010101010101010101
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
2019 Staff Pacing Model
Private Equity NAV20192020E2021E2022E2023E2024E2025E2026E2027E2028E89091312816790014129628034662552981745262739021210622939097066184381288407772581337393547569007023778843156137527612764463975319680120994940927282465337252167246471241979Annual Commitment20192020E2021E2022E2023E2024E2025E2026E2027E2028E488390010001100120013001400150016001700PE of Plan 20192020E2021E2022E2023E2024E2025E2026E2027E2028E28446585508212992E-23907760847523617E-249755807956705957E-261935739159315654E-273843081792895213E-286237176767258963E-29970546681946367E-2010196964699437272010338325650055948010400959157830028Target of Plan20192020E2021E2022E2023E2024E2025E2026E2027E2028E005010101010101010101
Value in US$ (Millions)
of Total Plan Value
2020 Staff Pacing Model
Private Equity NAV2020E2021E2022E2023E2024E2025E2026E2027E2028E2029E12962803466255298174526273902121062293909706618438128840777258133739354756900702377884315613752761276446397531968012099494092728246533725216724647124197954244807350722385Annual Commitment2020E2021E2022E2023E2024E2025E2026E2027E2028E2029E900100011001200130014001500160017001600PE of Plan 2020E2021E2022E2023E2024E2025E2026E2027E2028E2029E3907760847523617E-249755807956705957E-261935739159315654E-273843081792895213E-286237176767258963E-29970546681946367E-2010196964699437272010338325650055948010400959157830028010296922671484597Target of Plan2020E2021E2022E2023E2024E2025E2026E2027E2028E2029E01010101010101010101
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
2020 Private Equity Pacing Plan Progress
Buy-out GrowthVenture Special Situations Unallocated
7
February Insight XI ($100mm)Altaris V ($75mm)
One Rock III ($75mm)
Search processes are approved in annual amounts Progress will be made throughout the year as opposed to all at once
The 2020 Private Equity search process has
culminated in ~$358 million of closed
andor recommended
investments in line with the $900 mm
primary pacing model goal for the
year2018
HIG SPF ($75mm)
2019FGN 2018 Partner $33mm)
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
Private Equity Geographic Diversification by Commitment
USA International078266990707036088021733009292963892
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053331763093657658029163633249111387017504603657230955
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 530000000011000000097000000712500006250000060000000580000005500000050000000500000005000000050000000466000004500000045000000400000003500000020000000180000000175000000125000000121000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082531977105091459017468022894908541
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)041727248225964858038375502281000567019897249493034577
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 532798964309999999544013981700000023605016927597109323630360154510800941591471065569812166313174696650026210958227268052424743817482770118146622436264596429359543482202376545433655258570617644390308730476347222043253000000015514622
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285330GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333431583333333333333415833333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663156666666666666638166666666666662936666666666666629
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
540302
158
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 Over-weighted special situations earlyfor J-Curve mitigation efficiency of capitaldeployment and tactical opportunities
2016 Focused on growth opportunity setand continue to add buy-out exposure
2017 Rounded out buy-out portfolio andopportunistically added to growth and credit
2018 Steady state on pacing selectivelyadded new relationships and Europeanexposure
2019 Steady state on pacing selectivelyadded new relationships and Venture andEuropean exposure
2020 Selectively up-sizing commitmentsadding new relationships and VentureGrowth exposure
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053976635333255962030211597230281229015811767436462806
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053976635333255962030211597230281229015811767436462806
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001200000001375000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082531977105091459017468022894908541
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)041727248225964858038375502281000567019897249493034577
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285330GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333431583333333333333415833333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663156666666666666638166666666666662936666666666666629
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 BO 18GE 1 GE 2GE 3 GE 4
GE 5GE 6 SS 1SS 2 SS 3SS 4 SS 5
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001375000001200000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053976635333255962030211597230281229015811767436462806
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001375000001200000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082531977105091459017468022894908541
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)041727248225964858038375502281000567019897249493034577
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285330GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333431583333333333333415833333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663156666666666666638166666666666662936666666666666629
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
784
216
Private Equity Geographic Diversification by Commitment
USA
International
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053976635333255962030211597230281229015811767436462806
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001375000001200000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082531977105091459017468022894908541
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)041727248225964858038375502281000567019897249493034577
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285330GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333431583333333333333415833333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663156666666666666638166666666666662936666666666666629
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 Altaris V$75 million Recommendation
Altaris Capital Partners (ldquoAltarisrdquo) is a New York-based investment firm thatfocuses exclusively on the healthcare industry specifically pharmaceuticalmedical device and diagnostics provider services and payorsinsurancebusinesses across North America and Western Europe Altaris HealthPartners V LP (ldquoFund Vrdquo) is targeting $25 billion and will seekopportunities where they can invest between $100 million to $500 millionThe Firm is flexible with the transaction type as well making control andnon-control investments into carve-outs break-ups corporate partnershipsldquotake-privatesrdquo and familyfounder-owned companies Post-investment theFirm will leverage their Operating Network to improve and grow theunderlying businesses in addition to pursuing add-on acquisitions Altariswill continue to execute a strategy similar to those employed in the priorfunds
14
Top Candidate Characteristics ndash One Rock III$75 million Recommendation
One Rock Capital Partners (ldquoOne Rockrdquo) is a New York-based buy-out firmfounded in 2010 by Tony Lee and Scott Spielvogel that focuses on value-oriented control stakes in complex middle-market businesses within sub-sectors of the ldquoold economyrdquo One Rock Capital Partners III LP (One RockIII) is targeting $15 billion to make equity investments ranging from $50million to $200 million where they can improve the operations andstrategically reposition their business units while leveraging their OperatingPartner network and their strategic partnership with the MitsubishiCorporation The Firm will continue to execute the same strategy employedin their prior funds and during their tenure with Ripplewood Holdings
15
Top Candidate Characteristics ndash Insight XI$100 million Recommendation
Insight Partners (ldquoInsightrdquo) is a New York-based private equity firm thatfocuses on small-to-mid cap growth-stage software software-enabledservices and Internet businesses with the potential for recurring revenuegrowth Insight seeks to execute both minority and majority investmentsalongside the assistance of Insight Onsite an in-house consulting groupcomprised of over forty-five dedicated software experts With over twentyyears of industry expertise and consistent returns Insight has become one ofthe most tenured software investors in private equity Insight Partners XILP (Insight XI) is targeting $725 billion to make equity investmentsranging from $10 million to $250 million The Firm will continue to executethe same strategy employed in their prior funds
Section V
16
17
Recommendation
TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the following funds
Recommendation Altaris Health Partners Fund V LP $75 million One Rock Capital Partners III LP $75 million Insight Partners XI LP $100 million
18
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1226 | 2166 | |||||||
2016 | 394750000 | 1527 | 2698 | |||||||
2017 | 436750000 | 1689 | 2985 | |||||||
2018 | 481600000 | 1863 | 3291 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 6306 | 11140 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 784 | 825 | 1385 | |||||
International | 216 | 175 | 382 | |||||
Un-Allocated | -767 | |||||||
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) | 1395350000 | 333780551 | 540 | 417 | 954 | |||||||
GE | GrowthVenture (10 to 40) | 781000000 | 306969590 | 302 | 384 | 534 | |||||||
SS | Special Situations (5 to 35) | 408750000 | 159160145 | 158 | 199 | 279 | |||||||
Un-Allocated | -767 | ||||||||||||
Total | 2585100000 | 799910286 | 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 | 450 | ||||||
GrowthVenture | 00 | 833 | 00 | 750 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 3300 | ||||||
GrowthVenture | 0 | 833 | 833 | 1583 | 1583 | ||||||
Special Situations | 0 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 450 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
3683 | |||||||||||
07015873016 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 00 | 00 | 00 | ||||||
GrowthVenture | 333 | 1000 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 750 | 2250 | 2250 | 2250 | 2250 | ||||||
GrowthVenture | 333 | 1333 | 1333 | 1333 | 1333 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
80006709754 | 321081669 | ||||||||||
80006709754 | 321081669 | ||||||||||
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 02 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 03 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 04 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 05 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 06 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 07 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 08 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 09 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 10 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 11 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 12 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 13 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 14 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 15 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 16 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 17 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 18 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 19 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 20 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 01 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 02 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 03 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 04 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 05 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 06 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 07 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 08 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 09 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 10 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 01 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 02 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 03 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 04 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 05 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 06 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 07 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 08 | ERRORREF | ERRORREF | ERRORREF | |||||
UA | -7667 | |||||||
Total | ERRORREF | ERRORREF | ERRORREF | |||||
ERRORREF | ERRORREF | ERRORREF |
Updated | 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 | BO 1 | BO | 116 | 205 | |||||||||||||
X | Altaris | Buy-out | $137500000 | BO 2 | BO | 53 | 94 | |||||||||||||
X | One Rock | Buy-out | $120000000 | BO 3 | BO | 46 | 82 | |||||||||||||
Tritium | Buy-out | $110000000 | BO 4 | BO | 43 | 75 | ||||||||||||||
Searchlight | Buy-out | $97000000 | BO 5 | BO | 38 | 66 | ||||||||||||||
Marlin | Buy-out | $71250000 | BO 6 | BO | 28 | 49 | ||||||||||||||
Northlane | Buy-out | $60000000 | BO 7 | BO | 23 | 41 | ||||||||||||||
Capital Partners | Buy-out | $58000000 | BO 8 | BO | 22 | 40 | ||||||||||||||
Providence | Buy-out | $55000000 | BO 9 | BO | 21 | 38 | ||||||||||||||
Dunes Point | Buy-out | $50000000 | BO 10 | BO | 19 | 34 | ||||||||||||||
GTCR | Buy-out | $50000000 | BO 11 | BO | 19 | 34 | ||||||||||||||
Reverence | Buy-out | $50000000 | BO 12 | BO | 19 | 34 | ||||||||||||||
Arcline | Buy-out | $50000000 | BO 13 | BO | 19 | 34 | ||||||||||||||
CapVest | Buy-out | $46600000 | BO 14 | BO | 18 | 32 | ||||||||||||||
Parthenon | Buy-out | $45000000 | BO 15 | BO | ||||||||||||||||
Incline | Buy-out | $40000000 | BO 16 | BO | 15 | 27 | ||||||||||||||
Kainos | Buy-out | $35000000 | BO 17 | BO | 14 | 24 | ||||||||||||||
Harvest | Buy-out | $20000000 | BO 18 | BO | 08 | 14 | ||||||||||||||
PSG | Venture Growth | $180000000 | GE 1 | GE | 70 | 123 | ||||||||||||||
Foundry | Venture Growth | $175000000 | GE 2 | GE | 68 | 120 | ||||||||||||||
Updata | Venture Growth | $125000000 | GE 3 | GE | 48 | 85 | ||||||||||||||
FTV | Venture Growth | $121000000 | GE 4 | GE | 47 | 83 | ||||||||||||||
X | Insight | Venture Growth | $100000000 | |||||||||||||||||
Main Post | Venture Growth | $40000000 | GE 5 | GE | 15 | 27 | ||||||||||||||
Mercato | Venture Growth | $40000000 | GE 6 | GE | 15 | 27 | ||||||||||||||
TSSP | Special Situations | $150000000 | SS 1 | SS | 58 | 103 | ||||||||||||||
GSO | Special Situations | $93750000 | SS 2 | SS | 36 | 64 | ||||||||||||||
Carlyle | Special Situations | $65000000 | SS 3 | SS | 25 | 44 | ||||||||||||||
HIG Bayside | Special Situations | $60000000 | SS 4 | SS | 23 | 41 | ||||||||||||||
LightBay | Special Situations | $40000000 | SS 5 | SS | 15 | 27 | ||||||||||||||
Total | $2585100000 | $0 | 9439 | 16676 | ||||||||||||||||
CHECK | CHECK | |||||||||||||||||||
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Closing Date | Vintage Year | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | Omni NAV as of 10312019 ($) | 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 | ||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 240000000 | Voting | 12500000 | 12500000 | 4838617 | 75 | 25 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 1080000000 | Voting | 50000000 | 50000000 | 27524419 | 75 | 25 | 1 | 0 | 3 | 1 | ||||||||||||||||||||
Altaris | Altaris Health Partners V | 17 | 2003 | 5 | BO | 2020 | 2018 | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | 31119 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 72017 | 2018 | 600000000 | Voting | 70000000 | 58000000 | 15451080 | 100 | 0 | 2 | 0 | 2 | 0 | ||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 62918 | 2018 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 122215 | 2015 | 2819281339 | Voting | 65000000 | 65000000 | 30476347 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 113017 | 2018 | 535000000 | Voting | 50000000 | 50000000 | 10655698 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 5118 | 2018 | 750000000 | 45000000 | 45000000 | 8935029 | 90 | 10 | 2 | 0 | 1 | 0 | |||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | 4119 | 100000000 | 100000000 | 100000000 | 6337986 | 90 | 10 | 3 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 6616 | 2016 | 489690722 | 35000000 | 30000000 | 28353444 | 100 | 0 | 1 | 0 | 4 | 0 | |||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 91516 | 2017 | 867000000 | Voting | 50000000 | 46000000 | 43482202 | 75 | 25 | 1 | 0 | 4 | 1 | ||||||||||||||||||||
FTV | FTV VI | 21 | 1998 | 5 | GE | 2019 | 2017 | 1250000000 | Voting | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||
GSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 7116 | 2016 | 6500000000 | 75000000 | 75000000 | 36916611 | 80 | 20 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
GSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 112116 | 2016 | 2000000000 | 18750000 | 18750000 | 6986476 | 80 | 20 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 92917 | 2018 | 5250000000 | 75000000 | 50000000 | 12166313 | 75 | 25 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
HIG Bayside | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2516 | 2015 | 933375000 | 60000000 | 60000000 | 22204325 | 75 | 25 | 2 | 1 | 2 | 1 | |||||||||||||||||||||
HIG SPF | HIG Capital - TMRS Capella SMA | 25 | 1993 | NA | BO | 2018 | 101518 | 100000000 | 100000000 | 100000000 | 26121909 | 60 | 40 | 2 | 2 | 2 | 1 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 10118 | 2018 | 1115000000 | 200000000 | 200000000 | 6677055 | 60 | 40 | 5 | 3 | 1 | 0 | |||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 121515 | 2016 | 2200000000 | 50000000 | 20000000 | 17482770 | 80 | 20 | 1 | 0 | 2 | 0 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 121616 | 2017 | 601000000 | 50000000 | 40000000 | 22726805 | 80 | 20 | 1 | 0 | 2 | 1 | |||||||||||||||||||||
Insight | Insight Partners XI | 25 | 1995 | 11 | GE | 2020 | 100000000 | 100000000 | 75 | 25 | 3 | 1 | 0 | 0 | |||||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 82516 | 2016 | 895000000 | Observer | 50000000 | 35000000 | 24247438 | 75 | 25 | 1 | 0 | 2 | 1 | ||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 122217 | 2018 | 615000000 | Voting | 50000000 | 40000000 | 5514622 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 11718 | 2019 | 700000000 | Voting | 50000000 | 40000000 | 3765454 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 31017 | 2018 | 2500000000 | 60000000 | 57000000 | 19504557 | 80 | 20 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 31017 | 2017 | 750000000 | 15000000 | 14250000 | 8092552 | 75 | 25 | 0 | 0 | 1 | 0 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 52516 | 2015 | 246000000 | Voting | 40000000 | 40000000 | 33655258 | 100 | 0 | 2 | 0 | 4 | 0 | ||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 33117 | 2017 | 964000000 | 50000000 | 45000000 | 26210958 | 90 | 10 | 2 | 0 | 3 | 0 | |||||||||||||||||||||
One Rock | One Rock Capital Partners III | 10 | 2010 | 3 | BO | 2020 | 2017 | 75000000 | 75000000 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||||||
Parthenon | Parthenon Investors VI | 21 | 1998 | 6 | BO | 2019 | 1800000000 | 50000000 | 45000000 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 4218 | 2017 | 5000000000 | 55000000 | 55000000 | 4159147 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 62116 | 2016 | 640000000 | Voting | 60000000 | 60000000 | 70001780 | 100 | 0 | 2 | 0 | 9 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 32318 | 2018 | 1322000000 | Voting | 70000000 | 70000000 | 48144842 | 100 | 0 | 3 | 0 | 6 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | 42619 | 2000000000 | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | 21419 | 1000000000 | Voting | 50000000 | 50000000 | 17469665 | 90 | 10 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 112515 | 2015 | 1939000000 | 50000000 | 47000000 | 36050169 | 60 | 40 | 1 | 1 | 3 | 2 | |||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 111615 | 2014 | 309000000 | Voting | 50000000 | 50000000 | 54401398 | 85 | 15 | 2 | 0 | 6 | 1 | ||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 112018 | 2019 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 6818 | 2018 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 123115 | 2014 | 3500000000 | 75000000 | 75000000 | 53260061 | 60 | 40 | 2 | 1 | 4 | 3 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 8918 | 2018 | 3000000000 | 50000000 | 25000000 | 3801703 | 60 | 40 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 62116 | 2014 | 280000000 | Voting | 50000000 | 50000000 | 64293595 | 90 | 10 | 2 | 0 | 7 | 1 | ||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 12818 | 2014 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
2819243965 | |||||||||||||||||||||||||||||||||||||||
2750000000 | |||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
1939000000 | |||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||
375000000 | |||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||||||||||||||||||||||||||||||
TMRS (AUM) | $ 29264820023 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE Target () | 500 | |||||||||||||||||||||||||||||||||||
PE Target ($) | $ 1463241001 | |||||||||||||||||||||||||||||||||||
PE Commitments ($) | $ 2585100000 | |||||||||||||||||||||||||||||||||||
PE NAV ($) | $ 799910286 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE NAV () | 273 | |||||||||||||||||||||||||||||||||||
Un-Allocated () | -7667 | |||||||||||||||||||||||||||||||||||
BAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | 4000000000 | 65000000 | 65000000 | - 0 | 80 | 20 | 80 | 20 | ERRORDIV0 | ERRORDIV0 |
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 | 1226 | 2166 | |||||||
2016 | 394750000 | 1527 | 2698 | |||||||
2017 | 436750000 | 1689 | 2985 | |||||||
2018 | 481600000 | 1863 | 3291 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 6306 | 11140 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 784 | 825 | 1385 | |||||
International | 216 | 175 | 382 | |||||
Un-Allocated | -767 | |||||||
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) | 1395350000 | 333780551 | 540 | 417 | 954 | |||||||
GE | GrowthVenture (10 to 40) | 781000000 | 306969590 | 302 | 384 | 534 | |||||||
SS | Special Situations (5 to 35) | 408750000 | 159160145 | 158 | 199 | 279 | |||||||
Un-Allocated | -767 | ||||||||||||
Total | 2585100000 | 799910286 | 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 | 450 | ||||||
GrowthVenture | 00 | 833 | 00 | 750 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 3300 | ||||||
GrowthVenture | 0 | 833 | 833 | 1583 | 1583 | ||||||
Special Situations | 0 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 450 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
3683 | |||||||||||
07015873016 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 00 | 00 | 00 | ||||||
GrowthVenture | 333 | 1000 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 750 | 2250 | 2250 | 2250 | 2250 | ||||||
GrowthVenture | 333 | 1333 | 1333 | 1333 | 1333 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
80006709754 | 321081669 | ||||||||||
80006709754 | 321081669 | ||||||||||
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 02 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 03 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 04 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 05 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 06 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 07 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 08 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 09 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 10 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 11 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 12 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 13 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 14 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 15 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 16 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 17 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 18 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 19 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 20 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 01 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 02 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 03 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 04 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 05 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 06 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 07 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 08 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 09 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 10 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 01 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 02 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 03 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 04 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 05 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 06 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 07 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 08 | ERRORREF | ERRORREF | ERRORREF | |||||
UA | -7667 | |||||||
Total | ERRORREF | ERRORREF | ERRORREF | |||||
ERRORREF | ERRORREF | ERRORREF |
Updated | 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 | BO 1 | BO | 116 | 205 | |||||||||||||
X | Altaris | Buy-out | $137500000 | BO 2 | BO | 53 | 94 | |||||||||||||
X | One Rock | Buy-out | $120000000 | BO 3 | BO | 46 | 82 | |||||||||||||
Tritium | Buy-out | $110000000 | BO 4 | BO | 43 | 75 | ||||||||||||||
Searchlight | Buy-out | $97000000 | BO 5 | BO | 38 | 66 | ||||||||||||||
Marlin | Buy-out | $71250000 | BO 6 | BO | 28 | 49 | ||||||||||||||
Northlane | Buy-out | $60000000 | BO 7 | BO | 23 | 41 | ||||||||||||||
Capital Partners | Buy-out | $58000000 | BO 8 | BO | 22 | 40 | ||||||||||||||
Providence | Buy-out | $55000000 | BO 9 | BO | 21 | 38 | ||||||||||||||
Dunes Point | Buy-out | $50000000 | BO 10 | BO | 19 | 34 | ||||||||||||||
GTCR | Buy-out | $50000000 | BO 11 | BO | 19 | 34 | ||||||||||||||
Reverence | Buy-out | $50000000 | BO 12 | BO | 19 | 34 | ||||||||||||||
Arcline | Buy-out | $50000000 | BO 13 | BO | 19 | 34 | ||||||||||||||
CapVest | Buy-out | $46600000 | BO 14 | BO | 18 | 32 | ||||||||||||||
Parthenon | Buy-out | $45000000 | BO 15 | BO | ||||||||||||||||
Incline | Buy-out | $40000000 | BO 16 | BO | 15 | 27 | ||||||||||||||
Kainos | Buy-out | $35000000 | BO 17 | BO | 14 | 24 | ||||||||||||||
Harvest | Buy-out | $20000000 | BO 18 | BO | 08 | 14 | ||||||||||||||
PSG | Venture Growth | $180000000 | GE 1 | GE | 70 | 123 | ||||||||||||||
Foundry | Venture Growth | $175000000 | GE 2 | GE | 68 | 120 | ||||||||||||||
Updata | Venture Growth | $125000000 | GE 3 | GE | 48 | 85 | ||||||||||||||
FTV | Venture Growth | $121000000 | GE 4 | GE | 47 | 83 | ||||||||||||||
X | Insight | Venture Growth | $100000000 | |||||||||||||||||
Main Post | Venture Growth | $40000000 | GE 5 | GE | 15 | 27 | ||||||||||||||
Mercato | Venture Growth | $40000000 | GE 6 | GE | 15 | 27 | ||||||||||||||
TSSP | Special Situations | $150000000 | SS 1 | SS | 58 | 103 | ||||||||||||||
GSO | Special Situations | $93750000 | SS 2 | SS | 36 | 64 | ||||||||||||||
Carlyle | Special Situations | $65000000 | SS 3 | SS | 25 | 44 | ||||||||||||||
HIG Bayside | Special Situations | $60000000 | SS 4 | SS | 23 | 41 | ||||||||||||||
LightBay | Special Situations | $40000000 | SS 5 | SS | 15 | 27 | ||||||||||||||
Total | $2585100000 | $0 | 9439 | 16676 | ||||||||||||||||
CHECK | CHECK | |||||||||||||||||||
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Closing Date | Vintage Year | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | Omni NAV as of 10312019 ($) | 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 | ||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 240000000 | Voting | 12500000 | 12500000 | 4838617 | 75 | 25 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 1080000000 | Voting | 50000000 | 50000000 | 27524419 | 75 | 25 | 1 | 0 | 3 | 1 | ||||||||||||||||||||
Altaris | Altaris Health Partners V | 17 | 2003 | 5 | BO | 2020 | 2018 | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | 31119 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 72017 | 2018 | 600000000 | Voting | 70000000 | 58000000 | 15451080 | 100 | 0 | 2 | 0 | 2 | 0 | ||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 62918 | 2018 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 122215 | 2015 | 2819281339 | Voting | 65000000 | 65000000 | 30476347 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 113017 | 2018 | 535000000 | Voting | 50000000 | 50000000 | 10655698 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 5118 | 2018 | 750000000 | 45000000 | 45000000 | 8935029 | 90 | 10 | 2 | 0 | 1 | 0 | |||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | 4119 | 100000000 | 100000000 | 100000000 | 6337986 | 90 | 10 | 3 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 6616 | 2016 | 489690722 | 35000000 | 30000000 | 28353444 | 100 | 0 | 1 | 0 | 4 | 0 | |||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 91516 | 2017 | 867000000 | Voting | 50000000 | 46000000 | 43482202 | 75 | 25 | 1 | 0 | 4 | 1 | ||||||||||||||||||||
FTV | FTV VI | 21 | 1998 | 5 | GE | 2019 | 2017 | 1250000000 | Voting | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||
GSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 7116 | 2016 | 6500000000 | 75000000 | 75000000 | 36916611 | 80 | 20 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
GSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 112116 | 2016 | 2000000000 | 18750000 | 18750000 | 6986476 | 80 | 20 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 92917 | 2018 | 5250000000 | 75000000 | 50000000 | 12166313 | 75 | 25 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
HIG Bayside | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2516 | 2015 | 933375000 | 60000000 | 60000000 | 22204325 | 75 | 25 | 2 | 1 | 2 | 1 | |||||||||||||||||||||
HIG SPF | HIG Capital - TMRS Capella SMA | 25 | 1993 | NA | BO | 2018 | 101518 | 100000000 | 100000000 | 100000000 | 26121909 | 60 | 40 | 2 | 2 | 2 | 1 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 10118 | 2018 | 1115000000 | 200000000 | 200000000 | 6677055 | 60 | 40 | 5 | 3 | 1 | 0 | |||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 121515 | 2016 | 2200000000 | 50000000 | 20000000 | 17482770 | 80 | 20 | 1 | 0 | 2 | 0 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 121616 | 2017 | 601000000 | 50000000 | 40000000 | 22726805 | 80 | 20 | 1 | 0 | 2 | 1 | |||||||||||||||||||||
Insight | Insight Partners XI | 25 | 1995 | 11 | GE | 2020 | 100000000 | 100000000 | 75 | 25 | 3 | 1 | 0 | 0 | |||||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 82516 | 2016 | 895000000 | Observer | 50000000 | 35000000 | 24247438 | 75 | 25 | 1 | 0 | 2 | 1 | ||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 122217 | 2018 | 615000000 | Voting | 50000000 | 40000000 | 5514622 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 11718 | 2019 | 700000000 | Voting | 50000000 | 40000000 | 3765454 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 31017 | 2018 | 2500000000 | 60000000 | 57000000 | 19504557 | 80 | 20 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 31017 | 2017 | 750000000 | 15000000 | 14250000 | 8092552 | 75 | 25 | 0 | 0 | 1 | 0 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 52516 | 2015 | 246000000 | Voting | 40000000 | 40000000 | 33655258 | 100 | 0 | 2 | 0 | 4 | 0 | ||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 33117 | 2017 | 964000000 | 50000000 | 45000000 | 26210958 | 90 | 10 | 2 | 0 | 3 | 0 | |||||||||||||||||||||
One Rock | One Rock Capital Partners III | 10 | 2010 | 3 | BO | 2020 | 2017 | 75000000 | 75000000 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||||||
Parthenon | Parthenon Investors VI | 21 | 1998 | 6 | BO | 2019 | 1800000000 | 50000000 | 45000000 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 4218 | 2017 | 5000000000 | 55000000 | 55000000 | 4159147 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 62116 | 2016 | 640000000 | Voting | 60000000 | 60000000 | 70001780 | 100 | 0 | 2 | 0 | 9 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 32318 | 2018 | 1322000000 | Voting | 70000000 | 70000000 | 48144842 | 100 | 0 | 3 | 0 | 6 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | 42619 | 2000000000 | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | 21419 | 1000000000 | Voting | 50000000 | 50000000 | 17469665 | 90 | 10 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 112515 | 2015 | 1939000000 | 50000000 | 47000000 | 36050169 | 60 | 40 | 1 | 1 | 3 | 2 | |||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 111615 | 2014 | 309000000 | Voting | 50000000 | 50000000 | 54401398 | 85 | 15 | 2 | 0 | 6 | 1 | ||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 112018 | 2019 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 6818 | 2018 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 123115 | 2014 | 3500000000 | 75000000 | 75000000 | 53260061 | 60 | 40 | 2 | 1 | 4 | 3 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 8918 | 2018 | 3000000000 | 50000000 | 25000000 | 3801703 | 60 | 40 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 62116 | 2014 | 280000000 | Voting | 50000000 | 50000000 | 64293595 | 90 | 10 | 2 | 0 | 7 | 1 | ||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 12818 | 2014 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
2819243965 | |||||||||||||||||||||||||||||||||||||||
2750000000 | |||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
1939000000 | |||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||
375000000 | |||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||||||||||||||||||||||||||||||
TMRS (AUM) | $ 29264820023 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE Target () | 500 | |||||||||||||||||||||||||||||||||||
PE Target ($) | $ 1463241001 | |||||||||||||||||||||||||||||||||||
PE Commitments ($) | $ 2585100000 | |||||||||||||||||||||||||||||||||||
PE NAV ($) | $ 799910286 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE NAV () | 273 | |||||||||||||||||||||||||||||||||||
Un-Allocated () | -7667 | |||||||||||||||||||||||||||||||||||
BAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | 4000000000 | 65000000 | 65000000 | - 0 | 80 | 20 | 80 | 20 | ERRORDIV0 | ERRORDIV0 |
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 | 1226 | 2166 | |||||||
2016 | 394750000 | 1527 | 2698 | |||||||
2017 | 436750000 | 1689 | 2985 | |||||||
2018 | 481600000 | 1863 | 3291 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 6306 | 11140 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 784 | 825 | 1385 | |||||
International | 216 | 175 | 382 | |||||
Un-Allocated | -767 | |||||||
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) | 1395350000 | 333780551 | 540 | 417 | 954 | |||||||
GE | GrowthVenture (10 to 40) | 781000000 | 306969590 | 302 | 384 | 534 | |||||||
SS | Special Situations (5 to 35) | 408750000 | 159160145 | 158 | 199 | 279 | |||||||
Un-Allocated | -767 | ||||||||||||
Total | 2585100000 | 799910286 | 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 | 450 | ||||||
GrowthVenture | 00 | 833 | 00 | 750 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 3300 | ||||||
GrowthVenture | 0 | 833 | 833 | 1583 | 1583 | ||||||
Special Situations | 0 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 450 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
3683 | |||||||||||
07015873016 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 00 | 00 | 00 | ||||||
GrowthVenture | 333 | 1000 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 750 | 2250 | 2250 | 2250 | 2250 | ||||||
GrowthVenture | 333 | 1333 | 1333 | 1333 | 1333 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
80006709754 | 321081669 | ||||||||||
80006709754 | 321081669 | ||||||||||
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 02 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 03 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 04 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 05 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 06 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 07 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 08 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 09 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 10 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 11 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 12 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 13 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 14 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 15 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 16 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 17 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 18 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 19 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 20 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 01 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 02 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 03 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 04 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 05 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 06 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 07 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 08 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 09 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 10 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 01 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 02 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 03 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 04 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 05 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 06 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 07 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 08 | ERRORREF | ERRORREF | ERRORREF | |||||
UA | -7667 | |||||||
Total | ERRORREF | ERRORREF | ERRORREF | |||||
ERRORREF | ERRORREF | ERRORREF |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
One Rock | HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | BO 1 | BO | 116 | 205 | |||||||||||
Altaris | One Rock | Buy-out | $120000000 | BO 2 | BO | 46 | 82 | ||||||||||||
Tritium | Altaris | Buy-out | $137500000 | BO 3 | BO | 53 | 94 | ||||||||||||
Searchlight | Tritium | Buy-out | $110000000 | BO 4 | BO | 43 | 75 | ||||||||||||
Marlin | Searchlight | Buy-out | $97000000 | BO 5 | BO | 38 | 66 | ||||||||||||
Northlane | Marlin | Buy-out | $71250000 | BO 6 | BO | 28 | 49 | ||||||||||||
Capital Partners | Northlane | Buy-out | $60000000 | BO 7 | BO | 23 | 41 | ||||||||||||
Providence | Capital Partners | Buy-out | $58000000 | BO 8 | BO | 22 | 40 | ||||||||||||
Dunes Point | Providence | Buy-out | $55000000 | BO 9 | BO | 21 | 38 | ||||||||||||
GTCR | Dunes Point | Buy-out | $50000000 | BO 10 | BO | 19 | 34 | ||||||||||||
Reverence | GTCR | Buy-out | $50000000 | BO 11 | BO | 19 | 34 | ||||||||||||
Arcline | Reverence | Buy-out | $50000000 | BO 12 | BO | 19 | 34 | ||||||||||||
CapVest | Arcline | Buy-out | $50000000 | BO 13 | BO | 19 | 34 | ||||||||||||
Parthenon | CapVest | Buy-out | $46600000 | BO 14 | BO | 18 | 32 | ||||||||||||
Incline | Parthenon | Buy-out | $45000000 | BO 15 | BO | ||||||||||||||
Kainos | Incline | Buy-out | $40000000 | BO 16 | BO | 15 | 27 | ||||||||||||
Harvest | Kainos | Buy-out | $35000000 | BO 17 | BO | 14 | 24 | ||||||||||||
Harvest | Buy-out | $20000000 | BO 18 | BO | 08 | 14 | |||||||||||||
PSG | Venture Growth | $180000000 | GE 1 | GE | 70 | 123 | |||||||||||||
Foundry | Venture Growth | $175000000 | GE 2 | GE | 68 | 120 | |||||||||||||
Updata | Venture Growth | $125000000 | GE 3 | GE | 48 | 85 | |||||||||||||
FTV | Venture Growth | $121000000 | GE 4 | GE | 47 | 83 | |||||||||||||
Insight | Venture Growth | $100000000 | |||||||||||||||||
Main Post | Venture Growth | $40000000 | GE 5 | GE | 15 | 27 | |||||||||||||
Mercato | Venture Growth | $40000000 | GE 6 | GE | 15 | 27 | |||||||||||||
TSSP | Special Situations | $150000000 | SS 1 | SS | 58 | 103 | |||||||||||||
GSO | Special Situations | $93750000 | SS 2 | SS | 36 | 64 | |||||||||||||
Carlyle | Special Situations | $65000000 | SS 3 | SS | 25 | 44 | |||||||||||||
HIG Bayside | Special Situations | $60000000 | SS 4 | SS | 23 | 41 | |||||||||||||
LightBay | Special Situations | $40000000 | SS 5 | SS | 15 | 27 | |||||||||||||
Total | $2585100000 | $0 | 9439 | 16676 | |||||||||||||||
CHECK | CHECK | ||||||||||||||||||
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Closing Date | Vintage Year | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | Omni NAV as of 10312019 ($) | 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 | ||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 240000000 | Voting | 12500000 | 12500000 | 4838617 | 75 | 25 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 1080000000 | Voting | 50000000 | 50000000 | 27524419 | 75 | 25 | 1 | 0 | 3 | 1 | ||||||||||||||||||||
Altaris | Altaris Health Partners V | 17 | 2003 | 5 | BO | 2020 | 2018 | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | 31119 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 72017 | 2018 | 600000000 | Voting | 70000000 | 58000000 | 15451080 | 100 | 0 | 2 | 0 | 2 | 0 | ||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 62918 | 2018 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 122215 | 2015 | 2819281339 | Voting | 65000000 | 65000000 | 30476347 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 113017 | 2018 | 535000000 | Voting | 50000000 | 50000000 | 10655698 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 5118 | 2018 | 750000000 | 45000000 | 45000000 | 8935029 | 90 | 10 | 2 | 0 | 1 | 0 | |||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | 4119 | 100000000 | 100000000 | 100000000 | 6337986 | 90 | 10 | 3 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 6616 | 2016 | 489690722 | 35000000 | 30000000 | 28353444 | 100 | 0 | 1 | 0 | 4 | 0 | |||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 91516 | 2017 | 867000000 | Voting | 50000000 | 46000000 | 43482202 | 75 | 25 | 1 | 0 | 4 | 1 | ||||||||||||||||||||
FTV | FTV VI | 21 | 1998 | 5 | GE | 2019 | 2017 | 1250000000 | Voting | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||
GSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 7116 | 2016 | 6500000000 | 75000000 | 75000000 | 36916611 | 80 | 20 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
GSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 112116 | 2016 | 2000000000 | 18750000 | 18750000 | 6986476 | 80 | 20 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 92917 | 2018 | 5250000000 | 75000000 | 50000000 | 12166313 | 75 | 25 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
HIG Bayside | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2516 | 2015 | 933375000 | 60000000 | 60000000 | 22204325 | 75 | 25 | 2 | 1 | 2 | 1 | |||||||||||||||||||||
HIG SPF | HIG Capital - TMRS Capella SMA | 25 | 1993 | NA | BO | 2018 | 101518 | 100000000 | 100000000 | 100000000 | 26121909 | 60 | 40 | 2 | 2 | 2 | 1 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 10118 | 2018 | 1115000000 | 200000000 | 200000000 | 6677055 | 60 | 40 | 5 | 3 | 1 | 0 | |||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 121515 | 2016 | 2200000000 | 50000000 | 20000000 | 17482770 | 80 | 20 | 1 | 0 | 2 | 0 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 121616 | 2017 | 601000000 | 50000000 | 40000000 | 22726805 | 80 | 20 | 1 | 0 | 2 | 1 | |||||||||||||||||||||
Insight | Insight Partners XI | 25 | 1995 | 11 | GE | 2020 | 100000000 | 100000000 | 75 | 25 | 3 | 1 | 0 | 0 | |||||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 82516 | 2016 | 895000000 | Observer | 50000000 | 35000000 | 24247438 | 75 | 25 | 1 | 0 | 2 | 1 | ||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 122217 | 2018 | 615000000 | Voting | 50000000 | 40000000 | 5514622 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 11718 | 2019 | 700000000 | Voting | 50000000 | 40000000 | 3765454 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 31017 | 2018 | 2500000000 | 60000000 | 57000000 | 19504557 | 80 | 20 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 31017 | 2017 | 750000000 | 15000000 | 14250000 | 8092552 | 75 | 25 | 0 | 0 | 1 | 0 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 52516 | 2015 | 246000000 | Voting | 40000000 | 40000000 | 33655258 | 100 | 0 | 2 | 0 | 4 | 0 | ||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 33117 | 2017 | 964000000 | 50000000 | 45000000 | 26210958 | 90 | 10 | 2 | 0 | 3 | 0 | |||||||||||||||||||||
One Rock | One Rock Capital Partners III | 10 | 2010 | 3 | BO | 2020 | 2017 | 75000000 | 75000000 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||||||
Parthenon | Parthenon Investors VI | 21 | 1998 | 6 | BO | 2019 | 1800000000 | 50000000 | 45000000 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 4218 | 2017 | 5000000000 | 55000000 | 55000000 | 4159147 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 62116 | 2016 | 640000000 | Voting | 60000000 | 60000000 | 70001780 | 100 | 0 | 2 | 0 | 9 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 32318 | 2018 | 1322000000 | Voting | 70000000 | 70000000 | 48144842 | 100 | 0 | 3 | 0 | 6 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | 42619 | 2000000000 | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | 21419 | 1000000000 | Voting | 50000000 | 50000000 | 17469665 | 90 | 10 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 112515 | 2015 | 1939000000 | 50000000 | 47000000 | 36050169 | 60 | 40 | 1 | 1 | 3 | 2 | |||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 111615 | 2014 | 309000000 | Voting | 50000000 | 50000000 | 54401398 | 85 | 15 | 2 | 0 | 6 | 1 | ||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 112018 | 2019 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 6818 | 2018 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 123115 | 2014 | 3500000000 | 75000000 | 75000000 | 53260061 | 60 | 40 | 2 | 1 | 4 | 3 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 8918 | 2018 | 3000000000 | 50000000 | 25000000 | 3801703 | 60 | 40 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 62116 | 2014 | 280000000 | Voting | 50000000 | 50000000 | 64293595 | 90 | 10 | 2 | 0 | 7 | 1 | ||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 12818 | 2014 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
2819243965 | |||||||||||||||||||||||||||||||||||||||
2750000000 | |||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
1939000000 | |||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||
375000000 | |||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||||||||||||||||||||||||||||||
TMRS (AUM) | $ 29264820023 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE Target () | 500 | |||||||||||||||||||||||||||||||||||
PE Target ($) | $ 1463241001 | |||||||||||||||||||||||||||||||||||
PE Commitments ($) | $ 2585100000 | |||||||||||||||||||||||||||||||||||
PE NAV ($) | $ 799910286 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE NAV () | 273 | |||||||||||||||||||||||||||||||||||
Un-Allocated () | -7667 | |||||||||||||||||||||||||||||||||||
BAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | 4000000000 | 65000000 | 65000000 | - 0 | 80 | 20 | 80 | 20 | ERRORDIV0 | ERRORDIV0 |
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 | 1358 | 2166 | |||||||
2016 | 394750000 | 1691 | 2698 | |||||||
2017 | 436750000 | 1870 | 2985 | |||||||
2018 | 481600000 | 2062 | 3291 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 6981 | 11140 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 783 | 825 | 1249 | |||||
International | 217 | 175 | 347 | |||||
Un-Allocated | -596 | |||||||
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) | 1245350000 | 333780551 | 533 | 417 | 851 | |||||||
GE | GrowthVenture (10 to 40) | 681000000 | 306969590 | 292 | 384 | 465 | |||||||
SS | Special Situations (5 to 35) | 408750000 | 159160145 | 175 | 199 | 279 | |||||||
Un-Allocated | -596 | ||||||||||||
Total | 2335100000 | 799910286 | 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 | 450 | ||||||
GrowthVenture | 00 | 833 | 00 | 750 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 3300 | ||||||
GrowthVenture | 0 | 833 | 833 | 1583 | 1583 | ||||||
Special Situations | 0 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 450 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
3683 | |||||||||||
07015873016 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 00 | 00 | 00 | ||||||
GrowthVenture | 333 | 1000 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 750 | 2250 | 2250 | 2250 | 2250 | ||||||
GrowthVenture | 333 | 1333 | 1333 | 1333 | 1333 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
80006709754 | 321081669 | ||||||||||
80006709754 | 321081669 | ||||||||||
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 02 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 03 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 04 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 05 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 06 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 07 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 08 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 09 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 10 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 11 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 12 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 13 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 14 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 15 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 16 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 17 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 18 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 19 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 20 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 01 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 02 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 03 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 04 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 05 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 06 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 07 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 08 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 09 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 10 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 01 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 02 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 03 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 04 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 05 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 06 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 07 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 08 | ERRORREF | ERRORREF | ERRORREF | |||||
UA | -5958 | |||||||
Total | ERRORREF | ERRORREF | ERRORREF | |||||
ERRORREF | ERRORREF | ERRORREF |
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 | $32798964 | BO 1 | BO | 128 | 205 | |||||||||||
Tritium | Buy-out | $110000000 | $54401398 | BO 2 | BO | 47 | 75 | ||||||||||||
Searchlight | Buy-out | $97000000 | $36050169 | BO 3 | BO | 42 | 66 | ||||||||||||
Marlin | Buy-out | $71250000 | $27597109 | BO 4 | BO | 31 | 49 | ||||||||||||
Altaris | Buy-out | $62500000 | $32363036 | BO 5 | BO | 27 | 43 | ||||||||||||
Northlane | Buy-out | $60000000 | $0 | BO 6 | BO | 26 | 41 | ||||||||||||
Capital Partners | Buy-out | $58000000 | $15451080 | BO 7 | BO | 25 | 40 | ||||||||||||
Providence | Buy-out | $55000000 | $4159147 | BO 8 | BO | 24 | 38 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $10655698 | BO 9 | BO | 21 | 34 | ||||||||||||
GTCR | Buy-out | $50000000 | $12166313 | BO 10 | BO | 21 | 34 | ||||||||||||
Reverence | Buy-out | $50000000 | $17469665 | BO 11 | BO | 21 | 34 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 21 | 34 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 32 | ||||||||||||
One Rock | Buy-out | $45000000 | $26210958 | BO 14 | BO | 19 | 31 | ||||||||||||
Parthenon | Buy-out | $45000000 | BO 15 | BO | |||||||||||||||
Incline | Buy-out | $40000000 | $22726805 | BO 16 | BO | 17 | 27 | ||||||||||||
Kainos | Buy-out | $35000000 | $24247438 | BO 17 | BO | 15 | 24 | ||||||||||||
Harvest | Buy-out | $20000000 | $17482770 | BO 18 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $118146622 | GE 1 | GE | 77 | 123 | ||||||||||||
Foundry | Venture Growth | $175000000 | $43626459 | GE 2 | GE | 75 | 120 | ||||||||||||
Updata | Venture Growth | $125000000 | $64293595 | GE 3 | GE | 54 | 85 | ||||||||||||
FTV | Venture Growth | $121000000 | $43482202 | GE 4 | GE | 52 | 83 | ||||||||||||
Main Post | Venture Growth | $40000000 | $3765454 | GE 5 | GE | 17 | 27 | ||||||||||||
Mercato | Venture Growth | $40000000 | $33655258 | GE 6 | GE | 17 | 27 | ||||||||||||
TSSP | Special Situations | $150000000 | $57061764 | SS 1 | SS | 64 | 103 | ||||||||||||
GSO | Special Situations | $93750000 | $43903087 | SS 2 | SS | 40 | 64 | ||||||||||||
Carlyle | Special Situations | $65000000 | $30476347 | SS 3 | SS | 28 | 44 | ||||||||||||
HIG Bayside | Special Situations | $60000000 | $22204325 | SS 4 | SS | 26 | 41 | ||||||||||||
LightBay | Special Situations | $40000000 | $5514622 | SS 5 | SS | 17 | 27 | ||||||||||||
Total | $2335100000 | $799910286 | 9807 | 15651 | |||||||||||||||
CHECK | CHECK | ||||||||||||||||||
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Closing Date | Vintage Year | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | Omni NAV as of 10312019 ($) | 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 | ||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 240000000 | Voting | 12500000 | 12500000 | 4838617 | 75 | 25 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 1080000000 | Voting | 50000000 | 50000000 | 27524419 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | 31119 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 72017 | 2018 | 600000000 | Voting | 70000000 | 58000000 | 15451080 | 100 | 0 | 2 | 0 | 2 | 0 | ||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 62918 | 2018 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 122215 | 2015 | 2819281339 | Voting | 65000000 | 65000000 | 30476347 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 113017 | 2018 | 535000000 | Voting | 50000000 | 50000000 | 10655698 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 5118 | 2018 | 750000000 | 45000000 | 45000000 | 8935029 | 90 | 10 | 2 | 0 | 1 | 0 | |||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | 4119 | 100000000 | 100000000 | 100000000 | 6337986 | 90 | 10 | 4 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 6616 | 2016 | 489690722 | 35000000 | 30000000 | 28353444 | 100 | 0 | 1 | 0 | 4 | 0 | |||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 91516 | 2017 | 867000000 | Voting | 50000000 | 46000000 | 43482202 | 75 | 25 | 1 | 0 | 4 | 1 | ||||||||||||||||||||
FTV | FTV VI | 21 | 1998 | 5 | GE | 2019 | 2017 | 1250000000 | Voting | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||
GSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 7116 | 2016 | 6500000000 | 75000000 | 75000000 | 36916611 | 80 | 20 | 3 | 1 | 4 | 1 | |||||||||||||||||||||
GSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 112116 | 2016 | 2000000000 | 18750000 | 18750000 | 6986476 | 80 | 20 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 92917 | 2018 | 5250000000 | 75000000 | 50000000 | 12166313 | 75 | 25 | 2 | 1 | 1 | 0 | |||||||||||||||||||||
HIG Bayside | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2516 | 2015 | 933375000 | 60000000 | 60000000 | 22204325 | 75 | 25 | 2 | 1 | 2 | 1 | |||||||||||||||||||||
HIG SPF | HIG Capital - TMRS Capella SMA | 25 | 1993 | NA | BO | 2018 | 101518 | 100000000 | 100000000 | 100000000 | 26121909 | 60 | 40 | 3 | 2 | 2 | 1 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 10118 | 2018 | 1115000000 | 200000000 | 200000000 | 6677055 | 60 | 40 | 5 | 3 | 1 | 0 | |||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 121515 | 2016 | 2200000000 | 50000000 | 20000000 | 17482770 | 80 | 20 | 1 | 0 | 2 | 0 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 121616 | 2017 | 601000000 | 50000000 | 40000000 | 22726805 | 80 | 20 | 1 | 0 | 2 | 1 | |||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 82516 | 2016 | 895000000 | Observer | 50000000 | 35000000 | 24247438 | 75 | 25 | 1 | 0 | 2 | 1 | ||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 122217 | 2018 | 615000000 | Voting | 50000000 | 40000000 | 5514622 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 11718 | 2019 | 700000000 | Voting | 50000000 | 40000000 | 3765454 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 31017 | 2018 | 2500000000 | 60000000 | 57000000 | 19504557 | 80 | 20 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 31017 | 2017 | 750000000 | 15000000 | 14250000 | 8092552 | 75 | 25 | 0 | 0 | 1 | 0 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 52516 | 2015 | 246000000 | Voting | 40000000 | 40000000 | 33655258 | 100 | 0 | 2 | 0 | 4 | 0 | ||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 33117 | 2017 | 964000000 | 50000000 | 45000000 | 26210958 | 90 | 10 | 2 | 0 | 3 | 0 | |||||||||||||||||||||
Parthenon | Parthenon Investors VI | 21 | 1998 | 6 | BO | 2019 | 1800000000 | 50000000 | 45000000 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 4218 | 2017 | 5000000000 | 55000000 | 55000000 | 4159147 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 62116 | 2016 | 640000000 | Voting | 60000000 | 60000000 | 70001780 | 100 | 0 | 3 | 0 | 9 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 32318 | 2018 | 1322000000 | Voting | 70000000 | 70000000 | 48144842 | 100 | 0 | 3 | 0 | 6 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | 42619 | 2000000000 | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | 21419 | 1000000000 | Voting | 50000000 | 50000000 | 17469665 | 90 | 10 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 112515 | 2015 | 1939000000 | 50000000 | 47000000 | 36050169 | 60 | 40 | 1 | 1 | 3 | 2 | |||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 111615 | 2014 | 309000000 | Voting | 50000000 | 50000000 | 54401398 | 85 | 15 | 2 | 0 | 6 | 1 | ||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 112018 | 2019 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 6818 | 2018 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 123115 | 2014 | 3500000000 | 75000000 | 75000000 | 53260061 | 60 | 40 | 2 | 1 | 4 | 3 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 8918 | 2018 | 3000000000 | 50000000 | 25000000 | 3801703 | 60 | 40 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 62116 | 2014 | 280000000 | Voting | 50000000 | 50000000 | 64293595 | 90 | 10 | 2 | 0 | 7 | 1 | ||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 12818 | 2014 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
2819243965 | |||||||||||||||||||||||||||||||||||||||
2750000000 | |||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
1939000000 | |||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||
375000000 | |||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||||||||||||||||||||||||||||||
TMRS (AUM) | $ 29264820023 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE Target () | 500 | |||||||||||||||||||||||||||||||||||
PE Target ($) | $ 1463241001 | |||||||||||||||||||||||||||||||||||
PE Commitments ($) | $ 2335100000 | |||||||||||||||||||||||||||||||||||
PE NAV ($) | $ 799910286 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE NAV () | 273 | |||||||||||||||||||||||||||||||||||
Un-Allocated () | -5958 | |||||||||||||||||||||||||||||||||||
BAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | 4000000000 | 65000000 | 65000000 | - 0 | 80 | 20 | 80 | 20 | ERRORDIV0 | ERRORDIV0 |
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 | AUM | Net Growth Rate | Implied Payout (assume 675 AUM growth) | Benefit Payout ($mm) | |||||
2018 | 29050396924 | ||||||||
2019 | 30655961493 | 550 | 120 | 380 | |||||
2020 | 32384009577 | 560 | 110 | 365 | |||||
2021 | 34123041773 | 540 | 140 | 477 | |||||
2022 | 35922282888 | 530 | 150 | 539 | |||||
2023 | 37694455530 | 490 | 180 | 697 | |||||
2024 | 39463267168 | 470 | 210 | 829 | |||||
2025 | 41234373259 | 450 | 230 | 954 | |||||
2026 | 43275861217 | 500 | 180 | 793 | |||||
2027 | 45268676728 | 460 | 210 | 992 | |||||
2028 | 46971376772 | 380 | 300 | 1447 | |||||
2029 | 48844226102 | 400 | 280 | 1388 | |||||
2030 | 50822447306 | 410 | 270 | 1410 | |||||
2031 | 52742019621 | 380 | 300 | 1616 | |||||
2032 | 54628992945 | 360 | 320 | 1790 | |||||
2033 | 56451530726 | 330 | 340 | 1995 | |||||
2034 | 58576503820 | 380 | 300 | 1803 | |||||
2035 | 60640211459 | 350 | 320 | 2022 | |||||
2036 | 62879058937 | 370 | 310 | 1983 | |||||
2037 | 65007850601 | 340 | 340 | 2263 | |||||
2015 | 2016 | 2017 | 2018 | 2019 | 2020E | 2021E | 2022E | 2023E | 2024E | 2025E | 2026E | 2027E | 2028E | 2029E | |||||||||||||||||||
TMRS | $2372929 | $2525383 | $2866831 | $2770094 | $3131881 | $3317195 | $3507656 | $3703693 | $3905684 | $4113735 | $4328362 | $4550132 | $4779234 | $5015619 | $5268060 | ||||||||||||||||||
Target PE NAV | $143342 | $138505 | $156594 | $331719 | $350766 | $370369 | $390568 | $411374 | $432836 | $455013 | $477923 | $501562 | $526806 | ||||||||||||||||||||
Distributions | ($002) | ($799) | ($2566) | ($5265) | ($8654) | ($20000) | ($31700) | ($39475) | ($54594) | ($67434) | ($73245) | ($135000) | ($150000) | ($165000) | ($180000) | ||||||||||||||||||
Annual Commitment | $31700 | $39475 | $43675 | $48167 | $48830 | $90000 | $100000 | $110000 | $120000 | $130000 | $140000 | $150000 | $160000 | $170000 | $160000 | ||||||||||||||||||
Private Equity NAV | $1303 | $11649 | $28890 | $56893 | $89091 | $129628 | $174526 | $229391 | $288408 | $354757 | $431561 | $463975 | $494093 | $521672 | $542448 | ||||||||||||||||||
Pacing per NAV | 305 | 348 | 312 | 271 | 285 | 297 | 307 | 316 | 323 | 330 | 335 | 339 | 304 | ||||||||||||||||||||
PE of Plan | 10 | 21 | 28 | 39 | 50 | 62 | 74 | 86 | 100 | 102 | 103 | 104 | 103 | ||||||||||||||||||||
Target of Plan | 50 | 50 | 50 | 50 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | |||||||||||||||||||
+- | -50 | -40 | -29 | -22 | -61 | -50 | -38 | -26 | -14 | -00 | 02 | 03 | 04 | 03 | |||||||||||||||||||
PE NAV return | 1050 | $3033 | $5974 | $9355 | $13611 | $18325 | $24086 | $30283 | $37249 | $45314 | $48717 | $51880 | $54776 | $56957 | |||||||||||||||||||
Net plan distributions | ($27816) | ($26088) | ($33449) | ($40730) | ($48008) | ($55583) | ($63050) | ($70395) | ($78032) | ($86213) | ($86113) | ($86013) | |||||||||||||||||||||
Plan Return | 675 | $193511 | $186981 | $211402 | $223911 | $236767 | $249999 | $263634 | $277677 | $292164 | $307134 | $322598 | $338554 | $355594 | |||||||||||||||||||
2433535 | 798792136 | 2565989737 | 5264522094 | 86630700 | 165015820 | 257609290 | 365078650 | 4806841325 | 584697160 | 866218100833333 | 961925898333333 | 103033793833333 | 110412948583333 | 132368313833333 | |||||||||||||||||||
-002 | -799 | -2566 | -5265 | -8663 | -16502 | -25761 | -36508 | -48068 | -58470 | -86622 | -96193 | -103034 | -110413 | -132368 |
2015 | 2016 | 2017 | 2018 | 2019 | 2020E | 2021E | 2022E | 2023E | 2024E | 2025E | 2026E | 2027E | 2028E | |||||||||||||||||||
TMRS | $2372929 | $2525383 | $2866831 | $2770094 | $3131881 | $3317195 | $3507656 | $3703693 | $3905684 | $4113735 | $4328362 | $4550132 | $4779234 | $5015619 | ||||||||||||||||||
Target PE NAV | $143342 | $138505 | $156594 | $165860 | $175383 | $185185 | $195284 | $205687 | $216418 | $227507 | $238962 | $250781 | ||||||||||||||||||||
Distributions | ($002) | ($799) | ($2566) | ($5265) | ($8654) | ($20000) | ($31700) | ($39475) | ($54594) | ($67434) | ($73245) | ($135000) | ($150000) | ($165000) | ||||||||||||||||||
Annual Commitment | $31700 | $39475 | $43675 | $48167 | $48830 | $90000 | $100000 | $110000 | $120000 | $130000 | $140000 | $150000 | $160000 | $170000 | ||||||||||||||||||
Private Equity NAV | $1303 | $11649 | $28890 | $56893 | $89091 | $129628 | $174526 | $229391 | $288408 | $354757 | $431561 | $463975 | $494093 | $521672 | ||||||||||||||||||
Pacing per NAV | 305 | 348 | 312 | 543 | 570 | 594 | 614 | 632 | 647 | 659 | 670 | 678 | ||||||||||||||||||||
PE of Plan | 10 | 21 | 28 | 39 | 50 | 62 | 74 | 86 | 100 | 102 | 103 | 104 | ||||||||||||||||||||
Target of Plan | 50 | 50 | 50 | 50 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | |||||||||||||||||||
+- | -50 | -40 | -29 | -22 | -61 | -50 | -38 | -26 | -14 | -00 | 02 | 03 | 04 | |||||||||||||||||||
PE NAV return | 1050 | $3033 | $5974 | $9355 | $13611 | $18325 | $24086 | $30283 | $37249 | $45314 | $48717 | $51880 | $54776 | |||||||||||||||||||
Net plan distributions | ($27816) | ($26088) | ($33449) | ($40730) | ($48008) | ($55583) | ($63050) | ($70395) | ($78032) | ($86213) | ($86113) | |||||||||||||||||||||
Plan Return | 675 | $193511 | $186981 | $211402 | $223911 | $236767 | $249999 | $263634 | $277677 | $292164 | $307134 | $322598 | $338554 | |||||||||||||||||||
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) | ($31700) | ($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 | $188096 | $195896 | $199640 | $201777 | ||||||||||||||||||
Annual Commitment | $31700 | $39500 | $44700 | $50000 | $52500 | $52500 | $52500 | $55000 | $60000 | $62500 | $65000 | $65000 | $65000 | ||||||||||||||
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
$891
$1296
$1745
$2294
$2884
$3548
$4316
$4640
$4941
$5217
$488 $900 $1000 $1100 $1200 $1300 $1400 $1500 $1600 $17000
2
4
6
8
10
12
14
16
$-
$1000
$2000
$3000
$4000
$5000
$6000
2019 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E
o
f Tot
al P
lan
Valu
e
Valu
e in
US$
(Mill
ions
)
2019 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
2019 Staff Pacing Model
Private Equity NAV20192020E2021E2022E2023E2024E2025E2026E2027E2028E89091312816790014129628034662552981745262739021210622939097066184381288407772581337393547569007023778843156137527612764463975319680120994940927282465337252167246471241979Annual Commitment20192020E2021E2022E2023E2024E2025E2026E2027E2028E488390010001100120013001400150016001700PE of Plan 20192020E2021E2022E2023E2024E2025E2026E2027E2028E28446585508212992E-23907760847523617E-249755807956705957E-261935739159315654E-273843081792895213E-286237176767258963E-29970546681946367E-2010196964699437272010338325650055948010400959157830028Target of Plan20192020E2021E2022E2023E2024E2025E2026E2027E2028E005010101010101010101
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
2019 Staff Pacing Model
Private Equity NAV20192020E2021E2022E2023E2024E2025E2026E2027E2028E89091312816790014129628034662552981745262739021210622939097066184381288407772581337393547569007023778843156137527612764463975319680120994940927282465337252167246471241979Annual Commitment20192020E2021E2022E2023E2024E2025E2026E2027E2028E488390010001100120013001400150016001700PE of Plan 20192020E2021E2022E2023E2024E2025E2026E2027E2028E28446585508212992E-23907760847523617E-249755807956705957E-261935739159315654E-273843081792895213E-286237176767258963E-29970546681946367E-2010196964699437272010338325650055948010400959157830028Target of Plan20192020E2021E2022E2023E2024E2025E2026E2027E2028E005010101010101010101
Value in US$ (Millions)
of Total Plan Value
2020 Staff Pacing Model
Private Equity NAV2020E2021E2022E2023E2024E2025E2026E2027E2028E2029E12962803466255298174526273902121062293909706618438128840777258133739354756900702377884315613752761276446397531968012099494092728246533725216724647124197954244807350722385Annual Commitment2020E2021E2022E2023E2024E2025E2026E2027E2028E2029E900100011001200130014001500160017001600PE of Plan 2020E2021E2022E2023E2024E2025E2026E2027E2028E2029E3907760847523617E-249755807956705957E-261935739159315654E-273843081792895213E-286237176767258963E-29970546681946367E-2010196964699437272010338325650055948010400959157830028010296922671484597Target of Plan2020E2021E2022E2023E2024E2025E2026E2027E2028E2029E01010101010101010101
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
2020 Private Equity Pacing Plan Progress
Buy-out GrowthVenture Special Situations Unallocated
7
February Insight XI ($100mm)Altaris V ($75mm)
One Rock III ($75mm)
Search processes are approved in annual amounts Progress will be made throughout the year as opposed to all at once
The 2020 Private Equity search process has
culminated in ~$358 million of closed
andor recommended
investments in line with the $900 mm
primary pacing model goal for the
year2018
HIG SPF ($75mm)
2019FGN 2018 Partner $33mm)
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
Private Equity Geographic Diversification by Commitment
USA International078266990707036088021733009292963892
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053331763093657658029163633249111387017504603657230955
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 530000000011000000097000000712500006250000060000000580000005500000050000000500000005000000050000000466000004500000045000000400000003500000020000000180000000175000000125000000121000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082531977105091459017468022894908541
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)041727248225964858038375502281000567019897249493034577
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 532798964309999999544013981700000023605016927597109323630360154510800941591471065569812166313174696650026210958227268052424743817482770118146622436264596429359543482202376545433655258570617644390308730476347222043253000000015514622
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285330GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333431583333333333333415833333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663156666666666666638166666666666662936666666666666629
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
540302
158
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 Over-weighted special situations earlyfor J-Curve mitigation efficiency of capitaldeployment and tactical opportunities
2016 Focused on growth opportunity setand continue to add buy-out exposure
2017 Rounded out buy-out portfolio andopportunistically added to growth and credit
2018 Steady state on pacing selectivelyadded new relationships and Europeanexposure
2019 Steady state on pacing selectivelyadded new relationships and Venture andEuropean exposure
2020 Selectively up-sizing commitmentsadding new relationships and VentureGrowth exposure
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053976635333255962030211597230281229015811767436462806
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053976635333255962030211597230281229015811767436462806
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001200000001375000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082531977105091459017468022894908541
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)041727248225964858038375502281000567019897249493034577
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285330GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333431583333333333333415833333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663156666666666666638166666666666662936666666666666629
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 BO 18GE 1 GE 2GE 3 GE 4
GE 5GE 6 SS 1SS 2 SS 3SS 4 SS 5
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001375000001200000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053976635333255962030211597230281229015811767436462806
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001375000001200000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082531977105091459017468022894908541
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)041727248225964858038375502281000567019897249493034577
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285330GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333431583333333333333415833333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663156666666666666638166666666666662936666666666666629
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
784
216
Private Equity Geographic Diversification by Commitment
USA
International
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053976635333255962030211597230281229015811767436462806
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001375000001200000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082531977105091459017468022894908541
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)041727248225964858038375502281000567019897249493034577
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285330GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333431583333333333333415833333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663156666666666666638166666666666662936666666666666629
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 Altaris V$75 million Recommendation
Altaris Capital Partners (ldquoAltarisrdquo) is a New York-based investment firm thatfocuses exclusively on the healthcare industry specifically pharmaceuticalmedical device and diagnostics provider services and payorsinsurancebusinesses across North America and Western Europe Altaris HealthPartners V LP (ldquoFund Vrdquo) is targeting $25 billion and will seekopportunities where they can invest between $100 million to $500 millionThe Firm is flexible with the transaction type as well making control andnon-control investments into carve-outs break-ups corporate partnershipsldquotake-privatesrdquo and familyfounder-owned companies Post-investment theFirm will leverage their Operating Network to improve and grow theunderlying businesses in addition to pursuing add-on acquisitions Altariswill continue to execute a strategy similar to those employed in the priorfunds
14
Top Candidate Characteristics ndash One Rock III$75 million Recommendation
One Rock Capital Partners (ldquoOne Rockrdquo) is a New York-based buy-out firmfounded in 2010 by Tony Lee and Scott Spielvogel that focuses on value-oriented control stakes in complex middle-market businesses within sub-sectors of the ldquoold economyrdquo One Rock Capital Partners III LP (One RockIII) is targeting $15 billion to make equity investments ranging from $50million to $200 million where they can improve the operations andstrategically reposition their business units while leveraging their OperatingPartner network and their strategic partnership with the MitsubishiCorporation The Firm will continue to execute the same strategy employedin their prior funds and during their tenure with Ripplewood Holdings
15
Top Candidate Characteristics ndash Insight XI$100 million Recommendation
Insight Partners (ldquoInsightrdquo) is a New York-based private equity firm thatfocuses on small-to-mid cap growth-stage software software-enabledservices and Internet businesses with the potential for recurring revenuegrowth Insight seeks to execute both minority and majority investmentsalongside the assistance of Insight Onsite an in-house consulting groupcomprised of over forty-five dedicated software experts With over twentyyears of industry expertise and consistent returns Insight has become one ofthe most tenured software investors in private equity Insight Partners XILP (Insight XI) is targeting $725 billion to make equity investmentsranging from $10 million to $250 million The Firm will continue to executethe same strategy employed in their prior funds
Section V
16
17
Recommendation
TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the following funds
Recommendation Altaris Health Partners Fund V LP $75 million One Rock Capital Partners III LP $75 million Insight Partners XI LP $100 million
18
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1226 | 2166 | |||||||
2016 | 394750000 | 1527 | 2698 | |||||||
2017 | 436750000 | 1689 | 2985 | |||||||
2018 | 481600000 | 1863 | 3291 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 6306 | 11140 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 784 | 825 | 1385 | |||||
International | 216 | 175 | 382 | |||||
Un-Allocated | -767 | |||||||
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) | 1395350000 | 333780551 | 540 | 417 | 954 | |||||||
GE | GrowthVenture (10 to 40) | 781000000 | 306969590 | 302 | 384 | 534 | |||||||
SS | Special Situations (5 to 35) | 408750000 | 159160145 | 158 | 199 | 279 | |||||||
Un-Allocated | -767 | ||||||||||||
Total | 2585100000 | 799910286 | 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 | 450 | ||||||
GrowthVenture | 00 | 833 | 00 | 750 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 3300 | ||||||
GrowthVenture | 0 | 833 | 833 | 1583 | 1583 | ||||||
Special Situations | 0 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 450 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
3683 | |||||||||||
07015873016 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 00 | 00 | 00 | ||||||
GrowthVenture | 333 | 1000 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 750 | 2250 | 2250 | 2250 | 2250 | ||||||
GrowthVenture | 333 | 1333 | 1333 | 1333 | 1333 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
80006709754 | 321081669 | ||||||||||
80006709754 | 321081669 | ||||||||||
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 02 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 03 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 04 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 05 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 06 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 07 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 08 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 09 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 10 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 11 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 12 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 13 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 14 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 15 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 16 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 17 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 18 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 19 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 20 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 01 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 02 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 03 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 04 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 05 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 06 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 07 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 08 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 09 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 10 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 01 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 02 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 03 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 04 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 05 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 06 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 07 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 08 | ERRORREF | ERRORREF | ERRORREF | |||||
UA | -7667 | |||||||
Total | ERRORREF | ERRORREF | ERRORREF | |||||
ERRORREF | ERRORREF | ERRORREF |
Updated | 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 | BO 1 | BO | 116 | 205 | |||||||||||||
X | Altaris | Buy-out | $137500000 | BO 2 | BO | 53 | 94 | |||||||||||||
X | One Rock | Buy-out | $120000000 | BO 3 | BO | 46 | 82 | |||||||||||||
Tritium | Buy-out | $110000000 | BO 4 | BO | 43 | 75 | ||||||||||||||
Searchlight | Buy-out | $97000000 | BO 5 | BO | 38 | 66 | ||||||||||||||
Marlin | Buy-out | $71250000 | BO 6 | BO | 28 | 49 | ||||||||||||||
Northlane | Buy-out | $60000000 | BO 7 | BO | 23 | 41 | ||||||||||||||
Capital Partners | Buy-out | $58000000 | BO 8 | BO | 22 | 40 | ||||||||||||||
Providence | Buy-out | $55000000 | BO 9 | BO | 21 | 38 | ||||||||||||||
Dunes Point | Buy-out | $50000000 | BO 10 | BO | 19 | 34 | ||||||||||||||
GTCR | Buy-out | $50000000 | BO 11 | BO | 19 | 34 | ||||||||||||||
Reverence | Buy-out | $50000000 | BO 12 | BO | 19 | 34 | ||||||||||||||
Arcline | Buy-out | $50000000 | BO 13 | BO | 19 | 34 | ||||||||||||||
CapVest | Buy-out | $46600000 | BO 14 | BO | 18 | 32 | ||||||||||||||
Parthenon | Buy-out | $45000000 | BO 15 | BO | ||||||||||||||||
Incline | Buy-out | $40000000 | BO 16 | BO | 15 | 27 | ||||||||||||||
Kainos | Buy-out | $35000000 | BO 17 | BO | 14 | 24 | ||||||||||||||
Harvest | Buy-out | $20000000 | BO 18 | BO | 08 | 14 | ||||||||||||||
PSG | Venture Growth | $180000000 | GE 1 | GE | 70 | 123 | ||||||||||||||
Foundry | Venture Growth | $175000000 | GE 2 | GE | 68 | 120 | ||||||||||||||
Updata | Venture Growth | $125000000 | GE 3 | GE | 48 | 85 | ||||||||||||||
FTV | Venture Growth | $121000000 | GE 4 | GE | 47 | 83 | ||||||||||||||
X | Insight | Venture Growth | $100000000 | |||||||||||||||||
Main Post | Venture Growth | $40000000 | GE 5 | GE | 15 | 27 | ||||||||||||||
Mercato | Venture Growth | $40000000 | GE 6 | GE | 15 | 27 | ||||||||||||||
TSSP | Special Situations | $150000000 | SS 1 | SS | 58 | 103 | ||||||||||||||
GSO | Special Situations | $93750000 | SS 2 | SS | 36 | 64 | ||||||||||||||
Carlyle | Special Situations | $65000000 | SS 3 | SS | 25 | 44 | ||||||||||||||
HIG Bayside | Special Situations | $60000000 | SS 4 | SS | 23 | 41 | ||||||||||||||
LightBay | Special Situations | $40000000 | SS 5 | SS | 15 | 27 | ||||||||||||||
Total | $2585100000 | $0 | 9439 | 16676 | ||||||||||||||||
CHECK | CHECK | |||||||||||||||||||
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Closing Date | Vintage Year | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | Omni NAV as of 10312019 ($) | 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 | ||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 240000000 | Voting | 12500000 | 12500000 | 4838617 | 75 | 25 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 1080000000 | Voting | 50000000 | 50000000 | 27524419 | 75 | 25 | 1 | 0 | 3 | 1 | ||||||||||||||||||||
Altaris | Altaris Health Partners V | 17 | 2003 | 5 | BO | 2020 | 2018 | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | 31119 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 72017 | 2018 | 600000000 | Voting | 70000000 | 58000000 | 15451080 | 100 | 0 | 2 | 0 | 2 | 0 | ||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 62918 | 2018 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 122215 | 2015 | 2819281339 | Voting | 65000000 | 65000000 | 30476347 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 113017 | 2018 | 535000000 | Voting | 50000000 | 50000000 | 10655698 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 5118 | 2018 | 750000000 | 45000000 | 45000000 | 8935029 | 90 | 10 | 2 | 0 | 1 | 0 | |||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | 4119 | 100000000 | 100000000 | 100000000 | 6337986 | 90 | 10 | 3 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 6616 | 2016 | 489690722 | 35000000 | 30000000 | 28353444 | 100 | 0 | 1 | 0 | 4 | 0 | |||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 91516 | 2017 | 867000000 | Voting | 50000000 | 46000000 | 43482202 | 75 | 25 | 1 | 0 | 4 | 1 | ||||||||||||||||||||
FTV | FTV VI | 21 | 1998 | 5 | GE | 2019 | 2017 | 1250000000 | Voting | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||
GSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 7116 | 2016 | 6500000000 | 75000000 | 75000000 | 36916611 | 80 | 20 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
GSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 112116 | 2016 | 2000000000 | 18750000 | 18750000 | 6986476 | 80 | 20 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 92917 | 2018 | 5250000000 | 75000000 | 50000000 | 12166313 | 75 | 25 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
HIG Bayside | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2516 | 2015 | 933375000 | 60000000 | 60000000 | 22204325 | 75 | 25 | 2 | 1 | 2 | 1 | |||||||||||||||||||||
HIG SPF | HIG Capital - TMRS Capella SMA | 25 | 1993 | NA | BO | 2018 | 101518 | 100000000 | 100000000 | 100000000 | 26121909 | 60 | 40 | 2 | 2 | 2 | 1 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 10118 | 2018 | 1115000000 | 200000000 | 200000000 | 6677055 | 60 | 40 | 5 | 3 | 1 | 0 | |||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 121515 | 2016 | 2200000000 | 50000000 | 20000000 | 17482770 | 80 | 20 | 1 | 0 | 2 | 0 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 121616 | 2017 | 601000000 | 50000000 | 40000000 | 22726805 | 80 | 20 | 1 | 0 | 2 | 1 | |||||||||||||||||||||
Insight | Insight Partners XI | 25 | 1995 | 11 | GE | 2020 | 100000000 | 100000000 | 75 | 25 | 3 | 1 | 0 | 0 | |||||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 82516 | 2016 | 895000000 | Observer | 50000000 | 35000000 | 24247438 | 75 | 25 | 1 | 0 | 2 | 1 | ||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 122217 | 2018 | 615000000 | Voting | 50000000 | 40000000 | 5514622 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 11718 | 2019 | 700000000 | Voting | 50000000 | 40000000 | 3765454 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 31017 | 2018 | 2500000000 | 60000000 | 57000000 | 19504557 | 80 | 20 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 31017 | 2017 | 750000000 | 15000000 | 14250000 | 8092552 | 75 | 25 | 0 | 0 | 1 | 0 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 52516 | 2015 | 246000000 | Voting | 40000000 | 40000000 | 33655258 | 100 | 0 | 2 | 0 | 4 | 0 | ||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 33117 | 2017 | 964000000 | 50000000 | 45000000 | 26210958 | 90 | 10 | 2 | 0 | 3 | 0 | |||||||||||||||||||||
One Rock | One Rock Capital Partners III | 10 | 2010 | 3 | BO | 2020 | 2017 | 75000000 | 75000000 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||||||
Parthenon | Parthenon Investors VI | 21 | 1998 | 6 | BO | 2019 | 1800000000 | 50000000 | 45000000 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 4218 | 2017 | 5000000000 | 55000000 | 55000000 | 4159147 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 62116 | 2016 | 640000000 | Voting | 60000000 | 60000000 | 70001780 | 100 | 0 | 2 | 0 | 9 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 32318 | 2018 | 1322000000 | Voting | 70000000 | 70000000 | 48144842 | 100 | 0 | 3 | 0 | 6 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | 42619 | 2000000000 | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | 21419 | 1000000000 | Voting | 50000000 | 50000000 | 17469665 | 90 | 10 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 112515 | 2015 | 1939000000 | 50000000 | 47000000 | 36050169 | 60 | 40 | 1 | 1 | 3 | 2 | |||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 111615 | 2014 | 309000000 | Voting | 50000000 | 50000000 | 54401398 | 85 | 15 | 2 | 0 | 6 | 1 | ||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 112018 | 2019 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 6818 | 2018 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 123115 | 2014 | 3500000000 | 75000000 | 75000000 | 53260061 | 60 | 40 | 2 | 1 | 4 | 3 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 8918 | 2018 | 3000000000 | 50000000 | 25000000 | 3801703 | 60 | 40 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 62116 | 2014 | 280000000 | Voting | 50000000 | 50000000 | 64293595 | 90 | 10 | 2 | 0 | 7 | 1 | ||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 12818 | 2014 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
2819243965 | |||||||||||||||||||||||||||||||||||||||
2750000000 | |||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
1939000000 | |||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||
375000000 | |||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||||||||||||||||||||||||||||||
TMRS (AUM) | $ 29264820023 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE Target () | 500 | |||||||||||||||||||||||||||||||||||
PE Target ($) | $ 1463241001 | |||||||||||||||||||||||||||||||||||
PE Commitments ($) | $ 2585100000 | |||||||||||||||||||||||||||||||||||
PE NAV ($) | $ 799910286 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE NAV () | 273 | |||||||||||||||||||||||||||||||||||
Un-Allocated () | -7667 | |||||||||||||||||||||||||||||||||||
BAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | 4000000000 | 65000000 | 65000000 | - 0 | 80 | 20 | 80 | 20 | ERRORDIV0 | ERRORDIV0 |
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 | 1226 | 2166 | |||||||
2016 | 394750000 | 1527 | 2698 | |||||||
2017 | 436750000 | 1689 | 2985 | |||||||
2018 | 481600000 | 1863 | 3291 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 6306 | 11140 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 784 | 825 | 1385 | |||||
International | 216 | 175 | 382 | |||||
Un-Allocated | -767 | |||||||
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) | 1395350000 | 333780551 | 540 | 417 | 954 | |||||||
GE | GrowthVenture (10 to 40) | 781000000 | 306969590 | 302 | 384 | 534 | |||||||
SS | Special Situations (5 to 35) | 408750000 | 159160145 | 158 | 199 | 279 | |||||||
Un-Allocated | -767 | ||||||||||||
Total | 2585100000 | 799910286 | 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 | 450 | ||||||
GrowthVenture | 00 | 833 | 00 | 750 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 3300 | ||||||
GrowthVenture | 0 | 833 | 833 | 1583 | 1583 | ||||||
Special Situations | 0 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 450 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
3683 | |||||||||||
07015873016 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 00 | 00 | 00 | ||||||
GrowthVenture | 333 | 1000 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 750 | 2250 | 2250 | 2250 | 2250 | ||||||
GrowthVenture | 333 | 1333 | 1333 | 1333 | 1333 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
80006709754 | 321081669 | ||||||||||
80006709754 | 321081669 | ||||||||||
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 02 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 03 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 04 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 05 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 06 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 07 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 08 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 09 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 10 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 11 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 12 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 13 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 14 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 15 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 16 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 17 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 18 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 19 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 20 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 01 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 02 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 03 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 04 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 05 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 06 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 07 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 08 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 09 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 10 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 01 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 02 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 03 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 04 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 05 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 06 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 07 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 08 | ERRORREF | ERRORREF | ERRORREF | |||||
UA | -7667 | |||||||
Total | ERRORREF | ERRORREF | ERRORREF | |||||
ERRORREF | ERRORREF | ERRORREF |
Updated | 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 | BO 1 | BO | 116 | 205 | |||||||||||||
X | Altaris | Buy-out | $137500000 | BO 2 | BO | 53 | 94 | |||||||||||||
X | One Rock | Buy-out | $120000000 | BO 3 | BO | 46 | 82 | |||||||||||||
Tritium | Buy-out | $110000000 | BO 4 | BO | 43 | 75 | ||||||||||||||
Searchlight | Buy-out | $97000000 | BO 5 | BO | 38 | 66 | ||||||||||||||
Marlin | Buy-out | $71250000 | BO 6 | BO | 28 | 49 | ||||||||||||||
Northlane | Buy-out | $60000000 | BO 7 | BO | 23 | 41 | ||||||||||||||
Capital Partners | Buy-out | $58000000 | BO 8 | BO | 22 | 40 | ||||||||||||||
Providence | Buy-out | $55000000 | BO 9 | BO | 21 | 38 | ||||||||||||||
Dunes Point | Buy-out | $50000000 | BO 10 | BO | 19 | 34 | ||||||||||||||
GTCR | Buy-out | $50000000 | BO 11 | BO | 19 | 34 | ||||||||||||||
Reverence | Buy-out | $50000000 | BO 12 | BO | 19 | 34 | ||||||||||||||
Arcline | Buy-out | $50000000 | BO 13 | BO | 19 | 34 | ||||||||||||||
CapVest | Buy-out | $46600000 | BO 14 | BO | 18 | 32 | ||||||||||||||
Parthenon | Buy-out | $45000000 | BO 15 | BO | ||||||||||||||||
Incline | Buy-out | $40000000 | BO 16 | BO | 15 | 27 | ||||||||||||||
Kainos | Buy-out | $35000000 | BO 17 | BO | 14 | 24 | ||||||||||||||
Harvest | Buy-out | $20000000 | BO 18 | BO | 08 | 14 | ||||||||||||||
PSG | Venture Growth | $180000000 | GE 1 | GE | 70 | 123 | ||||||||||||||
Foundry | Venture Growth | $175000000 | GE 2 | GE | 68 | 120 | ||||||||||||||
Updata | Venture Growth | $125000000 | GE 3 | GE | 48 | 85 | ||||||||||||||
FTV | Venture Growth | $121000000 | GE 4 | GE | 47 | 83 | ||||||||||||||
X | Insight | Venture Growth | $100000000 | |||||||||||||||||
Main Post | Venture Growth | $40000000 | GE 5 | GE | 15 | 27 | ||||||||||||||
Mercato | Venture Growth | $40000000 | GE 6 | GE | 15 | 27 | ||||||||||||||
TSSP | Special Situations | $150000000 | SS 1 | SS | 58 | 103 | ||||||||||||||
GSO | Special Situations | $93750000 | SS 2 | SS | 36 | 64 | ||||||||||||||
Carlyle | Special Situations | $65000000 | SS 3 | SS | 25 | 44 | ||||||||||||||
HIG Bayside | Special Situations | $60000000 | SS 4 | SS | 23 | 41 | ||||||||||||||
LightBay | Special Situations | $40000000 | SS 5 | SS | 15 | 27 | ||||||||||||||
Total | $2585100000 | $0 | 9439 | 16676 | ||||||||||||||||
CHECK | CHECK | |||||||||||||||||||
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Closing Date | Vintage Year | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | Omni NAV as of 10312019 ($) | 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 | ||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 240000000 | Voting | 12500000 | 12500000 | 4838617 | 75 | 25 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 1080000000 | Voting | 50000000 | 50000000 | 27524419 | 75 | 25 | 1 | 0 | 3 | 1 | ||||||||||||||||||||
Altaris | Altaris Health Partners V | 17 | 2003 | 5 | BO | 2020 | 2018 | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | 31119 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 72017 | 2018 | 600000000 | Voting | 70000000 | 58000000 | 15451080 | 100 | 0 | 2 | 0 | 2 | 0 | ||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 62918 | 2018 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 122215 | 2015 | 2819281339 | Voting | 65000000 | 65000000 | 30476347 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 113017 | 2018 | 535000000 | Voting | 50000000 | 50000000 | 10655698 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 5118 | 2018 | 750000000 | 45000000 | 45000000 | 8935029 | 90 | 10 | 2 | 0 | 1 | 0 | |||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | 4119 | 100000000 | 100000000 | 100000000 | 6337986 | 90 | 10 | 3 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 6616 | 2016 | 489690722 | 35000000 | 30000000 | 28353444 | 100 | 0 | 1 | 0 | 4 | 0 | |||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 91516 | 2017 | 867000000 | Voting | 50000000 | 46000000 | 43482202 | 75 | 25 | 1 | 0 | 4 | 1 | ||||||||||||||||||||
FTV | FTV VI | 21 | 1998 | 5 | GE | 2019 | 2017 | 1250000000 | Voting | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||
GSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 7116 | 2016 | 6500000000 | 75000000 | 75000000 | 36916611 | 80 | 20 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
GSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 112116 | 2016 | 2000000000 | 18750000 | 18750000 | 6986476 | 80 | 20 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 92917 | 2018 | 5250000000 | 75000000 | 50000000 | 12166313 | 75 | 25 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
HIG Bayside | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2516 | 2015 | 933375000 | 60000000 | 60000000 | 22204325 | 75 | 25 | 2 | 1 | 2 | 1 | |||||||||||||||||||||
HIG SPF | HIG Capital - TMRS Capella SMA | 25 | 1993 | NA | BO | 2018 | 101518 | 100000000 | 100000000 | 100000000 | 26121909 | 60 | 40 | 2 | 2 | 2 | 1 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 10118 | 2018 | 1115000000 | 200000000 | 200000000 | 6677055 | 60 | 40 | 5 | 3 | 1 | 0 | |||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 121515 | 2016 | 2200000000 | 50000000 | 20000000 | 17482770 | 80 | 20 | 1 | 0 | 2 | 0 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 121616 | 2017 | 601000000 | 50000000 | 40000000 | 22726805 | 80 | 20 | 1 | 0 | 2 | 1 | |||||||||||||||||||||
Insight | Insight Partners XI | 25 | 1995 | 11 | GE | 2020 | 100000000 | 100000000 | 75 | 25 | 3 | 1 | 0 | 0 | |||||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 82516 | 2016 | 895000000 | Observer | 50000000 | 35000000 | 24247438 | 75 | 25 | 1 | 0 | 2 | 1 | ||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 122217 | 2018 | 615000000 | Voting | 50000000 | 40000000 | 5514622 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 11718 | 2019 | 700000000 | Voting | 50000000 | 40000000 | 3765454 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 31017 | 2018 | 2500000000 | 60000000 | 57000000 | 19504557 | 80 | 20 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 31017 | 2017 | 750000000 | 15000000 | 14250000 | 8092552 | 75 | 25 | 0 | 0 | 1 | 0 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 52516 | 2015 | 246000000 | Voting | 40000000 | 40000000 | 33655258 | 100 | 0 | 2 | 0 | 4 | 0 | ||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 33117 | 2017 | 964000000 | 50000000 | 45000000 | 26210958 | 90 | 10 | 2 | 0 | 3 | 0 | |||||||||||||||||||||
One Rock | One Rock Capital Partners III | 10 | 2010 | 3 | BO | 2020 | 2017 | 75000000 | 75000000 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||||||
Parthenon | Parthenon Investors VI | 21 | 1998 | 6 | BO | 2019 | 1800000000 | 50000000 | 45000000 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 4218 | 2017 | 5000000000 | 55000000 | 55000000 | 4159147 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 62116 | 2016 | 640000000 | Voting | 60000000 | 60000000 | 70001780 | 100 | 0 | 2 | 0 | 9 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 32318 | 2018 | 1322000000 | Voting | 70000000 | 70000000 | 48144842 | 100 | 0 | 3 | 0 | 6 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | 42619 | 2000000000 | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | 21419 | 1000000000 | Voting | 50000000 | 50000000 | 17469665 | 90 | 10 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 112515 | 2015 | 1939000000 | 50000000 | 47000000 | 36050169 | 60 | 40 | 1 | 1 | 3 | 2 | |||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 111615 | 2014 | 309000000 | Voting | 50000000 | 50000000 | 54401398 | 85 | 15 | 2 | 0 | 6 | 1 | ||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 112018 | 2019 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 6818 | 2018 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 123115 | 2014 | 3500000000 | 75000000 | 75000000 | 53260061 | 60 | 40 | 2 | 1 | 4 | 3 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 8918 | 2018 | 3000000000 | 50000000 | 25000000 | 3801703 | 60 | 40 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 62116 | 2014 | 280000000 | Voting | 50000000 | 50000000 | 64293595 | 90 | 10 | 2 | 0 | 7 | 1 | ||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 12818 | 2014 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
2819243965 | |||||||||||||||||||||||||||||||||||||||
2750000000 | |||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
1939000000 | |||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||
375000000 | |||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||||||||||||||||||||||||||||||
TMRS (AUM) | $ 29264820023 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE Target () | 500 | |||||||||||||||||||||||||||||||||||
PE Target ($) | $ 1463241001 | |||||||||||||||||||||||||||||||||||
PE Commitments ($) | $ 2585100000 | |||||||||||||||||||||||||||||||||||
PE NAV ($) | $ 799910286 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE NAV () | 273 | |||||||||||||||||||||||||||||||||||
Un-Allocated () | -7667 | |||||||||||||||||||||||||||||||||||
BAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | 4000000000 | 65000000 | 65000000 | - 0 | 80 | 20 | 80 | 20 | ERRORDIV0 | ERRORDIV0 |
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 | 1226 | 2166 | |||||||
2016 | 394750000 | 1527 | 2698 | |||||||
2017 | 436750000 | 1689 | 2985 | |||||||
2018 | 481600000 | 1863 | 3291 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 6306 | 11140 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 784 | 825 | 1385 | |||||
International | 216 | 175 | 382 | |||||
Un-Allocated | -767 | |||||||
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) | 1395350000 | 333780551 | 540 | 417 | 954 | |||||||
GE | GrowthVenture (10 to 40) | 781000000 | 306969590 | 302 | 384 | 534 | |||||||
SS | Special Situations (5 to 35) | 408750000 | 159160145 | 158 | 199 | 279 | |||||||
Un-Allocated | -767 | ||||||||||||
Total | 2585100000 | 799910286 | 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 | 450 | ||||||
GrowthVenture | 00 | 833 | 00 | 750 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 3300 | ||||||
GrowthVenture | 0 | 833 | 833 | 1583 | 1583 | ||||||
Special Situations | 0 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 450 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
3683 | |||||||||||
07015873016 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 00 | 00 | 00 | ||||||
GrowthVenture | 333 | 1000 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 750 | 2250 | 2250 | 2250 | 2250 | ||||||
GrowthVenture | 333 | 1333 | 1333 | 1333 | 1333 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
80006709754 | 321081669 | ||||||||||
80006709754 | 321081669 | ||||||||||
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 02 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 03 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 04 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 05 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 06 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 07 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 08 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 09 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 10 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 11 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 12 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 13 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 14 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 15 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 16 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 17 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 18 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 19 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 20 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 01 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 02 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 03 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 04 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 05 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 06 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 07 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 08 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 09 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 10 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 01 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 02 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 03 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 04 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 05 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 06 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 07 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 08 | ERRORREF | ERRORREF | ERRORREF | |||||
UA | -7667 | |||||||
Total | ERRORREF | ERRORREF | ERRORREF | |||||
ERRORREF | ERRORREF | ERRORREF |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
One Rock | HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | BO 1 | BO | 116 | 205 | |||||||||||
Altaris | One Rock | Buy-out | $120000000 | BO 2 | BO | 46 | 82 | ||||||||||||
Tritium | Altaris | Buy-out | $137500000 | BO 3 | BO | 53 | 94 | ||||||||||||
Searchlight | Tritium | Buy-out | $110000000 | BO 4 | BO | 43 | 75 | ||||||||||||
Marlin | Searchlight | Buy-out | $97000000 | BO 5 | BO | 38 | 66 | ||||||||||||
Northlane | Marlin | Buy-out | $71250000 | BO 6 | BO | 28 | 49 | ||||||||||||
Capital Partners | Northlane | Buy-out | $60000000 | BO 7 | BO | 23 | 41 | ||||||||||||
Providence | Capital Partners | Buy-out | $58000000 | BO 8 | BO | 22 | 40 | ||||||||||||
Dunes Point | Providence | Buy-out | $55000000 | BO 9 | BO | 21 | 38 | ||||||||||||
GTCR | Dunes Point | Buy-out | $50000000 | BO 10 | BO | 19 | 34 | ||||||||||||
Reverence | GTCR | Buy-out | $50000000 | BO 11 | BO | 19 | 34 | ||||||||||||
Arcline | Reverence | Buy-out | $50000000 | BO 12 | BO | 19 | 34 | ||||||||||||
CapVest | Arcline | Buy-out | $50000000 | BO 13 | BO | 19 | 34 | ||||||||||||
Parthenon | CapVest | Buy-out | $46600000 | BO 14 | BO | 18 | 32 | ||||||||||||
Incline | Parthenon | Buy-out | $45000000 | BO 15 | BO | ||||||||||||||
Kainos | Incline | Buy-out | $40000000 | BO 16 | BO | 15 | 27 | ||||||||||||
Harvest | Kainos | Buy-out | $35000000 | BO 17 | BO | 14 | 24 | ||||||||||||
Harvest | Buy-out | $20000000 | BO 18 | BO | 08 | 14 | |||||||||||||
PSG | Venture Growth | $180000000 | GE 1 | GE | 70 | 123 | |||||||||||||
Foundry | Venture Growth | $175000000 | GE 2 | GE | 68 | 120 | |||||||||||||
Updata | Venture Growth | $125000000 | GE 3 | GE | 48 | 85 | |||||||||||||
FTV | Venture Growth | $121000000 | GE 4 | GE | 47 | 83 | |||||||||||||
Insight | Venture Growth | $100000000 | |||||||||||||||||
Main Post | Venture Growth | $40000000 | GE 5 | GE | 15 | 27 | |||||||||||||
Mercato | Venture Growth | $40000000 | GE 6 | GE | 15 | 27 | |||||||||||||
TSSP | Special Situations | $150000000 | SS 1 | SS | 58 | 103 | |||||||||||||
GSO | Special Situations | $93750000 | SS 2 | SS | 36 | 64 | |||||||||||||
Carlyle | Special Situations | $65000000 | SS 3 | SS | 25 | 44 | |||||||||||||
HIG Bayside | Special Situations | $60000000 | SS 4 | SS | 23 | 41 | |||||||||||||
LightBay | Special Situations | $40000000 | SS 5 | SS | 15 | 27 | |||||||||||||
Total | $2585100000 | $0 | 9439 | 16676 | |||||||||||||||
CHECK | CHECK | ||||||||||||||||||
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Closing Date | Vintage Year | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | Omni NAV as of 10312019 ($) | 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 | ||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 240000000 | Voting | 12500000 | 12500000 | 4838617 | 75 | 25 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 1080000000 | Voting | 50000000 | 50000000 | 27524419 | 75 | 25 | 1 | 0 | 3 | 1 | ||||||||||||||||||||
Altaris | Altaris Health Partners V | 17 | 2003 | 5 | BO | 2020 | 2018 | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | 31119 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 72017 | 2018 | 600000000 | Voting | 70000000 | 58000000 | 15451080 | 100 | 0 | 2 | 0 | 2 | 0 | ||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 62918 | 2018 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 122215 | 2015 | 2819281339 | Voting | 65000000 | 65000000 | 30476347 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 113017 | 2018 | 535000000 | Voting | 50000000 | 50000000 | 10655698 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 5118 | 2018 | 750000000 | 45000000 | 45000000 | 8935029 | 90 | 10 | 2 | 0 | 1 | 0 | |||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | 4119 | 100000000 | 100000000 | 100000000 | 6337986 | 90 | 10 | 3 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 6616 | 2016 | 489690722 | 35000000 | 30000000 | 28353444 | 100 | 0 | 1 | 0 | 4 | 0 | |||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 91516 | 2017 | 867000000 | Voting | 50000000 | 46000000 | 43482202 | 75 | 25 | 1 | 0 | 4 | 1 | ||||||||||||||||||||
FTV | FTV VI | 21 | 1998 | 5 | GE | 2019 | 2017 | 1250000000 | Voting | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||
GSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 7116 | 2016 | 6500000000 | 75000000 | 75000000 | 36916611 | 80 | 20 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
GSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 112116 | 2016 | 2000000000 | 18750000 | 18750000 | 6986476 | 80 | 20 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 92917 | 2018 | 5250000000 | 75000000 | 50000000 | 12166313 | 75 | 25 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
HIG Bayside | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2516 | 2015 | 933375000 | 60000000 | 60000000 | 22204325 | 75 | 25 | 2 | 1 | 2 | 1 | |||||||||||||||||||||
HIG SPF | HIG Capital - TMRS Capella SMA | 25 | 1993 | NA | BO | 2018 | 101518 | 100000000 | 100000000 | 100000000 | 26121909 | 60 | 40 | 2 | 2 | 2 | 1 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 10118 | 2018 | 1115000000 | 200000000 | 200000000 | 6677055 | 60 | 40 | 5 | 3 | 1 | 0 | |||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 121515 | 2016 | 2200000000 | 50000000 | 20000000 | 17482770 | 80 | 20 | 1 | 0 | 2 | 0 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 121616 | 2017 | 601000000 | 50000000 | 40000000 | 22726805 | 80 | 20 | 1 | 0 | 2 | 1 | |||||||||||||||||||||
Insight | Insight Partners XI | 25 | 1995 | 11 | GE | 2020 | 100000000 | 100000000 | 75 | 25 | 3 | 1 | 0 | 0 | |||||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 82516 | 2016 | 895000000 | Observer | 50000000 | 35000000 | 24247438 | 75 | 25 | 1 | 0 | 2 | 1 | ||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 122217 | 2018 | 615000000 | Voting | 50000000 | 40000000 | 5514622 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 11718 | 2019 | 700000000 | Voting | 50000000 | 40000000 | 3765454 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 31017 | 2018 | 2500000000 | 60000000 | 57000000 | 19504557 | 80 | 20 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 31017 | 2017 | 750000000 | 15000000 | 14250000 | 8092552 | 75 | 25 | 0 | 0 | 1 | 0 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 52516 | 2015 | 246000000 | Voting | 40000000 | 40000000 | 33655258 | 100 | 0 | 2 | 0 | 4 | 0 | ||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 33117 | 2017 | 964000000 | 50000000 | 45000000 | 26210958 | 90 | 10 | 2 | 0 | 3 | 0 | |||||||||||||||||||||
One Rock | One Rock Capital Partners III | 10 | 2010 | 3 | BO | 2020 | 2017 | 75000000 | 75000000 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||||||
Parthenon | Parthenon Investors VI | 21 | 1998 | 6 | BO | 2019 | 1800000000 | 50000000 | 45000000 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 4218 | 2017 | 5000000000 | 55000000 | 55000000 | 4159147 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 62116 | 2016 | 640000000 | Voting | 60000000 | 60000000 | 70001780 | 100 | 0 | 2 | 0 | 9 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 32318 | 2018 | 1322000000 | Voting | 70000000 | 70000000 | 48144842 | 100 | 0 | 3 | 0 | 6 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | 42619 | 2000000000 | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | 21419 | 1000000000 | Voting | 50000000 | 50000000 | 17469665 | 90 | 10 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 112515 | 2015 | 1939000000 | 50000000 | 47000000 | 36050169 | 60 | 40 | 1 | 1 | 3 | 2 | |||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 111615 | 2014 | 309000000 | Voting | 50000000 | 50000000 | 54401398 | 85 | 15 | 2 | 0 | 6 | 1 | ||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 112018 | 2019 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 6818 | 2018 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 123115 | 2014 | 3500000000 | 75000000 | 75000000 | 53260061 | 60 | 40 | 2 | 1 | 4 | 3 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 8918 | 2018 | 3000000000 | 50000000 | 25000000 | 3801703 | 60 | 40 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 62116 | 2014 | 280000000 | Voting | 50000000 | 50000000 | 64293595 | 90 | 10 | 2 | 0 | 7 | 1 | ||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 12818 | 2014 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
2819243965 | |||||||||||||||||||||||||||||||||||||||
2750000000 | |||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
1939000000 | |||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||
375000000 | |||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||||||||||||||||||||||||||||||
TMRS (AUM) | $ 29264820023 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE Target () | 500 | |||||||||||||||||||||||||||||||||||
PE Target ($) | $ 1463241001 | |||||||||||||||||||||||||||||||||||
PE Commitments ($) | $ 2585100000 | |||||||||||||||||||||||||||||||||||
PE NAV ($) | $ 799910286 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE NAV () | 273 | |||||||||||||||||||||||||||||||||||
Un-Allocated () | -7667 | |||||||||||||||||||||||||||||||||||
BAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | 4000000000 | 65000000 | 65000000 | - 0 | 80 | 20 | 80 | 20 | ERRORDIV0 | ERRORDIV0 |
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 | 1358 | 2166 | |||||||
2016 | 394750000 | 1691 | 2698 | |||||||
2017 | 436750000 | 1870 | 2985 | |||||||
2018 | 481600000 | 2062 | 3291 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 6981 | 11140 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 783 | 825 | 1249 | |||||
International | 217 | 175 | 347 | |||||
Un-Allocated | -596 | |||||||
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) | 1245350000 | 333780551 | 533 | 417 | 851 | |||||||
GE | GrowthVenture (10 to 40) | 681000000 | 306969590 | 292 | 384 | 465 | |||||||
SS | Special Situations (5 to 35) | 408750000 | 159160145 | 175 | 199 | 279 | |||||||
Un-Allocated | -596 | ||||||||||||
Total | 2335100000 | 799910286 | 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 | 450 | ||||||
GrowthVenture | 00 | 833 | 00 | 750 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 3300 | ||||||
GrowthVenture | 0 | 833 | 833 | 1583 | 1583 | ||||||
Special Situations | 0 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 450 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
3683 | |||||||||||
07015873016 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 00 | 00 | 00 | ||||||
GrowthVenture | 333 | 1000 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 750 | 2250 | 2250 | 2250 | 2250 | ||||||
GrowthVenture | 333 | 1333 | 1333 | 1333 | 1333 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
80006709754 | 321081669 | ||||||||||
80006709754 | 321081669 | ||||||||||
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 02 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 03 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 04 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 05 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 06 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 07 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 08 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 09 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 10 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 11 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 12 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 13 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 14 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 15 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 16 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 17 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 18 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 19 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 20 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 01 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 02 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 03 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 04 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 05 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 06 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 07 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 08 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 09 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 10 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 01 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 02 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 03 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 04 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 05 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 06 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 07 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 08 | ERRORREF | ERRORREF | ERRORREF | |||||
UA | -5958 | |||||||
Total | ERRORREF | ERRORREF | ERRORREF | |||||
ERRORREF | ERRORREF | ERRORREF |
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 | $32798964 | BO 1 | BO | 128 | 205 | |||||||||||
Tritium | Buy-out | $110000000 | $54401398 | BO 2 | BO | 47 | 75 | ||||||||||||
Searchlight | Buy-out | $97000000 | $36050169 | BO 3 | BO | 42 | 66 | ||||||||||||
Marlin | Buy-out | $71250000 | $27597109 | BO 4 | BO | 31 | 49 | ||||||||||||
Altaris | Buy-out | $62500000 | $32363036 | BO 5 | BO | 27 | 43 | ||||||||||||
Northlane | Buy-out | $60000000 | $0 | BO 6 | BO | 26 | 41 | ||||||||||||
Capital Partners | Buy-out | $58000000 | $15451080 | BO 7 | BO | 25 | 40 | ||||||||||||
Providence | Buy-out | $55000000 | $4159147 | BO 8 | BO | 24 | 38 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $10655698 | BO 9 | BO | 21 | 34 | ||||||||||||
GTCR | Buy-out | $50000000 | $12166313 | BO 10 | BO | 21 | 34 | ||||||||||||
Reverence | Buy-out | $50000000 | $17469665 | BO 11 | BO | 21 | 34 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 21 | 34 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 32 | ||||||||||||
One Rock | Buy-out | $45000000 | $26210958 | BO 14 | BO | 19 | 31 | ||||||||||||
Parthenon | Buy-out | $45000000 | BO 15 | BO | |||||||||||||||
Incline | Buy-out | $40000000 | $22726805 | BO 16 | BO | 17 | 27 | ||||||||||||
Kainos | Buy-out | $35000000 | $24247438 | BO 17 | BO | 15 | 24 | ||||||||||||
Harvest | Buy-out | $20000000 | $17482770 | BO 18 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $118146622 | GE 1 | GE | 77 | 123 | ||||||||||||
Foundry | Venture Growth | $175000000 | $43626459 | GE 2 | GE | 75 | 120 | ||||||||||||
Updata | Venture Growth | $125000000 | $64293595 | GE 3 | GE | 54 | 85 | ||||||||||||
FTV | Venture Growth | $121000000 | $43482202 | GE 4 | GE | 52 | 83 | ||||||||||||
Main Post | Venture Growth | $40000000 | $3765454 | GE 5 | GE | 17 | 27 | ||||||||||||
Mercato | Venture Growth | $40000000 | $33655258 | GE 6 | GE | 17 | 27 | ||||||||||||
TSSP | Special Situations | $150000000 | $57061764 | SS 1 | SS | 64 | 103 | ||||||||||||
GSO | Special Situations | $93750000 | $43903087 | SS 2 | SS | 40 | 64 | ||||||||||||
Carlyle | Special Situations | $65000000 | $30476347 | SS 3 | SS | 28 | 44 | ||||||||||||
HIG Bayside | Special Situations | $60000000 | $22204325 | SS 4 | SS | 26 | 41 | ||||||||||||
LightBay | Special Situations | $40000000 | $5514622 | SS 5 | SS | 17 | 27 | ||||||||||||
Total | $2335100000 | $799910286 | 9807 | 15651 | |||||||||||||||
CHECK | CHECK | ||||||||||||||||||
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Closing Date | Vintage Year | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | Omni NAV as of 10312019 ($) | 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 | ||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 240000000 | Voting | 12500000 | 12500000 | 4838617 | 75 | 25 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 1080000000 | Voting | 50000000 | 50000000 | 27524419 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | 31119 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 72017 | 2018 | 600000000 | Voting | 70000000 | 58000000 | 15451080 | 100 | 0 | 2 | 0 | 2 | 0 | ||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 62918 | 2018 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 122215 | 2015 | 2819281339 | Voting | 65000000 | 65000000 | 30476347 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 113017 | 2018 | 535000000 | Voting | 50000000 | 50000000 | 10655698 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 5118 | 2018 | 750000000 | 45000000 | 45000000 | 8935029 | 90 | 10 | 2 | 0 | 1 | 0 | |||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | 4119 | 100000000 | 100000000 | 100000000 | 6337986 | 90 | 10 | 4 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 6616 | 2016 | 489690722 | 35000000 | 30000000 | 28353444 | 100 | 0 | 1 | 0 | 4 | 0 | |||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 91516 | 2017 | 867000000 | Voting | 50000000 | 46000000 | 43482202 | 75 | 25 | 1 | 0 | 4 | 1 | ||||||||||||||||||||
FTV | FTV VI | 21 | 1998 | 5 | GE | 2019 | 2017 | 1250000000 | Voting | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||
GSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 7116 | 2016 | 6500000000 | 75000000 | 75000000 | 36916611 | 80 | 20 | 3 | 1 | 4 | 1 | |||||||||||||||||||||
GSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 112116 | 2016 | 2000000000 | 18750000 | 18750000 | 6986476 | 80 | 20 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 92917 | 2018 | 5250000000 | 75000000 | 50000000 | 12166313 | 75 | 25 | 2 | 1 | 1 | 0 | |||||||||||||||||||||
HIG Bayside | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2516 | 2015 | 933375000 | 60000000 | 60000000 | 22204325 | 75 | 25 | 2 | 1 | 2 | 1 | |||||||||||||||||||||
HIG SPF | HIG Capital - TMRS Capella SMA | 25 | 1993 | NA | BO | 2018 | 101518 | 100000000 | 100000000 | 100000000 | 26121909 | 60 | 40 | 3 | 2 | 2 | 1 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 10118 | 2018 | 1115000000 | 200000000 | 200000000 | 6677055 | 60 | 40 | 5 | 3 | 1 | 0 | |||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 121515 | 2016 | 2200000000 | 50000000 | 20000000 | 17482770 | 80 | 20 | 1 | 0 | 2 | 0 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 121616 | 2017 | 601000000 | 50000000 | 40000000 | 22726805 | 80 | 20 | 1 | 0 | 2 | 1 | |||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 82516 | 2016 | 895000000 | Observer | 50000000 | 35000000 | 24247438 | 75 | 25 | 1 | 0 | 2 | 1 | ||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 122217 | 2018 | 615000000 | Voting | 50000000 | 40000000 | 5514622 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 11718 | 2019 | 700000000 | Voting | 50000000 | 40000000 | 3765454 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 31017 | 2018 | 2500000000 | 60000000 | 57000000 | 19504557 | 80 | 20 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 31017 | 2017 | 750000000 | 15000000 | 14250000 | 8092552 | 75 | 25 | 0 | 0 | 1 | 0 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 52516 | 2015 | 246000000 | Voting | 40000000 | 40000000 | 33655258 | 100 | 0 | 2 | 0 | 4 | 0 | ||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 33117 | 2017 | 964000000 | 50000000 | 45000000 | 26210958 | 90 | 10 | 2 | 0 | 3 | 0 | |||||||||||||||||||||
Parthenon | Parthenon Investors VI | 21 | 1998 | 6 | BO | 2019 | 1800000000 | 50000000 | 45000000 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 4218 | 2017 | 5000000000 | 55000000 | 55000000 | 4159147 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 62116 | 2016 | 640000000 | Voting | 60000000 | 60000000 | 70001780 | 100 | 0 | 3 | 0 | 9 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 32318 | 2018 | 1322000000 | Voting | 70000000 | 70000000 | 48144842 | 100 | 0 | 3 | 0 | 6 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | 42619 | 2000000000 | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | 21419 | 1000000000 | Voting | 50000000 | 50000000 | 17469665 | 90 | 10 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 112515 | 2015 | 1939000000 | 50000000 | 47000000 | 36050169 | 60 | 40 | 1 | 1 | 3 | 2 | |||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 111615 | 2014 | 309000000 | Voting | 50000000 | 50000000 | 54401398 | 85 | 15 | 2 | 0 | 6 | 1 | ||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 112018 | 2019 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 6818 | 2018 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 123115 | 2014 | 3500000000 | 75000000 | 75000000 | 53260061 | 60 | 40 | 2 | 1 | 4 | 3 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 8918 | 2018 | 3000000000 | 50000000 | 25000000 | 3801703 | 60 | 40 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 62116 | 2014 | 280000000 | Voting | 50000000 | 50000000 | 64293595 | 90 | 10 | 2 | 0 | 7 | 1 | ||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 12818 | 2014 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
2819243965 | |||||||||||||||||||||||||||||||||||||||
2750000000 | |||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
1939000000 | |||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||
375000000 | |||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||||||||||||||||||||||||||||||
TMRS (AUM) | $ 29264820023 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE Target () | 500 | |||||||||||||||||||||||||||||||||||
PE Target ($) | $ 1463241001 | |||||||||||||||||||||||||||||||||||
PE Commitments ($) | $ 2335100000 | |||||||||||||||||||||||||||||||||||
PE NAV ($) | $ 799910286 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE NAV () | 273 | |||||||||||||||||||||||||||||||||||
Un-Allocated () | -5958 | |||||||||||||||||||||||||||||||||||
BAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | 4000000000 | 65000000 | 65000000 | - 0 | 80 | 20 | 80 | 20 | ERRORDIV0 | ERRORDIV0 |
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 | AUM | Net Growth Rate | Implied Payout (assume 675 AUM growth) | Benefit Payout ($mm) | |||||
2018 | 29050396924 | ||||||||
2019 | 30655961493 | 550 | 120 | 380 | |||||
2020 | 32384009577 | 560 | 110 | 365 | |||||
2021 | 34123041773 | 540 | 140 | 477 | |||||
2022 | 35922282888 | 530 | 150 | 539 | |||||
2023 | 37694455530 | 490 | 180 | 697 | |||||
2024 | 39463267168 | 470 | 210 | 829 | |||||
2025 | 41234373259 | 450 | 230 | 954 | |||||
2026 | 43275861217 | 500 | 180 | 793 | |||||
2027 | 45268676728 | 460 | 210 | 992 | |||||
2028 | 46971376772 | 380 | 300 | 1447 | |||||
2029 | 48844226102 | 400 | 280 | 1388 | |||||
2030 | 50822447306 | 410 | 270 | 1410 | |||||
2031 | 52742019621 | 380 | 300 | 1616 | |||||
2032 | 54628992945 | 360 | 320 | 1790 | |||||
2033 | 56451530726 | 330 | 340 | 1995 | |||||
2034 | 58576503820 | 380 | 300 | 1803 | |||||
2035 | 60640211459 | 350 | 320 | 2022 | |||||
2036 | 62879058937 | 370 | 310 | 1983 | |||||
2037 | 65007850601 | 340 | 340 | 2263 | |||||
2015 | 2016 | 2017 | 2018 | 2019 | 2020E | 2021E | 2022E | 2023E | 2024E | 2025E | 2026E | 2027E | 2028E | 2029E | |||||||||||||||||||
TMRS | $2372929 | $2525383 | $2866831 | $2770094 | $3131881 | $3317195 | $3507656 | $3703693 | $3905684 | $4113735 | $4328362 | $4550132 | $4779234 | $5015619 | $5268060 | ||||||||||||||||||
Target PE NAV | $143342 | $138505 | $156594 | $331719 | $350766 | $370369 | $390568 | $411374 | $432836 | $455013 | $477923 | $501562 | $526806 | ||||||||||||||||||||
Distributions | ($002) | ($799) | ($2566) | ($5265) | ($8654) | ($20000) | ($31700) | ($39475) | ($54594) | ($67434) | ($73245) | ($135000) | ($150000) | ($165000) | ($180000) | ||||||||||||||||||
Annual Commitment | $31700 | $39475 | $43675 | $48167 | $48830 | $90000 | $100000 | $110000 | $120000 | $130000 | $140000 | $150000 | $160000 | $170000 | $160000 | ||||||||||||||||||
Private Equity NAV | $1303 | $11649 | $28890 | $56893 | $89091 | $129628 | $174526 | $229391 | $288408 | $354757 | $431561 | $463975 | $494093 | $521672 | $542448 | ||||||||||||||||||
Pacing per NAV | 305 | 348 | 312 | 271 | 285 | 297 | 307 | 316 | 323 | 330 | 335 | 339 | 304 | ||||||||||||||||||||
PE of Plan | 10 | 21 | 28 | 39 | 50 | 62 | 74 | 86 | 100 | 102 | 103 | 104 | 103 | ||||||||||||||||||||
Target of Plan | 50 | 50 | 50 | 50 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | |||||||||||||||||||
+- | -50 | -40 | -29 | -22 | -61 | -50 | -38 | -26 | -14 | -00 | 02 | 03 | 04 | 03 | |||||||||||||||||||
PE NAV return | 1050 | $3033 | $5974 | $9355 | $13611 | $18325 | $24086 | $30283 | $37249 | $45314 | $48717 | $51880 | $54776 | $56957 | |||||||||||||||||||
Net plan distributions | ($27816) | ($26088) | ($33449) | ($40730) | ($48008) | ($55583) | ($63050) | ($70395) | ($78032) | ($86213) | ($86113) | ($86013) | |||||||||||||||||||||
Plan Return | 675 | $193511 | $186981 | $211402 | $223911 | $236767 | $249999 | $263634 | $277677 | $292164 | $307134 | $322598 | $338554 | $355594 | |||||||||||||||||||
2433535 | 798792136 | 2565989737 | 5264522094 | 86630700 | 165015820 | 257609290 | 365078650 | 4806841325 | 584697160 | 866218100833333 | 961925898333333 | 103033793833333 | 110412948583333 | 132368313833333 | |||||||||||||||||||
-002 | -799 | -2566 | -5265 | -8663 | -16502 | -25761 | -36508 | -48068 | -58470 | -86622 | -96193 | -103034 | -110413 | -132368 |
2015 | 2016 | 2017 | 2018 | 2019 | 2020E | 2021E | 2022E | 2023E | 2024E | 2025E | 2026E | 2027E | 2028E | |||||||||||||||||||
TMRS | $2372929 | $2525383 | $2866831 | $2770094 | $3131881 | $3317195 | $3507656 | $3703693 | $3905684 | $4113735 | $4328362 | $4550132 | $4779234 | $5015619 | ||||||||||||||||||
Target PE NAV | $143342 | $138505 | $156594 | $165860 | $175383 | $185185 | $195284 | $205687 | $216418 | $227507 | $238962 | $250781 | ||||||||||||||||||||
Distributions | ($002) | ($799) | ($2566) | ($5265) | ($8654) | ($20000) | ($31700) | ($39475) | ($54594) | ($67434) | ($73245) | ($135000) | ($150000) | ($165000) | ||||||||||||||||||
Annual Commitment | $31700 | $39475 | $43675 | $48167 | $48830 | $90000 | $100000 | $110000 | $120000 | $130000 | $140000 | $150000 | $160000 | $170000 | ||||||||||||||||||
Private Equity NAV | $1303 | $11649 | $28890 | $56893 | $89091 | $129628 | $174526 | $229391 | $288408 | $354757 | $431561 | $463975 | $494093 | $521672 | ||||||||||||||||||
Pacing per NAV | 305 | 348 | 312 | 543 | 570 | 594 | 614 | 632 | 647 | 659 | 670 | 678 | ||||||||||||||||||||
PE of Plan | 10 | 21 | 28 | 39 | 50 | 62 | 74 | 86 | 100 | 102 | 103 | 104 | ||||||||||||||||||||
Target of Plan | 50 | 50 | 50 | 50 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | |||||||||||||||||||
+- | -50 | -40 | -29 | -22 | -61 | -50 | -38 | -26 | -14 | -00 | 02 | 03 | 04 | |||||||||||||||||||
PE NAV return | 1050 | $3033 | $5974 | $9355 | $13611 | $18325 | $24086 | $30283 | $37249 | $45314 | $48717 | $51880 | $54776 | |||||||||||||||||||
Net plan distributions | ($27816) | ($26088) | ($33449) | ($40730) | ($48008) | ($55583) | ($63050) | ($70395) | ($78032) | ($86213) | ($86113) | |||||||||||||||||||||
Plan Return | 675 | $193511 | $186981 | $211402 | $223911 | $236767 | $249999 | $263634 | $277677 | $292164 | $307134 | $322598 | $338554 | |||||||||||||||||||
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) | ($31700) | ($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 | $188096 | $195896 | $199640 | $201777 | ||||||||||||||||||
Annual Commitment | $31700 | $39500 | $44700 | $50000 | $52500 | $52500 | $52500 | $55000 | $60000 | $62500 | $65000 | $65000 | $65000 | ||||||||||||||
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 | ||||||||||||||||||||||
$891
$1296
$1745
$2294
$2884
$3548
$4316
$4640
$4941
$5217
$488 $900 $1000 $1100 $1200 $1300 $1400 $1500 $1600 $17000
2
4
6
8
10
12
14
16
$-
$1000
$2000
$3000
$4000
$5000
$6000
2019 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E
o
f Tot
al P
lan
Valu
e
Valu
e in
US$
(Mill
ions
)
2019 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
2019 Staff Pacing Model
Private Equity NAV20192020E2021E2022E2023E2024E2025E2026E2027E2028E89091312816790014129628034662552981745262739021210622939097066184381288407772581337393547569007023778843156137527612764463975319680120994940927282465337252167246471241979Annual Commitment20192020E2021E2022E2023E2024E2025E2026E2027E2028E488390010001100120013001400150016001700PE of Plan 20192020E2021E2022E2023E2024E2025E2026E2027E2028E28446585508212992E-23907760847523617E-249755807956705957E-261935739159315654E-273843081792895213E-286237176767258963E-29970546681946367E-2010196964699437272010338325650055948010400959157830028Target of Plan20192020E2021E2022E2023E2024E2025E2026E2027E2028E005010101010101010101
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
2019 Staff Pacing Model
Private Equity NAV20192020E2021E2022E2023E2024E2025E2026E2027E2028E89091312816790014129628034662552981745262739021210622939097066184381288407772581337393547569007023778843156137527612764463975319680120994940927282465337252167246471241979Annual Commitment20192020E2021E2022E2023E2024E2025E2026E2027E2028E488390010001100120013001400150016001700PE of Plan 20192020E2021E2022E2023E2024E2025E2026E2027E2028E28446585508212992E-23907760847523617E-249755807956705957E-261935739159315654E-273843081792895213E-286237176767258963E-29970546681946367E-2010196964699437272010338325650055948010400959157830028Target of Plan20192020E2021E2022E2023E2024E2025E2026E2027E2028E005010101010101010101
Value in US$ (Millions)
of Total Plan Value
2020 Staff Pacing Model
Private Equity NAV2020E2021E2022E2023E2024E2025E2026E2027E2028E2029E12962803466255298174526273902121062293909706618438128840777258133739354756900702377884315613752761276446397531968012099494092728246533725216724647124197954244807350722385Annual Commitment2020E2021E2022E2023E2024E2025E2026E2027E2028E2029E900100011001200130014001500160017001600PE of Plan 2020E2021E2022E2023E2024E2025E2026E2027E2028E2029E3907760847523617E-249755807956705957E-261935739159315654E-273843081792895213E-286237176767258963E-29970546681946367E-2010196964699437272010338325650055948010400959157830028010296922671484597Target of Plan2020E2021E2022E2023E2024E2025E2026E2027E2028E2029E01010101010101010101
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
2020 Private Equity Pacing Plan Progress
Buy-out GrowthVenture Special Situations Unallocated
7
February Insight XI ($100mm)Altaris V ($75mm)
One Rock III ($75mm)
Search processes are approved in annual amounts Progress will be made throughout the year as opposed to all at once
The 2020 Private Equity search process has
culminated in ~$358 million of closed
andor recommended
investments in line with the $900 mm
primary pacing model goal for the
year2018
HIG SPF ($75mm)
2019FGN 2018 Partner $33mm)
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
Private Equity Geographic Diversification by Commitment
USA International078266990707036088021733009292963892
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053331763093657658029163633249111387017504603657230955
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 530000000011000000097000000712500006250000060000000580000005500000050000000500000005000000050000000466000004500000045000000400000003500000020000000180000000175000000125000000121000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082531977105091459017468022894908541
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)041727248225964858038375502281000567019897249493034577
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 532798964309999999544013981700000023605016927597109323630360154510800941591471065569812166313174696650026210958227268052424743817482770118146622436264596429359543482202376545433655258570617644390308730476347222043253000000015514622
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285330GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333431583333333333333415833333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663156666666666666638166666666666662936666666666666629
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
540302
158
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 Over-weighted special situations earlyfor J-Curve mitigation efficiency of capitaldeployment and tactical opportunities
2016 Focused on growth opportunity setand continue to add buy-out exposure
2017 Rounded out buy-out portfolio andopportunistically added to growth and credit
2018 Steady state on pacing selectivelyadded new relationships and Europeanexposure
2019 Steady state on pacing selectivelyadded new relationships and Venture andEuropean exposure
2020 Selectively up-sizing commitmentsadding new relationships and VentureGrowth exposure
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053976635333255962030211597230281229015811767436462806
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053976635333255962030211597230281229015811767436462806
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001200000001375000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082531977105091459017468022894908541
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)041727248225964858038375502281000567019897249493034577
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285330GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333431583333333333333415833333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663156666666666666638166666666666662936666666666666629
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 BO 18GE 1 GE 2GE 3 GE 4
GE 5GE 6 SS 1SS 2 SS 3SS 4 SS 5
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001375000001200000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053976635333255962030211597230281229015811767436462806
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001375000001200000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082531977105091459017468022894908541
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)041727248225964858038375502281000567019897249493034577
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285330GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333431583333333333333415833333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663156666666666666638166666666666662936666666666666629
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
784
216
Private Equity Geographic Diversification by Commitment
USA
International
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053976635333255962030211597230281229015811767436462806
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001375000001200000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082531977105091459017468022894908541
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)041727248225964858038375502281000567019897249493034577
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285330GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333431583333333333333415833333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663156666666666666638166666666666662936666666666666629
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 Altaris V$75 million Recommendation
Altaris Capital Partners (ldquoAltarisrdquo) is a New York-based investment firm thatfocuses exclusively on the healthcare industry specifically pharmaceuticalmedical device and diagnostics provider services and payorsinsurancebusinesses across North America and Western Europe Altaris HealthPartners V LP (ldquoFund Vrdquo) is targeting $25 billion and will seekopportunities where they can invest between $100 million to $500 millionThe Firm is flexible with the transaction type as well making control andnon-control investments into carve-outs break-ups corporate partnershipsldquotake-privatesrdquo and familyfounder-owned companies Post-investment theFirm will leverage their Operating Network to improve and grow theunderlying businesses in addition to pursuing add-on acquisitions Altariswill continue to execute a strategy similar to those employed in the priorfunds
14
Top Candidate Characteristics ndash One Rock III$75 million Recommendation
One Rock Capital Partners (ldquoOne Rockrdquo) is a New York-based buy-out firmfounded in 2010 by Tony Lee and Scott Spielvogel that focuses on value-oriented control stakes in complex middle-market businesses within sub-sectors of the ldquoold economyrdquo One Rock Capital Partners III LP (One RockIII) is targeting $15 billion to make equity investments ranging from $50million to $200 million where they can improve the operations andstrategically reposition their business units while leveraging their OperatingPartner network and their strategic partnership with the MitsubishiCorporation The Firm will continue to execute the same strategy employedin their prior funds and during their tenure with Ripplewood Holdings
15
Top Candidate Characteristics ndash Insight XI$100 million Recommendation
Insight Partners (ldquoInsightrdquo) is a New York-based private equity firm thatfocuses on small-to-mid cap growth-stage software software-enabledservices and Internet businesses with the potential for recurring revenuegrowth Insight seeks to execute both minority and majority investmentsalongside the assistance of Insight Onsite an in-house consulting groupcomprised of over forty-five dedicated software experts With over twentyyears of industry expertise and consistent returns Insight has become one ofthe most tenured software investors in private equity Insight Partners XILP (Insight XI) is targeting $725 billion to make equity investmentsranging from $10 million to $250 million The Firm will continue to executethe same strategy employed in their prior funds
Section V
16
17
Recommendation
TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the following funds
Recommendation Altaris Health Partners Fund V LP $75 million One Rock Capital Partners III LP $75 million Insight Partners XI LP $100 million
18
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1226 | 2166 | |||||||
2016 | 394750000 | 1527 | 2698 | |||||||
2017 | 436750000 | 1689 | 2985 | |||||||
2018 | 481600000 | 1863 | 3291 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 6306 | 11140 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 784 | 825 | 1385 | |||||
International | 216 | 175 | 382 | |||||
Un-Allocated | -767 | |||||||
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) | 1395350000 | 333780551 | 540 | 417 | 954 | |||||||
GE | GrowthVenture (10 to 40) | 781000000 | 306969590 | 302 | 384 | 534 | |||||||
SS | Special Situations (5 to 35) | 408750000 | 159160145 | 158 | 199 | 279 | |||||||
Un-Allocated | -767 | ||||||||||||
Total | 2585100000 | 799910286 | 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 | 450 | ||||||
GrowthVenture | 00 | 833 | 00 | 750 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 3300 | ||||||
GrowthVenture | 0 | 833 | 833 | 1583 | 1583 | ||||||
Special Situations | 0 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 450 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
3683 | |||||||||||
07015873016 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 00 | 00 | 00 | ||||||
GrowthVenture | 333 | 1000 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 750 | 2250 | 2250 | 2250 | 2250 | ||||||
GrowthVenture | 333 | 1333 | 1333 | 1333 | 1333 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
80006709754 | 321081669 | ||||||||||
80006709754 | 321081669 | ||||||||||
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 02 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 03 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 04 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 05 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 06 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 07 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 08 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 09 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 10 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 11 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 12 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 13 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 14 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 15 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 16 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 17 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 18 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 19 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 20 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 01 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 02 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 03 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 04 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 05 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 06 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 07 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 08 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 09 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 10 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 01 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 02 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 03 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 04 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 05 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 06 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 07 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 08 | ERRORREF | ERRORREF | ERRORREF | |||||
UA | -7667 | |||||||
Total | ERRORREF | ERRORREF | ERRORREF | |||||
ERRORREF | ERRORREF | ERRORREF |
Updated | 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 | BO 1 | BO | 116 | 205 | |||||||||||||
X | Altaris | Buy-out | $137500000 | BO 2 | BO | 53 | 94 | |||||||||||||
X | One Rock | Buy-out | $120000000 | BO 3 | BO | 46 | 82 | |||||||||||||
Tritium | Buy-out | $110000000 | BO 4 | BO | 43 | 75 | ||||||||||||||
Searchlight | Buy-out | $97000000 | BO 5 | BO | 38 | 66 | ||||||||||||||
Marlin | Buy-out | $71250000 | BO 6 | BO | 28 | 49 | ||||||||||||||
Northlane | Buy-out | $60000000 | BO 7 | BO | 23 | 41 | ||||||||||||||
Capital Partners | Buy-out | $58000000 | BO 8 | BO | 22 | 40 | ||||||||||||||
Providence | Buy-out | $55000000 | BO 9 | BO | 21 | 38 | ||||||||||||||
Dunes Point | Buy-out | $50000000 | BO 10 | BO | 19 | 34 | ||||||||||||||
GTCR | Buy-out | $50000000 | BO 11 | BO | 19 | 34 | ||||||||||||||
Reverence | Buy-out | $50000000 | BO 12 | BO | 19 | 34 | ||||||||||||||
Arcline | Buy-out | $50000000 | BO 13 | BO | 19 | 34 | ||||||||||||||
CapVest | Buy-out | $46600000 | BO 14 | BO | 18 | 32 | ||||||||||||||
Parthenon | Buy-out | $45000000 | BO 15 | BO | ||||||||||||||||
Incline | Buy-out | $40000000 | BO 16 | BO | 15 | 27 | ||||||||||||||
Kainos | Buy-out | $35000000 | BO 17 | BO | 14 | 24 | ||||||||||||||
Harvest | Buy-out | $20000000 | BO 18 | BO | 08 | 14 | ||||||||||||||
PSG | Venture Growth | $180000000 | GE 1 | GE | 70 | 123 | ||||||||||||||
Foundry | Venture Growth | $175000000 | GE 2 | GE | 68 | 120 | ||||||||||||||
Updata | Venture Growth | $125000000 | GE 3 | GE | 48 | 85 | ||||||||||||||
FTV | Venture Growth | $121000000 | GE 4 | GE | 47 | 83 | ||||||||||||||
X | Insight | Venture Growth | $100000000 | |||||||||||||||||
Main Post | Venture Growth | $40000000 | GE 5 | GE | 15 | 27 | ||||||||||||||
Mercato | Venture Growth | $40000000 | GE 6 | GE | 15 | 27 | ||||||||||||||
TSSP | Special Situations | $150000000 | SS 1 | SS | 58 | 103 | ||||||||||||||
GSO | Special Situations | $93750000 | SS 2 | SS | 36 | 64 | ||||||||||||||
Carlyle | Special Situations | $65000000 | SS 3 | SS | 25 | 44 | ||||||||||||||
HIG Bayside | Special Situations | $60000000 | SS 4 | SS | 23 | 41 | ||||||||||||||
LightBay | Special Situations | $40000000 | SS 5 | SS | 15 | 27 | ||||||||||||||
Total | $2585100000 | $0 | 9439 | 16676 | ||||||||||||||||
CHECK | CHECK | |||||||||||||||||||
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Closing Date | Vintage Year | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | Omni NAV as of 10312019 ($) | 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 | ||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 240000000 | Voting | 12500000 | 12500000 | 4838617 | 75 | 25 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 1080000000 | Voting | 50000000 | 50000000 | 27524419 | 75 | 25 | 1 | 0 | 3 | 1 | ||||||||||||||||||||
Altaris | Altaris Health Partners V | 17 | 2003 | 5 | BO | 2020 | 2018 | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | 31119 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 72017 | 2018 | 600000000 | Voting | 70000000 | 58000000 | 15451080 | 100 | 0 | 2 | 0 | 2 | 0 | ||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 62918 | 2018 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 122215 | 2015 | 2819281339 | Voting | 65000000 | 65000000 | 30476347 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 113017 | 2018 | 535000000 | Voting | 50000000 | 50000000 | 10655698 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 5118 | 2018 | 750000000 | 45000000 | 45000000 | 8935029 | 90 | 10 | 2 | 0 | 1 | 0 | |||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | 4119 | 100000000 | 100000000 | 100000000 | 6337986 | 90 | 10 | 3 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 6616 | 2016 | 489690722 | 35000000 | 30000000 | 28353444 | 100 | 0 | 1 | 0 | 4 | 0 | |||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 91516 | 2017 | 867000000 | Voting | 50000000 | 46000000 | 43482202 | 75 | 25 | 1 | 0 | 4 | 1 | ||||||||||||||||||||
FTV | FTV VI | 21 | 1998 | 5 | GE | 2019 | 2017 | 1250000000 | Voting | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||
GSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 7116 | 2016 | 6500000000 | 75000000 | 75000000 | 36916611 | 80 | 20 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
GSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 112116 | 2016 | 2000000000 | 18750000 | 18750000 | 6986476 | 80 | 20 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 92917 | 2018 | 5250000000 | 75000000 | 50000000 | 12166313 | 75 | 25 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
HIG Bayside | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2516 | 2015 | 933375000 | 60000000 | 60000000 | 22204325 | 75 | 25 | 2 | 1 | 2 | 1 | |||||||||||||||||||||
HIG SPF | HIG Capital - TMRS Capella SMA | 25 | 1993 | NA | BO | 2018 | 101518 | 100000000 | 100000000 | 100000000 | 26121909 | 60 | 40 | 2 | 2 | 2 | 1 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 10118 | 2018 | 1115000000 | 200000000 | 200000000 | 6677055 | 60 | 40 | 5 | 3 | 1 | 0 | |||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 121515 | 2016 | 2200000000 | 50000000 | 20000000 | 17482770 | 80 | 20 | 1 | 0 | 2 | 0 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 121616 | 2017 | 601000000 | 50000000 | 40000000 | 22726805 | 80 | 20 | 1 | 0 | 2 | 1 | |||||||||||||||||||||
Insight | Insight Partners XI | 25 | 1995 | 11 | GE | 2020 | 100000000 | 100000000 | 75 | 25 | 3 | 1 | 0 | 0 | |||||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 82516 | 2016 | 895000000 | Observer | 50000000 | 35000000 | 24247438 | 75 | 25 | 1 | 0 | 2 | 1 | ||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 122217 | 2018 | 615000000 | Voting | 50000000 | 40000000 | 5514622 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 11718 | 2019 | 700000000 | Voting | 50000000 | 40000000 | 3765454 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 31017 | 2018 | 2500000000 | 60000000 | 57000000 | 19504557 | 80 | 20 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 31017 | 2017 | 750000000 | 15000000 | 14250000 | 8092552 | 75 | 25 | 0 | 0 | 1 | 0 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 52516 | 2015 | 246000000 | Voting | 40000000 | 40000000 | 33655258 | 100 | 0 | 2 | 0 | 4 | 0 | ||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 33117 | 2017 | 964000000 | 50000000 | 45000000 | 26210958 | 90 | 10 | 2 | 0 | 3 | 0 | |||||||||||||||||||||
One Rock | One Rock Capital Partners III | 10 | 2010 | 3 | BO | 2020 | 2017 | 75000000 | 75000000 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||||||
Parthenon | Parthenon Investors VI | 21 | 1998 | 6 | BO | 2019 | 1800000000 | 50000000 | 45000000 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 4218 | 2017 | 5000000000 | 55000000 | 55000000 | 4159147 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 62116 | 2016 | 640000000 | Voting | 60000000 | 60000000 | 70001780 | 100 | 0 | 2 | 0 | 9 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 32318 | 2018 | 1322000000 | Voting | 70000000 | 70000000 | 48144842 | 100 | 0 | 3 | 0 | 6 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | 42619 | 2000000000 | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | 21419 | 1000000000 | Voting | 50000000 | 50000000 | 17469665 | 90 | 10 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 112515 | 2015 | 1939000000 | 50000000 | 47000000 | 36050169 | 60 | 40 | 1 | 1 | 3 | 2 | |||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 111615 | 2014 | 309000000 | Voting | 50000000 | 50000000 | 54401398 | 85 | 15 | 2 | 0 | 6 | 1 | ||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 112018 | 2019 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 6818 | 2018 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 123115 | 2014 | 3500000000 | 75000000 | 75000000 | 53260061 | 60 | 40 | 2 | 1 | 4 | 3 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 8918 | 2018 | 3000000000 | 50000000 | 25000000 | 3801703 | 60 | 40 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 62116 | 2014 | 280000000 | Voting | 50000000 | 50000000 | 64293595 | 90 | 10 | 2 | 0 | 7 | 1 | ||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 12818 | 2014 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
2819243965 | |||||||||||||||||||||||||||||||||||||||
2750000000 | |||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
1939000000 | |||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||
375000000 | |||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||||||||||||||||||||||||||||||
TMRS (AUM) | $ 29264820023 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE Target () | 500 | |||||||||||||||||||||||||||||||||||
PE Target ($) | $ 1463241001 | |||||||||||||||||||||||||||||||||||
PE Commitments ($) | $ 2585100000 | |||||||||||||||||||||||||||||||||||
PE NAV ($) | $ 799910286 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE NAV () | 273 | |||||||||||||||||||||||||||||||||||
Un-Allocated () | -7667 | |||||||||||||||||||||||||||||||||||
BAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | 4000000000 | 65000000 | 65000000 | - 0 | 80 | 20 | 80 | 20 | ERRORDIV0 | ERRORDIV0 |
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 | 1226 | 2166 | |||||||
2016 | 394750000 | 1527 | 2698 | |||||||
2017 | 436750000 | 1689 | 2985 | |||||||
2018 | 481600000 | 1863 | 3291 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 6306 | 11140 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 784 | 825 | 1385 | |||||
International | 216 | 175 | 382 | |||||
Un-Allocated | -767 | |||||||
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) | 1395350000 | 333780551 | 540 | 417 | 954 | |||||||
GE | GrowthVenture (10 to 40) | 781000000 | 306969590 | 302 | 384 | 534 | |||||||
SS | Special Situations (5 to 35) | 408750000 | 159160145 | 158 | 199 | 279 | |||||||
Un-Allocated | -767 | ||||||||||||
Total | 2585100000 | 799910286 | 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 | 450 | ||||||
GrowthVenture | 00 | 833 | 00 | 750 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 3300 | ||||||
GrowthVenture | 0 | 833 | 833 | 1583 | 1583 | ||||||
Special Situations | 0 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 450 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
3683 | |||||||||||
07015873016 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 00 | 00 | 00 | ||||||
GrowthVenture | 333 | 1000 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 750 | 2250 | 2250 | 2250 | 2250 | ||||||
GrowthVenture | 333 | 1333 | 1333 | 1333 | 1333 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
80006709754 | 321081669 | ||||||||||
80006709754 | 321081669 | ||||||||||
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 02 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 03 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 04 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 05 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 06 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 07 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 08 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 09 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 10 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 11 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 12 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 13 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 14 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 15 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 16 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 17 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 18 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 19 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 20 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 01 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 02 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 03 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 04 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 05 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 06 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 07 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 08 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 09 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 10 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 01 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 02 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 03 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 04 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 05 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 06 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 07 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 08 | ERRORREF | ERRORREF | ERRORREF | |||||
UA | -7667 | |||||||
Total | ERRORREF | ERRORREF | ERRORREF | |||||
ERRORREF | ERRORREF | ERRORREF |
Updated | 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 | BO 1 | BO | 116 | 205 | |||||||||||||
X | Altaris | Buy-out | $137500000 | BO 2 | BO | 53 | 94 | |||||||||||||
X | One Rock | Buy-out | $120000000 | BO 3 | BO | 46 | 82 | |||||||||||||
Tritium | Buy-out | $110000000 | BO 4 | BO | 43 | 75 | ||||||||||||||
Searchlight | Buy-out | $97000000 | BO 5 | BO | 38 | 66 | ||||||||||||||
Marlin | Buy-out | $71250000 | BO 6 | BO | 28 | 49 | ||||||||||||||
Northlane | Buy-out | $60000000 | BO 7 | BO | 23 | 41 | ||||||||||||||
Capital Partners | Buy-out | $58000000 | BO 8 | BO | 22 | 40 | ||||||||||||||
Providence | Buy-out | $55000000 | BO 9 | BO | 21 | 38 | ||||||||||||||
Dunes Point | Buy-out | $50000000 | BO 10 | BO | 19 | 34 | ||||||||||||||
GTCR | Buy-out | $50000000 | BO 11 | BO | 19 | 34 | ||||||||||||||
Reverence | Buy-out | $50000000 | BO 12 | BO | 19 | 34 | ||||||||||||||
Arcline | Buy-out | $50000000 | BO 13 | BO | 19 | 34 | ||||||||||||||
CapVest | Buy-out | $46600000 | BO 14 | BO | 18 | 32 | ||||||||||||||
Parthenon | Buy-out | $45000000 | BO 15 | BO | ||||||||||||||||
Incline | Buy-out | $40000000 | BO 16 | BO | 15 | 27 | ||||||||||||||
Kainos | Buy-out | $35000000 | BO 17 | BO | 14 | 24 | ||||||||||||||
Harvest | Buy-out | $20000000 | BO 18 | BO | 08 | 14 | ||||||||||||||
PSG | Venture Growth | $180000000 | GE 1 | GE | 70 | 123 | ||||||||||||||
Foundry | Venture Growth | $175000000 | GE 2 | GE | 68 | 120 | ||||||||||||||
Updata | Venture Growth | $125000000 | GE 3 | GE | 48 | 85 | ||||||||||||||
FTV | Venture Growth | $121000000 | GE 4 | GE | 47 | 83 | ||||||||||||||
X | Insight | Venture Growth | $100000000 | |||||||||||||||||
Main Post | Venture Growth | $40000000 | GE 5 | GE | 15 | 27 | ||||||||||||||
Mercato | Venture Growth | $40000000 | GE 6 | GE | 15 | 27 | ||||||||||||||
TSSP | Special Situations | $150000000 | SS 1 | SS | 58 | 103 | ||||||||||||||
GSO | Special Situations | $93750000 | SS 2 | SS | 36 | 64 | ||||||||||||||
Carlyle | Special Situations | $65000000 | SS 3 | SS | 25 | 44 | ||||||||||||||
HIG Bayside | Special Situations | $60000000 | SS 4 | SS | 23 | 41 | ||||||||||||||
LightBay | Special Situations | $40000000 | SS 5 | SS | 15 | 27 | ||||||||||||||
Total | $2585100000 | $0 | 9439 | 16676 | ||||||||||||||||
CHECK | CHECK | |||||||||||||||||||
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Closing Date | Vintage Year | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | Omni NAV as of 10312019 ($) | 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 | ||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 240000000 | Voting | 12500000 | 12500000 | 4838617 | 75 | 25 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 1080000000 | Voting | 50000000 | 50000000 | 27524419 | 75 | 25 | 1 | 0 | 3 | 1 | ||||||||||||||||||||
Altaris | Altaris Health Partners V | 17 | 2003 | 5 | BO | 2020 | 2018 | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | 31119 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 72017 | 2018 | 600000000 | Voting | 70000000 | 58000000 | 15451080 | 100 | 0 | 2 | 0 | 2 | 0 | ||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 62918 | 2018 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 122215 | 2015 | 2819281339 | Voting | 65000000 | 65000000 | 30476347 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 113017 | 2018 | 535000000 | Voting | 50000000 | 50000000 | 10655698 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 5118 | 2018 | 750000000 | 45000000 | 45000000 | 8935029 | 90 | 10 | 2 | 0 | 1 | 0 | |||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | 4119 | 100000000 | 100000000 | 100000000 | 6337986 | 90 | 10 | 3 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 6616 | 2016 | 489690722 | 35000000 | 30000000 | 28353444 | 100 | 0 | 1 | 0 | 4 | 0 | |||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 91516 | 2017 | 867000000 | Voting | 50000000 | 46000000 | 43482202 | 75 | 25 | 1 | 0 | 4 | 1 | ||||||||||||||||||||
FTV | FTV VI | 21 | 1998 | 5 | GE | 2019 | 2017 | 1250000000 | Voting | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||
GSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 7116 | 2016 | 6500000000 | 75000000 | 75000000 | 36916611 | 80 | 20 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
GSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 112116 | 2016 | 2000000000 | 18750000 | 18750000 | 6986476 | 80 | 20 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 92917 | 2018 | 5250000000 | 75000000 | 50000000 | 12166313 | 75 | 25 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
HIG Bayside | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2516 | 2015 | 933375000 | 60000000 | 60000000 | 22204325 | 75 | 25 | 2 | 1 | 2 | 1 | |||||||||||||||||||||
HIG SPF | HIG Capital - TMRS Capella SMA | 25 | 1993 | NA | BO | 2018 | 101518 | 100000000 | 100000000 | 100000000 | 26121909 | 60 | 40 | 2 | 2 | 2 | 1 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 10118 | 2018 | 1115000000 | 200000000 | 200000000 | 6677055 | 60 | 40 | 5 | 3 | 1 | 0 | |||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 121515 | 2016 | 2200000000 | 50000000 | 20000000 | 17482770 | 80 | 20 | 1 | 0 | 2 | 0 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 121616 | 2017 | 601000000 | 50000000 | 40000000 | 22726805 | 80 | 20 | 1 | 0 | 2 | 1 | |||||||||||||||||||||
Insight | Insight Partners XI | 25 | 1995 | 11 | GE | 2020 | 100000000 | 100000000 | 75 | 25 | 3 | 1 | 0 | 0 | |||||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 82516 | 2016 | 895000000 | Observer | 50000000 | 35000000 | 24247438 | 75 | 25 | 1 | 0 | 2 | 1 | ||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 122217 | 2018 | 615000000 | Voting | 50000000 | 40000000 | 5514622 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 11718 | 2019 | 700000000 | Voting | 50000000 | 40000000 | 3765454 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 31017 | 2018 | 2500000000 | 60000000 | 57000000 | 19504557 | 80 | 20 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 31017 | 2017 | 750000000 | 15000000 | 14250000 | 8092552 | 75 | 25 | 0 | 0 | 1 | 0 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 52516 | 2015 | 246000000 | Voting | 40000000 | 40000000 | 33655258 | 100 | 0 | 2 | 0 | 4 | 0 | ||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 33117 | 2017 | 964000000 | 50000000 | 45000000 | 26210958 | 90 | 10 | 2 | 0 | 3 | 0 | |||||||||||||||||||||
One Rock | One Rock Capital Partners III | 10 | 2010 | 3 | BO | 2020 | 2017 | 75000000 | 75000000 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||||||
Parthenon | Parthenon Investors VI | 21 | 1998 | 6 | BO | 2019 | 1800000000 | 50000000 | 45000000 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 4218 | 2017 | 5000000000 | 55000000 | 55000000 | 4159147 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 62116 | 2016 | 640000000 | Voting | 60000000 | 60000000 | 70001780 | 100 | 0 | 2 | 0 | 9 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 32318 | 2018 | 1322000000 | Voting | 70000000 | 70000000 | 48144842 | 100 | 0 | 3 | 0 | 6 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | 42619 | 2000000000 | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | 21419 | 1000000000 | Voting | 50000000 | 50000000 | 17469665 | 90 | 10 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 112515 | 2015 | 1939000000 | 50000000 | 47000000 | 36050169 | 60 | 40 | 1 | 1 | 3 | 2 | |||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 111615 | 2014 | 309000000 | Voting | 50000000 | 50000000 | 54401398 | 85 | 15 | 2 | 0 | 6 | 1 | ||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 112018 | 2019 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 6818 | 2018 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 123115 | 2014 | 3500000000 | 75000000 | 75000000 | 53260061 | 60 | 40 | 2 | 1 | 4 | 3 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 8918 | 2018 | 3000000000 | 50000000 | 25000000 | 3801703 | 60 | 40 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 62116 | 2014 | 280000000 | Voting | 50000000 | 50000000 | 64293595 | 90 | 10 | 2 | 0 | 7 | 1 | ||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 12818 | 2014 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
2819243965 | |||||||||||||||||||||||||||||||||||||||
2750000000 | |||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
1939000000 | |||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||
375000000 | |||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||||||||||||||||||||||||||||||
TMRS (AUM) | $ 29264820023 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE Target () | 500 | |||||||||||||||||||||||||||||||||||
PE Target ($) | $ 1463241001 | |||||||||||||||||||||||||||||||||||
PE Commitments ($) | $ 2585100000 | |||||||||||||||||||||||||||||||||||
PE NAV ($) | $ 799910286 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE NAV () | 273 | |||||||||||||||||||||||||||||||||||
Un-Allocated () | -7667 | |||||||||||||||||||||||||||||||||||
BAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | 4000000000 | 65000000 | 65000000 | - 0 | 80 | 20 | 80 | 20 | ERRORDIV0 | ERRORDIV0 |
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 | 1226 | 2166 | |||||||
2016 | 394750000 | 1527 | 2698 | |||||||
2017 | 436750000 | 1689 | 2985 | |||||||
2018 | 481600000 | 1863 | 3291 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 6306 | 11140 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 784 | 825 | 1385 | |||||
International | 216 | 175 | 382 | |||||
Un-Allocated | -767 | |||||||
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) | 1395350000 | 333780551 | 540 | 417 | 954 | |||||||
GE | GrowthVenture (10 to 40) | 781000000 | 306969590 | 302 | 384 | 534 | |||||||
SS | Special Situations (5 to 35) | 408750000 | 159160145 | 158 | 199 | 279 | |||||||
Un-Allocated | -767 | ||||||||||||
Total | 2585100000 | 799910286 | 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 | 450 | ||||||
GrowthVenture | 00 | 833 | 00 | 750 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 3300 | ||||||
GrowthVenture | 0 | 833 | 833 | 1583 | 1583 | ||||||
Special Situations | 0 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 450 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
3683 | |||||||||||
07015873016 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 00 | 00 | 00 | ||||||
GrowthVenture | 333 | 1000 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 750 | 2250 | 2250 | 2250 | 2250 | ||||||
GrowthVenture | 333 | 1333 | 1333 | 1333 | 1333 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
80006709754 | 321081669 | ||||||||||
80006709754 | 321081669 | ||||||||||
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 02 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 03 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 04 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 05 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 06 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 07 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 08 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 09 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 10 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 11 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 12 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 13 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 14 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 15 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 16 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 17 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 18 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 19 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 20 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 01 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 02 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 03 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 04 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 05 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 06 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 07 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 08 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 09 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 10 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 01 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 02 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 03 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 04 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 05 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 06 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 07 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 08 | ERRORREF | ERRORREF | ERRORREF | |||||
UA | -7667 | |||||||
Total | ERRORREF | ERRORREF | ERRORREF | |||||
ERRORREF | ERRORREF | ERRORREF |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
One Rock | HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | BO 1 | BO | 116 | 205 | |||||||||||
Altaris | One Rock | Buy-out | $120000000 | BO 2 | BO | 46 | 82 | ||||||||||||
Tritium | Altaris | Buy-out | $137500000 | BO 3 | BO | 53 | 94 | ||||||||||||
Searchlight | Tritium | Buy-out | $110000000 | BO 4 | BO | 43 | 75 | ||||||||||||
Marlin | Searchlight | Buy-out | $97000000 | BO 5 | BO | 38 | 66 | ||||||||||||
Northlane | Marlin | Buy-out | $71250000 | BO 6 | BO | 28 | 49 | ||||||||||||
Capital Partners | Northlane | Buy-out | $60000000 | BO 7 | BO | 23 | 41 | ||||||||||||
Providence | Capital Partners | Buy-out | $58000000 | BO 8 | BO | 22 | 40 | ||||||||||||
Dunes Point | Providence | Buy-out | $55000000 | BO 9 | BO | 21 | 38 | ||||||||||||
GTCR | Dunes Point | Buy-out | $50000000 | BO 10 | BO | 19 | 34 | ||||||||||||
Reverence | GTCR | Buy-out | $50000000 | BO 11 | BO | 19 | 34 | ||||||||||||
Arcline | Reverence | Buy-out | $50000000 | BO 12 | BO | 19 | 34 | ||||||||||||
CapVest | Arcline | Buy-out | $50000000 | BO 13 | BO | 19 | 34 | ||||||||||||
Parthenon | CapVest | Buy-out | $46600000 | BO 14 | BO | 18 | 32 | ||||||||||||
Incline | Parthenon | Buy-out | $45000000 | BO 15 | BO | ||||||||||||||
Kainos | Incline | Buy-out | $40000000 | BO 16 | BO | 15 | 27 | ||||||||||||
Harvest | Kainos | Buy-out | $35000000 | BO 17 | BO | 14 | 24 | ||||||||||||
Harvest | Buy-out | $20000000 | BO 18 | BO | 08 | 14 | |||||||||||||
PSG | Venture Growth | $180000000 | GE 1 | GE | 70 | 123 | |||||||||||||
Foundry | Venture Growth | $175000000 | GE 2 | GE | 68 | 120 | |||||||||||||
Updata | Venture Growth | $125000000 | GE 3 | GE | 48 | 85 | |||||||||||||
FTV | Venture Growth | $121000000 | GE 4 | GE | 47 | 83 | |||||||||||||
Insight | Venture Growth | $100000000 | |||||||||||||||||
Main Post | Venture Growth | $40000000 | GE 5 | GE | 15 | 27 | |||||||||||||
Mercato | Venture Growth | $40000000 | GE 6 | GE | 15 | 27 | |||||||||||||
TSSP | Special Situations | $150000000 | SS 1 | SS | 58 | 103 | |||||||||||||
GSO | Special Situations | $93750000 | SS 2 | SS | 36 | 64 | |||||||||||||
Carlyle | Special Situations | $65000000 | SS 3 | SS | 25 | 44 | |||||||||||||
HIG Bayside | Special Situations | $60000000 | SS 4 | SS | 23 | 41 | |||||||||||||
LightBay | Special Situations | $40000000 | SS 5 | SS | 15 | 27 | |||||||||||||
Total | $2585100000 | $0 | 9439 | 16676 | |||||||||||||||
CHECK | CHECK | ||||||||||||||||||
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Closing Date | Vintage Year | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | Omni NAV as of 10312019 ($) | 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 | ||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 240000000 | Voting | 12500000 | 12500000 | 4838617 | 75 | 25 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 1080000000 | Voting | 50000000 | 50000000 | 27524419 | 75 | 25 | 1 | 0 | 3 | 1 | ||||||||||||||||||||
Altaris | Altaris Health Partners V | 17 | 2003 | 5 | BO | 2020 | 2018 | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | 31119 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 72017 | 2018 | 600000000 | Voting | 70000000 | 58000000 | 15451080 | 100 | 0 | 2 | 0 | 2 | 0 | ||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 62918 | 2018 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 122215 | 2015 | 2819281339 | Voting | 65000000 | 65000000 | 30476347 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 113017 | 2018 | 535000000 | Voting | 50000000 | 50000000 | 10655698 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 5118 | 2018 | 750000000 | 45000000 | 45000000 | 8935029 | 90 | 10 | 2 | 0 | 1 | 0 | |||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | 4119 | 100000000 | 100000000 | 100000000 | 6337986 | 90 | 10 | 3 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 6616 | 2016 | 489690722 | 35000000 | 30000000 | 28353444 | 100 | 0 | 1 | 0 | 4 | 0 | |||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 91516 | 2017 | 867000000 | Voting | 50000000 | 46000000 | 43482202 | 75 | 25 | 1 | 0 | 4 | 1 | ||||||||||||||||||||
FTV | FTV VI | 21 | 1998 | 5 | GE | 2019 | 2017 | 1250000000 | Voting | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||
GSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 7116 | 2016 | 6500000000 | 75000000 | 75000000 | 36916611 | 80 | 20 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
GSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 112116 | 2016 | 2000000000 | 18750000 | 18750000 | 6986476 | 80 | 20 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 92917 | 2018 | 5250000000 | 75000000 | 50000000 | 12166313 | 75 | 25 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
HIG Bayside | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2516 | 2015 | 933375000 | 60000000 | 60000000 | 22204325 | 75 | 25 | 2 | 1 | 2 | 1 | |||||||||||||||||||||
HIG SPF | HIG Capital - TMRS Capella SMA | 25 | 1993 | NA | BO | 2018 | 101518 | 100000000 | 100000000 | 100000000 | 26121909 | 60 | 40 | 2 | 2 | 2 | 1 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 10118 | 2018 | 1115000000 | 200000000 | 200000000 | 6677055 | 60 | 40 | 5 | 3 | 1 | 0 | |||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 121515 | 2016 | 2200000000 | 50000000 | 20000000 | 17482770 | 80 | 20 | 1 | 0 | 2 | 0 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 121616 | 2017 | 601000000 | 50000000 | 40000000 | 22726805 | 80 | 20 | 1 | 0 | 2 | 1 | |||||||||||||||||||||
Insight | Insight Partners XI | 25 | 1995 | 11 | GE | 2020 | 100000000 | 100000000 | 75 | 25 | 3 | 1 | 0 | 0 | |||||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 82516 | 2016 | 895000000 | Observer | 50000000 | 35000000 | 24247438 | 75 | 25 | 1 | 0 | 2 | 1 | ||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 122217 | 2018 | 615000000 | Voting | 50000000 | 40000000 | 5514622 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 11718 | 2019 | 700000000 | Voting | 50000000 | 40000000 | 3765454 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 31017 | 2018 | 2500000000 | 60000000 | 57000000 | 19504557 | 80 | 20 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 31017 | 2017 | 750000000 | 15000000 | 14250000 | 8092552 | 75 | 25 | 0 | 0 | 1 | 0 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 52516 | 2015 | 246000000 | Voting | 40000000 | 40000000 | 33655258 | 100 | 0 | 2 | 0 | 4 | 0 | ||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 33117 | 2017 | 964000000 | 50000000 | 45000000 | 26210958 | 90 | 10 | 2 | 0 | 3 | 0 | |||||||||||||||||||||
One Rock | One Rock Capital Partners III | 10 | 2010 | 3 | BO | 2020 | 2017 | 75000000 | 75000000 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||||||
Parthenon | Parthenon Investors VI | 21 | 1998 | 6 | BO | 2019 | 1800000000 | 50000000 | 45000000 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 4218 | 2017 | 5000000000 | 55000000 | 55000000 | 4159147 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 62116 | 2016 | 640000000 | Voting | 60000000 | 60000000 | 70001780 | 100 | 0 | 2 | 0 | 9 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 32318 | 2018 | 1322000000 | Voting | 70000000 | 70000000 | 48144842 | 100 | 0 | 3 | 0 | 6 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | 42619 | 2000000000 | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | 21419 | 1000000000 | Voting | 50000000 | 50000000 | 17469665 | 90 | 10 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 112515 | 2015 | 1939000000 | 50000000 | 47000000 | 36050169 | 60 | 40 | 1 | 1 | 3 | 2 | |||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 111615 | 2014 | 309000000 | Voting | 50000000 | 50000000 | 54401398 | 85 | 15 | 2 | 0 | 6 | 1 | ||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 112018 | 2019 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 6818 | 2018 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 123115 | 2014 | 3500000000 | 75000000 | 75000000 | 53260061 | 60 | 40 | 2 | 1 | 4 | 3 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 8918 | 2018 | 3000000000 | 50000000 | 25000000 | 3801703 | 60 | 40 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 62116 | 2014 | 280000000 | Voting | 50000000 | 50000000 | 64293595 | 90 | 10 | 2 | 0 | 7 | 1 | ||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 12818 | 2014 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
2819243965 | |||||||||||||||||||||||||||||||||||||||
2750000000 | |||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
1939000000 | |||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||
375000000 | |||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||||||||||||||||||||||||||||||
TMRS (AUM) | $ 29264820023 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE Target () | 500 | |||||||||||||||||||||||||||||||||||
PE Target ($) | $ 1463241001 | |||||||||||||||||||||||||||||||||||
PE Commitments ($) | $ 2585100000 | |||||||||||||||||||||||||||||||||||
PE NAV ($) | $ 799910286 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE NAV () | 273 | |||||||||||||||||||||||||||||||||||
Un-Allocated () | -7667 | |||||||||||||||||||||||||||||||||||
BAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | 4000000000 | 65000000 | 65000000 | - 0 | 80 | 20 | 80 | 20 | ERRORDIV0 | ERRORDIV0 |
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 | 1358 | 2166 | |||||||
2016 | 394750000 | 1691 | 2698 | |||||||
2017 | 436750000 | 1870 | 2985 | |||||||
2018 | 481600000 | 2062 | 3291 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 6981 | 11140 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 783 | 825 | 1249 | |||||
International | 217 | 175 | 347 | |||||
Un-Allocated | -596 | |||||||
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) | 1245350000 | 333780551 | 533 | 417 | 851 | |||||||
GE | GrowthVenture (10 to 40) | 681000000 | 306969590 | 292 | 384 | 465 | |||||||
SS | Special Situations (5 to 35) | 408750000 | 159160145 | 175 | 199 | 279 | |||||||
Un-Allocated | -596 | ||||||||||||
Total | 2335100000 | 799910286 | 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 | 450 | ||||||
GrowthVenture | 00 | 833 | 00 | 750 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 3300 | ||||||
GrowthVenture | 0 | 833 | 833 | 1583 | 1583 | ||||||
Special Situations | 0 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 450 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
3683 | |||||||||||
07015873016 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 00 | 00 | 00 | ||||||
GrowthVenture | 333 | 1000 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 750 | 2250 | 2250 | 2250 | 2250 | ||||||
GrowthVenture | 333 | 1333 | 1333 | 1333 | 1333 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
80006709754 | 321081669 | ||||||||||
80006709754 | 321081669 | ||||||||||
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 02 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 03 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 04 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 05 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 06 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 07 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 08 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 09 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 10 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 11 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 12 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 13 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 14 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 15 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 16 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 17 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 18 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 19 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 20 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 01 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 02 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 03 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 04 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 05 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 06 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 07 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 08 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 09 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 10 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 01 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 02 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 03 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 04 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 05 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 06 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 07 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 08 | ERRORREF | ERRORREF | ERRORREF | |||||
UA | -5958 | |||||||
Total | ERRORREF | ERRORREF | ERRORREF | |||||
ERRORREF | ERRORREF | ERRORREF |
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 | $32798964 | BO 1 | BO | 128 | 205 | |||||||||||
Tritium | Buy-out | $110000000 | $54401398 | BO 2 | BO | 47 | 75 | ||||||||||||
Searchlight | Buy-out | $97000000 | $36050169 | BO 3 | BO | 42 | 66 | ||||||||||||
Marlin | Buy-out | $71250000 | $27597109 | BO 4 | BO | 31 | 49 | ||||||||||||
Altaris | Buy-out | $62500000 | $32363036 | BO 5 | BO | 27 | 43 | ||||||||||||
Northlane | Buy-out | $60000000 | $0 | BO 6 | BO | 26 | 41 | ||||||||||||
Capital Partners | Buy-out | $58000000 | $15451080 | BO 7 | BO | 25 | 40 | ||||||||||||
Providence | Buy-out | $55000000 | $4159147 | BO 8 | BO | 24 | 38 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $10655698 | BO 9 | BO | 21 | 34 | ||||||||||||
GTCR | Buy-out | $50000000 | $12166313 | BO 10 | BO | 21 | 34 | ||||||||||||
Reverence | Buy-out | $50000000 | $17469665 | BO 11 | BO | 21 | 34 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 21 | 34 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 32 | ||||||||||||
One Rock | Buy-out | $45000000 | $26210958 | BO 14 | BO | 19 | 31 | ||||||||||||
Parthenon | Buy-out | $45000000 | BO 15 | BO | |||||||||||||||
Incline | Buy-out | $40000000 | $22726805 | BO 16 | BO | 17 | 27 | ||||||||||||
Kainos | Buy-out | $35000000 | $24247438 | BO 17 | BO | 15 | 24 | ||||||||||||
Harvest | Buy-out | $20000000 | $17482770 | BO 18 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $118146622 | GE 1 | GE | 77 | 123 | ||||||||||||
Foundry | Venture Growth | $175000000 | $43626459 | GE 2 | GE | 75 | 120 | ||||||||||||
Updata | Venture Growth | $125000000 | $64293595 | GE 3 | GE | 54 | 85 | ||||||||||||
FTV | Venture Growth | $121000000 | $43482202 | GE 4 | GE | 52 | 83 | ||||||||||||
Main Post | Venture Growth | $40000000 | $3765454 | GE 5 | GE | 17 | 27 | ||||||||||||
Mercato | Venture Growth | $40000000 | $33655258 | GE 6 | GE | 17 | 27 | ||||||||||||
TSSP | Special Situations | $150000000 | $57061764 | SS 1 | SS | 64 | 103 | ||||||||||||
GSO | Special Situations | $93750000 | $43903087 | SS 2 | SS | 40 | 64 | ||||||||||||
Carlyle | Special Situations | $65000000 | $30476347 | SS 3 | SS | 28 | 44 | ||||||||||||
HIG Bayside | Special Situations | $60000000 | $22204325 | SS 4 | SS | 26 | 41 | ||||||||||||
LightBay | Special Situations | $40000000 | $5514622 | SS 5 | SS | 17 | 27 | ||||||||||||
Total | $2335100000 | $799910286 | 9807 | 15651 | |||||||||||||||
CHECK | CHECK | ||||||||||||||||||
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Closing Date | Vintage Year | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | Omni NAV as of 10312019 ($) | 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 | ||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 240000000 | Voting | 12500000 | 12500000 | 4838617 | 75 | 25 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 1080000000 | Voting | 50000000 | 50000000 | 27524419 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | 31119 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 72017 | 2018 | 600000000 | Voting | 70000000 | 58000000 | 15451080 | 100 | 0 | 2 | 0 | 2 | 0 | ||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 62918 | 2018 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 122215 | 2015 | 2819281339 | Voting | 65000000 | 65000000 | 30476347 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 113017 | 2018 | 535000000 | Voting | 50000000 | 50000000 | 10655698 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 5118 | 2018 | 750000000 | 45000000 | 45000000 | 8935029 | 90 | 10 | 2 | 0 | 1 | 0 | |||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | 4119 | 100000000 | 100000000 | 100000000 | 6337986 | 90 | 10 | 4 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 6616 | 2016 | 489690722 | 35000000 | 30000000 | 28353444 | 100 | 0 | 1 | 0 | 4 | 0 | |||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 91516 | 2017 | 867000000 | Voting | 50000000 | 46000000 | 43482202 | 75 | 25 | 1 | 0 | 4 | 1 | ||||||||||||||||||||
FTV | FTV VI | 21 | 1998 | 5 | GE | 2019 | 2017 | 1250000000 | Voting | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||
GSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 7116 | 2016 | 6500000000 | 75000000 | 75000000 | 36916611 | 80 | 20 | 3 | 1 | 4 | 1 | |||||||||||||||||||||
GSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 112116 | 2016 | 2000000000 | 18750000 | 18750000 | 6986476 | 80 | 20 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 92917 | 2018 | 5250000000 | 75000000 | 50000000 | 12166313 | 75 | 25 | 2 | 1 | 1 | 0 | |||||||||||||||||||||
HIG Bayside | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2516 | 2015 | 933375000 | 60000000 | 60000000 | 22204325 | 75 | 25 | 2 | 1 | 2 | 1 | |||||||||||||||||||||
HIG SPF | HIG Capital - TMRS Capella SMA | 25 | 1993 | NA | BO | 2018 | 101518 | 100000000 | 100000000 | 100000000 | 26121909 | 60 | 40 | 3 | 2 | 2 | 1 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 10118 | 2018 | 1115000000 | 200000000 | 200000000 | 6677055 | 60 | 40 | 5 | 3 | 1 | 0 | |||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 121515 | 2016 | 2200000000 | 50000000 | 20000000 | 17482770 | 80 | 20 | 1 | 0 | 2 | 0 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 121616 | 2017 | 601000000 | 50000000 | 40000000 | 22726805 | 80 | 20 | 1 | 0 | 2 | 1 | |||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 82516 | 2016 | 895000000 | Observer | 50000000 | 35000000 | 24247438 | 75 | 25 | 1 | 0 | 2 | 1 | ||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 122217 | 2018 | 615000000 | Voting | 50000000 | 40000000 | 5514622 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 11718 | 2019 | 700000000 | Voting | 50000000 | 40000000 | 3765454 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 31017 | 2018 | 2500000000 | 60000000 | 57000000 | 19504557 | 80 | 20 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 31017 | 2017 | 750000000 | 15000000 | 14250000 | 8092552 | 75 | 25 | 0 | 0 | 1 | 0 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 52516 | 2015 | 246000000 | Voting | 40000000 | 40000000 | 33655258 | 100 | 0 | 2 | 0 | 4 | 0 | ||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 33117 | 2017 | 964000000 | 50000000 | 45000000 | 26210958 | 90 | 10 | 2 | 0 | 3 | 0 | |||||||||||||||||||||
Parthenon | Parthenon Investors VI | 21 | 1998 | 6 | BO | 2019 | 1800000000 | 50000000 | 45000000 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 4218 | 2017 | 5000000000 | 55000000 | 55000000 | 4159147 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 62116 | 2016 | 640000000 | Voting | 60000000 | 60000000 | 70001780 | 100 | 0 | 3 | 0 | 9 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 32318 | 2018 | 1322000000 | Voting | 70000000 | 70000000 | 48144842 | 100 | 0 | 3 | 0 | 6 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | 42619 | 2000000000 | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | 21419 | 1000000000 | Voting | 50000000 | 50000000 | 17469665 | 90 | 10 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 112515 | 2015 | 1939000000 | 50000000 | 47000000 | 36050169 | 60 | 40 | 1 | 1 | 3 | 2 | |||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 111615 | 2014 | 309000000 | Voting | 50000000 | 50000000 | 54401398 | 85 | 15 | 2 | 0 | 6 | 1 | ||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 112018 | 2019 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 6818 | 2018 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 123115 | 2014 | 3500000000 | 75000000 | 75000000 | 53260061 | 60 | 40 | 2 | 1 | 4 | 3 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 8918 | 2018 | 3000000000 | 50000000 | 25000000 | 3801703 | 60 | 40 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 62116 | 2014 | 280000000 | Voting | 50000000 | 50000000 | 64293595 | 90 | 10 | 2 | 0 | 7 | 1 | ||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 12818 | 2014 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
2819243965 | |||||||||||||||||||||||||||||||||||||||
2750000000 | |||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
1939000000 | |||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||
375000000 | |||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||||||||||||||||||||||||||||||
TMRS (AUM) | $ 29264820023 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE Target () | 500 | |||||||||||||||||||||||||||||||||||
PE Target ($) | $ 1463241001 | |||||||||||||||||||||||||||||||||||
PE Commitments ($) | $ 2335100000 | |||||||||||||||||||||||||||||||||||
PE NAV ($) | $ 799910286 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE NAV () | 273 | |||||||||||||||||||||||||||||||||||
Un-Allocated () | -5958 | |||||||||||||||||||||||||||||||||||
BAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | 4000000000 | 65000000 | 65000000 | - 0 | 80 | 20 | 80 | 20 | ERRORDIV0 | ERRORDIV0 |
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 | AUM | Net Growth Rate | Implied Payout (assume 675 AUM growth) | Benefit Payout ($mm) | |||||
2018 | 29050396924 | ||||||||
2019 | 30655961493 | 550 | 120 | 380 | |||||
2020 | 32384009577 | 560 | 110 | 365 | |||||
2021 | 34123041773 | 540 | 140 | 477 | |||||
2022 | 35922282888 | 530 | 150 | 539 | |||||
2023 | 37694455530 | 490 | 180 | 697 | |||||
2024 | 39463267168 | 470 | 210 | 829 | |||||
2025 | 41234373259 | 450 | 230 | 954 | |||||
2026 | 43275861217 | 500 | 180 | 793 | |||||
2027 | 45268676728 | 460 | 210 | 992 | |||||
2028 | 46971376772 | 380 | 300 | 1447 | |||||
2029 | 48844226102 | 400 | 280 | 1388 | |||||
2030 | 50822447306 | 410 | 270 | 1410 | |||||
2031 | 52742019621 | 380 | 300 | 1616 | |||||
2032 | 54628992945 | 360 | 320 | 1790 | |||||
2033 | 56451530726 | 330 | 340 | 1995 | |||||
2034 | 58576503820 | 380 | 300 | 1803 | |||||
2035 | 60640211459 | 350 | 320 | 2022 | |||||
2036 | 62879058937 | 370 | 310 | 1983 | |||||
2037 | 65007850601 | 340 | 340 | 2263 | |||||
2015 | 2016 | 2017 | 2018 | 2019 | 2020E | 2021E | 2022E | 2023E | 2024E | 2025E | 2026E | 2027E | 2028E | 2029E | |||||||||||||||||||
TMRS | $2372929 | $2525383 | $2866831 | $2770094 | $3131881 | $3317195 | $3507656 | $3703693 | $3905684 | $4113735 | $4328362 | $4550132 | $4779234 | $5015619 | $5268060 | ||||||||||||||||||
Target PE NAV | $143342 | $138505 | $156594 | $331719 | $350766 | $370369 | $390568 | $411374 | $432836 | $455013 | $477923 | $501562 | $526806 | ||||||||||||||||||||
Distributions | ($002) | ($799) | ($2566) | ($5265) | ($8654) | ($20000) | ($31700) | ($39475) | ($54594) | ($67434) | ($73245) | ($135000) | ($150000) | ($165000) | ($180000) | ||||||||||||||||||
Annual Commitment | $31700 | $39475 | $43675 | $48167 | $48830 | $90000 | $100000 | $110000 | $120000 | $130000 | $140000 | $150000 | $160000 | $170000 | $160000 | ||||||||||||||||||
Private Equity NAV | $1303 | $11649 | $28890 | $56893 | $89091 | $129628 | $174526 | $229391 | $288408 | $354757 | $431561 | $463975 | $494093 | $521672 | $542448 | ||||||||||||||||||
Pacing per NAV | 305 | 348 | 312 | 271 | 285 | 297 | 307 | 316 | 323 | 330 | 335 | 339 | 304 | ||||||||||||||||||||
PE of Plan | 10 | 21 | 28 | 39 | 50 | 62 | 74 | 86 | 100 | 102 | 103 | 104 | 103 | ||||||||||||||||||||
Target of Plan | 50 | 50 | 50 | 50 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | |||||||||||||||||||
+- | -50 | -40 | -29 | -22 | -61 | -50 | -38 | -26 | -14 | -00 | 02 | 03 | 04 | 03 | |||||||||||||||||||
PE NAV return | 1050 | $3033 | $5974 | $9355 | $13611 | $18325 | $24086 | $30283 | $37249 | $45314 | $48717 | $51880 | $54776 | $56957 | |||||||||||||||||||
Net plan distributions | ($27816) | ($26088) | ($33449) | ($40730) | ($48008) | ($55583) | ($63050) | ($70395) | ($78032) | ($86213) | ($86113) | ($86013) | |||||||||||||||||||||
Plan Return | 675 | $193511 | $186981 | $211402 | $223911 | $236767 | $249999 | $263634 | $277677 | $292164 | $307134 | $322598 | $338554 | $355594 | |||||||||||||||||||
2433535 | 798792136 | 2565989737 | 5264522094 | 86630700 | 165015820 | 257609290 | 365078650 | 4806841325 | 584697160 | 866218100833333 | 961925898333333 | 103033793833333 | 110412948583333 | 132368313833333 | |||||||||||||||||||
-002 | -799 | -2566 | -5265 | -8663 | -16502 | -25761 | -36508 | -48068 | -58470 | -86622 | -96193 | -103034 | -110413 | -132368 |
2015 | 2016 | 2017 | 2018 | 2019 | 2020E | 2021E | 2022E | 2023E | 2024E | 2025E | 2026E | 2027E | 2028E | |||||||||||||||||||
TMRS | $2372929 | $2525383 | $2866831 | $2770094 | $3131881 | $3317195 | $3507656 | $3703693 | $3905684 | $4113735 | $4328362 | $4550132 | $4779234 | $5015619 | ||||||||||||||||||
Target PE NAV | $143342 | $138505 | $156594 | $165860 | $175383 | $185185 | $195284 | $205687 | $216418 | $227507 | $238962 | $250781 | ||||||||||||||||||||
Distributions | ($002) | ($799) | ($2566) | ($5265) | ($8654) | ($20000) | ($31700) | ($39475) | ($54594) | ($67434) | ($73245) | ($135000) | ($150000) | ($165000) | ||||||||||||||||||
Annual Commitment | $31700 | $39475 | $43675 | $48167 | $48830 | $90000 | $100000 | $110000 | $120000 | $130000 | $140000 | $150000 | $160000 | $170000 | ||||||||||||||||||
Private Equity NAV | $1303 | $11649 | $28890 | $56893 | $89091 | $129628 | $174526 | $229391 | $288408 | $354757 | $431561 | $463975 | $494093 | $521672 | ||||||||||||||||||
Pacing per NAV | 305 | 348 | 312 | 543 | 570 | 594 | 614 | 632 | 647 | 659 | 670 | 678 | ||||||||||||||||||||
PE of Plan | 10 | 21 | 28 | 39 | 50 | 62 | 74 | 86 | 100 | 102 | 103 | 104 | ||||||||||||||||||||
Target of Plan | 50 | 50 | 50 | 50 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | |||||||||||||||||||
+- | -50 | -40 | -29 | -22 | -61 | -50 | -38 | -26 | -14 | -00 | 02 | 03 | 04 | |||||||||||||||||||
PE NAV return | 1050 | $3033 | $5974 | $9355 | $13611 | $18325 | $24086 | $30283 | $37249 | $45314 | $48717 | $51880 | $54776 | |||||||||||||||||||
Net plan distributions | ($27816) | ($26088) | ($33449) | ($40730) | ($48008) | ($55583) | ($63050) | ($70395) | ($78032) | ($86213) | ($86113) | |||||||||||||||||||||
Plan Return | 675 | $193511 | $186981 | $211402 | $223911 | $236767 | $249999 | $263634 | $277677 | $292164 | $307134 | $322598 | $338554 | |||||||||||||||||||
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) | ($31700) | ($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 | $188096 | $195896 | $199640 | $201777 | ||||||||||||||||||
Annual Commitment | $31700 | $39500 | $44700 | $50000 | $52500 | $52500 | $52500 | $55000 | $60000 | $62500 | $65000 | $65000 | $65000 | ||||||||||||||
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
2020 Private Equity Pacing Plan Progress
Buy-out GrowthVenture Special Situations Unallocated
7
February Insight XI ($100mm)Altaris V ($75mm)
One Rock III ($75mm)
Search processes are approved in annual amounts Progress will be made throughout the year as opposed to all at once
The 2020 Private Equity search process has
culminated in ~$358 million of closed
andor recommended
investments in line with the $900 mm
primary pacing model goal for the
year2018
HIG SPF ($75mm)
2019FGN 2018 Partner $33mm)
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
Private Equity Geographic Diversification by Commitment
USA International078266990707036088021733009292963892
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053331763093657658029163633249111387017504603657230955
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 530000000011000000097000000712500006250000060000000580000005500000050000000500000005000000050000000466000004500000045000000400000003500000020000000180000000175000000125000000121000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082531977105091459017468022894908541
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)041727248225964858038375502281000567019897249493034577
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 532798964309999999544013981700000023605016927597109323630360154510800941591471065569812166313174696650026210958227268052424743817482770118146622436264596429359543482202376545433655258570617644390308730476347222043253000000015514622
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285330GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333431583333333333333415833333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663156666666666666638166666666666662936666666666666629
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
540302
158
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 Over-weighted special situations earlyfor J-Curve mitigation efficiency of capitaldeployment and tactical opportunities
2016 Focused on growth opportunity setand continue to add buy-out exposure
2017 Rounded out buy-out portfolio andopportunistically added to growth and credit
2018 Steady state on pacing selectivelyadded new relationships and Europeanexposure
2019 Steady state on pacing selectivelyadded new relationships and Venture andEuropean exposure
2020 Selectively up-sizing commitmentsadding new relationships and VentureGrowth exposure
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053976635333255962030211597230281229015811767436462806
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053976635333255962030211597230281229015811767436462806
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001200000001375000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082531977105091459017468022894908541
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)041727248225964858038375502281000567019897249493034577
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285330GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333431583333333333333415833333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663156666666666666638166666666666662936666666666666629
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 BO 18GE 1 GE 2GE 3 GE 4
GE 5GE 6 SS 1SS 2 SS 3SS 4 SS 5
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001375000001200000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053976635333255962030211597230281229015811767436462806
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001375000001200000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082531977105091459017468022894908541
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)041727248225964858038375502281000567019897249493034577
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285330GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333431583333333333333415833333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663156666666666666638166666666666662936666666666666629
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
784
216
Private Equity Geographic Diversification by Commitment
USA
International
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053976635333255962030211597230281229015811767436462806
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001375000001200000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082531977105091459017468022894908541
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)041727248225964858038375502281000567019897249493034577
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285330GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333431583333333333333415833333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663156666666666666638166666666666662936666666666666629
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 Altaris V$75 million Recommendation
Altaris Capital Partners (ldquoAltarisrdquo) is a New York-based investment firm thatfocuses exclusively on the healthcare industry specifically pharmaceuticalmedical device and diagnostics provider services and payorsinsurancebusinesses across North America and Western Europe Altaris HealthPartners V LP (ldquoFund Vrdquo) is targeting $25 billion and will seekopportunities where they can invest between $100 million to $500 millionThe Firm is flexible with the transaction type as well making control andnon-control investments into carve-outs break-ups corporate partnershipsldquotake-privatesrdquo and familyfounder-owned companies Post-investment theFirm will leverage their Operating Network to improve and grow theunderlying businesses in addition to pursuing add-on acquisitions Altariswill continue to execute a strategy similar to those employed in the priorfunds
14
Top Candidate Characteristics ndash One Rock III$75 million Recommendation
One Rock Capital Partners (ldquoOne Rockrdquo) is a New York-based buy-out firmfounded in 2010 by Tony Lee and Scott Spielvogel that focuses on value-oriented control stakes in complex middle-market businesses within sub-sectors of the ldquoold economyrdquo One Rock Capital Partners III LP (One RockIII) is targeting $15 billion to make equity investments ranging from $50million to $200 million where they can improve the operations andstrategically reposition their business units while leveraging their OperatingPartner network and their strategic partnership with the MitsubishiCorporation The Firm will continue to execute the same strategy employedin their prior funds and during their tenure with Ripplewood Holdings
15
Top Candidate Characteristics ndash Insight XI$100 million Recommendation
Insight Partners (ldquoInsightrdquo) is a New York-based private equity firm thatfocuses on small-to-mid cap growth-stage software software-enabledservices and Internet businesses with the potential for recurring revenuegrowth Insight seeks to execute both minority and majority investmentsalongside the assistance of Insight Onsite an in-house consulting groupcomprised of over forty-five dedicated software experts With over twentyyears of industry expertise and consistent returns Insight has become one ofthe most tenured software investors in private equity Insight Partners XILP (Insight XI) is targeting $725 billion to make equity investmentsranging from $10 million to $250 million The Firm will continue to executethe same strategy employed in their prior funds
Section V
16
17
Recommendation
TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the following funds
Recommendation Altaris Health Partners Fund V LP $75 million One Rock Capital Partners III LP $75 million Insight Partners XI LP $100 million
18
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1226 | 2166 | |||||||
2016 | 394750000 | 1527 | 2698 | |||||||
2017 | 436750000 | 1689 | 2985 | |||||||
2018 | 481600000 | 1863 | 3291 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 6306 | 11140 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 784 | 825 | 1385 | |||||
International | 216 | 175 | 382 | |||||
Un-Allocated | -767 | |||||||
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) | 1395350000 | 333780551 | 540 | 417 | 954 | |||||||
GE | GrowthVenture (10 to 40) | 781000000 | 306969590 | 302 | 384 | 534 | |||||||
SS | Special Situations (5 to 35) | 408750000 | 159160145 | 158 | 199 | 279 | |||||||
Un-Allocated | -767 | ||||||||||||
Total | 2585100000 | 799910286 | 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 | 450 | ||||||
GrowthVenture | 00 | 833 | 00 | 750 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 3300 | ||||||
GrowthVenture | 0 | 833 | 833 | 1583 | 1583 | ||||||
Special Situations | 0 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 450 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
3683 | |||||||||||
07015873016 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 00 | 00 | 00 | ||||||
GrowthVenture | 333 | 1000 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 750 | 2250 | 2250 | 2250 | 2250 | ||||||
GrowthVenture | 333 | 1333 | 1333 | 1333 | 1333 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
80006709754 | 321081669 | ||||||||||
80006709754 | 321081669 | ||||||||||
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 02 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 03 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 04 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 05 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 06 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 07 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 08 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 09 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 10 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 11 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 12 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 13 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 14 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 15 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 16 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 17 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 18 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 19 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 20 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 01 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 02 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 03 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 04 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 05 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 06 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 07 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 08 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 09 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 10 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 01 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 02 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 03 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 04 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 05 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 06 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 07 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 08 | ERRORREF | ERRORREF | ERRORREF | |||||
UA | -7667 | |||||||
Total | ERRORREF | ERRORREF | ERRORREF | |||||
ERRORREF | ERRORREF | ERRORREF |
Updated | 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 | BO 1 | BO | 116 | 205 | |||||||||||||
X | Altaris | Buy-out | $137500000 | BO 2 | BO | 53 | 94 | |||||||||||||
X | One Rock | Buy-out | $120000000 | BO 3 | BO | 46 | 82 | |||||||||||||
Tritium | Buy-out | $110000000 | BO 4 | BO | 43 | 75 | ||||||||||||||
Searchlight | Buy-out | $97000000 | BO 5 | BO | 38 | 66 | ||||||||||||||
Marlin | Buy-out | $71250000 | BO 6 | BO | 28 | 49 | ||||||||||||||
Northlane | Buy-out | $60000000 | BO 7 | BO | 23 | 41 | ||||||||||||||
Capital Partners | Buy-out | $58000000 | BO 8 | BO | 22 | 40 | ||||||||||||||
Providence | Buy-out | $55000000 | BO 9 | BO | 21 | 38 | ||||||||||||||
Dunes Point | Buy-out | $50000000 | BO 10 | BO | 19 | 34 | ||||||||||||||
GTCR | Buy-out | $50000000 | BO 11 | BO | 19 | 34 | ||||||||||||||
Reverence | Buy-out | $50000000 | BO 12 | BO | 19 | 34 | ||||||||||||||
Arcline | Buy-out | $50000000 | BO 13 | BO | 19 | 34 | ||||||||||||||
CapVest | Buy-out | $46600000 | BO 14 | BO | 18 | 32 | ||||||||||||||
Parthenon | Buy-out | $45000000 | BO 15 | BO | ||||||||||||||||
Incline | Buy-out | $40000000 | BO 16 | BO | 15 | 27 | ||||||||||||||
Kainos | Buy-out | $35000000 | BO 17 | BO | 14 | 24 | ||||||||||||||
Harvest | Buy-out | $20000000 | BO 18 | BO | 08 | 14 | ||||||||||||||
PSG | Venture Growth | $180000000 | GE 1 | GE | 70 | 123 | ||||||||||||||
Foundry | Venture Growth | $175000000 | GE 2 | GE | 68 | 120 | ||||||||||||||
Updata | Venture Growth | $125000000 | GE 3 | GE | 48 | 85 | ||||||||||||||
FTV | Venture Growth | $121000000 | GE 4 | GE | 47 | 83 | ||||||||||||||
X | Insight | Venture Growth | $100000000 | |||||||||||||||||
Main Post | Venture Growth | $40000000 | GE 5 | GE | 15 | 27 | ||||||||||||||
Mercato | Venture Growth | $40000000 | GE 6 | GE | 15 | 27 | ||||||||||||||
TSSP | Special Situations | $150000000 | SS 1 | SS | 58 | 103 | ||||||||||||||
GSO | Special Situations | $93750000 | SS 2 | SS | 36 | 64 | ||||||||||||||
Carlyle | Special Situations | $65000000 | SS 3 | SS | 25 | 44 | ||||||||||||||
HIG Bayside | Special Situations | $60000000 | SS 4 | SS | 23 | 41 | ||||||||||||||
LightBay | Special Situations | $40000000 | SS 5 | SS | 15 | 27 | ||||||||||||||
Total | $2585100000 | $0 | 9439 | 16676 | ||||||||||||||||
CHECK | CHECK | |||||||||||||||||||
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Closing Date | Vintage Year | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | Omni NAV as of 10312019 ($) | 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 | ||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 240000000 | Voting | 12500000 | 12500000 | 4838617 | 75 | 25 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 1080000000 | Voting | 50000000 | 50000000 | 27524419 | 75 | 25 | 1 | 0 | 3 | 1 | ||||||||||||||||||||
Altaris | Altaris Health Partners V | 17 | 2003 | 5 | BO | 2020 | 2018 | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | 31119 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 72017 | 2018 | 600000000 | Voting | 70000000 | 58000000 | 15451080 | 100 | 0 | 2 | 0 | 2 | 0 | ||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 62918 | 2018 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 122215 | 2015 | 2819281339 | Voting | 65000000 | 65000000 | 30476347 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 113017 | 2018 | 535000000 | Voting | 50000000 | 50000000 | 10655698 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 5118 | 2018 | 750000000 | 45000000 | 45000000 | 8935029 | 90 | 10 | 2 | 0 | 1 | 0 | |||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | 4119 | 100000000 | 100000000 | 100000000 | 6337986 | 90 | 10 | 3 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 6616 | 2016 | 489690722 | 35000000 | 30000000 | 28353444 | 100 | 0 | 1 | 0 | 4 | 0 | |||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 91516 | 2017 | 867000000 | Voting | 50000000 | 46000000 | 43482202 | 75 | 25 | 1 | 0 | 4 | 1 | ||||||||||||||||||||
FTV | FTV VI | 21 | 1998 | 5 | GE | 2019 | 2017 | 1250000000 | Voting | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||
GSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 7116 | 2016 | 6500000000 | 75000000 | 75000000 | 36916611 | 80 | 20 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
GSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 112116 | 2016 | 2000000000 | 18750000 | 18750000 | 6986476 | 80 | 20 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 92917 | 2018 | 5250000000 | 75000000 | 50000000 | 12166313 | 75 | 25 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
HIG Bayside | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2516 | 2015 | 933375000 | 60000000 | 60000000 | 22204325 | 75 | 25 | 2 | 1 | 2 | 1 | |||||||||||||||||||||
HIG SPF | HIG Capital - TMRS Capella SMA | 25 | 1993 | NA | BO | 2018 | 101518 | 100000000 | 100000000 | 100000000 | 26121909 | 60 | 40 | 2 | 2 | 2 | 1 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 10118 | 2018 | 1115000000 | 200000000 | 200000000 | 6677055 | 60 | 40 | 5 | 3 | 1 | 0 | |||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 121515 | 2016 | 2200000000 | 50000000 | 20000000 | 17482770 | 80 | 20 | 1 | 0 | 2 | 0 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 121616 | 2017 | 601000000 | 50000000 | 40000000 | 22726805 | 80 | 20 | 1 | 0 | 2 | 1 | |||||||||||||||||||||
Insight | Insight Partners XI | 25 | 1995 | 11 | GE | 2020 | 100000000 | 100000000 | 75 | 25 | 3 | 1 | 0 | 0 | |||||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 82516 | 2016 | 895000000 | Observer | 50000000 | 35000000 | 24247438 | 75 | 25 | 1 | 0 | 2 | 1 | ||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 122217 | 2018 | 615000000 | Voting | 50000000 | 40000000 | 5514622 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 11718 | 2019 | 700000000 | Voting | 50000000 | 40000000 | 3765454 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 31017 | 2018 | 2500000000 | 60000000 | 57000000 | 19504557 | 80 | 20 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 31017 | 2017 | 750000000 | 15000000 | 14250000 | 8092552 | 75 | 25 | 0 | 0 | 1 | 0 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 52516 | 2015 | 246000000 | Voting | 40000000 | 40000000 | 33655258 | 100 | 0 | 2 | 0 | 4 | 0 | ||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 33117 | 2017 | 964000000 | 50000000 | 45000000 | 26210958 | 90 | 10 | 2 | 0 | 3 | 0 | |||||||||||||||||||||
One Rock | One Rock Capital Partners III | 10 | 2010 | 3 | BO | 2020 | 2017 | 75000000 | 75000000 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||||||
Parthenon | Parthenon Investors VI | 21 | 1998 | 6 | BO | 2019 | 1800000000 | 50000000 | 45000000 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 4218 | 2017 | 5000000000 | 55000000 | 55000000 | 4159147 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 62116 | 2016 | 640000000 | Voting | 60000000 | 60000000 | 70001780 | 100 | 0 | 2 | 0 | 9 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 32318 | 2018 | 1322000000 | Voting | 70000000 | 70000000 | 48144842 | 100 | 0 | 3 | 0 | 6 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | 42619 | 2000000000 | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | 21419 | 1000000000 | Voting | 50000000 | 50000000 | 17469665 | 90 | 10 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 112515 | 2015 | 1939000000 | 50000000 | 47000000 | 36050169 | 60 | 40 | 1 | 1 | 3 | 2 | |||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 111615 | 2014 | 309000000 | Voting | 50000000 | 50000000 | 54401398 | 85 | 15 | 2 | 0 | 6 | 1 | ||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 112018 | 2019 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 6818 | 2018 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 123115 | 2014 | 3500000000 | 75000000 | 75000000 | 53260061 | 60 | 40 | 2 | 1 | 4 | 3 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 8918 | 2018 | 3000000000 | 50000000 | 25000000 | 3801703 | 60 | 40 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 62116 | 2014 | 280000000 | Voting | 50000000 | 50000000 | 64293595 | 90 | 10 | 2 | 0 | 7 | 1 | ||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 12818 | 2014 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
2819243965 | |||||||||||||||||||||||||||||||||||||||
2750000000 | |||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
1939000000 | |||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||
375000000 | |||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||||||||||||||||||||||||||||||
TMRS (AUM) | $ 29264820023 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE Target () | 500 | |||||||||||||||||||||||||||||||||||
PE Target ($) | $ 1463241001 | |||||||||||||||||||||||||||||||||||
PE Commitments ($) | $ 2585100000 | |||||||||||||||||||||||||||||||||||
PE NAV ($) | $ 799910286 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE NAV () | 273 | |||||||||||||||||||||||||||||||||||
Un-Allocated () | -7667 | |||||||||||||||||||||||||||||||||||
BAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | 4000000000 | 65000000 | 65000000 | - 0 | 80 | 20 | 80 | 20 | ERRORDIV0 | ERRORDIV0 |
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 | 1226 | 2166 | |||||||
2016 | 394750000 | 1527 | 2698 | |||||||
2017 | 436750000 | 1689 | 2985 | |||||||
2018 | 481600000 | 1863 | 3291 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 6306 | 11140 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 784 | 825 | 1385 | |||||
International | 216 | 175 | 382 | |||||
Un-Allocated | -767 | |||||||
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) | 1395350000 | 333780551 | 540 | 417 | 954 | |||||||
GE | GrowthVenture (10 to 40) | 781000000 | 306969590 | 302 | 384 | 534 | |||||||
SS | Special Situations (5 to 35) | 408750000 | 159160145 | 158 | 199 | 279 | |||||||
Un-Allocated | -767 | ||||||||||||
Total | 2585100000 | 799910286 | 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 | 450 | ||||||
GrowthVenture | 00 | 833 | 00 | 750 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 3300 | ||||||
GrowthVenture | 0 | 833 | 833 | 1583 | 1583 | ||||||
Special Situations | 0 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 450 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
3683 | |||||||||||
07015873016 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 00 | 00 | 00 | ||||||
GrowthVenture | 333 | 1000 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 750 | 2250 | 2250 | 2250 | 2250 | ||||||
GrowthVenture | 333 | 1333 | 1333 | 1333 | 1333 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
80006709754 | 321081669 | ||||||||||
80006709754 | 321081669 | ||||||||||
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 02 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 03 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 04 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 05 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 06 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 07 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 08 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 09 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 10 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 11 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 12 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 13 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 14 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 15 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 16 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 17 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 18 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 19 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 20 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 01 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 02 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 03 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 04 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 05 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 06 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 07 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 08 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 09 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 10 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 01 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 02 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 03 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 04 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 05 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 06 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 07 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 08 | ERRORREF | ERRORREF | ERRORREF | |||||
UA | -7667 | |||||||
Total | ERRORREF | ERRORREF | ERRORREF | |||||
ERRORREF | ERRORREF | ERRORREF |
Updated | 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 | BO 1 | BO | 116 | 205 | |||||||||||||
X | Altaris | Buy-out | $137500000 | BO 2 | BO | 53 | 94 | |||||||||||||
X | One Rock | Buy-out | $120000000 | BO 3 | BO | 46 | 82 | |||||||||||||
Tritium | Buy-out | $110000000 | BO 4 | BO | 43 | 75 | ||||||||||||||
Searchlight | Buy-out | $97000000 | BO 5 | BO | 38 | 66 | ||||||||||||||
Marlin | Buy-out | $71250000 | BO 6 | BO | 28 | 49 | ||||||||||||||
Northlane | Buy-out | $60000000 | BO 7 | BO | 23 | 41 | ||||||||||||||
Capital Partners | Buy-out | $58000000 | BO 8 | BO | 22 | 40 | ||||||||||||||
Providence | Buy-out | $55000000 | BO 9 | BO | 21 | 38 | ||||||||||||||
Dunes Point | Buy-out | $50000000 | BO 10 | BO | 19 | 34 | ||||||||||||||
GTCR | Buy-out | $50000000 | BO 11 | BO | 19 | 34 | ||||||||||||||
Reverence | Buy-out | $50000000 | BO 12 | BO | 19 | 34 | ||||||||||||||
Arcline | Buy-out | $50000000 | BO 13 | BO | 19 | 34 | ||||||||||||||
CapVest | Buy-out | $46600000 | BO 14 | BO | 18 | 32 | ||||||||||||||
Parthenon | Buy-out | $45000000 | BO 15 | BO | ||||||||||||||||
Incline | Buy-out | $40000000 | BO 16 | BO | 15 | 27 | ||||||||||||||
Kainos | Buy-out | $35000000 | BO 17 | BO | 14 | 24 | ||||||||||||||
Harvest | Buy-out | $20000000 | BO 18 | BO | 08 | 14 | ||||||||||||||
PSG | Venture Growth | $180000000 | GE 1 | GE | 70 | 123 | ||||||||||||||
Foundry | Venture Growth | $175000000 | GE 2 | GE | 68 | 120 | ||||||||||||||
Updata | Venture Growth | $125000000 | GE 3 | GE | 48 | 85 | ||||||||||||||
FTV | Venture Growth | $121000000 | GE 4 | GE | 47 | 83 | ||||||||||||||
X | Insight | Venture Growth | $100000000 | |||||||||||||||||
Main Post | Venture Growth | $40000000 | GE 5 | GE | 15 | 27 | ||||||||||||||
Mercato | Venture Growth | $40000000 | GE 6 | GE | 15 | 27 | ||||||||||||||
TSSP | Special Situations | $150000000 | SS 1 | SS | 58 | 103 | ||||||||||||||
GSO | Special Situations | $93750000 | SS 2 | SS | 36 | 64 | ||||||||||||||
Carlyle | Special Situations | $65000000 | SS 3 | SS | 25 | 44 | ||||||||||||||
HIG Bayside | Special Situations | $60000000 | SS 4 | SS | 23 | 41 | ||||||||||||||
LightBay | Special Situations | $40000000 | SS 5 | SS | 15 | 27 | ||||||||||||||
Total | $2585100000 | $0 | 9439 | 16676 | ||||||||||||||||
CHECK | CHECK | |||||||||||||||||||
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Closing Date | Vintage Year | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | Omni NAV as of 10312019 ($) | 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 | ||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 240000000 | Voting | 12500000 | 12500000 | 4838617 | 75 | 25 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 1080000000 | Voting | 50000000 | 50000000 | 27524419 | 75 | 25 | 1 | 0 | 3 | 1 | ||||||||||||||||||||
Altaris | Altaris Health Partners V | 17 | 2003 | 5 | BO | 2020 | 2018 | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | 31119 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 72017 | 2018 | 600000000 | Voting | 70000000 | 58000000 | 15451080 | 100 | 0 | 2 | 0 | 2 | 0 | ||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 62918 | 2018 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 122215 | 2015 | 2819281339 | Voting | 65000000 | 65000000 | 30476347 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 113017 | 2018 | 535000000 | Voting | 50000000 | 50000000 | 10655698 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 5118 | 2018 | 750000000 | 45000000 | 45000000 | 8935029 | 90 | 10 | 2 | 0 | 1 | 0 | |||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | 4119 | 100000000 | 100000000 | 100000000 | 6337986 | 90 | 10 | 3 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 6616 | 2016 | 489690722 | 35000000 | 30000000 | 28353444 | 100 | 0 | 1 | 0 | 4 | 0 | |||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 91516 | 2017 | 867000000 | Voting | 50000000 | 46000000 | 43482202 | 75 | 25 | 1 | 0 | 4 | 1 | ||||||||||||||||||||
FTV | FTV VI | 21 | 1998 | 5 | GE | 2019 | 2017 | 1250000000 | Voting | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||
GSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 7116 | 2016 | 6500000000 | 75000000 | 75000000 | 36916611 | 80 | 20 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
GSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 112116 | 2016 | 2000000000 | 18750000 | 18750000 | 6986476 | 80 | 20 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 92917 | 2018 | 5250000000 | 75000000 | 50000000 | 12166313 | 75 | 25 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
HIG Bayside | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2516 | 2015 | 933375000 | 60000000 | 60000000 | 22204325 | 75 | 25 | 2 | 1 | 2 | 1 | |||||||||||||||||||||
HIG SPF | HIG Capital - TMRS Capella SMA | 25 | 1993 | NA | BO | 2018 | 101518 | 100000000 | 100000000 | 100000000 | 26121909 | 60 | 40 | 2 | 2 | 2 | 1 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 10118 | 2018 | 1115000000 | 200000000 | 200000000 | 6677055 | 60 | 40 | 5 | 3 | 1 | 0 | |||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 121515 | 2016 | 2200000000 | 50000000 | 20000000 | 17482770 | 80 | 20 | 1 | 0 | 2 | 0 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 121616 | 2017 | 601000000 | 50000000 | 40000000 | 22726805 | 80 | 20 | 1 | 0 | 2 | 1 | |||||||||||||||||||||
Insight | Insight Partners XI | 25 | 1995 | 11 | GE | 2020 | 100000000 | 100000000 | 75 | 25 | 3 | 1 | 0 | 0 | |||||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 82516 | 2016 | 895000000 | Observer | 50000000 | 35000000 | 24247438 | 75 | 25 | 1 | 0 | 2 | 1 | ||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 122217 | 2018 | 615000000 | Voting | 50000000 | 40000000 | 5514622 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 11718 | 2019 | 700000000 | Voting | 50000000 | 40000000 | 3765454 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 31017 | 2018 | 2500000000 | 60000000 | 57000000 | 19504557 | 80 | 20 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 31017 | 2017 | 750000000 | 15000000 | 14250000 | 8092552 | 75 | 25 | 0 | 0 | 1 | 0 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 52516 | 2015 | 246000000 | Voting | 40000000 | 40000000 | 33655258 | 100 | 0 | 2 | 0 | 4 | 0 | ||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 33117 | 2017 | 964000000 | 50000000 | 45000000 | 26210958 | 90 | 10 | 2 | 0 | 3 | 0 | |||||||||||||||||||||
One Rock | One Rock Capital Partners III | 10 | 2010 | 3 | BO | 2020 | 2017 | 75000000 | 75000000 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||||||
Parthenon | Parthenon Investors VI | 21 | 1998 | 6 | BO | 2019 | 1800000000 | 50000000 | 45000000 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 4218 | 2017 | 5000000000 | 55000000 | 55000000 | 4159147 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 62116 | 2016 | 640000000 | Voting | 60000000 | 60000000 | 70001780 | 100 | 0 | 2 | 0 | 9 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 32318 | 2018 | 1322000000 | Voting | 70000000 | 70000000 | 48144842 | 100 | 0 | 3 | 0 | 6 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | 42619 | 2000000000 | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | 21419 | 1000000000 | Voting | 50000000 | 50000000 | 17469665 | 90 | 10 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 112515 | 2015 | 1939000000 | 50000000 | 47000000 | 36050169 | 60 | 40 | 1 | 1 | 3 | 2 | |||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 111615 | 2014 | 309000000 | Voting | 50000000 | 50000000 | 54401398 | 85 | 15 | 2 | 0 | 6 | 1 | ||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 112018 | 2019 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 6818 | 2018 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 123115 | 2014 | 3500000000 | 75000000 | 75000000 | 53260061 | 60 | 40 | 2 | 1 | 4 | 3 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 8918 | 2018 | 3000000000 | 50000000 | 25000000 | 3801703 | 60 | 40 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 62116 | 2014 | 280000000 | Voting | 50000000 | 50000000 | 64293595 | 90 | 10 | 2 | 0 | 7 | 1 | ||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 12818 | 2014 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
2819243965 | |||||||||||||||||||||||||||||||||||||||
2750000000 | |||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
1939000000 | |||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||
375000000 | |||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||||||||||||||||||||||||||||||
TMRS (AUM) | $ 29264820023 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE Target () | 500 | |||||||||||||||||||||||||||||||||||
PE Target ($) | $ 1463241001 | |||||||||||||||||||||||||||||||||||
PE Commitments ($) | $ 2585100000 | |||||||||||||||||||||||||||||||||||
PE NAV ($) | $ 799910286 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE NAV () | 273 | |||||||||||||||||||||||||||||||||||
Un-Allocated () | -7667 | |||||||||||||||||||||||||||||||||||
BAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | 4000000000 | 65000000 | 65000000 | - 0 | 80 | 20 | 80 | 20 | ERRORDIV0 | ERRORDIV0 |
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 | 1226 | 2166 | |||||||
2016 | 394750000 | 1527 | 2698 | |||||||
2017 | 436750000 | 1689 | 2985 | |||||||
2018 | 481600000 | 1863 | 3291 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 6306 | 11140 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 784 | 825 | 1385 | |||||
International | 216 | 175 | 382 | |||||
Un-Allocated | -767 | |||||||
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) | 1395350000 | 333780551 | 540 | 417 | 954 | |||||||
GE | GrowthVenture (10 to 40) | 781000000 | 306969590 | 302 | 384 | 534 | |||||||
SS | Special Situations (5 to 35) | 408750000 | 159160145 | 158 | 199 | 279 | |||||||
Un-Allocated | -767 | ||||||||||||
Total | 2585100000 | 799910286 | 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 | 450 | ||||||
GrowthVenture | 00 | 833 | 00 | 750 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 3300 | ||||||
GrowthVenture | 0 | 833 | 833 | 1583 | 1583 | ||||||
Special Situations | 0 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 450 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
3683 | |||||||||||
07015873016 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 00 | 00 | 00 | ||||||
GrowthVenture | 333 | 1000 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 750 | 2250 | 2250 | 2250 | 2250 | ||||||
GrowthVenture | 333 | 1333 | 1333 | 1333 | 1333 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
80006709754 | 321081669 | ||||||||||
80006709754 | 321081669 | ||||||||||
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 02 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 03 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 04 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 05 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 06 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 07 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 08 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 09 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 10 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 11 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 12 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 13 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 14 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 15 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 16 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 17 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 18 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 19 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 20 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 01 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 02 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 03 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 04 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 05 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 06 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 07 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 08 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 09 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 10 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 01 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 02 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 03 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 04 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 05 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 06 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 07 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 08 | ERRORREF | ERRORREF | ERRORREF | |||||
UA | -7667 | |||||||
Total | ERRORREF | ERRORREF | ERRORREF | |||||
ERRORREF | ERRORREF | ERRORREF |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
One Rock | HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | BO 1 | BO | 116 | 205 | |||||||||||
Altaris | One Rock | Buy-out | $120000000 | BO 2 | BO | 46 | 82 | ||||||||||||
Tritium | Altaris | Buy-out | $137500000 | BO 3 | BO | 53 | 94 | ||||||||||||
Searchlight | Tritium | Buy-out | $110000000 | BO 4 | BO | 43 | 75 | ||||||||||||
Marlin | Searchlight | Buy-out | $97000000 | BO 5 | BO | 38 | 66 | ||||||||||||
Northlane | Marlin | Buy-out | $71250000 | BO 6 | BO | 28 | 49 | ||||||||||||
Capital Partners | Northlane | Buy-out | $60000000 | BO 7 | BO | 23 | 41 | ||||||||||||
Providence | Capital Partners | Buy-out | $58000000 | BO 8 | BO | 22 | 40 | ||||||||||||
Dunes Point | Providence | Buy-out | $55000000 | BO 9 | BO | 21 | 38 | ||||||||||||
GTCR | Dunes Point | Buy-out | $50000000 | BO 10 | BO | 19 | 34 | ||||||||||||
Reverence | GTCR | Buy-out | $50000000 | BO 11 | BO | 19 | 34 | ||||||||||||
Arcline | Reverence | Buy-out | $50000000 | BO 12 | BO | 19 | 34 | ||||||||||||
CapVest | Arcline | Buy-out | $50000000 | BO 13 | BO | 19 | 34 | ||||||||||||
Parthenon | CapVest | Buy-out | $46600000 | BO 14 | BO | 18 | 32 | ||||||||||||
Incline | Parthenon | Buy-out | $45000000 | BO 15 | BO | ||||||||||||||
Kainos | Incline | Buy-out | $40000000 | BO 16 | BO | 15 | 27 | ||||||||||||
Harvest | Kainos | Buy-out | $35000000 | BO 17 | BO | 14 | 24 | ||||||||||||
Harvest | Buy-out | $20000000 | BO 18 | BO | 08 | 14 | |||||||||||||
PSG | Venture Growth | $180000000 | GE 1 | GE | 70 | 123 | |||||||||||||
Foundry | Venture Growth | $175000000 | GE 2 | GE | 68 | 120 | |||||||||||||
Updata | Venture Growth | $125000000 | GE 3 | GE | 48 | 85 | |||||||||||||
FTV | Venture Growth | $121000000 | GE 4 | GE | 47 | 83 | |||||||||||||
Insight | Venture Growth | $100000000 | |||||||||||||||||
Main Post | Venture Growth | $40000000 | GE 5 | GE | 15 | 27 | |||||||||||||
Mercato | Venture Growth | $40000000 | GE 6 | GE | 15 | 27 | |||||||||||||
TSSP | Special Situations | $150000000 | SS 1 | SS | 58 | 103 | |||||||||||||
GSO | Special Situations | $93750000 | SS 2 | SS | 36 | 64 | |||||||||||||
Carlyle | Special Situations | $65000000 | SS 3 | SS | 25 | 44 | |||||||||||||
HIG Bayside | Special Situations | $60000000 | SS 4 | SS | 23 | 41 | |||||||||||||
LightBay | Special Situations | $40000000 | SS 5 | SS | 15 | 27 | |||||||||||||
Total | $2585100000 | $0 | 9439 | 16676 | |||||||||||||||
CHECK | CHECK | ||||||||||||||||||
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Closing Date | Vintage Year | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | Omni NAV as of 10312019 ($) | 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 | ||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 240000000 | Voting | 12500000 | 12500000 | 4838617 | 75 | 25 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 1080000000 | Voting | 50000000 | 50000000 | 27524419 | 75 | 25 | 1 | 0 | 3 | 1 | ||||||||||||||||||||
Altaris | Altaris Health Partners V | 17 | 2003 | 5 | BO | 2020 | 2018 | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | 31119 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 72017 | 2018 | 600000000 | Voting | 70000000 | 58000000 | 15451080 | 100 | 0 | 2 | 0 | 2 | 0 | ||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 62918 | 2018 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 122215 | 2015 | 2819281339 | Voting | 65000000 | 65000000 | 30476347 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 113017 | 2018 | 535000000 | Voting | 50000000 | 50000000 | 10655698 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 5118 | 2018 | 750000000 | 45000000 | 45000000 | 8935029 | 90 | 10 | 2 | 0 | 1 | 0 | |||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | 4119 | 100000000 | 100000000 | 100000000 | 6337986 | 90 | 10 | 3 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 6616 | 2016 | 489690722 | 35000000 | 30000000 | 28353444 | 100 | 0 | 1 | 0 | 4 | 0 | |||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 91516 | 2017 | 867000000 | Voting | 50000000 | 46000000 | 43482202 | 75 | 25 | 1 | 0 | 4 | 1 | ||||||||||||||||||||
FTV | FTV VI | 21 | 1998 | 5 | GE | 2019 | 2017 | 1250000000 | Voting | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||
GSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 7116 | 2016 | 6500000000 | 75000000 | 75000000 | 36916611 | 80 | 20 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
GSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 112116 | 2016 | 2000000000 | 18750000 | 18750000 | 6986476 | 80 | 20 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 92917 | 2018 | 5250000000 | 75000000 | 50000000 | 12166313 | 75 | 25 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
HIG Bayside | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2516 | 2015 | 933375000 | 60000000 | 60000000 | 22204325 | 75 | 25 | 2 | 1 | 2 | 1 | |||||||||||||||||||||
HIG SPF | HIG Capital - TMRS Capella SMA | 25 | 1993 | NA | BO | 2018 | 101518 | 100000000 | 100000000 | 100000000 | 26121909 | 60 | 40 | 2 | 2 | 2 | 1 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 10118 | 2018 | 1115000000 | 200000000 | 200000000 | 6677055 | 60 | 40 | 5 | 3 | 1 | 0 | |||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 121515 | 2016 | 2200000000 | 50000000 | 20000000 | 17482770 | 80 | 20 | 1 | 0 | 2 | 0 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 121616 | 2017 | 601000000 | 50000000 | 40000000 | 22726805 | 80 | 20 | 1 | 0 | 2 | 1 | |||||||||||||||||||||
Insight | Insight Partners XI | 25 | 1995 | 11 | GE | 2020 | 100000000 | 100000000 | 75 | 25 | 3 | 1 | 0 | 0 | |||||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 82516 | 2016 | 895000000 | Observer | 50000000 | 35000000 | 24247438 | 75 | 25 | 1 | 0 | 2 | 1 | ||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 122217 | 2018 | 615000000 | Voting | 50000000 | 40000000 | 5514622 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 11718 | 2019 | 700000000 | Voting | 50000000 | 40000000 | 3765454 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 31017 | 2018 | 2500000000 | 60000000 | 57000000 | 19504557 | 80 | 20 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 31017 | 2017 | 750000000 | 15000000 | 14250000 | 8092552 | 75 | 25 | 0 | 0 | 1 | 0 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 52516 | 2015 | 246000000 | Voting | 40000000 | 40000000 | 33655258 | 100 | 0 | 2 | 0 | 4 | 0 | ||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 33117 | 2017 | 964000000 | 50000000 | 45000000 | 26210958 | 90 | 10 | 2 | 0 | 3 | 0 | |||||||||||||||||||||
One Rock | One Rock Capital Partners III | 10 | 2010 | 3 | BO | 2020 | 2017 | 75000000 | 75000000 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||||||
Parthenon | Parthenon Investors VI | 21 | 1998 | 6 | BO | 2019 | 1800000000 | 50000000 | 45000000 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 4218 | 2017 | 5000000000 | 55000000 | 55000000 | 4159147 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 62116 | 2016 | 640000000 | Voting | 60000000 | 60000000 | 70001780 | 100 | 0 | 2 | 0 | 9 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 32318 | 2018 | 1322000000 | Voting | 70000000 | 70000000 | 48144842 | 100 | 0 | 3 | 0 | 6 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | 42619 | 2000000000 | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | 21419 | 1000000000 | Voting | 50000000 | 50000000 | 17469665 | 90 | 10 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 112515 | 2015 | 1939000000 | 50000000 | 47000000 | 36050169 | 60 | 40 | 1 | 1 | 3 | 2 | |||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 111615 | 2014 | 309000000 | Voting | 50000000 | 50000000 | 54401398 | 85 | 15 | 2 | 0 | 6 | 1 | ||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 112018 | 2019 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 6818 | 2018 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 123115 | 2014 | 3500000000 | 75000000 | 75000000 | 53260061 | 60 | 40 | 2 | 1 | 4 | 3 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 8918 | 2018 | 3000000000 | 50000000 | 25000000 | 3801703 | 60 | 40 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 62116 | 2014 | 280000000 | Voting | 50000000 | 50000000 | 64293595 | 90 | 10 | 2 | 0 | 7 | 1 | ||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 12818 | 2014 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
2819243965 | |||||||||||||||||||||||||||||||||||||||
2750000000 | |||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
1939000000 | |||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||
375000000 | |||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||||||||||||||||||||||||||||||
TMRS (AUM) | $ 29264820023 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE Target () | 500 | |||||||||||||||||||||||||||||||||||
PE Target ($) | $ 1463241001 | |||||||||||||||||||||||||||||||||||
PE Commitments ($) | $ 2585100000 | |||||||||||||||||||||||||||||||||||
PE NAV ($) | $ 799910286 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE NAV () | 273 | |||||||||||||||||||||||||||||||||||
Un-Allocated () | -7667 | |||||||||||||||||||||||||||||||||||
BAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | 4000000000 | 65000000 | 65000000 | - 0 | 80 | 20 | 80 | 20 | ERRORDIV0 | ERRORDIV0 |
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 | 1358 | 2166 | |||||||
2016 | 394750000 | 1691 | 2698 | |||||||
2017 | 436750000 | 1870 | 2985 | |||||||
2018 | 481600000 | 2062 | 3291 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 6981 | 11140 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 783 | 825 | 1249 | |||||
International | 217 | 175 | 347 | |||||
Un-Allocated | -596 | |||||||
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) | 1245350000 | 333780551 | 533 | 417 | 851 | |||||||
GE | GrowthVenture (10 to 40) | 681000000 | 306969590 | 292 | 384 | 465 | |||||||
SS | Special Situations (5 to 35) | 408750000 | 159160145 | 175 | 199 | 279 | |||||||
Un-Allocated | -596 | ||||||||||||
Total | 2335100000 | 799910286 | 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 | 450 | ||||||
GrowthVenture | 00 | 833 | 00 | 750 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 3300 | ||||||
GrowthVenture | 0 | 833 | 833 | 1583 | 1583 | ||||||
Special Situations | 0 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 450 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
3683 | |||||||||||
07015873016 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 00 | 00 | 00 | ||||||
GrowthVenture | 333 | 1000 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 750 | 2250 | 2250 | 2250 | 2250 | ||||||
GrowthVenture | 333 | 1333 | 1333 | 1333 | 1333 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
80006709754 | 321081669 | ||||||||||
80006709754 | 321081669 | ||||||||||
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 02 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 03 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 04 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 05 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 06 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 07 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 08 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 09 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 10 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 11 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 12 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 13 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 14 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 15 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 16 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 17 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 18 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 19 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 20 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 01 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 02 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 03 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 04 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 05 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 06 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 07 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 08 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 09 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 10 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 01 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 02 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 03 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 04 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 05 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 06 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 07 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 08 | ERRORREF | ERRORREF | ERRORREF | |||||
UA | -5958 | |||||||
Total | ERRORREF | ERRORREF | ERRORREF | |||||
ERRORREF | ERRORREF | ERRORREF |
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 | $32798964 | BO 1 | BO | 128 | 205 | |||||||||||
Tritium | Buy-out | $110000000 | $54401398 | BO 2 | BO | 47 | 75 | ||||||||||||
Searchlight | Buy-out | $97000000 | $36050169 | BO 3 | BO | 42 | 66 | ||||||||||||
Marlin | Buy-out | $71250000 | $27597109 | BO 4 | BO | 31 | 49 | ||||||||||||
Altaris | Buy-out | $62500000 | $32363036 | BO 5 | BO | 27 | 43 | ||||||||||||
Northlane | Buy-out | $60000000 | $0 | BO 6 | BO | 26 | 41 | ||||||||||||
Capital Partners | Buy-out | $58000000 | $15451080 | BO 7 | BO | 25 | 40 | ||||||||||||
Providence | Buy-out | $55000000 | $4159147 | BO 8 | BO | 24 | 38 | ||||||||||||
Dunes Point | Buy-out | $50000000 | $10655698 | BO 9 | BO | 21 | 34 | ||||||||||||
GTCR | Buy-out | $50000000 | $12166313 | BO 10 | BO | 21 | 34 | ||||||||||||
Reverence | Buy-out | $50000000 | $17469665 | BO 11 | BO | 21 | 34 | ||||||||||||
Arcline | Buy-out | $50000000 | $0 | BO 12 | BO | 21 | 34 | ||||||||||||
CapVest | Buy-out | $46600000 | $0 | BO 13 | BO | 20 | 32 | ||||||||||||
One Rock | Buy-out | $45000000 | $26210958 | BO 14 | BO | 19 | 31 | ||||||||||||
Parthenon | Buy-out | $45000000 | BO 15 | BO | |||||||||||||||
Incline | Buy-out | $40000000 | $22726805 | BO 16 | BO | 17 | 27 | ||||||||||||
Kainos | Buy-out | $35000000 | $24247438 | BO 17 | BO | 15 | 24 | ||||||||||||
Harvest | Buy-out | $20000000 | $17482770 | BO 18 | BO | 09 | 14 | ||||||||||||
PSG | Venture Growth | $180000000 | $118146622 | GE 1 | GE | 77 | 123 | ||||||||||||
Foundry | Venture Growth | $175000000 | $43626459 | GE 2 | GE | 75 | 120 | ||||||||||||
Updata | Venture Growth | $125000000 | $64293595 | GE 3 | GE | 54 | 85 | ||||||||||||
FTV | Venture Growth | $121000000 | $43482202 | GE 4 | GE | 52 | 83 | ||||||||||||
Main Post | Venture Growth | $40000000 | $3765454 | GE 5 | GE | 17 | 27 | ||||||||||||
Mercato | Venture Growth | $40000000 | $33655258 | GE 6 | GE | 17 | 27 | ||||||||||||
TSSP | Special Situations | $150000000 | $57061764 | SS 1 | SS | 64 | 103 | ||||||||||||
GSO | Special Situations | $93750000 | $43903087 | SS 2 | SS | 40 | 64 | ||||||||||||
Carlyle | Special Situations | $65000000 | $30476347 | SS 3 | SS | 28 | 44 | ||||||||||||
HIG Bayside | Special Situations | $60000000 | $22204325 | SS 4 | SS | 26 | 41 | ||||||||||||
LightBay | Special Situations | $40000000 | $5514622 | SS 5 | SS | 17 | 27 | ||||||||||||
Total | $2335100000 | $799910286 | 9807 | 15651 | |||||||||||||||
CHECK | CHECK | ||||||||||||||||||
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Closing Date | Vintage Year | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | Omni NAV as of 10312019 ($) | 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 | ||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 240000000 | Voting | 12500000 | 12500000 | 4838617 | 75 | 25 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 1080000000 | Voting | 50000000 | 50000000 | 27524419 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | 31119 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 72017 | 2018 | 600000000 | Voting | 70000000 | 58000000 | 15451080 | 100 | 0 | 2 | 0 | 2 | 0 | ||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 62918 | 2018 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 122215 | 2015 | 2819281339 | Voting | 65000000 | 65000000 | 30476347 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 113017 | 2018 | 535000000 | Voting | 50000000 | 50000000 | 10655698 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 5118 | 2018 | 750000000 | 45000000 | 45000000 | 8935029 | 90 | 10 | 2 | 0 | 1 | 0 | |||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | 4119 | 100000000 | 100000000 | 100000000 | 6337986 | 90 | 10 | 4 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 6616 | 2016 | 489690722 | 35000000 | 30000000 | 28353444 | 100 | 0 | 1 | 0 | 4 | 0 | |||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 91516 | 2017 | 867000000 | Voting | 50000000 | 46000000 | 43482202 | 75 | 25 | 1 | 0 | 4 | 1 | ||||||||||||||||||||
FTV | FTV VI | 21 | 1998 | 5 | GE | 2019 | 2017 | 1250000000 | Voting | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||
GSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 7116 | 2016 | 6500000000 | 75000000 | 75000000 | 36916611 | 80 | 20 | 3 | 1 | 4 | 1 | |||||||||||||||||||||
GSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 112116 | 2016 | 2000000000 | 18750000 | 18750000 | 6986476 | 80 | 20 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 92917 | 2018 | 5250000000 | 75000000 | 50000000 | 12166313 | 75 | 25 | 2 | 1 | 1 | 0 | |||||||||||||||||||||
HIG Bayside | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2516 | 2015 | 933375000 | 60000000 | 60000000 | 22204325 | 75 | 25 | 2 | 1 | 2 | 1 | |||||||||||||||||||||
HIG SPF | HIG Capital - TMRS Capella SMA | 25 | 1993 | NA | BO | 2018 | 101518 | 100000000 | 100000000 | 100000000 | 26121909 | 60 | 40 | 3 | 2 | 2 | 1 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 10118 | 2018 | 1115000000 | 200000000 | 200000000 | 6677055 | 60 | 40 | 5 | 3 | 1 | 0 | |||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 121515 | 2016 | 2200000000 | 50000000 | 20000000 | 17482770 | 80 | 20 | 1 | 0 | 2 | 0 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 121616 | 2017 | 601000000 | 50000000 | 40000000 | 22726805 | 80 | 20 | 1 | 0 | 2 | 1 | |||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 82516 | 2016 | 895000000 | Observer | 50000000 | 35000000 | 24247438 | 75 | 25 | 1 | 0 | 2 | 1 | ||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 122217 | 2018 | 615000000 | Voting | 50000000 | 40000000 | 5514622 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 11718 | 2019 | 700000000 | Voting | 50000000 | 40000000 | 3765454 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 31017 | 2018 | 2500000000 | 60000000 | 57000000 | 19504557 | 80 | 20 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 31017 | 2017 | 750000000 | 15000000 | 14250000 | 8092552 | 75 | 25 | 0 | 0 | 1 | 0 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 52516 | 2015 | 246000000 | Voting | 40000000 | 40000000 | 33655258 | 100 | 0 | 2 | 0 | 4 | 0 | ||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 3 | 0 | 0 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 33117 | 2017 | 964000000 | 50000000 | 45000000 | 26210958 | 90 | 10 | 2 | 0 | 3 | 0 | |||||||||||||||||||||
Parthenon | Parthenon Investors VI | 21 | 1998 | 6 | BO | 2019 | 1800000000 | 50000000 | 45000000 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 4218 | 2017 | 5000000000 | 55000000 | 55000000 | 4159147 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 62116 | 2016 | 640000000 | Voting | 60000000 | 60000000 | 70001780 | 100 | 0 | 3 | 0 | 9 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 32318 | 2018 | 1322000000 | Voting | 70000000 | 70000000 | 48144842 | 100 | 0 | 3 | 0 | 6 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | 42619 | 2000000000 | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | 21419 | 1000000000 | Voting | 50000000 | 50000000 | 17469665 | 90 | 10 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 112515 | 2015 | 1939000000 | 50000000 | 47000000 | 36050169 | 60 | 40 | 1 | 1 | 3 | 2 | |||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 111615 | 2014 | 309000000 | Voting | 50000000 | 50000000 | 54401398 | 85 | 15 | 2 | 0 | 6 | 1 | ||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 112018 | 2019 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 6818 | 2018 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 123115 | 2014 | 3500000000 | 75000000 | 75000000 | 53260061 | 60 | 40 | 2 | 1 | 4 | 3 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 8918 | 2018 | 3000000000 | 50000000 | 25000000 | 3801703 | 60 | 40 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 62116 | 2014 | 280000000 | Voting | 50000000 | 50000000 | 64293595 | 90 | 10 | 2 | 0 | 7 | 1 | ||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 12818 | 2014 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
2819243965 | |||||||||||||||||||||||||||||||||||||||
2750000000 | |||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
1939000000 | |||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||
375000000 | |||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||||||||||||||||||||||||||||||
TMRS (AUM) | $ 29264820023 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE Target () | 500 | |||||||||||||||||||||||||||||||||||
PE Target ($) | $ 1463241001 | |||||||||||||||||||||||||||||||||||
PE Commitments ($) | $ 2335100000 | |||||||||||||||||||||||||||||||||||
PE NAV ($) | $ 799910286 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE NAV () | 273 | |||||||||||||||||||||||||||||||||||
Un-Allocated () | -5958 | |||||||||||||||||||||||||||||||||||
BAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | 4000000000 | 65000000 | 65000000 | - 0 | 80 | 20 | 80 | 20 | ERRORDIV0 | ERRORDIV0 |
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
540302
158
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 Over-weighted special situations earlyfor J-Curve mitigation efficiency of capitaldeployment and tactical opportunities
2016 Focused on growth opportunity setand continue to add buy-out exposure
2017 Rounded out buy-out portfolio andopportunistically added to growth and credit
2018 Steady state on pacing selectivelyadded new relationships and Europeanexposure
2019 Steady state on pacing selectivelyadded new relationships and Venture andEuropean exposure
2020 Selectively up-sizing commitmentsadding new relationships and VentureGrowth exposure
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053976635333255962030211597230281229015811767436462806
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053976635333255962030211597230281229015811767436462806
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001200000001375000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082531977105091459017468022894908541
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)041727248225964858038375502281000567019897249493034577
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285330GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333431583333333333333415833333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663156666666666666638166666666666662936666666666666629
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 BO 18GE 1 GE 2GE 3 GE 4
GE 5GE 6 SS 1SS 2 SS 3SS 4 SS 5
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001375000001200000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053976635333255962030211597230281229015811767436462806
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001375000001200000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082531977105091459017468022894908541
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)041727248225964858038375502281000567019897249493034577
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285330GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333431583333333333333415833333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663156666666666666638166666666666662936666666666666629
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
784
216
Private Equity Geographic Diversification by Commitment
USA
International
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053976635333255962030211597230281229015811767436462806
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001375000001200000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082531977105091459017468022894908541
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)041727248225964858038375502281000567019897249493034577
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285330GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333431583333333333333415833333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663156666666666666638166666666666662936666666666666629
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 Altaris V$75 million Recommendation
Altaris Capital Partners (ldquoAltarisrdquo) is a New York-based investment firm thatfocuses exclusively on the healthcare industry specifically pharmaceuticalmedical device and diagnostics provider services and payorsinsurancebusinesses across North America and Western Europe Altaris HealthPartners V LP (ldquoFund Vrdquo) is targeting $25 billion and will seekopportunities where they can invest between $100 million to $500 millionThe Firm is flexible with the transaction type as well making control andnon-control investments into carve-outs break-ups corporate partnershipsldquotake-privatesrdquo and familyfounder-owned companies Post-investment theFirm will leverage their Operating Network to improve and grow theunderlying businesses in addition to pursuing add-on acquisitions Altariswill continue to execute a strategy similar to those employed in the priorfunds
14
Top Candidate Characteristics ndash One Rock III$75 million Recommendation
One Rock Capital Partners (ldquoOne Rockrdquo) is a New York-based buy-out firmfounded in 2010 by Tony Lee and Scott Spielvogel that focuses on value-oriented control stakes in complex middle-market businesses within sub-sectors of the ldquoold economyrdquo One Rock Capital Partners III LP (One RockIII) is targeting $15 billion to make equity investments ranging from $50million to $200 million where they can improve the operations andstrategically reposition their business units while leveraging their OperatingPartner network and their strategic partnership with the MitsubishiCorporation The Firm will continue to execute the same strategy employedin their prior funds and during their tenure with Ripplewood Holdings
15
Top Candidate Characteristics ndash Insight XI$100 million Recommendation
Insight Partners (ldquoInsightrdquo) is a New York-based private equity firm thatfocuses on small-to-mid cap growth-stage software software-enabledservices and Internet businesses with the potential for recurring revenuegrowth Insight seeks to execute both minority and majority investmentsalongside the assistance of Insight Onsite an in-house consulting groupcomprised of over forty-five dedicated software experts With over twentyyears of industry expertise and consistent returns Insight has become one ofthe most tenured software investors in private equity Insight Partners XILP (Insight XI) is targeting $725 billion to make equity investmentsranging from $10 million to $250 million The Firm will continue to executethe same strategy employed in their prior funds
Section V
16
17
Recommendation
TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the following funds
Recommendation Altaris Health Partners Fund V LP $75 million One Rock Capital Partners III LP $75 million Insight Partners XI LP $100 million
18
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1226 | 2166 | |||||||
2016 | 394750000 | 1527 | 2698 | |||||||
2017 | 436750000 | 1689 | 2985 | |||||||
2018 | 481600000 | 1863 | 3291 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 6306 | 11140 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 784 | 825 | 1385 | |||||
International | 216 | 175 | 382 | |||||
Un-Allocated | -767 | |||||||
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) | 1395350000 | 333780551 | 540 | 417 | 954 | |||||||
GE | GrowthVenture (10 to 40) | 781000000 | 306969590 | 302 | 384 | 534 | |||||||
SS | Special Situations (5 to 35) | 408750000 | 159160145 | 158 | 199 | 279 | |||||||
Un-Allocated | -767 | ||||||||||||
Total | 2585100000 | 799910286 | 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 | 450 | ||||||
GrowthVenture | 00 | 833 | 00 | 750 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 3300 | ||||||
GrowthVenture | 0 | 833 | 833 | 1583 | 1583 | ||||||
Special Situations | 0 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 450 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
3683 | |||||||||||
07015873016 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 00 | 00 | 00 | ||||||
GrowthVenture | 333 | 1000 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 750 | 2250 | 2250 | 2250 | 2250 | ||||||
GrowthVenture | 333 | 1333 | 1333 | 1333 | 1333 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
80006709754 | 321081669 | ||||||||||
80006709754 | 321081669 | ||||||||||
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 02 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 03 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 04 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 05 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 06 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 07 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 08 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 09 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 10 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 11 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 12 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 13 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 14 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 15 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 16 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 17 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 18 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 19 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 20 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 01 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 02 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 03 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 04 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 05 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 06 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 07 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 08 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 09 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 10 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 01 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 02 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 03 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 04 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 05 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 06 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 07 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 08 | ERRORREF | ERRORREF | ERRORREF | |||||
UA | -7667 | |||||||
Total | ERRORREF | ERRORREF | ERRORREF | |||||
ERRORREF | ERRORREF | ERRORREF |
Updated | 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 | BO 1 | BO | 116 | 205 | |||||||||||||
X | Altaris | Buy-out | $137500000 | BO 2 | BO | 53 | 94 | |||||||||||||
X | One Rock | Buy-out | $120000000 | BO 3 | BO | 46 | 82 | |||||||||||||
Tritium | Buy-out | $110000000 | BO 4 | BO | 43 | 75 | ||||||||||||||
Searchlight | Buy-out | $97000000 | BO 5 | BO | 38 | 66 | ||||||||||||||
Marlin | Buy-out | $71250000 | BO 6 | BO | 28 | 49 | ||||||||||||||
Northlane | Buy-out | $60000000 | BO 7 | BO | 23 | 41 | ||||||||||||||
Capital Partners | Buy-out | $58000000 | BO 8 | BO | 22 | 40 | ||||||||||||||
Providence | Buy-out | $55000000 | BO 9 | BO | 21 | 38 | ||||||||||||||
Dunes Point | Buy-out | $50000000 | BO 10 | BO | 19 | 34 | ||||||||||||||
GTCR | Buy-out | $50000000 | BO 11 | BO | 19 | 34 | ||||||||||||||
Reverence | Buy-out | $50000000 | BO 12 | BO | 19 | 34 | ||||||||||||||
Arcline | Buy-out | $50000000 | BO 13 | BO | 19 | 34 | ||||||||||||||
CapVest | Buy-out | $46600000 | BO 14 | BO | 18 | 32 | ||||||||||||||
Parthenon | Buy-out | $45000000 | BO 15 | BO | ||||||||||||||||
Incline | Buy-out | $40000000 | BO 16 | BO | 15 | 27 | ||||||||||||||
Kainos | Buy-out | $35000000 | BO 17 | BO | 14 | 24 | ||||||||||||||
Harvest | Buy-out | $20000000 | BO 18 | BO | 08 | 14 | ||||||||||||||
PSG | Venture Growth | $180000000 | GE 1 | GE | 70 | 123 | ||||||||||||||
Foundry | Venture Growth | $175000000 | GE 2 | GE | 68 | 120 | ||||||||||||||
Updata | Venture Growth | $125000000 | GE 3 | GE | 48 | 85 | ||||||||||||||
FTV | Venture Growth | $121000000 | GE 4 | GE | 47 | 83 | ||||||||||||||
X | Insight | Venture Growth | $100000000 | |||||||||||||||||
Main Post | Venture Growth | $40000000 | GE 5 | GE | 15 | 27 | ||||||||||||||
Mercato | Venture Growth | $40000000 | GE 6 | GE | 15 | 27 | ||||||||||||||
TSSP | Special Situations | $150000000 | SS 1 | SS | 58 | 103 | ||||||||||||||
GSO | Special Situations | $93750000 | SS 2 | SS | 36 | 64 | ||||||||||||||
Carlyle | Special Situations | $65000000 | SS 3 | SS | 25 | 44 | ||||||||||||||
HIG Bayside | Special Situations | $60000000 | SS 4 | SS | 23 | 41 | ||||||||||||||
LightBay | Special Situations | $40000000 | SS 5 | SS | 15 | 27 | ||||||||||||||
Total | $2585100000 | $0 | 9439 | 16676 | ||||||||||||||||
CHECK | CHECK | |||||||||||||||||||
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Closing Date | Vintage Year | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | Omni NAV as of 10312019 ($) | 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 | ||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 240000000 | Voting | 12500000 | 12500000 | 4838617 | 75 | 25 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 1080000000 | Voting | 50000000 | 50000000 | 27524419 | 75 | 25 | 1 | 0 | 3 | 1 | ||||||||||||||||||||
Altaris | Altaris Health Partners V | 17 | 2003 | 5 | BO | 2020 | 2018 | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | 31119 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 72017 | 2018 | 600000000 | Voting | 70000000 | 58000000 | 15451080 | 100 | 0 | 2 | 0 | 2 | 0 | ||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 62918 | 2018 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 122215 | 2015 | 2819281339 | Voting | 65000000 | 65000000 | 30476347 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 113017 | 2018 | 535000000 | Voting | 50000000 | 50000000 | 10655698 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 5118 | 2018 | 750000000 | 45000000 | 45000000 | 8935029 | 90 | 10 | 2 | 0 | 1 | 0 | |||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | 4119 | 100000000 | 100000000 | 100000000 | 6337986 | 90 | 10 | 3 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 6616 | 2016 | 489690722 | 35000000 | 30000000 | 28353444 | 100 | 0 | 1 | 0 | 4 | 0 | |||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 91516 | 2017 | 867000000 | Voting | 50000000 | 46000000 | 43482202 | 75 | 25 | 1 | 0 | 4 | 1 | ||||||||||||||||||||
FTV | FTV VI | 21 | 1998 | 5 | GE | 2019 | 2017 | 1250000000 | Voting | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||
GSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 7116 | 2016 | 6500000000 | 75000000 | 75000000 | 36916611 | 80 | 20 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
GSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 112116 | 2016 | 2000000000 | 18750000 | 18750000 | 6986476 | 80 | 20 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 92917 | 2018 | 5250000000 | 75000000 | 50000000 | 12166313 | 75 | 25 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
HIG Bayside | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2516 | 2015 | 933375000 | 60000000 | 60000000 | 22204325 | 75 | 25 | 2 | 1 | 2 | 1 | |||||||||||||||||||||
HIG SPF | HIG Capital - TMRS Capella SMA | 25 | 1993 | NA | BO | 2018 | 101518 | 100000000 | 100000000 | 100000000 | 26121909 | 60 | 40 | 2 | 2 | 2 | 1 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 10118 | 2018 | 1115000000 | 200000000 | 200000000 | 6677055 | 60 | 40 | 5 | 3 | 1 | 0 | |||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 121515 | 2016 | 2200000000 | 50000000 | 20000000 | 17482770 | 80 | 20 | 1 | 0 | 2 | 0 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 121616 | 2017 | 601000000 | 50000000 | 40000000 | 22726805 | 80 | 20 | 1 | 0 | 2 | 1 | |||||||||||||||||||||
Insight | Insight Partners XI | 25 | 1995 | 11 | GE | 2020 | 100000000 | 100000000 | 75 | 25 | 3 | 1 | 0 | 0 | |||||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 82516 | 2016 | 895000000 | Observer | 50000000 | 35000000 | 24247438 | 75 | 25 | 1 | 0 | 2 | 1 | ||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 122217 | 2018 | 615000000 | Voting | 50000000 | 40000000 | 5514622 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 11718 | 2019 | 700000000 | Voting | 50000000 | 40000000 | 3765454 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 31017 | 2018 | 2500000000 | 60000000 | 57000000 | 19504557 | 80 | 20 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 31017 | 2017 | 750000000 | 15000000 | 14250000 | 8092552 | 75 | 25 | 0 | 0 | 1 | 0 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 52516 | 2015 | 246000000 | Voting | 40000000 | 40000000 | 33655258 | 100 | 0 | 2 | 0 | 4 | 0 | ||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 33117 | 2017 | 964000000 | 50000000 | 45000000 | 26210958 | 90 | 10 | 2 | 0 | 3 | 0 | |||||||||||||||||||||
One Rock | One Rock Capital Partners III | 10 | 2010 | 3 | BO | 2020 | 2017 | 75000000 | 75000000 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||||||
Parthenon | Parthenon Investors VI | 21 | 1998 | 6 | BO | 2019 | 1800000000 | 50000000 | 45000000 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 4218 | 2017 | 5000000000 | 55000000 | 55000000 | 4159147 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 62116 | 2016 | 640000000 | Voting | 60000000 | 60000000 | 70001780 | 100 | 0 | 2 | 0 | 9 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 32318 | 2018 | 1322000000 | Voting | 70000000 | 70000000 | 48144842 | 100 | 0 | 3 | 0 | 6 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | 42619 | 2000000000 | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | 21419 | 1000000000 | Voting | 50000000 | 50000000 | 17469665 | 90 | 10 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 112515 | 2015 | 1939000000 | 50000000 | 47000000 | 36050169 | 60 | 40 | 1 | 1 | 3 | 2 | |||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 111615 | 2014 | 309000000 | Voting | 50000000 | 50000000 | 54401398 | 85 | 15 | 2 | 0 | 6 | 1 | ||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 112018 | 2019 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 6818 | 2018 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 123115 | 2014 | 3500000000 | 75000000 | 75000000 | 53260061 | 60 | 40 | 2 | 1 | 4 | 3 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 8918 | 2018 | 3000000000 | 50000000 | 25000000 | 3801703 | 60 | 40 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 62116 | 2014 | 280000000 | Voting | 50000000 | 50000000 | 64293595 | 90 | 10 | 2 | 0 | 7 | 1 | ||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 12818 | 2014 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
2819243965 | |||||||||||||||||||||||||||||||||||||||
2750000000 | |||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
1939000000 | |||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||
375000000 | |||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||||||||||||||||||||||||||||||
TMRS (AUM) | $ 29264820023 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE Target () | 500 | |||||||||||||||||||||||||||||||||||
PE Target ($) | $ 1463241001 | |||||||||||||||||||||||||||||||||||
PE Commitments ($) | $ 2585100000 | |||||||||||||||||||||||||||||||||||
PE NAV ($) | $ 799910286 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE NAV () | 273 | |||||||||||||||||||||||||||||||||||
Un-Allocated () | -7667 | |||||||||||||||||||||||||||||||||||
BAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | 4000000000 | 65000000 | 65000000 | - 0 | 80 | 20 | 80 | 20 | ERRORDIV0 | ERRORDIV0 |
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 | 1226 | 2166 | |||||||
2016 | 394750000 | 1527 | 2698 | |||||||
2017 | 436750000 | 1689 | 2985 | |||||||
2018 | 481600000 | 1863 | 3291 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 6306 | 11140 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 784 | 825 | 1385 | |||||
International | 216 | 175 | 382 | |||||
Un-Allocated | -767 | |||||||
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) | 1395350000 | 333780551 | 540 | 417 | 954 | |||||||
GE | GrowthVenture (10 to 40) | 781000000 | 306969590 | 302 | 384 | 534 | |||||||
SS | Special Situations (5 to 35) | 408750000 | 159160145 | 158 | 199 | 279 | |||||||
Un-Allocated | -767 | ||||||||||||
Total | 2585100000 | 799910286 | 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 | 450 | ||||||
GrowthVenture | 00 | 833 | 00 | 750 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 3300 | ||||||
GrowthVenture | 0 | 833 | 833 | 1583 | 1583 | ||||||
Special Situations | 0 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 450 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
3683 | |||||||||||
07015873016 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 00 | 00 | 00 | ||||||
GrowthVenture | 333 | 1000 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 750 | 2250 | 2250 | 2250 | 2250 | ||||||
GrowthVenture | 333 | 1333 | 1333 | 1333 | 1333 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
80006709754 | 321081669 | ||||||||||
80006709754 | 321081669 | ||||||||||
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 02 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 03 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 04 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 05 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 06 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 07 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 08 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 09 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 10 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 11 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 12 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 13 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 14 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 15 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 16 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 17 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 18 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 19 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 20 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 01 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 02 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 03 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 04 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 05 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 06 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 07 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 08 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 09 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 10 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 01 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 02 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 03 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 04 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 05 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 06 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 07 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 08 | ERRORREF | ERRORREF | ERRORREF | |||||
UA | -7667 | |||||||
Total | ERRORREF | ERRORREF | ERRORREF | |||||
ERRORREF | ERRORREF | ERRORREF |
Updated | 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 | BO 1 | BO | 116 | 205 | |||||||||||||
X | Altaris | Buy-out | $137500000 | BO 2 | BO | 53 | 94 | |||||||||||||
X | One Rock | Buy-out | $120000000 | BO 3 | BO | 46 | 82 | |||||||||||||
Tritium | Buy-out | $110000000 | BO 4 | BO | 43 | 75 | ||||||||||||||
Searchlight | Buy-out | $97000000 | BO 5 | BO | 38 | 66 | ||||||||||||||
Marlin | Buy-out | $71250000 | BO 6 | BO | 28 | 49 | ||||||||||||||
Northlane | Buy-out | $60000000 | BO 7 | BO | 23 | 41 | ||||||||||||||
Capital Partners | Buy-out | $58000000 | BO 8 | BO | 22 | 40 | ||||||||||||||
Providence | Buy-out | $55000000 | BO 9 | BO | 21 | 38 | ||||||||||||||
Dunes Point | Buy-out | $50000000 | BO 10 | BO | 19 | 34 | ||||||||||||||
GTCR | Buy-out | $50000000 | BO 11 | BO | 19 | 34 | ||||||||||||||
Reverence | Buy-out | $50000000 | BO 12 | BO | 19 | 34 | ||||||||||||||
Arcline | Buy-out | $50000000 | BO 13 | BO | 19 | 34 | ||||||||||||||
CapVest | Buy-out | $46600000 | BO 14 | BO | 18 | 32 | ||||||||||||||
Parthenon | Buy-out | $45000000 | BO 15 | BO | ||||||||||||||||
Incline | Buy-out | $40000000 | BO 16 | BO | 15 | 27 | ||||||||||||||
Kainos | Buy-out | $35000000 | BO 17 | BO | 14 | 24 | ||||||||||||||
Harvest | Buy-out | $20000000 | BO 18 | BO | 08 | 14 | ||||||||||||||
PSG | Venture Growth | $180000000 | GE 1 | GE | 70 | 123 | ||||||||||||||
Foundry | Venture Growth | $175000000 | GE 2 | GE | 68 | 120 | ||||||||||||||
Updata | Venture Growth | $125000000 | GE 3 | GE | 48 | 85 | ||||||||||||||
FTV | Venture Growth | $121000000 | GE 4 | GE | 47 | 83 | ||||||||||||||
X | Insight | Venture Growth | $100000000 | |||||||||||||||||
Main Post | Venture Growth | $40000000 | GE 5 | GE | 15 | 27 | ||||||||||||||
Mercato | Venture Growth | $40000000 | GE 6 | GE | 15 | 27 | ||||||||||||||
TSSP | Special Situations | $150000000 | SS 1 | SS | 58 | 103 | ||||||||||||||
GSO | Special Situations | $93750000 | SS 2 | SS | 36 | 64 | ||||||||||||||
Carlyle | Special Situations | $65000000 | SS 3 | SS | 25 | 44 | ||||||||||||||
HIG Bayside | Special Situations | $60000000 | SS 4 | SS | 23 | 41 | ||||||||||||||
LightBay | Special Situations | $40000000 | SS 5 | SS | 15 | 27 | ||||||||||||||
Total | $2585100000 | $0 | 9439 | 16676 | ||||||||||||||||
CHECK | CHECK | |||||||||||||||||||
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Closing Date | Vintage Year | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | Omni NAV as of 10312019 ($) | 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 | ||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 240000000 | Voting | 12500000 | 12500000 | 4838617 | 75 | 25 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 1080000000 | Voting | 50000000 | 50000000 | 27524419 | 75 | 25 | 1 | 0 | 3 | 1 | ||||||||||||||||||||
Altaris | Altaris Health Partners V | 17 | 2003 | 5 | BO | 2020 | 2018 | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | 31119 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 72017 | 2018 | 600000000 | Voting | 70000000 | 58000000 | 15451080 | 100 | 0 | 2 | 0 | 2 | 0 | ||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 62918 | 2018 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 122215 | 2015 | 2819281339 | Voting | 65000000 | 65000000 | 30476347 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 113017 | 2018 | 535000000 | Voting | 50000000 | 50000000 | 10655698 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 5118 | 2018 | 750000000 | 45000000 | 45000000 | 8935029 | 90 | 10 | 2 | 0 | 1 | 0 | |||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | 4119 | 100000000 | 100000000 | 100000000 | 6337986 | 90 | 10 | 3 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 6616 | 2016 | 489690722 | 35000000 | 30000000 | 28353444 | 100 | 0 | 1 | 0 | 4 | 0 | |||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 91516 | 2017 | 867000000 | Voting | 50000000 | 46000000 | 43482202 | 75 | 25 | 1 | 0 | 4 | 1 | ||||||||||||||||||||
FTV | FTV VI | 21 | 1998 | 5 | GE | 2019 | 2017 | 1250000000 | Voting | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||
GSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 7116 | 2016 | 6500000000 | 75000000 | 75000000 | 36916611 | 80 | 20 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
GSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 112116 | 2016 | 2000000000 | 18750000 | 18750000 | 6986476 | 80 | 20 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 92917 | 2018 | 5250000000 | 75000000 | 50000000 | 12166313 | 75 | 25 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
HIG Bayside | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2516 | 2015 | 933375000 | 60000000 | 60000000 | 22204325 | 75 | 25 | 2 | 1 | 2 | 1 | |||||||||||||||||||||
HIG SPF | HIG Capital - TMRS Capella SMA | 25 | 1993 | NA | BO | 2018 | 101518 | 100000000 | 100000000 | 100000000 | 26121909 | 60 | 40 | 2 | 2 | 2 | 1 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 10118 | 2018 | 1115000000 | 200000000 | 200000000 | 6677055 | 60 | 40 | 5 | 3 | 1 | 0 | |||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 121515 | 2016 | 2200000000 | 50000000 | 20000000 | 17482770 | 80 | 20 | 1 | 0 | 2 | 0 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 121616 | 2017 | 601000000 | 50000000 | 40000000 | 22726805 | 80 | 20 | 1 | 0 | 2 | 1 | |||||||||||||||||||||
Insight | Insight Partners XI | 25 | 1995 | 11 | GE | 2020 | 100000000 | 100000000 | 75 | 25 | 3 | 1 | 0 | 0 | |||||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 82516 | 2016 | 895000000 | Observer | 50000000 | 35000000 | 24247438 | 75 | 25 | 1 | 0 | 2 | 1 | ||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 122217 | 2018 | 615000000 | Voting | 50000000 | 40000000 | 5514622 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 11718 | 2019 | 700000000 | Voting | 50000000 | 40000000 | 3765454 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 31017 | 2018 | 2500000000 | 60000000 | 57000000 | 19504557 | 80 | 20 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 31017 | 2017 | 750000000 | 15000000 | 14250000 | 8092552 | 75 | 25 | 0 | 0 | 1 | 0 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 52516 | 2015 | 246000000 | Voting | 40000000 | 40000000 | 33655258 | 100 | 0 | 2 | 0 | 4 | 0 | ||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 33117 | 2017 | 964000000 | 50000000 | 45000000 | 26210958 | 90 | 10 | 2 | 0 | 3 | 0 | |||||||||||||||||||||
One Rock | One Rock Capital Partners III | 10 | 2010 | 3 | BO | 2020 | 2017 | 75000000 | 75000000 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||||||
Parthenon | Parthenon Investors VI | 21 | 1998 | 6 | BO | 2019 | 1800000000 | 50000000 | 45000000 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 4218 | 2017 | 5000000000 | 55000000 | 55000000 | 4159147 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 62116 | 2016 | 640000000 | Voting | 60000000 | 60000000 | 70001780 | 100 | 0 | 2 | 0 | 9 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 32318 | 2018 | 1322000000 | Voting | 70000000 | 70000000 | 48144842 | 100 | 0 | 3 | 0 | 6 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | 42619 | 2000000000 | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | 21419 | 1000000000 | Voting | 50000000 | 50000000 | 17469665 | 90 | 10 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 112515 | 2015 | 1939000000 | 50000000 | 47000000 | 36050169 | 60 | 40 | 1 | 1 | 3 | 2 | |||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 111615 | 2014 | 309000000 | Voting | 50000000 | 50000000 | 54401398 | 85 | 15 | 2 | 0 | 6 | 1 | ||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 112018 | 2019 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 6818 | 2018 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 123115 | 2014 | 3500000000 | 75000000 | 75000000 | 53260061 | 60 | 40 | 2 | 1 | 4 | 3 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 8918 | 2018 | 3000000000 | 50000000 | 25000000 | 3801703 | 60 | 40 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 62116 | 2014 | 280000000 | Voting | 50000000 | 50000000 | 64293595 | 90 | 10 | 2 | 0 | 7 | 1 | ||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 12818 | 2014 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
2819243965 | |||||||||||||||||||||||||||||||||||||||
2750000000 | |||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
1939000000 | |||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||
375000000 | |||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||||||||||||||||||||||||||||||
TMRS (AUM) | $ 29264820023 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE Target () | 500 | |||||||||||||||||||||||||||||||||||
PE Target ($) | $ 1463241001 | |||||||||||||||||||||||||||||||||||
PE Commitments ($) | $ 2585100000 | |||||||||||||||||||||||||||||||||||
PE NAV ($) | $ 799910286 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE NAV () | 273 | |||||||||||||||||||||||||||||||||||
Un-Allocated () | -7667 | |||||||||||||||||||||||||||||||||||
BAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | 4000000000 | 65000000 | 65000000 | - 0 | 80 | 20 | 80 | 20 | ERRORDIV0 | ERRORDIV0 |
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 | 1226 | 2166 | |||||||
2016 | 394750000 | 1527 | 2698 | |||||||
2017 | 436750000 | 1689 | 2985 | |||||||
2018 | 481600000 | 1863 | 3291 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 6306 | 11140 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 784 | 825 | 1385 | |||||
International | 216 | 175 | 382 | |||||
Un-Allocated | -767 | |||||||
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) | 1395350000 | 333780551 | 540 | 417 | 954 | |||||||
GE | GrowthVenture (10 to 40) | 781000000 | 306969590 | 302 | 384 | 534 | |||||||
SS | Special Situations (5 to 35) | 408750000 | 159160145 | 158 | 199 | 279 | |||||||
Un-Allocated | -767 | ||||||||||||
Total | 2585100000 | 799910286 | 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 | 450 | ||||||
GrowthVenture | 00 | 833 | 00 | 750 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 3300 | ||||||
GrowthVenture | 0 | 833 | 833 | 1583 | 1583 | ||||||
Special Situations | 0 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 450 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
3683 | |||||||||||
07015873016 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 00 | 00 | 00 | ||||||
GrowthVenture | 333 | 1000 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 750 | 2250 | 2250 | 2250 | 2250 | ||||||
GrowthVenture | 333 | 1333 | 1333 | 1333 | 1333 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
80006709754 | 321081669 | ||||||||||
80006709754 | 321081669 | ||||||||||
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 02 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 03 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 04 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 05 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 06 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 07 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 08 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 09 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 10 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 11 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 12 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 13 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 14 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 15 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 16 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 17 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 18 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 19 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 20 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 01 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 02 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 03 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 04 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 05 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 06 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 07 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 08 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 09 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 10 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 01 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 02 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 03 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 04 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 05 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 06 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 07 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 08 | ERRORREF | ERRORREF | ERRORREF | |||||
UA | -7667 | |||||||
Total | ERRORREF | ERRORREF | ERRORREF | |||||
ERRORREF | ERRORREF | ERRORREF |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
One Rock | HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | BO 1 | BO | 116 | 205 | |||||||||||
Altaris | One Rock | Buy-out | $120000000 | BO 2 | BO | 46 | 82 | ||||||||||||
Tritium | Altaris | Buy-out | $137500000 | BO 3 | BO | 53 | 94 | ||||||||||||
Searchlight | Tritium | Buy-out | $110000000 | BO 4 | BO | 43 | 75 | ||||||||||||
Marlin | Searchlight | Buy-out | $97000000 | BO 5 | BO | 38 | 66 | ||||||||||||
Northlane | Marlin | Buy-out | $71250000 | BO 6 | BO | 28 | 49 | ||||||||||||
Capital Partners | Northlane | Buy-out | $60000000 | BO 7 | BO | 23 | 41 | ||||||||||||
Providence | Capital Partners | Buy-out | $58000000 | BO 8 | BO | 22 | 40 | ||||||||||||
Dunes Point | Providence | Buy-out | $55000000 | BO 9 | BO | 21 | 38 | ||||||||||||
GTCR | Dunes Point | Buy-out | $50000000 | BO 10 | BO | 19 | 34 | ||||||||||||
Reverence | GTCR | Buy-out | $50000000 | BO 11 | BO | 19 | 34 | ||||||||||||
Arcline | Reverence | Buy-out | $50000000 | BO 12 | BO | 19 | 34 | ||||||||||||
CapVest | Arcline | Buy-out | $50000000 | BO 13 | BO | 19 | 34 | ||||||||||||
Parthenon | CapVest | Buy-out | $46600000 | BO 14 | BO | 18 | 32 | ||||||||||||
Incline | Parthenon | Buy-out | $45000000 | BO 15 | BO | ||||||||||||||
Kainos | Incline | Buy-out | $40000000 | BO 16 | BO | 15 | 27 | ||||||||||||
Harvest | Kainos | Buy-out | $35000000 | BO 17 | BO | 14 | 24 | ||||||||||||
Harvest | Buy-out | $20000000 | BO 18 | BO | 08 | 14 | |||||||||||||
PSG | Venture Growth | $180000000 | GE 1 | GE | 70 | 123 | |||||||||||||
Foundry | Venture Growth | $175000000 | GE 2 | GE | 68 | 120 | |||||||||||||
Updata | Venture Growth | $125000000 | GE 3 | GE | 48 | 85 | |||||||||||||
FTV | Venture Growth | $121000000 | GE 4 | GE | 47 | 83 | |||||||||||||
Insight | Venture Growth | $100000000 | |||||||||||||||||
Main Post | Venture Growth | $40000000 | GE 5 | GE | 15 | 27 | |||||||||||||
Mercato | Venture Growth | $40000000 | GE 6 | GE | 15 | 27 | |||||||||||||
TSSP | Special Situations | $150000000 | SS 1 | SS | 58 | 103 | |||||||||||||
GSO | Special Situations | $93750000 | SS 2 | SS | 36 | 64 | |||||||||||||
Carlyle | Special Situations | $65000000 | SS 3 | SS | 25 | 44 | |||||||||||||
HIG Bayside | Special Situations | $60000000 | SS 4 | SS | 23 | 41 | |||||||||||||
LightBay | Special Situations | $40000000 | SS 5 | SS | 15 | 27 | |||||||||||||
Total | $2585100000 | $0 | 9439 | 16676 | |||||||||||||||
CHECK | CHECK | ||||||||||||||||||
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Closing Date | Vintage Year | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | Omni NAV as of 10312019 ($) | 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 | ||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 240000000 | Voting | 12500000 | 12500000 | 4838617 | 75 | 25 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 1080000000 | Voting | 50000000 | 50000000 | 27524419 | 75 | 25 | 1 | 0 | 3 | 1 | ||||||||||||||||||||
Altaris | Altaris Health Partners V | 17 | 2003 | 5 | BO | 2020 | 2018 | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | 31119 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 72017 | 2018 | 600000000 | Voting | 70000000 | 58000000 | 15451080 | 100 | 0 | 2 | 0 | 2 | 0 | ||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 62918 | 2018 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 122215 | 2015 | 2819281339 | Voting | 65000000 | 65000000 | 30476347 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 113017 | 2018 | 535000000 | Voting | 50000000 | 50000000 | 10655698 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 5118 | 2018 | 750000000 | 45000000 | 45000000 | 8935029 | 90 | 10 | 2 | 0 | 1 | 0 | |||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | 4119 | 100000000 | 100000000 | 100000000 | 6337986 | 90 | 10 | 3 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 6616 | 2016 | 489690722 | 35000000 | 30000000 | 28353444 | 100 | 0 | 1 | 0 | 4 | 0 | |||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 91516 | 2017 | 867000000 | Voting | 50000000 | 46000000 | 43482202 | 75 | 25 | 1 | 0 | 4 | 1 | ||||||||||||||||||||
FTV | FTV VI | 21 | 1998 | 5 | GE | 2019 | 2017 | 1250000000 | Voting | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||
GSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 7116 | 2016 | 6500000000 | 75000000 | 75000000 | 36916611 | 80 | 20 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
GSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 112116 | 2016 | 2000000000 | 18750000 | 18750000 | 6986476 | 80 | 20 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 92917 | 2018 | 5250000000 | 75000000 | 50000000 | 12166313 | 75 | 25 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
HIG Bayside | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2516 | 2015 | 933375000 | 60000000 | 60000000 | 22204325 | 75 | 25 | 2 | 1 | 2 | 1 | |||||||||||||||||||||
HIG SPF | HIG Capital - TMRS Capella SMA | 25 | 1993 | NA | BO | 2018 | 101518 | 100000000 | 100000000 | 100000000 | 26121909 | 60 | 40 | 2 | 2 | 2 | 1 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 10118 | 2018 | 1115000000 | 200000000 | 200000000 | 6677055 | 60 | 40 | 5 | 3 | 1 | 0 | |||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 121515 | 2016 | 2200000000 | 50000000 | 20000000 | 17482770 | 80 | 20 | 1 | 0 | 2 | 0 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 121616 | 2017 | 601000000 | 50000000 | 40000000 | 22726805 | 80 | 20 | 1 | 0 | 2 | 1 | |||||||||||||||||||||
Insight | Insight Partners XI | 25 | 1995 | 11 | GE | 2020 | 100000000 | 100000000 | 75 | 25 | 3 | 1 | 0 | 0 | |||||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 82516 | 2016 | 895000000 | Observer | 50000000 | 35000000 | 24247438 | 75 | 25 | 1 | 0 | 2 | 1 | ||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 122217 | 2018 | 615000000 | Voting | 50000000 | 40000000 | 5514622 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 11718 | 2019 | 700000000 | Voting | 50000000 | 40000000 | 3765454 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 31017 | 2018 | 2500000000 | 60000000 | 57000000 | 19504557 | 80 | 20 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 31017 | 2017 | 750000000 | 15000000 | 14250000 | 8092552 | 75 | 25 | 0 | 0 | 1 | 0 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 52516 | 2015 | 246000000 | Voting | 40000000 | 40000000 | 33655258 | 100 | 0 | 2 | 0 | 4 | 0 | ||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 33117 | 2017 | 964000000 | 50000000 | 45000000 | 26210958 | 90 | 10 | 2 | 0 | 3 | 0 | |||||||||||||||||||||
One Rock | One Rock Capital Partners III | 10 | 2010 | 3 | BO | 2020 | 2017 | 75000000 | 75000000 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||||||
Parthenon | Parthenon Investors VI | 21 | 1998 | 6 | BO | 2019 | 1800000000 | 50000000 | 45000000 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 4218 | 2017 | 5000000000 | 55000000 | 55000000 | 4159147 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 62116 | 2016 | 640000000 | Voting | 60000000 | 60000000 | 70001780 | 100 | 0 | 2 | 0 | 9 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 32318 | 2018 | 1322000000 | Voting | 70000000 | 70000000 | 48144842 | 100 | 0 | 3 | 0 | 6 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | 42619 | 2000000000 | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | 21419 | 1000000000 | Voting | 50000000 | 50000000 | 17469665 | 90 | 10 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 112515 | 2015 | 1939000000 | 50000000 | 47000000 | 36050169 | 60 | 40 | 1 | 1 | 3 | 2 | |||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 111615 | 2014 | 309000000 | Voting | 50000000 | 50000000 | 54401398 | 85 | 15 | 2 | 0 | 6 | 1 | ||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 112018 | 2019 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 6818 | 2018 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 123115 | 2014 | 3500000000 | 75000000 | 75000000 | 53260061 | 60 | 40 | 2 | 1 | 4 | 3 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 8918 | 2018 | 3000000000 | 50000000 | 25000000 | 3801703 | 60 | 40 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 62116 | 2014 | 280000000 | Voting | 50000000 | 50000000 | 64293595 | 90 | 10 | 2 | 0 | 7 | 1 | ||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 12818 | 2014 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
2819243965 | |||||||||||||||||||||||||||||||||||||||
2750000000 | |||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
1939000000 | |||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||
375000000 | |||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||||||||||||||||||||||||||||||
TMRS (AUM) | $ 29264820023 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE Target () | 500 | |||||||||||||||||||||||||||||||||||
PE Target ($) | $ 1463241001 | |||||||||||||||||||||||||||||||||||
PE Commitments ($) | $ 2585100000 | |||||||||||||||||||||||||||||||||||
PE NAV ($) | $ 799910286 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE NAV () | 273 | |||||||||||||||||||||||||||||||||||
Un-Allocated () | -7667 | |||||||||||||||||||||||||||||||||||
BAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | 4000000000 | 65000000 | 65000000 | - 0 | 80 | 20 | 80 | 20 | ERRORDIV0 | ERRORDIV0 |
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 |
540302
158
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 Over-weighted special situations earlyfor J-Curve mitigation efficiency of capitaldeployment and tactical opportunities
2016 Focused on growth opportunity setand continue to add buy-out exposure
2017 Rounded out buy-out portfolio andopportunistically added to growth and credit
2018 Steady state on pacing selectivelyadded new relationships and Europeanexposure
2019 Steady state on pacing selectivelyadded new relationships and Venture andEuropean exposure
2020 Selectively up-sizing commitmentsadding new relationships and VentureGrowth exposure
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053976635333255962030211597230281229015811767436462806
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053976635333255962030211597230281229015811767436462806
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001200000001375000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082531977105091459017468022894908541
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)041727248225964858038375502281000567019897249493034577
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285330GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333431583333333333333415833333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663156666666666666638166666666666662936666666666666629
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 BO 18GE 1 GE 2GE 3 GE 4
GE 5GE 6 SS 1SS 2 SS 3SS 4 SS 5
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001375000001200000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053976635333255962030211597230281229015811767436462806
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001375000001200000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082531977105091459017468022894908541
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)041727248225964858038375502281000567019897249493034577
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285330GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333431583333333333333415833333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663156666666666666638166666666666662936666666666666629
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
784
216
Private Equity Geographic Diversification by Commitment
USA
International
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053976635333255962030211597230281229015811767436462806
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001375000001200000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082531977105091459017468022894908541
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)041727248225964858038375502281000567019897249493034577
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285330GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333431583333333333333415833333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663156666666666666638166666666666662936666666666666629
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 Altaris V$75 million Recommendation
Altaris Capital Partners (ldquoAltarisrdquo) is a New York-based investment firm thatfocuses exclusively on the healthcare industry specifically pharmaceuticalmedical device and diagnostics provider services and payorsinsurancebusinesses across North America and Western Europe Altaris HealthPartners V LP (ldquoFund Vrdquo) is targeting $25 billion and will seekopportunities where they can invest between $100 million to $500 millionThe Firm is flexible with the transaction type as well making control andnon-control investments into carve-outs break-ups corporate partnershipsldquotake-privatesrdquo and familyfounder-owned companies Post-investment theFirm will leverage their Operating Network to improve and grow theunderlying businesses in addition to pursuing add-on acquisitions Altariswill continue to execute a strategy similar to those employed in the priorfunds
14
Top Candidate Characteristics ndash One Rock III$75 million Recommendation
One Rock Capital Partners (ldquoOne Rockrdquo) is a New York-based buy-out firmfounded in 2010 by Tony Lee and Scott Spielvogel that focuses on value-oriented control stakes in complex middle-market businesses within sub-sectors of the ldquoold economyrdquo One Rock Capital Partners III LP (One RockIII) is targeting $15 billion to make equity investments ranging from $50million to $200 million where they can improve the operations andstrategically reposition their business units while leveraging their OperatingPartner network and their strategic partnership with the MitsubishiCorporation The Firm will continue to execute the same strategy employedin their prior funds and during their tenure with Ripplewood Holdings
15
Top Candidate Characteristics ndash Insight XI$100 million Recommendation
Insight Partners (ldquoInsightrdquo) is a New York-based private equity firm thatfocuses on small-to-mid cap growth-stage software software-enabledservices and Internet businesses with the potential for recurring revenuegrowth Insight seeks to execute both minority and majority investmentsalongside the assistance of Insight Onsite an in-house consulting groupcomprised of over forty-five dedicated software experts With over twentyyears of industry expertise and consistent returns Insight has become one ofthe most tenured software investors in private equity Insight Partners XILP (Insight XI) is targeting $725 billion to make equity investmentsranging from $10 million to $250 million The Firm will continue to executethe same strategy employed in their prior funds
Section V
16
17
Recommendation
TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the following funds
Recommendation Altaris Health Partners Fund V LP $75 million One Rock Capital Partners III LP $75 million Insight Partners XI LP $100 million
18
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1226 | 2166 | |||||||
2016 | 394750000 | 1527 | 2698 | |||||||
2017 | 436750000 | 1689 | 2985 | |||||||
2018 | 481600000 | 1863 | 3291 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 6306 | 11140 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 784 | 825 | 1385 | |||||
International | 216 | 175 | 382 | |||||
Un-Allocated | -767 | |||||||
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) | 1395350000 | 333780551 | 540 | 417 | 954 | |||||||
GE | GrowthVenture (10 to 40) | 781000000 | 306969590 | 302 | 384 | 534 | |||||||
SS | Special Situations (5 to 35) | 408750000 | 159160145 | 158 | 199 | 279 | |||||||
Un-Allocated | -767 | ||||||||||||
Total | 2585100000 | 799910286 | 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 | 450 | ||||||
GrowthVenture | 00 | 833 | 00 | 750 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 3300 | ||||||
GrowthVenture | 0 | 833 | 833 | 1583 | 1583 | ||||||
Special Situations | 0 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 450 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
3683 | |||||||||||
07015873016 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 00 | 00 | 00 | ||||||
GrowthVenture | 333 | 1000 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 750 | 2250 | 2250 | 2250 | 2250 | ||||||
GrowthVenture | 333 | 1333 | 1333 | 1333 | 1333 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
80006709754 | 321081669 | ||||||||||
80006709754 | 321081669 | ||||||||||
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 02 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 03 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 04 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 05 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 06 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 07 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 08 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 09 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 10 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 11 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 12 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 13 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 14 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 15 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 16 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 17 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 18 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 19 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 20 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 01 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 02 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 03 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 04 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 05 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 06 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 07 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 08 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 09 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 10 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 01 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 02 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 03 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 04 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 05 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 06 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 07 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 08 | ERRORREF | ERRORREF | ERRORREF | |||||
UA | -7667 | |||||||
Total | ERRORREF | ERRORREF | ERRORREF | |||||
ERRORREF | ERRORREF | ERRORREF |
Updated | 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 | BO 1 | BO | 116 | 205 | |||||||||||||
X | Altaris | Buy-out | $137500000 | BO 2 | BO | 53 | 94 | |||||||||||||
X | One Rock | Buy-out | $120000000 | BO 3 | BO | 46 | 82 | |||||||||||||
Tritium | Buy-out | $110000000 | BO 4 | BO | 43 | 75 | ||||||||||||||
Searchlight | Buy-out | $97000000 | BO 5 | BO | 38 | 66 | ||||||||||||||
Marlin | Buy-out | $71250000 | BO 6 | BO | 28 | 49 | ||||||||||||||
Northlane | Buy-out | $60000000 | BO 7 | BO | 23 | 41 | ||||||||||||||
Capital Partners | Buy-out | $58000000 | BO 8 | BO | 22 | 40 | ||||||||||||||
Providence | Buy-out | $55000000 | BO 9 | BO | 21 | 38 | ||||||||||||||
Dunes Point | Buy-out | $50000000 | BO 10 | BO | 19 | 34 | ||||||||||||||
GTCR | Buy-out | $50000000 | BO 11 | BO | 19 | 34 | ||||||||||||||
Reverence | Buy-out | $50000000 | BO 12 | BO | 19 | 34 | ||||||||||||||
Arcline | Buy-out | $50000000 | BO 13 | BO | 19 | 34 | ||||||||||||||
CapVest | Buy-out | $46600000 | BO 14 | BO | 18 | 32 | ||||||||||||||
Parthenon | Buy-out | $45000000 | BO 15 | BO | ||||||||||||||||
Incline | Buy-out | $40000000 | BO 16 | BO | 15 | 27 | ||||||||||||||
Kainos | Buy-out | $35000000 | BO 17 | BO | 14 | 24 | ||||||||||||||
Harvest | Buy-out | $20000000 | BO 18 | BO | 08 | 14 | ||||||||||||||
PSG | Venture Growth | $180000000 | GE 1 | GE | 70 | 123 | ||||||||||||||
Foundry | Venture Growth | $175000000 | GE 2 | GE | 68 | 120 | ||||||||||||||
Updata | Venture Growth | $125000000 | GE 3 | GE | 48 | 85 | ||||||||||||||
FTV | Venture Growth | $121000000 | GE 4 | GE | 47 | 83 | ||||||||||||||
X | Insight | Venture Growth | $100000000 | |||||||||||||||||
Main Post | Venture Growth | $40000000 | GE 5 | GE | 15 | 27 | ||||||||||||||
Mercato | Venture Growth | $40000000 | GE 6 | GE | 15 | 27 | ||||||||||||||
TSSP | Special Situations | $150000000 | SS 1 | SS | 58 | 103 | ||||||||||||||
GSO | Special Situations | $93750000 | SS 2 | SS | 36 | 64 | ||||||||||||||
Carlyle | Special Situations | $65000000 | SS 3 | SS | 25 | 44 | ||||||||||||||
HIG Bayside | Special Situations | $60000000 | SS 4 | SS | 23 | 41 | ||||||||||||||
LightBay | Special Situations | $40000000 | SS 5 | SS | 15 | 27 | ||||||||||||||
Total | $2585100000 | $0 | 9439 | 16676 | ||||||||||||||||
CHECK | CHECK | |||||||||||||||||||
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Closing Date | Vintage Year | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | Omni NAV as of 10312019 ($) | 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 | ||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 240000000 | Voting | 12500000 | 12500000 | 4838617 | 75 | 25 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 1080000000 | Voting | 50000000 | 50000000 | 27524419 | 75 | 25 | 1 | 0 | 3 | 1 | ||||||||||||||||||||
Altaris | Altaris Health Partners V | 17 | 2003 | 5 | BO | 2020 | 2018 | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | 31119 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 72017 | 2018 | 600000000 | Voting | 70000000 | 58000000 | 15451080 | 100 | 0 | 2 | 0 | 2 | 0 | ||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 62918 | 2018 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 122215 | 2015 | 2819281339 | Voting | 65000000 | 65000000 | 30476347 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 113017 | 2018 | 535000000 | Voting | 50000000 | 50000000 | 10655698 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 5118 | 2018 | 750000000 | 45000000 | 45000000 | 8935029 | 90 | 10 | 2 | 0 | 1 | 0 | |||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | 4119 | 100000000 | 100000000 | 100000000 | 6337986 | 90 | 10 | 3 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 6616 | 2016 | 489690722 | 35000000 | 30000000 | 28353444 | 100 | 0 | 1 | 0 | 4 | 0 | |||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 91516 | 2017 | 867000000 | Voting | 50000000 | 46000000 | 43482202 | 75 | 25 | 1 | 0 | 4 | 1 | ||||||||||||||||||||
FTV | FTV VI | 21 | 1998 | 5 | GE | 2019 | 2017 | 1250000000 | Voting | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||
GSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 7116 | 2016 | 6500000000 | 75000000 | 75000000 | 36916611 | 80 | 20 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
GSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 112116 | 2016 | 2000000000 | 18750000 | 18750000 | 6986476 | 80 | 20 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 92917 | 2018 | 5250000000 | 75000000 | 50000000 | 12166313 | 75 | 25 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
HIG Bayside | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2516 | 2015 | 933375000 | 60000000 | 60000000 | 22204325 | 75 | 25 | 2 | 1 | 2 | 1 | |||||||||||||||||||||
HIG SPF | HIG Capital - TMRS Capella SMA | 25 | 1993 | NA | BO | 2018 | 101518 | 100000000 | 100000000 | 100000000 | 26121909 | 60 | 40 | 2 | 2 | 2 | 1 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 10118 | 2018 | 1115000000 | 200000000 | 200000000 | 6677055 | 60 | 40 | 5 | 3 | 1 | 0 | |||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 121515 | 2016 | 2200000000 | 50000000 | 20000000 | 17482770 | 80 | 20 | 1 | 0 | 2 | 0 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 121616 | 2017 | 601000000 | 50000000 | 40000000 | 22726805 | 80 | 20 | 1 | 0 | 2 | 1 | |||||||||||||||||||||
Insight | Insight Partners XI | 25 | 1995 | 11 | GE | 2020 | 100000000 | 100000000 | 75 | 25 | 3 | 1 | 0 | 0 | |||||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 82516 | 2016 | 895000000 | Observer | 50000000 | 35000000 | 24247438 | 75 | 25 | 1 | 0 | 2 | 1 | ||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 122217 | 2018 | 615000000 | Voting | 50000000 | 40000000 | 5514622 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 11718 | 2019 | 700000000 | Voting | 50000000 | 40000000 | 3765454 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 31017 | 2018 | 2500000000 | 60000000 | 57000000 | 19504557 | 80 | 20 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 31017 | 2017 | 750000000 | 15000000 | 14250000 | 8092552 | 75 | 25 | 0 | 0 | 1 | 0 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 52516 | 2015 | 246000000 | Voting | 40000000 | 40000000 | 33655258 | 100 | 0 | 2 | 0 | 4 | 0 | ||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 33117 | 2017 | 964000000 | 50000000 | 45000000 | 26210958 | 90 | 10 | 2 | 0 | 3 | 0 | |||||||||||||||||||||
One Rock | One Rock Capital Partners III | 10 | 2010 | 3 | BO | 2020 | 2017 | 75000000 | 75000000 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||||||
Parthenon | Parthenon Investors VI | 21 | 1998 | 6 | BO | 2019 | 1800000000 | 50000000 | 45000000 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 4218 | 2017 | 5000000000 | 55000000 | 55000000 | 4159147 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 62116 | 2016 | 640000000 | Voting | 60000000 | 60000000 | 70001780 | 100 | 0 | 2 | 0 | 9 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 32318 | 2018 | 1322000000 | Voting | 70000000 | 70000000 | 48144842 | 100 | 0 | 3 | 0 | 6 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | 42619 | 2000000000 | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | 21419 | 1000000000 | Voting | 50000000 | 50000000 | 17469665 | 90 | 10 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 112515 | 2015 | 1939000000 | 50000000 | 47000000 | 36050169 | 60 | 40 | 1 | 1 | 3 | 2 | |||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 111615 | 2014 | 309000000 | Voting | 50000000 | 50000000 | 54401398 | 85 | 15 | 2 | 0 | 6 | 1 | ||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 112018 | 2019 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 6818 | 2018 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 123115 | 2014 | 3500000000 | 75000000 | 75000000 | 53260061 | 60 | 40 | 2 | 1 | 4 | 3 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 8918 | 2018 | 3000000000 | 50000000 | 25000000 | 3801703 | 60 | 40 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 62116 | 2014 | 280000000 | Voting | 50000000 | 50000000 | 64293595 | 90 | 10 | 2 | 0 | 7 | 1 | ||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 12818 | 2014 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
2819243965 | |||||||||||||||||||||||||||||||||||||||
2750000000 | |||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
1939000000 | |||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||
375000000 | |||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||||||||||||||||||||||||||||||
TMRS (AUM) | $ 29264820023 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE Target () | 500 | |||||||||||||||||||||||||||||||||||
PE Target ($) | $ 1463241001 | |||||||||||||||||||||||||||||||||||
PE Commitments ($) | $ 2585100000 | |||||||||||||||||||||||||||||||||||
PE NAV ($) | $ 799910286 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE NAV () | 273 | |||||||||||||||||||||||||||||||||||
Un-Allocated () | -7667 | |||||||||||||||||||||||||||||||||||
BAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | 4000000000 | 65000000 | 65000000 | - 0 | 80 | 20 | 80 | 20 | ERRORDIV0 | ERRORDIV0 |
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 | 1226 | 2166 | |||||||
2016 | 394750000 | 1527 | 2698 | |||||||
2017 | 436750000 | 1689 | 2985 | |||||||
2018 | 481600000 | 1863 | 3291 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 6306 | 11140 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 784 | 825 | 1385 | |||||
International | 216 | 175 | 382 | |||||
Un-Allocated | -767 | |||||||
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) | 1395350000 | 333780551 | 540 | 417 | 954 | |||||||
GE | GrowthVenture (10 to 40) | 781000000 | 306969590 | 302 | 384 | 534 | |||||||
SS | Special Situations (5 to 35) | 408750000 | 159160145 | 158 | 199 | 279 | |||||||
Un-Allocated | -767 | ||||||||||||
Total | 2585100000 | 799910286 | 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 | 450 | ||||||
GrowthVenture | 00 | 833 | 00 | 750 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 3300 | ||||||
GrowthVenture | 0 | 833 | 833 | 1583 | 1583 | ||||||
Special Situations | 0 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 450 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
3683 | |||||||||||
07015873016 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 00 | 00 | 00 | ||||||
GrowthVenture | 333 | 1000 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 750 | 2250 | 2250 | 2250 | 2250 | ||||||
GrowthVenture | 333 | 1333 | 1333 | 1333 | 1333 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
80006709754 | 321081669 | ||||||||||
80006709754 | 321081669 | ||||||||||
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 02 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 03 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 04 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 05 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 06 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 07 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 08 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 09 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 10 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 11 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 12 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 13 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 14 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 15 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 16 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 17 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 18 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 19 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 20 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 01 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 02 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 03 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 04 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 05 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 06 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 07 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 08 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 09 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 10 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 01 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 02 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 03 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 04 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 05 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 06 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 07 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 08 | ERRORREF | ERRORREF | ERRORREF | |||||
UA | -7667 | |||||||
Total | ERRORREF | ERRORREF | ERRORREF | |||||
ERRORREF | ERRORREF | ERRORREF |
Updated | 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 | BO 1 | BO | 116 | 205 | |||||||||||||
X | Altaris | Buy-out | $137500000 | BO 2 | BO | 53 | 94 | |||||||||||||
X | One Rock | Buy-out | $120000000 | BO 3 | BO | 46 | 82 | |||||||||||||
Tritium | Buy-out | $110000000 | BO 4 | BO | 43 | 75 | ||||||||||||||
Searchlight | Buy-out | $97000000 | BO 5 | BO | 38 | 66 | ||||||||||||||
Marlin | Buy-out | $71250000 | BO 6 | BO | 28 | 49 | ||||||||||||||
Northlane | Buy-out | $60000000 | BO 7 | BO | 23 | 41 | ||||||||||||||
Capital Partners | Buy-out | $58000000 | BO 8 | BO | 22 | 40 | ||||||||||||||
Providence | Buy-out | $55000000 | BO 9 | BO | 21 | 38 | ||||||||||||||
Dunes Point | Buy-out | $50000000 | BO 10 | BO | 19 | 34 | ||||||||||||||
GTCR | Buy-out | $50000000 | BO 11 | BO | 19 | 34 | ||||||||||||||
Reverence | Buy-out | $50000000 | BO 12 | BO | 19 | 34 | ||||||||||||||
Arcline | Buy-out | $50000000 | BO 13 | BO | 19 | 34 | ||||||||||||||
CapVest | Buy-out | $46600000 | BO 14 | BO | 18 | 32 | ||||||||||||||
Parthenon | Buy-out | $45000000 | BO 15 | BO | ||||||||||||||||
Incline | Buy-out | $40000000 | BO 16 | BO | 15 | 27 | ||||||||||||||
Kainos | Buy-out | $35000000 | BO 17 | BO | 14 | 24 | ||||||||||||||
Harvest | Buy-out | $20000000 | BO 18 | BO | 08 | 14 | ||||||||||||||
PSG | Venture Growth | $180000000 | GE 1 | GE | 70 | 123 | ||||||||||||||
Foundry | Venture Growth | $175000000 | GE 2 | GE | 68 | 120 | ||||||||||||||
Updata | Venture Growth | $125000000 | GE 3 | GE | 48 | 85 | ||||||||||||||
FTV | Venture Growth | $121000000 | GE 4 | GE | 47 | 83 | ||||||||||||||
X | Insight | Venture Growth | $100000000 | |||||||||||||||||
Main Post | Venture Growth | $40000000 | GE 5 | GE | 15 | 27 | ||||||||||||||
Mercato | Venture Growth | $40000000 | GE 6 | GE | 15 | 27 | ||||||||||||||
TSSP | Special Situations | $150000000 | SS 1 | SS | 58 | 103 | ||||||||||||||
GSO | Special Situations | $93750000 | SS 2 | SS | 36 | 64 | ||||||||||||||
Carlyle | Special Situations | $65000000 | SS 3 | SS | 25 | 44 | ||||||||||||||
HIG Bayside | Special Situations | $60000000 | SS 4 | SS | 23 | 41 | ||||||||||||||
LightBay | Special Situations | $40000000 | SS 5 | SS | 15 | 27 | ||||||||||||||
Total | $2585100000 | $0 | 9439 | 16676 | ||||||||||||||||
CHECK | CHECK | |||||||||||||||||||
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Closing Date | Vintage Year | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | Omni NAV as of 10312019 ($) | 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 | ||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 240000000 | Voting | 12500000 | 12500000 | 4838617 | 75 | 25 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 1080000000 | Voting | 50000000 | 50000000 | 27524419 | 75 | 25 | 1 | 0 | 3 | 1 | ||||||||||||||||||||
Altaris | Altaris Health Partners V | 17 | 2003 | 5 | BO | 2020 | 2018 | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | 31119 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 72017 | 2018 | 600000000 | Voting | 70000000 | 58000000 | 15451080 | 100 | 0 | 2 | 0 | 2 | 0 | ||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 62918 | 2018 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 122215 | 2015 | 2819281339 | Voting | 65000000 | 65000000 | 30476347 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 113017 | 2018 | 535000000 | Voting | 50000000 | 50000000 | 10655698 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 5118 | 2018 | 750000000 | 45000000 | 45000000 | 8935029 | 90 | 10 | 2 | 0 | 1 | 0 | |||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | 4119 | 100000000 | 100000000 | 100000000 | 6337986 | 90 | 10 | 3 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 6616 | 2016 | 489690722 | 35000000 | 30000000 | 28353444 | 100 | 0 | 1 | 0 | 4 | 0 | |||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 91516 | 2017 | 867000000 | Voting | 50000000 | 46000000 | 43482202 | 75 | 25 | 1 | 0 | 4 | 1 | ||||||||||||||||||||
FTV | FTV VI | 21 | 1998 | 5 | GE | 2019 | 2017 | 1250000000 | Voting | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||
GSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 7116 | 2016 | 6500000000 | 75000000 | 75000000 | 36916611 | 80 | 20 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
GSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 112116 | 2016 | 2000000000 | 18750000 | 18750000 | 6986476 | 80 | 20 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 92917 | 2018 | 5250000000 | 75000000 | 50000000 | 12166313 | 75 | 25 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
HIG Bayside | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2516 | 2015 | 933375000 | 60000000 | 60000000 | 22204325 | 75 | 25 | 2 | 1 | 2 | 1 | |||||||||||||||||||||
HIG SPF | HIG Capital - TMRS Capella SMA | 25 | 1993 | NA | BO | 2018 | 101518 | 100000000 | 100000000 | 100000000 | 26121909 | 60 | 40 | 2 | 2 | 2 | 1 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 10118 | 2018 | 1115000000 | 200000000 | 200000000 | 6677055 | 60 | 40 | 5 | 3 | 1 | 0 | |||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 121515 | 2016 | 2200000000 | 50000000 | 20000000 | 17482770 | 80 | 20 | 1 | 0 | 2 | 0 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 121616 | 2017 | 601000000 | 50000000 | 40000000 | 22726805 | 80 | 20 | 1 | 0 | 2 | 1 | |||||||||||||||||||||
Insight | Insight Partners XI | 25 | 1995 | 11 | GE | 2020 | 100000000 | 100000000 | 75 | 25 | 3 | 1 | 0 | 0 | |||||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 82516 | 2016 | 895000000 | Observer | 50000000 | 35000000 | 24247438 | 75 | 25 | 1 | 0 | 2 | 1 | ||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 122217 | 2018 | 615000000 | Voting | 50000000 | 40000000 | 5514622 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 11718 | 2019 | 700000000 | Voting | 50000000 | 40000000 | 3765454 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 31017 | 2018 | 2500000000 | 60000000 | 57000000 | 19504557 | 80 | 20 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 31017 | 2017 | 750000000 | 15000000 | 14250000 | 8092552 | 75 | 25 | 0 | 0 | 1 | 0 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 52516 | 2015 | 246000000 | Voting | 40000000 | 40000000 | 33655258 | 100 | 0 | 2 | 0 | 4 | 0 | ||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 33117 | 2017 | 964000000 | 50000000 | 45000000 | 26210958 | 90 | 10 | 2 | 0 | 3 | 0 | |||||||||||||||||||||
One Rock | One Rock Capital Partners III | 10 | 2010 | 3 | BO | 2020 | 2017 | 75000000 | 75000000 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||||||
Parthenon | Parthenon Investors VI | 21 | 1998 | 6 | BO | 2019 | 1800000000 | 50000000 | 45000000 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 4218 | 2017 | 5000000000 | 55000000 | 55000000 | 4159147 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 62116 | 2016 | 640000000 | Voting | 60000000 | 60000000 | 70001780 | 100 | 0 | 2 | 0 | 9 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 32318 | 2018 | 1322000000 | Voting | 70000000 | 70000000 | 48144842 | 100 | 0 | 3 | 0 | 6 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | 42619 | 2000000000 | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | 21419 | 1000000000 | Voting | 50000000 | 50000000 | 17469665 | 90 | 10 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 112515 | 2015 | 1939000000 | 50000000 | 47000000 | 36050169 | 60 | 40 | 1 | 1 | 3 | 2 | |||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 111615 | 2014 | 309000000 | Voting | 50000000 | 50000000 | 54401398 | 85 | 15 | 2 | 0 | 6 | 1 | ||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 112018 | 2019 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 6818 | 2018 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 123115 | 2014 | 3500000000 | 75000000 | 75000000 | 53260061 | 60 | 40 | 2 | 1 | 4 | 3 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 8918 | 2018 | 3000000000 | 50000000 | 25000000 | 3801703 | 60 | 40 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 62116 | 2014 | 280000000 | Voting | 50000000 | 50000000 | 64293595 | 90 | 10 | 2 | 0 | 7 | 1 | ||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 12818 | 2014 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
2819243965 | |||||||||||||||||||||||||||||||||||||||
2750000000 | |||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
1939000000 | |||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||
375000000 | |||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||||||||||||||||||||||||||||||
TMRS (AUM) | $ 29264820023 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE Target () | 500 | |||||||||||||||||||||||||||||||||||
PE Target ($) | $ 1463241001 | |||||||||||||||||||||||||||||||||||
PE Commitments ($) | $ 2585100000 | |||||||||||||||||||||||||||||||||||
PE NAV ($) | $ 799910286 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE NAV () | 273 | |||||||||||||||||||||||||||||||||||
Un-Allocated () | -7667 | |||||||||||||||||||||||||||||||||||
BAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | 4000000000 | 65000000 | 65000000 | - 0 | 80 | 20 | 80 | 20 | ERRORDIV0 | ERRORDIV0 |
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 | 1226 | 2166 | |||||||
2016 | 394750000 | 1527 | 2698 | |||||||
2017 | 436750000 | 1689 | 2985 | |||||||
2018 | 481600000 | 1863 | 3291 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 6306 | 11140 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 784 | 825 | 1385 | |||||
International | 216 | 175 | 382 | |||||
Un-Allocated | -767 | |||||||
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) | 1395350000 | 333780551 | 540 | 417 | 954 | |||||||
GE | GrowthVenture (10 to 40) | 781000000 | 306969590 | 302 | 384 | 534 | |||||||
SS | Special Situations (5 to 35) | 408750000 | 159160145 | 158 | 199 | 279 | |||||||
Un-Allocated | -767 | ||||||||||||
Total | 2585100000 | 799910286 | 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 | 450 | ||||||
GrowthVenture | 00 | 833 | 00 | 750 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 3300 | ||||||
GrowthVenture | 0 | 833 | 833 | 1583 | 1583 | ||||||
Special Situations | 0 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 450 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
3683 | |||||||||||
07015873016 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 00 | 00 | 00 | ||||||
GrowthVenture | 333 | 1000 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 750 | 2250 | 2250 | 2250 | 2250 | ||||||
GrowthVenture | 333 | 1333 | 1333 | 1333 | 1333 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
80006709754 | 321081669 | ||||||||||
80006709754 | 321081669 | ||||||||||
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 02 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 03 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 04 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 05 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 06 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 07 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 08 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 09 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 10 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 11 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 12 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 13 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 14 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 15 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 16 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 17 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 18 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 19 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 20 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 01 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 02 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 03 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 04 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 05 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 06 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 07 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 08 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 09 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 10 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 01 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 02 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 03 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 04 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 05 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 06 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 07 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 08 | ERRORREF | ERRORREF | ERRORREF | |||||
UA | -7667 | |||||||
Total | ERRORREF | ERRORREF | ERRORREF | |||||
ERRORREF | ERRORREF | ERRORREF |
Manager | Strategy | Commitment | Portfolio Benchmark | NAV | Short Name | Strategy (Abbrev) | of Commitments to Date | of Target PE Allocation | |||||||||||
One Rock | HIG SPF | Buy-out | $300000000 | Benchmark equals Actual Russell 3000 + 3 (Asset Class Goal) for periods equal to or longer than 5 years | BO 1 | BO | 116 | 205 | |||||||||||
Altaris | One Rock | Buy-out | $120000000 | BO 2 | BO | 46 | 82 | ||||||||||||
Tritium | Altaris | Buy-out | $137500000 | BO 3 | BO | 53 | 94 | ||||||||||||
Searchlight | Tritium | Buy-out | $110000000 | BO 4 | BO | 43 | 75 | ||||||||||||
Marlin | Searchlight | Buy-out | $97000000 | BO 5 | BO | 38 | 66 | ||||||||||||
Northlane | Marlin | Buy-out | $71250000 | BO 6 | BO | 28 | 49 | ||||||||||||
Capital Partners | Northlane | Buy-out | $60000000 | BO 7 | BO | 23 | 41 | ||||||||||||
Providence | Capital Partners | Buy-out | $58000000 | BO 8 | BO | 22 | 40 | ||||||||||||
Dunes Point | Providence | Buy-out | $55000000 | BO 9 | BO | 21 | 38 | ||||||||||||
GTCR | Dunes Point | Buy-out | $50000000 | BO 10 | BO | 19 | 34 | ||||||||||||
Reverence | GTCR | Buy-out | $50000000 | BO 11 | BO | 19 | 34 | ||||||||||||
Arcline | Reverence | Buy-out | $50000000 | BO 12 | BO | 19 | 34 | ||||||||||||
CapVest | Arcline | Buy-out | $50000000 | BO 13 | BO | 19 | 34 | ||||||||||||
Parthenon | CapVest | Buy-out | $46600000 | BO 14 | BO | 18 | 32 | ||||||||||||
Incline | Parthenon | Buy-out | $45000000 | BO 15 | BO | ||||||||||||||
Kainos | Incline | Buy-out | $40000000 | BO 16 | BO | 15 | 27 | ||||||||||||
Harvest | Kainos | Buy-out | $35000000 | BO 17 | BO | 14 | 24 | ||||||||||||
Harvest | Buy-out | $20000000 | BO 18 | BO | 08 | 14 | |||||||||||||
PSG | Venture Growth | $180000000 | GE 1 | GE | 70 | 123 | |||||||||||||
Foundry | Venture Growth | $175000000 | GE 2 | GE | 68 | 120 | |||||||||||||
Updata | Venture Growth | $125000000 | GE 3 | GE | 48 | 85 | |||||||||||||
FTV | Venture Growth | $121000000 | GE 4 | GE | 47 | 83 | |||||||||||||
Insight | Venture Growth | $100000000 | |||||||||||||||||
Main Post | Venture Growth | $40000000 | GE 5 | GE | 15 | 27 | |||||||||||||
Mercato | Venture Growth | $40000000 | GE 6 | GE | 15 | 27 | |||||||||||||
TSSP | Special Situations | $150000000 | SS 1 | SS | 58 | 103 | |||||||||||||
GSO | Special Situations | $93750000 | SS 2 | SS | 36 | 64 | |||||||||||||
Carlyle | Special Situations | $65000000 | SS 3 | SS | 25 | 44 | |||||||||||||
HIG Bayside | Special Situations | $60000000 | SS 4 | SS | 23 | 41 | |||||||||||||
LightBay | Special Situations | $40000000 | SS 5 | SS | 15 | 27 | |||||||||||||
Total | $2585100000 | $0 | 9439 | 16676 | |||||||||||||||
CHECK | CHECK | ||||||||||||||||||
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Closing Date | Vintage Year | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | Omni NAV as of 10312019 ($) | 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 | ||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 240000000 | Voting | 12500000 | 12500000 | 4838617 | 75 | 25 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 1080000000 | Voting | 50000000 | 50000000 | 27524419 | 75 | 25 | 1 | 0 | 3 | 1 | ||||||||||||||||||||
Altaris | Altaris Health Partners V | 17 | 2003 | 5 | BO | 2020 | 2018 | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | 31119 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 72017 | 2018 | 600000000 | Voting | 70000000 | 58000000 | 15451080 | 100 | 0 | 2 | 0 | 2 | 0 | ||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 62918 | 2018 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 122215 | 2015 | 2819281339 | Voting | 65000000 | 65000000 | 30476347 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 113017 | 2018 | 535000000 | Voting | 50000000 | 50000000 | 10655698 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 5118 | 2018 | 750000000 | 45000000 | 45000000 | 8935029 | 90 | 10 | 2 | 0 | 1 | 0 | |||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | 4119 | 100000000 | 100000000 | 100000000 | 6337986 | 90 | 10 | 3 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 6616 | 2016 | 489690722 | 35000000 | 30000000 | 28353444 | 100 | 0 | 1 | 0 | 4 | 0 | |||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 91516 | 2017 | 867000000 | Voting | 50000000 | 46000000 | 43482202 | 75 | 25 | 1 | 0 | 4 | 1 | ||||||||||||||||||||
FTV | FTV VI | 21 | 1998 | 5 | GE | 2019 | 2017 | 1250000000 | Voting | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||
GSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 7116 | 2016 | 6500000000 | 75000000 | 75000000 | 36916611 | 80 | 20 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
GSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 112116 | 2016 | 2000000000 | 18750000 | 18750000 | 6986476 | 80 | 20 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 92917 | 2018 | 5250000000 | 75000000 | 50000000 | 12166313 | 75 | 25 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
HIG Bayside | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2516 | 2015 | 933375000 | 60000000 | 60000000 | 22204325 | 75 | 25 | 2 | 1 | 2 | 1 | |||||||||||||||||||||
HIG SPF | HIG Capital - TMRS Capella SMA | 25 | 1993 | NA | BO | 2018 | 101518 | 100000000 | 100000000 | 100000000 | 26121909 | 60 | 40 | 2 | 2 | 2 | 1 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 10118 | 2018 | 1115000000 | 200000000 | 200000000 | 6677055 | 60 | 40 | 5 | 3 | 1 | 0 | |||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 121515 | 2016 | 2200000000 | 50000000 | 20000000 | 17482770 | 80 | 20 | 1 | 0 | 2 | 0 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 121616 | 2017 | 601000000 | 50000000 | 40000000 | 22726805 | 80 | 20 | 1 | 0 | 2 | 1 | |||||||||||||||||||||
Insight | Insight Partners XI | 25 | 1995 | 11 | GE | 2020 | 100000000 | 100000000 | 75 | 25 | 3 | 1 | 0 | 0 | |||||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 82516 | 2016 | 895000000 | Observer | 50000000 | 35000000 | 24247438 | 75 | 25 | 1 | 0 | 2 | 1 | ||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 122217 | 2018 | 615000000 | Voting | 50000000 | 40000000 | 5514622 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 11718 | 2019 | 700000000 | Voting | 50000000 | 40000000 | 3765454 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 31017 | 2018 | 2500000000 | 60000000 | 57000000 | 19504557 | 80 | 20 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 31017 | 2017 | 750000000 | 15000000 | 14250000 | 8092552 | 75 | 25 | 0 | 0 | 1 | 0 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 52516 | 2015 | 246000000 | Voting | 40000000 | 40000000 | 33655258 | 100 | 0 | 2 | 0 | 4 | 0 | ||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 33117 | 2017 | 964000000 | 50000000 | 45000000 | 26210958 | 90 | 10 | 2 | 0 | 3 | 0 | |||||||||||||||||||||
One Rock | One Rock Capital Partners III | 10 | 2010 | 3 | BO | 2020 | 2017 | 75000000 | 75000000 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||||||
Parthenon | Parthenon Investors VI | 21 | 1998 | 6 | BO | 2019 | 1800000000 | 50000000 | 45000000 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 4218 | 2017 | 5000000000 | 55000000 | 55000000 | 4159147 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 62116 | 2016 | 640000000 | Voting | 60000000 | 60000000 | 70001780 | 100 | 0 | 2 | 0 | 9 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 32318 | 2018 | 1322000000 | Voting | 70000000 | 70000000 | 48144842 | 100 | 0 | 3 | 0 | 6 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | 42619 | 2000000000 | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | 21419 | 1000000000 | Voting | 50000000 | 50000000 | 17469665 | 90 | 10 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 112515 | 2015 | 1939000000 | 50000000 | 47000000 | 36050169 | 60 | 40 | 1 | 1 | 3 | 2 | |||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 111615 | 2014 | 309000000 | Voting | 50000000 | 50000000 | 54401398 | 85 | 15 | 2 | 0 | 6 | 1 | ||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 112018 | 2019 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 6818 | 2018 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 123115 | 2014 | 3500000000 | 75000000 | 75000000 | 53260061 | 60 | 40 | 2 | 1 | 4 | 3 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 8918 | 2018 | 3000000000 | 50000000 | 25000000 | 3801703 | 60 | 40 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 62116 | 2014 | 280000000 | Voting | 50000000 | 50000000 | 64293595 | 90 | 10 | 2 | 0 | 7 | 1 | ||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 12818 | 2014 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
2819243965 | |||||||||||||||||||||||||||||||||||||||
2750000000 | |||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
1939000000 | |||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||
375000000 | |||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||||||||||||||||||||||||||||||
TMRS (AUM) | $ 29264820023 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE Target () | 500 | |||||||||||||||||||||||||||||||||||
PE Target ($) | $ 1463241001 | |||||||||||||||||||||||||||||||||||
PE Commitments ($) | $ 2585100000 | |||||||||||||||||||||||||||||||||||
PE NAV ($) | $ 799910286 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE NAV () | 273 | |||||||||||||||||||||||||||||||||||
Un-Allocated () | -7667 | |||||||||||||||||||||||||||||||||||
BAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | 4000000000 | 65000000 | 65000000 | - 0 | 80 | 20 | 80 | 20 | ERRORDIV0 | ERRORDIV0 |
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 BO 18GE 1 GE 2GE 3 GE 4
GE 5GE 6 SS 1SS 2 SS 3SS 4 SS 5
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001375000001200000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053976635333255962030211597230281229015811767436462806
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001375000001200000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082531977105091459017468022894908541
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)041727248225964858038375502281000567019897249493034577
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285330GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333431583333333333333415833333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663156666666666666638166666666666662936666666666666629
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
784
216
Private Equity Geographic Diversification by Commitment
USA
International
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053976635333255962030211597230281229015811767436462806
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001375000001200000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082531977105091459017468022894908541
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)041727248225964858038375502281000567019897249493034577
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285330GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333431583333333333333415833333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663156666666666666638166666666666662936666666666666629
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 Altaris V$75 million Recommendation
Altaris Capital Partners (ldquoAltarisrdquo) is a New York-based investment firm thatfocuses exclusively on the healthcare industry specifically pharmaceuticalmedical device and diagnostics provider services and payorsinsurancebusinesses across North America and Western Europe Altaris HealthPartners V LP (ldquoFund Vrdquo) is targeting $25 billion and will seekopportunities where they can invest between $100 million to $500 millionThe Firm is flexible with the transaction type as well making control andnon-control investments into carve-outs break-ups corporate partnershipsldquotake-privatesrdquo and familyfounder-owned companies Post-investment theFirm will leverage their Operating Network to improve and grow theunderlying businesses in addition to pursuing add-on acquisitions Altariswill continue to execute a strategy similar to those employed in the priorfunds
14
Top Candidate Characteristics ndash One Rock III$75 million Recommendation
One Rock Capital Partners (ldquoOne Rockrdquo) is a New York-based buy-out firmfounded in 2010 by Tony Lee and Scott Spielvogel that focuses on value-oriented control stakes in complex middle-market businesses within sub-sectors of the ldquoold economyrdquo One Rock Capital Partners III LP (One RockIII) is targeting $15 billion to make equity investments ranging from $50million to $200 million where they can improve the operations andstrategically reposition their business units while leveraging their OperatingPartner network and their strategic partnership with the MitsubishiCorporation The Firm will continue to execute the same strategy employedin their prior funds and during their tenure with Ripplewood Holdings
15
Top Candidate Characteristics ndash Insight XI$100 million Recommendation
Insight Partners (ldquoInsightrdquo) is a New York-based private equity firm thatfocuses on small-to-mid cap growth-stage software software-enabledservices and Internet businesses with the potential for recurring revenuegrowth Insight seeks to execute both minority and majority investmentsalongside the assistance of Insight Onsite an in-house consulting groupcomprised of over forty-five dedicated software experts With over twentyyears of industry expertise and consistent returns Insight has become one ofthe most tenured software investors in private equity Insight Partners XILP (Insight XI) is targeting $725 billion to make equity investmentsranging from $10 million to $250 million The Firm will continue to executethe same strategy employed in their prior funds
Section V
16
17
Recommendation
TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the following funds
Recommendation Altaris Health Partners Fund V LP $75 million One Rock Capital Partners III LP $75 million Insight Partners XI LP $100 million
18
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1226 | 2166 | |||||||
2016 | 394750000 | 1527 | 2698 | |||||||
2017 | 436750000 | 1689 | 2985 | |||||||
2018 | 481600000 | 1863 | 3291 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 6306 | 11140 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 784 | 825 | 1385 | |||||
International | 216 | 175 | 382 | |||||
Un-Allocated | -767 | |||||||
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) | 1395350000 | 333780551 | 540 | 417 | 954 | |||||||
GE | GrowthVenture (10 to 40) | 781000000 | 306969590 | 302 | 384 | 534 | |||||||
SS | Special Situations (5 to 35) | 408750000 | 159160145 | 158 | 199 | 279 | |||||||
Un-Allocated | -767 | ||||||||||||
Total | 2585100000 | 799910286 | 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 | 450 | ||||||
GrowthVenture | 00 | 833 | 00 | 750 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 3300 | ||||||
GrowthVenture | 0 | 833 | 833 | 1583 | 1583 | ||||||
Special Situations | 0 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 450 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
3683 | |||||||||||
07015873016 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 00 | 00 | 00 | ||||||
GrowthVenture | 333 | 1000 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 750 | 2250 | 2250 | 2250 | 2250 | ||||||
GrowthVenture | 333 | 1333 | 1333 | 1333 | 1333 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
80006709754 | 321081669 | ||||||||||
80006709754 | 321081669 | ||||||||||
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 02 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 03 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 04 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 05 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 06 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 07 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 08 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 09 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 10 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 11 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 12 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 13 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 14 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 15 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 16 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 17 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 18 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 19 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 20 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 01 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 02 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 03 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 04 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 05 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 06 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 07 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 08 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 09 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 10 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 01 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 02 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 03 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 04 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 05 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 06 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 07 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 08 | ERRORREF | ERRORREF | ERRORREF | |||||
UA | -7667 | |||||||
Total | ERRORREF | ERRORREF | ERRORREF | |||||
ERRORREF | ERRORREF | ERRORREF |
Updated | 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 | BO 1 | BO | 116 | 205 | |||||||||||||
X | Altaris | Buy-out | $137500000 | BO 2 | BO | 53 | 94 | |||||||||||||
X | One Rock | Buy-out | $120000000 | BO 3 | BO | 46 | 82 | |||||||||||||
Tritium | Buy-out | $110000000 | BO 4 | BO | 43 | 75 | ||||||||||||||
Searchlight | Buy-out | $97000000 | BO 5 | BO | 38 | 66 | ||||||||||||||
Marlin | Buy-out | $71250000 | BO 6 | BO | 28 | 49 | ||||||||||||||
Northlane | Buy-out | $60000000 | BO 7 | BO | 23 | 41 | ||||||||||||||
Capital Partners | Buy-out | $58000000 | BO 8 | BO | 22 | 40 | ||||||||||||||
Providence | Buy-out | $55000000 | BO 9 | BO | 21 | 38 | ||||||||||||||
Dunes Point | Buy-out | $50000000 | BO 10 | BO | 19 | 34 | ||||||||||||||
GTCR | Buy-out | $50000000 | BO 11 | BO | 19 | 34 | ||||||||||||||
Reverence | Buy-out | $50000000 | BO 12 | BO | 19 | 34 | ||||||||||||||
Arcline | Buy-out | $50000000 | BO 13 | BO | 19 | 34 | ||||||||||||||
CapVest | Buy-out | $46600000 | BO 14 | BO | 18 | 32 | ||||||||||||||
Parthenon | Buy-out | $45000000 | BO 15 | BO | ||||||||||||||||
Incline | Buy-out | $40000000 | BO 16 | BO | 15 | 27 | ||||||||||||||
Kainos | Buy-out | $35000000 | BO 17 | BO | 14 | 24 | ||||||||||||||
Harvest | Buy-out | $20000000 | BO 18 | BO | 08 | 14 | ||||||||||||||
PSG | Venture Growth | $180000000 | GE 1 | GE | 70 | 123 | ||||||||||||||
Foundry | Venture Growth | $175000000 | GE 2 | GE | 68 | 120 | ||||||||||||||
Updata | Venture Growth | $125000000 | GE 3 | GE | 48 | 85 | ||||||||||||||
FTV | Venture Growth | $121000000 | GE 4 | GE | 47 | 83 | ||||||||||||||
X | Insight | Venture Growth | $100000000 | |||||||||||||||||
Main Post | Venture Growth | $40000000 | GE 5 | GE | 15 | 27 | ||||||||||||||
Mercato | Venture Growth | $40000000 | GE 6 | GE | 15 | 27 | ||||||||||||||
TSSP | Special Situations | $150000000 | SS 1 | SS | 58 | 103 | ||||||||||||||
GSO | Special Situations | $93750000 | SS 2 | SS | 36 | 64 | ||||||||||||||
Carlyle | Special Situations | $65000000 | SS 3 | SS | 25 | 44 | ||||||||||||||
HIG Bayside | Special Situations | $60000000 | SS 4 | SS | 23 | 41 | ||||||||||||||
LightBay | Special Situations | $40000000 | SS 5 | SS | 15 | 27 | ||||||||||||||
Total | $2585100000 | $0 | 9439 | 16676 | ||||||||||||||||
CHECK | CHECK | |||||||||||||||||||
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Closing Date | Vintage Year | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | Omni NAV as of 10312019 ($) | 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 | ||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 240000000 | Voting | 12500000 | 12500000 | 4838617 | 75 | 25 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 1080000000 | Voting | 50000000 | 50000000 | 27524419 | 75 | 25 | 1 | 0 | 3 | 1 | ||||||||||||||||||||
Altaris | Altaris Health Partners V | 17 | 2003 | 5 | BO | 2020 | 2018 | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | 31119 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 72017 | 2018 | 600000000 | Voting | 70000000 | 58000000 | 15451080 | 100 | 0 | 2 | 0 | 2 | 0 | ||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 62918 | 2018 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 122215 | 2015 | 2819281339 | Voting | 65000000 | 65000000 | 30476347 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 113017 | 2018 | 535000000 | Voting | 50000000 | 50000000 | 10655698 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 5118 | 2018 | 750000000 | 45000000 | 45000000 | 8935029 | 90 | 10 | 2 | 0 | 1 | 0 | |||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | 4119 | 100000000 | 100000000 | 100000000 | 6337986 | 90 | 10 | 3 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 6616 | 2016 | 489690722 | 35000000 | 30000000 | 28353444 | 100 | 0 | 1 | 0 | 4 | 0 | |||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 91516 | 2017 | 867000000 | Voting | 50000000 | 46000000 | 43482202 | 75 | 25 | 1 | 0 | 4 | 1 | ||||||||||||||||||||
FTV | FTV VI | 21 | 1998 | 5 | GE | 2019 | 2017 | 1250000000 | Voting | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||
GSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 7116 | 2016 | 6500000000 | 75000000 | 75000000 | 36916611 | 80 | 20 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
GSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 112116 | 2016 | 2000000000 | 18750000 | 18750000 | 6986476 | 80 | 20 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 92917 | 2018 | 5250000000 | 75000000 | 50000000 | 12166313 | 75 | 25 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
HIG Bayside | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2516 | 2015 | 933375000 | 60000000 | 60000000 | 22204325 | 75 | 25 | 2 | 1 | 2 | 1 | |||||||||||||||||||||
HIG SPF | HIG Capital - TMRS Capella SMA | 25 | 1993 | NA | BO | 2018 | 101518 | 100000000 | 100000000 | 100000000 | 26121909 | 60 | 40 | 2 | 2 | 2 | 1 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 10118 | 2018 | 1115000000 | 200000000 | 200000000 | 6677055 | 60 | 40 | 5 | 3 | 1 | 0 | |||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 121515 | 2016 | 2200000000 | 50000000 | 20000000 | 17482770 | 80 | 20 | 1 | 0 | 2 | 0 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 121616 | 2017 | 601000000 | 50000000 | 40000000 | 22726805 | 80 | 20 | 1 | 0 | 2 | 1 | |||||||||||||||||||||
Insight | Insight Partners XI | 25 | 1995 | 11 | GE | 2020 | 100000000 | 100000000 | 75 | 25 | 3 | 1 | 0 | 0 | |||||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 82516 | 2016 | 895000000 | Observer | 50000000 | 35000000 | 24247438 | 75 | 25 | 1 | 0 | 2 | 1 | ||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 122217 | 2018 | 615000000 | Voting | 50000000 | 40000000 | 5514622 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 11718 | 2019 | 700000000 | Voting | 50000000 | 40000000 | 3765454 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 31017 | 2018 | 2500000000 | 60000000 | 57000000 | 19504557 | 80 | 20 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 31017 | 2017 | 750000000 | 15000000 | 14250000 | 8092552 | 75 | 25 | 0 | 0 | 1 | 0 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 52516 | 2015 | 246000000 | Voting | 40000000 | 40000000 | 33655258 | 100 | 0 | 2 | 0 | 4 | 0 | ||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 33117 | 2017 | 964000000 | 50000000 | 45000000 | 26210958 | 90 | 10 | 2 | 0 | 3 | 0 | |||||||||||||||||||||
One Rock | One Rock Capital Partners III | 10 | 2010 | 3 | BO | 2020 | 2017 | 75000000 | 75000000 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||||||
Parthenon | Parthenon Investors VI | 21 | 1998 | 6 | BO | 2019 | 1800000000 | 50000000 | 45000000 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 4218 | 2017 | 5000000000 | 55000000 | 55000000 | 4159147 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 62116 | 2016 | 640000000 | Voting | 60000000 | 60000000 | 70001780 | 100 | 0 | 2 | 0 | 9 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 32318 | 2018 | 1322000000 | Voting | 70000000 | 70000000 | 48144842 | 100 | 0 | 3 | 0 | 6 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | 42619 | 2000000000 | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | 21419 | 1000000000 | Voting | 50000000 | 50000000 | 17469665 | 90 | 10 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 112515 | 2015 | 1939000000 | 50000000 | 47000000 | 36050169 | 60 | 40 | 1 | 1 | 3 | 2 | |||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 111615 | 2014 | 309000000 | Voting | 50000000 | 50000000 | 54401398 | 85 | 15 | 2 | 0 | 6 | 1 | ||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 112018 | 2019 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 6818 | 2018 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 123115 | 2014 | 3500000000 | 75000000 | 75000000 | 53260061 | 60 | 40 | 2 | 1 | 4 | 3 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 8918 | 2018 | 3000000000 | 50000000 | 25000000 | 3801703 | 60 | 40 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 62116 | 2014 | 280000000 | Voting | 50000000 | 50000000 | 64293595 | 90 | 10 | 2 | 0 | 7 | 1 | ||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 12818 | 2014 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
2819243965 | |||||||||||||||||||||||||||||||||||||||
2750000000 | |||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
1939000000 | |||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||
375000000 | |||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||||||||||||||||||||||||||||||
TMRS (AUM) | $ 29264820023 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE Target () | 500 | |||||||||||||||||||||||||||||||||||
PE Target ($) | $ 1463241001 | |||||||||||||||||||||||||||||||||||
PE Commitments ($) | $ 2585100000 | |||||||||||||||||||||||||||||||||||
PE NAV ($) | $ 799910286 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE NAV () | 273 | |||||||||||||||||||||||||||||||||||
Un-Allocated () | -7667 | |||||||||||||||||||||||||||||||||||
BAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | 4000000000 | 65000000 | 65000000 | - 0 | 80 | 20 | 80 | 20 | ERRORDIV0 | ERRORDIV0 |
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 | 1226 | 2166 | |||||||
2016 | 394750000 | 1527 | 2698 | |||||||
2017 | 436750000 | 1689 | 2985 | |||||||
2018 | 481600000 | 1863 | 3291 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 6306 | 11140 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 784 | 825 | 1385 | |||||
International | 216 | 175 | 382 | |||||
Un-Allocated | -767 | |||||||
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) | 1395350000 | 333780551 | 540 | 417 | 954 | |||||||
GE | GrowthVenture (10 to 40) | 781000000 | 306969590 | 302 | 384 | 534 | |||||||
SS | Special Situations (5 to 35) | 408750000 | 159160145 | 158 | 199 | 279 | |||||||
Un-Allocated | -767 | ||||||||||||
Total | 2585100000 | 799910286 | 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 | 450 | ||||||
GrowthVenture | 00 | 833 | 00 | 750 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 3300 | ||||||
GrowthVenture | 0 | 833 | 833 | 1583 | 1583 | ||||||
Special Situations | 0 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 450 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
3683 | |||||||||||
07015873016 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 00 | 00 | 00 | ||||||
GrowthVenture | 333 | 1000 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 750 | 2250 | 2250 | 2250 | 2250 | ||||||
GrowthVenture | 333 | 1333 | 1333 | 1333 | 1333 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
80006709754 | 321081669 | ||||||||||
80006709754 | 321081669 | ||||||||||
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 02 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 03 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 04 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 05 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 06 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 07 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 08 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 09 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 10 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 11 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 12 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 13 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 14 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 15 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 16 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 17 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 18 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 19 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 20 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 01 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 02 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 03 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 04 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 05 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 06 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 07 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 08 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 09 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 10 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 01 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 02 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 03 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 04 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 05 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 06 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 07 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 08 | ERRORREF | ERRORREF | ERRORREF | |||||
UA | -7667 | |||||||
Total | ERRORREF | ERRORREF | ERRORREF | |||||
ERRORREF | ERRORREF | ERRORREF |
Updated | 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 | BO 1 | BO | 116 | 205 | |||||||||||||
X | Altaris | Buy-out | $137500000 | BO 2 | BO | 53 | 94 | |||||||||||||
X | One Rock | Buy-out | $120000000 | BO 3 | BO | 46 | 82 | |||||||||||||
Tritium | Buy-out | $110000000 | BO 4 | BO | 43 | 75 | ||||||||||||||
Searchlight | Buy-out | $97000000 | BO 5 | BO | 38 | 66 | ||||||||||||||
Marlin | Buy-out | $71250000 | BO 6 | BO | 28 | 49 | ||||||||||||||
Northlane | Buy-out | $60000000 | BO 7 | BO | 23 | 41 | ||||||||||||||
Capital Partners | Buy-out | $58000000 | BO 8 | BO | 22 | 40 | ||||||||||||||
Providence | Buy-out | $55000000 | BO 9 | BO | 21 | 38 | ||||||||||||||
Dunes Point | Buy-out | $50000000 | BO 10 | BO | 19 | 34 | ||||||||||||||
GTCR | Buy-out | $50000000 | BO 11 | BO | 19 | 34 | ||||||||||||||
Reverence | Buy-out | $50000000 | BO 12 | BO | 19 | 34 | ||||||||||||||
Arcline | Buy-out | $50000000 | BO 13 | BO | 19 | 34 | ||||||||||||||
CapVest | Buy-out | $46600000 | BO 14 | BO | 18 | 32 | ||||||||||||||
Parthenon | Buy-out | $45000000 | BO 15 | BO | ||||||||||||||||
Incline | Buy-out | $40000000 | BO 16 | BO | 15 | 27 | ||||||||||||||
Kainos | Buy-out | $35000000 | BO 17 | BO | 14 | 24 | ||||||||||||||
Harvest | Buy-out | $20000000 | BO 18 | BO | 08 | 14 | ||||||||||||||
PSG | Venture Growth | $180000000 | GE 1 | GE | 70 | 123 | ||||||||||||||
Foundry | Venture Growth | $175000000 | GE 2 | GE | 68 | 120 | ||||||||||||||
Updata | Venture Growth | $125000000 | GE 3 | GE | 48 | 85 | ||||||||||||||
FTV | Venture Growth | $121000000 | GE 4 | GE | 47 | 83 | ||||||||||||||
X | Insight | Venture Growth | $100000000 | |||||||||||||||||
Main Post | Venture Growth | $40000000 | GE 5 | GE | 15 | 27 | ||||||||||||||
Mercato | Venture Growth | $40000000 | GE 6 | GE | 15 | 27 | ||||||||||||||
TSSP | Special Situations | $150000000 | SS 1 | SS | 58 | 103 | ||||||||||||||
GSO | Special Situations | $93750000 | SS 2 | SS | 36 | 64 | ||||||||||||||
Carlyle | Special Situations | $65000000 | SS 3 | SS | 25 | 44 | ||||||||||||||
HIG Bayside | Special Situations | $60000000 | SS 4 | SS | 23 | 41 | ||||||||||||||
LightBay | Special Situations | $40000000 | SS 5 | SS | 15 | 27 | ||||||||||||||
Total | $2585100000 | $0 | 9439 | 16676 | ||||||||||||||||
CHECK | CHECK | |||||||||||||||||||
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Closing Date | Vintage Year | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | Omni NAV as of 10312019 ($) | 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 | ||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 240000000 | Voting | 12500000 | 12500000 | 4838617 | 75 | 25 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 1080000000 | Voting | 50000000 | 50000000 | 27524419 | 75 | 25 | 1 | 0 | 3 | 1 | ||||||||||||||||||||
Altaris | Altaris Health Partners V | 17 | 2003 | 5 | BO | 2020 | 2018 | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | 31119 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 72017 | 2018 | 600000000 | Voting | 70000000 | 58000000 | 15451080 | 100 | 0 | 2 | 0 | 2 | 0 | ||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 62918 | 2018 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 122215 | 2015 | 2819281339 | Voting | 65000000 | 65000000 | 30476347 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 113017 | 2018 | 535000000 | Voting | 50000000 | 50000000 | 10655698 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 5118 | 2018 | 750000000 | 45000000 | 45000000 | 8935029 | 90 | 10 | 2 | 0 | 1 | 0 | |||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | 4119 | 100000000 | 100000000 | 100000000 | 6337986 | 90 | 10 | 3 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 6616 | 2016 | 489690722 | 35000000 | 30000000 | 28353444 | 100 | 0 | 1 | 0 | 4 | 0 | |||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 91516 | 2017 | 867000000 | Voting | 50000000 | 46000000 | 43482202 | 75 | 25 | 1 | 0 | 4 | 1 | ||||||||||||||||||||
FTV | FTV VI | 21 | 1998 | 5 | GE | 2019 | 2017 | 1250000000 | Voting | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||
GSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 7116 | 2016 | 6500000000 | 75000000 | 75000000 | 36916611 | 80 | 20 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
GSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 112116 | 2016 | 2000000000 | 18750000 | 18750000 | 6986476 | 80 | 20 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 92917 | 2018 | 5250000000 | 75000000 | 50000000 | 12166313 | 75 | 25 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
HIG Bayside | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2516 | 2015 | 933375000 | 60000000 | 60000000 | 22204325 | 75 | 25 | 2 | 1 | 2 | 1 | |||||||||||||||||||||
HIG SPF | HIG Capital - TMRS Capella SMA | 25 | 1993 | NA | BO | 2018 | 101518 | 100000000 | 100000000 | 100000000 | 26121909 | 60 | 40 | 2 | 2 | 2 | 1 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 10118 | 2018 | 1115000000 | 200000000 | 200000000 | 6677055 | 60 | 40 | 5 | 3 | 1 | 0 | |||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 121515 | 2016 | 2200000000 | 50000000 | 20000000 | 17482770 | 80 | 20 | 1 | 0 | 2 | 0 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 121616 | 2017 | 601000000 | 50000000 | 40000000 | 22726805 | 80 | 20 | 1 | 0 | 2 | 1 | |||||||||||||||||||||
Insight | Insight Partners XI | 25 | 1995 | 11 | GE | 2020 | 100000000 | 100000000 | 75 | 25 | 3 | 1 | 0 | 0 | |||||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 82516 | 2016 | 895000000 | Observer | 50000000 | 35000000 | 24247438 | 75 | 25 | 1 | 0 | 2 | 1 | ||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 122217 | 2018 | 615000000 | Voting | 50000000 | 40000000 | 5514622 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 11718 | 2019 | 700000000 | Voting | 50000000 | 40000000 | 3765454 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 31017 | 2018 | 2500000000 | 60000000 | 57000000 | 19504557 | 80 | 20 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 31017 | 2017 | 750000000 | 15000000 | 14250000 | 8092552 | 75 | 25 | 0 | 0 | 1 | 0 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 52516 | 2015 | 246000000 | Voting | 40000000 | 40000000 | 33655258 | 100 | 0 | 2 | 0 | 4 | 0 | ||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 33117 | 2017 | 964000000 | 50000000 | 45000000 | 26210958 | 90 | 10 | 2 | 0 | 3 | 0 | |||||||||||||||||||||
One Rock | One Rock Capital Partners III | 10 | 2010 | 3 | BO | 2020 | 2017 | 75000000 | 75000000 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||||||
Parthenon | Parthenon Investors VI | 21 | 1998 | 6 | BO | 2019 | 1800000000 | 50000000 | 45000000 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 4218 | 2017 | 5000000000 | 55000000 | 55000000 | 4159147 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 62116 | 2016 | 640000000 | Voting | 60000000 | 60000000 | 70001780 | 100 | 0 | 2 | 0 | 9 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 32318 | 2018 | 1322000000 | Voting | 70000000 | 70000000 | 48144842 | 100 | 0 | 3 | 0 | 6 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | 42619 | 2000000000 | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | 21419 | 1000000000 | Voting | 50000000 | 50000000 | 17469665 | 90 | 10 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 112515 | 2015 | 1939000000 | 50000000 | 47000000 | 36050169 | 60 | 40 | 1 | 1 | 3 | 2 | |||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 111615 | 2014 | 309000000 | Voting | 50000000 | 50000000 | 54401398 | 85 | 15 | 2 | 0 | 6 | 1 | ||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 112018 | 2019 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 6818 | 2018 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 123115 | 2014 | 3500000000 | 75000000 | 75000000 | 53260061 | 60 | 40 | 2 | 1 | 4 | 3 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 8918 | 2018 | 3000000000 | 50000000 | 25000000 | 3801703 | 60 | 40 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 62116 | 2014 | 280000000 | Voting | 50000000 | 50000000 | 64293595 | 90 | 10 | 2 | 0 | 7 | 1 | ||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 12818 | 2014 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
2819243965 | |||||||||||||||||||||||||||||||||||||||
2750000000 | |||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
1939000000 | |||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||
375000000 | |||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||||||||||||||||||||||||||||||
TMRS (AUM) | $ 29264820023 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE Target () | 500 | |||||||||||||||||||||||||||||||||||
PE Target ($) | $ 1463241001 | |||||||||||||||||||||||||||||||||||
PE Commitments ($) | $ 2585100000 | |||||||||||||||||||||||||||||||||||
PE NAV ($) | $ 799910286 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE NAV () | 273 | |||||||||||||||||||||||||||||||||||
Un-Allocated () | -7667 | |||||||||||||||||||||||||||||||||||
BAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | 4000000000 | 65000000 | 65000000 | - 0 | 80 | 20 | 80 | 20 | ERRORDIV0 | ERRORDIV0 |
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
784
216
Private Equity Geographic Diversification by Commitment
USA
International
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Geographic Diversification by Commitment
USA International078386232640903608021613767359096361
Private Equity Strategy Diversification by Commitment
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)053976635333255962030211597230281229015811767436462806
Private Equity Manager Diversification by Commitment
CommitmentBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 53000000001375000001200000001100000009700000071250000600000005800000055000000500000005000000050000000500000004660000045000000400000003500000020000000180000000175000000125000000121000000100000000400000004000000015000000093750000650000006000000040000000
Private Equity Geographic Diversification by NAV
Geography
USA International082531977105091459017468022894908541
Private Equity Strategy Diversification by NAV
Buy-out (40 to 75)GrowthVenture (10 to 40)Special Situations (5 to 35)041727248225964858038375502281000567019897249493034577
Private Equity Manager Diversification by NAV
NAVBO 1BO 2BO 3BO 4BO 5BO 6BO 7BO 8BO 9BO 10BO 11BO 12BO 13BO 14BO 15BO 16BO 17BO 18GE 1GE 2GE 3GE 4GE 5GE 6SS 1SS 2SS 3SS 4SS 5
2020 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225225225225GrowthVentureBeg YearQ1Q2Q3End Year3333333333333333613333333333333334133333333333333341333333333333333413333333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year7916666666666666354166666666666663541666666666666635416666666666666354166666666666663
of Pacing Plan Utilized
2019 Private Equity Pacing Plan Progress
Buy-outBeg YearQ1Q2Q3End Year75225285285330GrowthVentureBeg YearQ1Q2Q3End Year083333333333333343833333333333333431583333333333333415833333333333334Special Situations Beg YearQ1Q2Q3End Year00000UnallocatedBeg YearQ1Q2Q3End Year45021666666666666663156666666666666638166666666666662936666666666666629
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 Altaris V$75 million Recommendation
Altaris Capital Partners (ldquoAltarisrdquo) is a New York-based investment firm thatfocuses exclusively on the healthcare industry specifically pharmaceuticalmedical device and diagnostics provider services and payorsinsurancebusinesses across North America and Western Europe Altaris HealthPartners V LP (ldquoFund Vrdquo) is targeting $25 billion and will seekopportunities where they can invest between $100 million to $500 millionThe Firm is flexible with the transaction type as well making control andnon-control investments into carve-outs break-ups corporate partnershipsldquotake-privatesrdquo and familyfounder-owned companies Post-investment theFirm will leverage their Operating Network to improve and grow theunderlying businesses in addition to pursuing add-on acquisitions Altariswill continue to execute a strategy similar to those employed in the priorfunds
14
Top Candidate Characteristics ndash One Rock III$75 million Recommendation
One Rock Capital Partners (ldquoOne Rockrdquo) is a New York-based buy-out firmfounded in 2010 by Tony Lee and Scott Spielvogel that focuses on value-oriented control stakes in complex middle-market businesses within sub-sectors of the ldquoold economyrdquo One Rock Capital Partners III LP (One RockIII) is targeting $15 billion to make equity investments ranging from $50million to $200 million where they can improve the operations andstrategically reposition their business units while leveraging their OperatingPartner network and their strategic partnership with the MitsubishiCorporation The Firm will continue to execute the same strategy employedin their prior funds and during their tenure with Ripplewood Holdings
15
Top Candidate Characteristics ndash Insight XI$100 million Recommendation
Insight Partners (ldquoInsightrdquo) is a New York-based private equity firm thatfocuses on small-to-mid cap growth-stage software software-enabledservices and Internet businesses with the potential for recurring revenuegrowth Insight seeks to execute both minority and majority investmentsalongside the assistance of Insight Onsite an in-house consulting groupcomprised of over forty-five dedicated software experts With over twentyyears of industry expertise and consistent returns Insight has become one ofthe most tenured software investors in private equity Insight Partners XILP (Insight XI) is targeting $725 billion to make equity investmentsranging from $10 million to $250 million The Firm will continue to executethe same strategy employed in their prior funds
Section V
16
17
Recommendation
TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the following funds
Recommendation Altaris Health Partners Fund V LP $75 million One Rock Capital Partners III LP $75 million Insight Partners XI LP $100 million
18
Year of Commit | Commitments | of Commitments to Date | of Target PE Allocation | |||||||
2015 | 317000000 | 1226 | 2166 | |||||||
2016 | 394750000 | 1527 | 2698 | |||||||
2017 | 436750000 | 1689 | 2985 | |||||||
2018 | 481600000 | 1863 | 3291 | ltltltTakes into account $75 mm of HIG SPF | ||||||
Total | 1630100000 | 6306 | 11140 | |||||||
CHECK | CHECK | CHECK | ||||||||
Geography | of Commitments to Date | of NAV to Date | of Target PE Allocation | |||||
USA | 784 | 825 | 1385 | |||||
International | 216 | 175 | 382 | |||||
Un-Allocated | -767 | |||||||
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) | 1395350000 | 333780551 | 540 | 417 | 954 | |||||||
GE | GrowthVenture (10 to 40) | 781000000 | 306969590 | 302 | 384 | 534 | |||||||
SS | Special Situations (5 to 35) | 408750000 | 159160145 | 158 | 199 | 279 | |||||||
Un-Allocated | -767 | ||||||||||||
Total | 2585100000 | 799910286 | 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 | 450 | ||||||
GrowthVenture | 00 | 833 | 00 | 750 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 4500 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 75 | 2250 | 2850 | 2850 | 3300 | ||||||
GrowthVenture | 0 | 833 | 833 | 1583 | 1583 | ||||||
Special Situations | 0 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 450 | 2167 | 1567 | 817 | 367 | ||||||
Target | 525 | 525 | 525 | 525 | 525 | ||||||
3683 | |||||||||||
07015873016 |
Beg Year | Q1 | Q2 | Q3 | End Year | |||||||
Buy-out | 750 | 1500 | 00 | 00 | 00 | ||||||
GrowthVenture | 333 | 1000 | 00 | 00 | 00 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
Cumulative | Beg Year | Q1 | Q2 | Q3 | End Year | ||||||
Buy-out | 750 | 2250 | 2250 | 2250 | 2250 | ||||||
GrowthVenture | 333 | 1333 | 1333 | 1333 | 1333 | ||||||
Special Situations | 00 | 00 | 00 | 00 | 00 | ||||||
Unallocated | 7917 | 5417 | 5417 | 5417 | 5417 | ||||||
Target | 900 | 900 | 900 | 900 | 900 | ||||||
80006709754 | 321081669 | ||||||||||
80006709754 | 321081669 | ||||||||||
Short Name | Commitments | of Commitments to Date | of Target PE Allocation | |||||
BO 01 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 02 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 03 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 04 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 05 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 06 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 07 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 08 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 09 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 10 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 11 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 12 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 13 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 14 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 15 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 16 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 17 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 18 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 19 | ERRORREF | ERRORREF | ERRORREF | |||||
BO 20 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 01 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 02 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 03 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 04 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 05 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 06 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 07 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 08 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 09 | ERRORREF | ERRORREF | ERRORREF | |||||
GE 10 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 01 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 02 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 03 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 04 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 05 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 06 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 07 | ERRORREF | ERRORREF | ERRORREF | |||||
SS 08 | ERRORREF | ERRORREF | ERRORREF | |||||
UA | -7667 | |||||||
Total | ERRORREF | ERRORREF | ERRORREF | |||||
ERRORREF | ERRORREF | ERRORREF |
Updated | 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 | BO 1 | BO | 116 | 205 | |||||||||||||
X | Altaris | Buy-out | $137500000 | BO 2 | BO | 53 | 94 | |||||||||||||
X | One Rock | Buy-out | $120000000 | BO 3 | BO | 46 | 82 | |||||||||||||
Tritium | Buy-out | $110000000 | BO 4 | BO | 43 | 75 | ||||||||||||||
Searchlight | Buy-out | $97000000 | BO 5 | BO | 38 | 66 | ||||||||||||||
Marlin | Buy-out | $71250000 | BO 6 | BO | 28 | 49 | ||||||||||||||
Northlane | Buy-out | $60000000 | BO 7 | BO | 23 | 41 | ||||||||||||||
Capital Partners | Buy-out | $58000000 | BO 8 | BO | 22 | 40 | ||||||||||||||
Providence | Buy-out | $55000000 | BO 9 | BO | 21 | 38 | ||||||||||||||
Dunes Point | Buy-out | $50000000 | BO 10 | BO | 19 | 34 | ||||||||||||||
GTCR | Buy-out | $50000000 | BO 11 | BO | 19 | 34 | ||||||||||||||
Reverence | Buy-out | $50000000 | BO 12 | BO | 19 | 34 | ||||||||||||||
Arcline | Buy-out | $50000000 | BO 13 | BO | 19 | 34 | ||||||||||||||
CapVest | Buy-out | $46600000 | BO 14 | BO | 18 | 32 | ||||||||||||||
Parthenon | Buy-out | $45000000 | BO 15 | BO | ||||||||||||||||
Incline | Buy-out | $40000000 | BO 16 | BO | 15 | 27 | ||||||||||||||
Kainos | Buy-out | $35000000 | BO 17 | BO | 14 | 24 | ||||||||||||||
Harvest | Buy-out | $20000000 | BO 18 | BO | 08 | 14 | ||||||||||||||
PSG | Venture Growth | $180000000 | GE 1 | GE | 70 | 123 | ||||||||||||||
Foundry | Venture Growth | $175000000 | GE 2 | GE | 68 | 120 | ||||||||||||||
Updata | Venture Growth | $125000000 | GE 3 | GE | 48 | 85 | ||||||||||||||
FTV | Venture Growth | $121000000 | GE 4 | GE | 47 | 83 | ||||||||||||||
X | Insight | Venture Growth | $100000000 | |||||||||||||||||
Main Post | Venture Growth | $40000000 | GE 5 | GE | 15 | 27 | ||||||||||||||
Mercato | Venture Growth | $40000000 | GE 6 | GE | 15 | 27 | ||||||||||||||
TSSP | Special Situations | $150000000 | SS 1 | SS | 58 | 103 | ||||||||||||||
GSO | Special Situations | $93750000 | SS 2 | SS | 36 | 64 | ||||||||||||||
Carlyle | Special Situations | $65000000 | SS 3 | SS | 25 | 44 | ||||||||||||||
HIG Bayside | Special Situations | $60000000 | SS 4 | SS | 23 | 41 | ||||||||||||||
LightBay | Special Situations | $40000000 | SS 5 | SS | 15 | 27 | ||||||||||||||
Total | $2585100000 | $0 | 9439 | 16676 | ||||||||||||||||
CHECK | CHECK | |||||||||||||||||||
Manager | Fund | Firm Age Year of Commitment | Year Founded | Fund | Type | Year of Commitment | Closing Date | Vintage Year | Fund Size | LPAC Seat | Approved ($) | Commitment ($) | Omni NAV as of 10312019 ($) | 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 | ||||||||||||||||||||
Altaris | Altaris Constellation IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 240000000 | Voting | 12500000 | 12500000 | 4838617 | 75 | 25 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Altaris | Altaris Health Partners IV | 14 | 2003 | 4 | BO | 2017 | 63017 | 2018 | 1080000000 | Voting | 50000000 | 50000000 | 27524419 | 75 | 25 | 1 | 0 | 3 | 1 | ||||||||||||||||||||
Altaris | Altaris Health Partners V | 17 | 2003 | 5 | BO | 2020 | 2018 | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||||
Arcline | Arcline Capital Partners | 1 | 2018 | 1 | BO | 2019 | 31119 | 1500000000 | 50000000 | 50000000 | - 0 | 90 | 10 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Capital Partners | Capital Partners II | 13 | 2004 | 2 | BO | 2017 | 72017 | 2018 | 600000000 | Voting | 70000000 | 58000000 | 15451080 | 100 | 0 | 2 | 0 | 2 | 0 | ||||||||||||||||||||
CapVest | CapVest Equity Partners IV | 19 | 1999 | 4 | BO | 2018 | 62918 | 2018 | 1001750000 | 53000000 | 46600000 | - 0 | 0 | 100 | 0 | 2 | 0 | 0 | |||||||||||||||||||||
Carlyle | Carlyle Energy Mezzanine Opportunities Fund II | 5 | 2010 | 2 | SS | 2015 | 122215 | 2015 | 2819281339 | Voting | 65000000 | 65000000 | 30476347 | 75 | 25 | 2 | 1 | 3 | 1 | ||||||||||||||||||||
Dunes Point | Dunes Point Capital Fund II | 4 | 2013 | 2 | BO | 2017 | 113017 | 2018 | 535000000 | Voting | 50000000 | 50000000 | 10655698 | 80 | 20 | 2 | 0 | 1 | 0 | ||||||||||||||||||||
Foundry | Foundry Group Next 2018 | 11 | 2007 | 5 | GE | 2018 | 5118 | 2018 | 750000000 | 45000000 | 45000000 | 8935029 | 90 | 10 | 2 | 0 | 1 | 0 | |||||||||||||||||||||
Foundry | FGN 2018 Partner Fund | 12 | 2007 | 6 | GE | 2019 | 4119 | 100000000 | 100000000 | 100000000 | 6337986 | 90 | 10 | 3 | 0 | 1 | 0 | ||||||||||||||||||||||
Foundry | Foundry Group Next Fund | 9 | 2007 | 4 | GE | 2016 | 6616 | 2016 | 489690722 | 35000000 | 30000000 | 28353444 | 100 | 0 | 1 | 0 | 4 | 0 | |||||||||||||||||||||
FTV | FTV V | 18 | 1998 | 5 | GE | 2016 | 91516 | 2017 | 867000000 | Voting | 50000000 | 46000000 | 43482202 | 75 | 25 | 1 | 0 | 4 | 1 | ||||||||||||||||||||
FTV | FTV VI | 21 | 1998 | 5 | GE | 2019 | 2017 | 1250000000 | Voting | 75000000 | 75000000 | 75 | 25 | 2 | 1 | 0 | 0 | ||||||||||||||||||||||
GSO | GSO Capital Opportunities Fund III | 11 | 2005 | 3 | SS | 2016 | 7116 | 2016 | 6500000000 | 75000000 | 75000000 | 36916611 | 80 | 20 | 2 | 1 | 4 | 1 | |||||||||||||||||||||
GSO | GSO COF III - Co-Investment | 11 | 2005 | 3 | SS | 2016 | 112116 | 2016 | 2000000000 | 18750000 | 18750000 | 6986476 | 80 | 20 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
GTCR | GTCR XII | 37 | 1980 | 12 | BO | 2017 | 92917 | 2018 | 5250000000 | 75000000 | 50000000 | 12166313 | 75 | 25 | 1 | 0 | 1 | 0 | |||||||||||||||||||||
HIG Bayside | HIG Bayside Loan Opportunity Fund IV | 22 | 1993 | 4 | SS | 2015 | 2516 | 2015 | 933375000 | 60000000 | 60000000 | 22204325 | 75 | 25 | 2 | 1 | 2 | 1 | |||||||||||||||||||||
HIG SPF | HIG Capital - TMRS Capella SMA | 25 | 1993 | NA | BO | 2018 | 101518 | 100000000 | 100000000 | 100000000 | 26121909 | 60 | 40 | 2 | 2 | 2 | 1 | ||||||||||||||||||||||
HIG SPF | HIG Strategic Partners Fund | 25 | 1993 | NA | BO | 2018 | 10118 | 2018 | 1115000000 | 200000000 | 200000000 | 6677055 | 60 | 40 | 5 | 3 | 1 | 0 | |||||||||||||||||||||
Harvest | Harvest Partners VII | 34 | 1981 | 7 | BO | 2015 | 121515 | 2016 | 2200000000 | 50000000 | 20000000 | 17482770 | 80 | 20 | 1 | 0 | 2 | 0 | |||||||||||||||||||||
Incline | Incline Equity Partners IV | 5 | 2011 | 4 | BO | 2016 | 121616 | 2017 | 601000000 | 50000000 | 40000000 | 22726805 | 80 | 20 | 1 | 0 | 2 | 1 | |||||||||||||||||||||
Insight | Insight Partners XI | 25 | 1995 | 11 | GE | 2020 | 100000000 | 100000000 | 75 | 25 | 3 | 1 | 0 | 0 | |||||||||||||||||||||||||
Kainos | Kainos Capital Partners II | 4 | 2012 | 2 | BO | 2016 | 82516 | 2016 | 895000000 | Observer | 50000000 | 35000000 | 24247438 | 75 | 25 | 1 | 0 | 2 | 1 | ||||||||||||||||||||
LightBay | LightBay Investment Partners I | 0 | 2017 | 1 | SS | 2017 | 122217 | 2018 | 615000000 | Voting | 50000000 | 40000000 | 5514622 | 80 | 20 | 1 | 0 | 1 | 0 | ||||||||||||||||||||
Main Post | Main Post II | 4 | 2014 | 2 | GE | 2018 | 11718 | 2019 | 700000000 | Voting | 50000000 | 40000000 | 3765454 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
Marlin | Marlin Equity V | 12 | 2005 | 5 | BO | 2017 | 31017 | 2018 | 2500000000 | 60000000 | 57000000 | 19504557 | 80 | 20 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Marlin | Marlin Heritage II | 12 | 2005 | 2 | BO | 2017 | 31017 | 2017 | 750000000 | 15000000 | 14250000 | 8092552 | 75 | 25 | 0 | 0 | 1 | 0 | |||||||||||||||||||||
Mercato | Mercato Partners Growth III | 9 | 2007 | 3 | GE | 2016 | 52516 | 2015 | 246000000 | Voting | 40000000 | 40000000 | 33655258 | 100 | 0 | 2 | 0 | 4 | 0 | ||||||||||||||||||||
Northlane | Northlane Capital Partners II | 5 | 2014 | 2 | BO | 2019 | 375000000 | Voting | 60000000 | 60000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
One Rock | One Rock Capital Partners II | 7 | 2010 | 2 | BO | 2017 | 33117 | 2017 | 964000000 | 50000000 | 45000000 | 26210958 | 90 | 10 | 2 | 0 | 3 | 0 | |||||||||||||||||||||
One Rock | One Rock Capital Partners III | 10 | 2010 | 3 | BO | 2020 | 2017 | 75000000 | 75000000 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||||||
Parthenon | Parthenon Investors VI | 21 | 1998 | 6 | BO | 2019 | 1800000000 | 50000000 | 45000000 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||||
Providence | Providence Equity Partners VIII | 29 | 1989 | 8 | BO | 2018 | 4218 | 2017 | 5000000000 | 55000000 | 55000000 | 4159147 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
PSG | Providence Strategic Growth II | 3 | 2013 | 2 | GE | 2016 | 62116 | 2016 | 640000000 | Voting | 60000000 | 60000000 | 70001780 | 100 | 0 | 2 | 0 | 9 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth III | 4 | 2013 | 3 | GE | 2017 | 32318 | 2018 | 1322000000 | Voting | 70000000 | 70000000 | 48144842 | 100 | 0 | 3 | 0 | 6 | 0 | ||||||||||||||||||||
PSG | Providence Strategic Growth IV | 6 | 2013 | 4 | GE | 2019 | 42619 | 2000000000 | 50000000 | 50000000 | - 0 | 100 | 0 | 2 | 0 | 0 | 0 | ||||||||||||||||||||||
Reverence | Reverence Capital Partners II | 6 | 2013 | 2 | BO | 2019 | 21419 | 1000000000 | Voting | 50000000 | 50000000 | 17469665 | 90 | 10 | 2 | 0 | 2 | 0 | |||||||||||||||||||||
Searchlight | Searchlight Capital II | 5 | 2010 | 2 | BO | 2015 | 112515 | 2015 | 1939000000 | 50000000 | 47000000 | 36050169 | 60 | 40 | 1 | 1 | 3 | 2 | |||||||||||||||||||||
Searchlight | Searchlight Capital III | 9 | 2010 | 3 | BO | 2019 | 2015 | 2750000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | ||||||||||||||||||||||
Tritium | Tritium I | 2 | 2013 | 1 | BO | 2015 | 111615 | 2014 | 309000000 | Voting | 50000000 | 50000000 | 54401398 | 85 | 15 | 2 | 0 | 6 | 1 | ||||||||||||||||||||
Tritium | Tritium II | 5 | 2013 | 2 | BO | 2018 | 112018 | 2019 | 450000000 | Voting | 60000000 | 60000000 | - 0 | 85 | 15 | 2 | 0 | 0 | 0 | ||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (D) | 9 | 2009 | 4 | SS | 2018 | 6818 | 2018 | 3000000000 | 50000000 | 50000000 | - 0 | 60 | 40 | 1 | 1 | 0 | 0 | |||||||||||||||||||||
TSSP | TSSP Adjacent Opportunities Partners (B) | 6 | 2009 | 3 | SS | 2015 | 123115 | 2014 | 3500000000 | 75000000 | 75000000 | 53260061 | 60 | 40 | 2 | 1 | 4 | 3 | |||||||||||||||||||||
TSSP | TPG Opportunities Partners IV | 9 | 2009 | 4 | SS | 2018 | 8918 | 2018 | 3000000000 | 50000000 | 25000000 | 3801703 | 60 | 40 | 1 | 0 | 0 | 0 | |||||||||||||||||||||
Updata | Updata Partners V | 18 | 1998 | 5 | GE | 2016 | 62116 | 2014 | 280000000 | Voting | 50000000 | 50000000 | 64293595 | 90 | 10 | 2 | 0 | 7 | 1 | ||||||||||||||||||||
Updata | Updata Partners VI | 20 | 1998 | 6 | GE | 2018 | 12818 | 2014 | 300000000 | Voting | 75000000 | 75000000 | - 0 | 90 | 10 | 3 | 0 | 0 | 0 | ||||||||||||||||||||
6000000000 | |||||||||||||||||||||||||||||||||||||||
5250000000 | |||||||||||||||||||||||||||||||||||||||
5000000000 | |||||||||||||||||||||||||||||||||||||||
3500000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
3000000000 | |||||||||||||||||||||||||||||||||||||||
2819243965 | |||||||||||||||||||||||||||||||||||||||
2750000000 | |||||||||||||||||||||||||||||||||||||||
2500000000 | |||||||||||||||||||||||||||||||||||||||
2200000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
2000000000 | |||||||||||||||||||||||||||||||||||||||
1939000000 | |||||||||||||||||||||||||||||||||||||||
1500000000 | |||||||||||||||||||||||||||||||||||||||
1322000000 | |||||||||||||||||||||||||||||||||||||||
1115000000 | |||||||||||||||||||||||||||||||||||||||
1100000000 | |||||||||||||||||||||||||||||||||||||||
1001750000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
1000000000 | |||||||||||||||||||||||||||||||||||||||
964000000 | |||||||||||||||||||||||||||||||||||||||
895000000 | |||||||||||||||||||||||||||||||||||||||
867000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
750000000 | |||||||||||||||||||||||||||||||||||||||
700000000 | |||||||||||||||||||||||||||||||||||||||
640000000 | |||||||||||||||||||||||||||||||||||||||
615000000 | |||||||||||||||||||||||||||||||||||||||
601000000 | |||||||||||||||||||||||||||||||||||||||
535000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
500000000 | |||||||||||||||||||||||||||||||||||||||
450000000 | |||||||||||||||||||||||||||||||||||||||
375000000 | |||||||||||||||||||||||||||||||||||||||
309000000 | |||||||||||||||||||||||||||||||||||||||
300000000 | |||||||||||||||||||||||||||||||||||||||
280000000 | |||||||||||||||||||||||||||||||||||||||
246000000 | |||||||||||||||||||||||||||||||||||||||
240000000 | |||||||||||||||||||||||||||||||||||||||
200000000 |
Assumptions | ||||||||||||||||||||||||||||||||||||
TMRS (AUM) | $ 29264820023 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE Target () | 500 | |||||||||||||||||||||||||||||||||||
PE Target ($) | $ 1463241001 | |||||||||||||||||||||||||||||||||||
PE Commitments ($) | $ 2585100000 | |||||||||||||||||||||||||||||||||||
PE NAV ($) | $ 799910286 | ltltltlt | As of 3312019 | |||||||||||||||||||||||||||||||||
PE NAV () | 273 | |||||||||||||||||||||||||||||||||||
Un-Allocated () | -7667 | |||||||||||||||||||||||||||||||||||
BAAM | Blackstone Strategic Capital Holdings II | 29 | 1990 | 2 | SS | 2019 | 4000000000 | 65000000 | 65000000 | - 0 | 80 | 20 | 80 | 20 | ERRORDIV0 | ERRORDIV0 |
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 Altaris V$75 million Recommendation
Altaris Capital Partners (ldquoAltarisrdquo) is a New York-based investment firm thatfocuses exclusively on the healthcare industry specifically pharmaceuticalmedical device and diagnostics provider services and payorsinsurancebusinesses across North America and Western Europe Altaris HealthPartners V LP (ldquoFund Vrdquo) is targeting $25 billion and will seekopportunities where they can invest between $100 million to $500 millionThe Firm is flexible with the transaction type as well making control andnon-control investments into carve-outs break-ups corporate partnershipsldquotake-privatesrdquo and familyfounder-owned companies Post-investment theFirm will leverage their Operating Network to improve and grow theunderlying businesses in addition to pursuing add-on acquisitions Altariswill continue to execute a strategy similar to those employed in the priorfunds
14
Top Candidate Characteristics ndash One Rock III$75 million Recommendation
One Rock Capital Partners (ldquoOne Rockrdquo) is a New York-based buy-out firmfounded in 2010 by Tony Lee and Scott Spielvogel that focuses on value-oriented control stakes in complex middle-market businesses within sub-sectors of the ldquoold economyrdquo One Rock Capital Partners III LP (One RockIII) is targeting $15 billion to make equity investments ranging from $50million to $200 million where they can improve the operations andstrategically reposition their business units while leveraging their OperatingPartner network and their strategic partnership with the MitsubishiCorporation The Firm will continue to execute the same strategy employedin their prior funds and during their tenure with Ripplewood Holdings
15
Top Candidate Characteristics ndash Insight XI$100 million Recommendation
Insight Partners (ldquoInsightrdquo) is a New York-based private equity firm thatfocuses on small-to-mid cap growth-stage software software-enabledservices and Internet businesses with the potential for recurring revenuegrowth Insight seeks to execute both minority and majority investmentsalongside the assistance of Insight Onsite an in-house consulting groupcomprised of over forty-five dedicated software experts With over twentyyears of industry expertise and consistent returns Insight has become one ofthe most tenured software investors in private equity Insight Partners XILP (Insight XI) is targeting $725 billion to make equity investmentsranging from $10 million to $250 million The Firm will continue to executethe same strategy employed in their prior funds
Section V
16
17
Recommendation
TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the following funds
Recommendation Altaris Health Partners Fund V LP $75 million One Rock Capital Partners III LP $75 million Insight Partners XI LP $100 million
18
13
Top Candidate Characteristics ndash Altaris V$75 million Recommendation
Altaris Capital Partners (ldquoAltarisrdquo) is a New York-based investment firm thatfocuses exclusively on the healthcare industry specifically pharmaceuticalmedical device and diagnostics provider services and payorsinsurancebusinesses across North America and Western Europe Altaris HealthPartners V LP (ldquoFund Vrdquo) is targeting $25 billion and will seekopportunities where they can invest between $100 million to $500 millionThe Firm is flexible with the transaction type as well making control andnon-control investments into carve-outs break-ups corporate partnershipsldquotake-privatesrdquo and familyfounder-owned companies Post-investment theFirm will leverage their Operating Network to improve and grow theunderlying businesses in addition to pursuing add-on acquisitions Altariswill continue to execute a strategy similar to those employed in the priorfunds
14
Top Candidate Characteristics ndash One Rock III$75 million Recommendation
One Rock Capital Partners (ldquoOne Rockrdquo) is a New York-based buy-out firmfounded in 2010 by Tony Lee and Scott Spielvogel that focuses on value-oriented control stakes in complex middle-market businesses within sub-sectors of the ldquoold economyrdquo One Rock Capital Partners III LP (One RockIII) is targeting $15 billion to make equity investments ranging from $50million to $200 million where they can improve the operations andstrategically reposition their business units while leveraging their OperatingPartner network and their strategic partnership with the MitsubishiCorporation The Firm will continue to execute the same strategy employedin their prior funds and during their tenure with Ripplewood Holdings
15
Top Candidate Characteristics ndash Insight XI$100 million Recommendation
Insight Partners (ldquoInsightrdquo) is a New York-based private equity firm thatfocuses on small-to-mid cap growth-stage software software-enabledservices and Internet businesses with the potential for recurring revenuegrowth Insight seeks to execute both minority and majority investmentsalongside the assistance of Insight Onsite an in-house consulting groupcomprised of over forty-five dedicated software experts With over twentyyears of industry expertise and consistent returns Insight has become one ofthe most tenured software investors in private equity Insight Partners XILP (Insight XI) is targeting $725 billion to make equity investmentsranging from $10 million to $250 million The Firm will continue to executethe same strategy employed in their prior funds
Section V
16
17
Recommendation
TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the following funds
Recommendation Altaris Health Partners Fund V LP $75 million One Rock Capital Partners III LP $75 million Insight Partners XI LP $100 million
18
14
Top Candidate Characteristics ndash One Rock III$75 million Recommendation
One Rock Capital Partners (ldquoOne Rockrdquo) is a New York-based buy-out firmfounded in 2010 by Tony Lee and Scott Spielvogel that focuses on value-oriented control stakes in complex middle-market businesses within sub-sectors of the ldquoold economyrdquo One Rock Capital Partners III LP (One RockIII) is targeting $15 billion to make equity investments ranging from $50million to $200 million where they can improve the operations andstrategically reposition their business units while leveraging their OperatingPartner network and their strategic partnership with the MitsubishiCorporation The Firm will continue to execute the same strategy employedin their prior funds and during their tenure with Ripplewood Holdings
15
Top Candidate Characteristics ndash Insight XI$100 million Recommendation
Insight Partners (ldquoInsightrdquo) is a New York-based private equity firm thatfocuses on small-to-mid cap growth-stage software software-enabledservices and Internet businesses with the potential for recurring revenuegrowth Insight seeks to execute both minority and majority investmentsalongside the assistance of Insight Onsite an in-house consulting groupcomprised of over forty-five dedicated software experts With over twentyyears of industry expertise and consistent returns Insight has become one ofthe most tenured software investors in private equity Insight Partners XILP (Insight XI) is targeting $725 billion to make equity investmentsranging from $10 million to $250 million The Firm will continue to executethe same strategy employed in their prior funds
Section V
16
17
Recommendation
TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the following funds
Recommendation Altaris Health Partners Fund V LP $75 million One Rock Capital Partners III LP $75 million Insight Partners XI LP $100 million
18
15
Top Candidate Characteristics ndash Insight XI$100 million Recommendation
Insight Partners (ldquoInsightrdquo) is a New York-based private equity firm thatfocuses on small-to-mid cap growth-stage software software-enabledservices and Internet businesses with the potential for recurring revenuegrowth Insight seeks to execute both minority and majority investmentsalongside the assistance of Insight Onsite an in-house consulting groupcomprised of over forty-five dedicated software experts With over twentyyears of industry expertise and consistent returns Insight has become one ofthe most tenured software investors in private equity Insight Partners XILP (Insight XI) is targeting $725 billion to make equity investmentsranging from $10 million to $250 million The Firm will continue to executethe same strategy employed in their prior funds
Section V
16
17
Recommendation
TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the following funds
Recommendation Altaris Health Partners Fund V LP $75 million One Rock Capital Partners III LP $75 million Insight Partners XI LP $100 million
18
Section V
16
17
Recommendation
TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the following funds
Recommendation Altaris Health Partners Fund V LP $75 million One Rock Capital Partners III LP $75 million Insight Partners XI LP $100 million
18
17
Recommendation
TMRS Staff and StepStone Group recommend that the Board of Trusteesapprove the following funds
Recommendation Altaris Health Partners Fund V LP $75 million One Rock Capital Partners III LP $75 million Insight Partners XI LP $100 million
18
18