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OregonPublicEmployeesRetirementFund

PrivateEquityPortfolio
AsofMarch31,2016
($inmillions)
TotalValue

Vintage
Year

Partnership

1981

KKR1980RelatedFund

1983

KKR1982Fund

1984
1985
1986

KKR1986Fund

$98.3

1987

KKR1987Fund

$726.7

1990

AsiaPacificTrust

$12.8

$13.5

1990

HarbourVestInt'lPEP

$25.0

$25.0

$44.2

$0.0

1.77x

11.1%

1990

Zell/ChilmarkFund

$25.0

$29.1

$63.9

$0.0

2.41x

17.9%

1991

Joseph,Littlejohn&LevyFund

$30.0

$33.2

$86.5

$0.0

2.66x

33.4%

1991

ProvidenceMediaPartners

$50.0

$62.2

$212.3

$0.0

3.65x

35.2%

1991

TCWSpecialCreditsFundIII

$50.0

$50.0

$103.3

$0.0

2.07x

21.7%

1992

CastleHarlanPartnersII

$50.0

$64.1

$107.0

$0.0

1.82x

27.1%

1993

HarbourVestPartnersIVInvestmentProgram

$50.0

$48.0

$161.7

$0.0

3.37x

34.8%

1993

Hicks,Muse,Tate&FurstEquityFundII

18.8%

1993

KKR1993Fund

1993

TCWSpecialCreditsFundIV

1993

TPGPartners

1994

Joseph,Littlejohn&LevyFundII

1994

OlympicVenturePartnersIII

$10.0

1994

PenmanPrivateEquityandMezzanineFund

$20.2

$20.2

1994

StoningtonCapitalAppreciation1994Fund

$50.0

$54.3

1994

TCWSpecialCreditsFundVThePrincipalFund

$50.0

$50.0

1995

DoughtyHanson&CoII

$50.0

1995

HarbourVestInt'lPEPII

1995

OCMOpportunitiesFund

1995

TSGCapitalFundII

1996

BCIGrowthIV

1996

Capital
Commitment

TotalCapital
Contributed

TotalCapital
Distributed

FairMarket
Value

$194.1

$194.1

$666.9

$0.0

3.44x

22.5%

$25.0

$25.8

$85.1

$0.0

3.30x

39.7%

KKR1984Fund

$99.5

$118.5

$510.8

$0.0

4.31x

28.6%

KKRNonFund

$65.0

$65.0

$221.3

$0.0

3.40x

16.8%

$201.8

$918.9

$0.0

7.07x

26.3%

$1,240.2

$2,056.6

$0.0

2.07x

8.8%

$15.9

$0.0

1.18x

2.6%

1,2

Multiple

IRR

$50.0

$62.3

$117.7

$0.0

2.12x

$350.0

$433.7

$718.6

$0.0

1.79x

16.7%

$25.0

$25.8

$50.5

$0.0

1.96x

17.4%

$50.0

$51.3

$181.1

$0.0

3.66x

36.3%

$50.0

$56.1

$84.5

$0.0

1.52x

7.1%

$10.2

$22.7

$0.0

2.22x

27.1%

$18.0

$0.0

0.89x

(2.5%)

$47.8

$0.0

0.86x

(1.4%)

$86.8

$0.0

1.74x

14.8%

$46.3

$93.7

$0.0

2.10x

45.6%

$75.0

$73.8

$113.4

$0.0

1.54x

11.9%

$48.0

$48.0

$78.7

$0.0

1.64x

10.3%

$40.0

$39.5

$26.1

$0.0

0.66x

(8.5%)

$50.0

$53.8

$36.0

$0.0

0.64x

(6.7%)

CanterburyMezzanineCapital

$25.0

$25.0

$31.9

$0.0

1.30x

7.3%

1996

CVCEuropeanEquityPartners

$50.0

$58.6

$142.8

$0.0

2.72x

26.5%

1996

Hicks,Muse,Tate&FurstEquityFundIII

$100.0

$168.2

$162.9

$0.0

0.95x

(0.9%)

1996

OCMPrincipalOpportunitiesFund

$50.0

$50.0

$72.6

$0.0

1.45x

5.4%

1996

ProvidenceEquityPartners

$75.0

$108.4

$301.3

$0.0

3.32x

78.5%

1996

TCWCrescentMezzaninePartners

$50.0

$59.5

$79.4

$0.0

1.39x

7.9%

1997

CastleHarlanPartnersIII

$100.0

$125.8

$131.7

$0.0

1.05x

1.3%

1997

DoughtyHanson&CoIII

$250.0

$266.6

$431.7

$64.9

1.91x

13.5%

1997

ExxelCapitalPartnersV

$75.0

$87.0

$7.7

$0.0

0.05x

N/A

1997

HarbourVestPartnersVInvestmentProgram

$100.0

$98.0

$139.2

$0.0

1.42x

9.3%

1997

HSBCPrivateEquityFundII,Ltd.

1997

KKR1996Fund

1997
1997
1997

TPGPartnersII

1997

VestarCapitalPartnersIII

1998

AuroraEquityPartnersII

$50.0

$55.9

$78.2

$0.9

1.42x

4.7%

1998

CVCEuropeanEquityPartnersII

$150.0

$174.4

$364.9

$1.9

2.38x

18.9%

1998

FenwayPartnersCapitalFundII

$50.0

$58.4

$63.9

$6.6

1.25x

5.0%

1998

HarbourVestInt'lPEPIIIPartnership

$80.0

$76.8

$119.9

$0.0

1.56x

10.5%

1998

Hicks,Muse,Tate&FurstEquityFundIV

$200.0

$249.0

$183.0

$0.0

0.66x

(7.4%)

1998

Joseph,Littlejohn&LevyFundIII

$100.0

$109.9

$172.5

$0.0

1.66x

11.2%

1998

ProvidenceEquityPartnersIII

$100.0

$106.4

$164.6

$0.0

1.67x

15.8%

$50.0

$57.7

$76.6

$0.0

1.53x

8.2%

$800.0

$1,045.0

$1,705.5

$0.0

1.79x

13.2%

OCMOpportunitiesFundII

$75.0

$75.0

$113.4

$0.0

1.51x

8.4%

OlympicVenturePartnersIV

$14.0

$14.0

$36.7

$0.0

2.62x

63.9%

$300.0

$327.4

$552.5

$0.0

1.77x

9.9%

$25.0

$24.5

$27.9

$0.3

1.15x

2.8%

OregonPublicEmployeesRetirementFund
PrivateEquityPortfolio
AsofMarch31,2016
($inmillions)
Vintage
Year

Partnership

1998

TCWCrescentMezzaninePartnersII

1998

TSGCapitalFundIII

1998
1999

FairMarket
Value

TotalValue

Capital
Commitment

TotalCapital
Contributed

TotalCapital
Distributed

$100.0

$110.6

$154.7

$0.0

1.45x

13.5%

$75.0

$79.8

$45.3

$0.0

0.53x

(13.5%)

WellspringCapitalPartnersII

$50.0

$54.1

$79.5

$0.0

1.52x

20.0%

BCIGrowthV

$75.0

$72.9

$34.5

$0.0

0.46x

(10.8%)

1999

CanterburyMezzanineCapitalII

$50.0

$45.6

$64.1

$0.0

1.42x

11.5%

1999

GreenEquityInvestorsIII

$50.0

$49.4

$111.7

$0.0

2.37x

21.6%

1999

GryphonPartnersII

$50.0

$60.2

$70.8

$0.0

1.26x

4.7%

1999

HarbourVestPartnersVIPartnershipFund

$50.0

$93.1

$107.5

$6.6

1.23x

3.6%

1999

Hicks,Muse,Tate&FurstEuropeFund

21.6%

1999

KKREuropeanFund

1999

LittlejohnFundII

1999

OCMOpportunitiesFundIII

1999

PalamonEuropeanEquity

1999

ParthenonInvestors

1999

ThomasWeiselCapitalPartners

1999
1999
2000

2000RiversideCapitalAppreciationFund

$50.0

$45.7

$78.4

$2.0

1.79x

19.2%

2000

EndeavourCapitalFundIII

$25.0

$24.5

$67.1

$0.0

2.74x

29.6%

2000

ExxelCapitalPartnersVI

$50.0

$75.8

$21.8

$15.9

0.32x

(9.7%)

2000

FoxPaineCapitalFundII

$50.0

$49.3

$89.6

$3.9

2.16x

19.0%

2000

OlympicVenturePartnersV

$25.0

$25.0

$6.8

$0.0

0.27x

(16.7%)

2000

ProvidenceEquityPartnersIV

$150.0

$215.8

$410.4

$1.5

2.42x

23.9%

2000

SoleraPartners

$50.0

$67.1

$105.3

$9.6

2.50x

8.5%

2000

VantagePointVenturePartnersIV

$50.0

$50.0

$41.1

$6.3

0.95x

(0.8%)

2001

CVCEuropeanEquityPartnersIII

$150.0

$173.7

$446.6

$4.1

2.92x

41.0%

2001

FirstReserveFundIX

$75.0

$81.2

$231.0

$0.0

3.00x

48.1%

2001

MatlinPattersonGlobalOpportunitiesPartners

$75.0

$77.4

$133.1

$0.0

1.72x

15.9%

2001

NorthwestEmergingVenturesVY2001

$56.8

$70.0

$91.4

$6.9

1.48x

7.9%

2001

OCMPrincipalOpportunitiesFundII

$50.0

$61.3

$98.8

$0.0

1.75x

18.3%

2001

OVPVenturePartnersVI

$40.0

$40.0

$7.3

$3.4

0.27x

(17.4%)

2001

ParthenonInvestorsII

$75.0

$87.8

$139.0

$2.7

1.65x

12.3%

2001

PathwayPrivateEquityFundIIIVY2001

$8.7

$11.7

$20.2

$1.8

1.88x

23.8%

2001

TCWCrescentMezzaninePartnersIII

$75.0

$81.2

$159.6

$2.4

2.78x

36.4%

2002

BDCMOpportunityFund

$50.0

$115.2

$167.4

($1.6)

2.13x

NM

2002

CastleHarlanPartnersIV

$100.0

$112.1

$138.3

$20.3

1.48x

15.1%

2002

CollerInternationalPartnersIV

11.7%

2002

KKRMillenniumFund

2002

1,2

Multiple

IRR

$99.3

$116.8

$204.4

$0.0

2.04x

$400.0

$525.9

$1,086.1

$0.7

2.30x

19.7%

$50.0

$52.3

$82.8

$0.2

1.71x

12.0%

$100.0

$100.0

$149.0

$1.5

1.50x

12.0%

$50.0

$63.3

$113.2

$0.0

1.99x

11.9%

$50.0

$59.4

$81.8

$0.0

1.45x

6.5%

$100.0

$110.8

$64.6

$1.3

0.56x

(9.6%)

TPGPartnersIII

$300.0

$284.5

$685.6

$9.1

2.54x

24.4%

VestarCapitalPartnersIV

$100.0

$99.3

$173.4

$1.8

1.78x

13.5%

$50.0

$44.6

$58.8

$2.0

1.36x

$1,000.0

$1,305.1

$2,186.5

$206.7

2.06x

16.5%

NorthwestEmergingVenturesVY2002

$19.9

$19.3

$11.9

$2.4

0.73x

(4.6%)

2002

OCMOpportunitiesFundIVb

$75.0

$90.0

$146.5

$0.2

2.26x

46.5%

2002

PathwayPrivateEquityFundIIIVY2002

$21.9

$24.1

$47.2

$0.9

2.03x

17.3%

2002

WellspringCapitalPartnersIII

$75.0

$82.2

$170.0

$0.1

2.19x

26.1%

2003

2003RiversideCapitalAppreciationFund

$75.0

$80.7

$155.1

$2.7

2.07x

17.2%

2003

GreenEquityInvestorsIV

$100.0

$108.4

$200.2

$8.5

1.97x

11.3%

2003

NorthwestEmergingVenturesVY2003

$39.6

$41.0

$84.4

$9.9

2.31x

19.6%

2003

PathwayPrivateEquityFundIIIVY2003

$29.9

$32.9

$31.6

$12.0

1.32x

6.8%

2003

TPGPartnersIV

$300.0

$333.3

$587.1

$64.7

2.15x

15.7%

2004

AuroraEquityPartnersIII

2004

ElevationPartners

2004

EndeavourCapitalFundIV

2004

EssexWoodlandsHealthVenturesFundVI

$50.0

$52.4

$84.8

$5.8

1.76x

14.0%

$100.0

$95.3

$147.6

$1.8

1.61x

11.8%

$50.0

$46.1

$161.3

$1.1

3.52x

28.2%

$25.0

$24.3

$12.0

$16.9

1.19x

2.4%

OregonPublicEmployeesRetirementFund
PrivateEquityPortfolio
AsofMarch31,2016
($inmillions)
TotalValue

Vintage
Year

Partnership

2004

FirstReserveFundX

2004

HarbourVestPartners2004DirectFund

2004
2004
2004

NorthwestEmergingVenturesVY2004

2004

OakHillCapitalPartnersII

2004

OCMOpportunitiesFundV

$50.0

$50.0

$81.1

2004

OCMPrincipalOpportunitiesFundIII

$75.0

$77.3

$110.0

2004

OregonInvestmentFund(Series1)

$100.0

$92.1

$33.4

$55.4

2004

PathwayPrivateEquityFundIIIVY2004

$36.7

$43.2

$41.3

$7.1

1.13x

2.6%

2004

UnionSquareVentures2004

$25.0

$22.3

$294.5

$15.0

13.91x

67.0%

2005

AquilineFinancialServicesFund

$200.0

$209.1

$215.6

$90.4

1.47x

7.2%

2005

AsiaOpportunityFundII

$100.0

$121.2

$172.3

$0.0

1.68x

7.3%

2005

CVCCapitalPartnersAsiaPacificII

$100.0

$124.9

$91.6

$5.8

0.71x

(5.4%)

2005

CVCEuropeanEquityPartnersIV

$145.5

$153.0

$253.8

$28.1

1.93x

16.6%

2005

DiamondCastlePartnersIV

$100.0

$99.0

$101.7

$0.0

1.03x

0.6%

2005

GraniteVenturesII

$25.0

$25.0

$4.9

$27.4

1.29x

4.7%

2005

KKREuropeanFundII

$500.0

$586.5

$628.1

$149.7

1.37x

4.9%

2005

LittlejohnFundIII

$50.0

$50.0

$112.5

$3.2

2.36x

25.3%

2005

MontaukTriGuardFundIII

$50.0

$46.0

$46.1

$9.8

1.21x

5.4%

2005

NewMountainPartnersII

$50.0

$45.3

$87.4

$0.9

2.08x

13.7%

2005

NorthwestEmergingVenturesVY2005

$62.2

$70.7

$72.0

$31.8

1.56x

6.6%

2005

NorthwestEmergingVenturesIIVY2005

$39.4

$44.3

$47.1

$10.8

1.32x

5.5%

2005

OCMOpportunitiesFundVI

$50.0

$50.0

$75.8

$3.3

1.58x

8.8%

2005

PalamonEuropeanEquityII

$100.0

$123.4

$169.1

$0.0

1.43x

7.7%

2005

ParthenonInvestorsIII

$100.0

$112.2

$130.4

$64.7

1.87x

10.5%

2005

PathwayPrivateEquityFundIIIVY2005

$60.3

$76.7

$107.5

$10.4

1.61x

9.3%

2005

ProvidenceEquityPartnersV

$150.0

$186.8

$184.1

$43.2

1.30x

3.8%

2005

VestarCapitalPartnersV

$100.0

$104.5

$51.1

$71.7

1.18x

2.7%

2005

WarburgPincusPrivateEquityIX

$200.0

$200.1

$320.2

$29.4

1.75x

10.0%

2006

ApolloInvestmentFundVI

$200.0

$257.4

$322.7

$66.5

1.69x

9.3%

2006

BDCMOpportunityFundII

$100.0

$146.8

$142.3

$138.9

2.39x

16.4%

2006

CenterbridgeCapitalPartners

$200.0

$313.7

$459.4

$109.9

2.30x

20.6%

2006

CollerInternationalPartnersV

$100.0

$86.4

$94.9

$28.8

1.43x

8.9%

2006

CourtSquareCapitalPartnersII

$100.0

$94.5

$124.8

$46.8

1.86x

13.4%

2006

EssexWoodlandsHealthVenturesFundVII

$50.0

$50.0

$50.4

$16.7

1.34x

5.4%

2006

FenwayPartnersCapitalFundIII

$50.0

$69.6

$58.3

$18.8

1.15x

2.5%

2006

FirstReserveFundXI

$300.0

$342.1

$201.2

$25.3

0.63x

(11.4%)

2006

FisherLynchCoinvestmentPartnership

$250.0

$281.3

$288.5

$104.4

1.44x

6.6%

2006

FocusVenturesIII

$40.0

$40.0

$14.4

$12.5

0.67x

(7.5%)

2006

FranciscoPartnersII

$100.0

$96.0

$114.2

$38.1

1.60x

10.9%

2006

IrvingPlaceCapitalPartnersIII

$100.0

$96.2

$110.1

$0.1

1.19x

2.8%

2006

JCFlowersII

$100.0

$108.7

$27.3

$18.9

0.38x

(13.9%)

2006

KKR2006Fund

$1,312.5

$1,391.7

$1,386.4

$849.6

1.64x

9.0%

2006

KSLCapitalPartnersII

$100.0

$114.1

$149.0

$13.9

1.59x

13.9%

2006

MHRInstitutionalPartnersIII

$75.0

$80.1

$77.0

$31.4

1.57x

6.8%

2006

NorthwestEmergingVenturesIIVY2006

$98.5

$110.8

$92.1

$79.6

1.61x

8.0%

2006

OakInvestmentPartnersXII

$75.0

$74.9

$51.5

$32.6

1.12x

2.1%

2006

OCMPrincipalOpportunitiesFundIV

$100.0

$102.0

$111.9

$47.1

1.63x

8.1%

2006

OpusCapitalVenturePartnersV

$50.0

$48.5

$9.0

$49.9

1.21x

3.4%

2006

OVPVenturePartnersVII

$50.0

$50.0

$2.9

$23.2

0.52x

(9.8%)

Capital
Commitment

TotalCapital
Contributed

TotalCapital
Distributed

FairMarket
Value

$100.0

$100.0

$190.3

$0.5

1.91x

36.1%

$75.0

$75.0

$126.1

$12.6

1.85x

11.0%

LionCapitalFundI

$99.8

$108.7

$191.1

$0.2

1.99x

23.5%

MarkstoneCapitalPartners

$50.0

$56.8

$22.6

$2.4

0.44x

(37.8%)

1,2

Multiple

IRR

$71.6

$83.0

$67.7

$31.4

1.23x

3.0%

$100.0

$113.1

$179.9

$0.0

1.67x

9.9%

$1.4

1.65x

14.2%

$4.8

1.50x

9.6%

0.96x

(0.7%)

OregonPublicEmployeesRetirementFund
PrivateEquityPortfolio
AsofMarch31,2016
($inmillions)
TotalCapital
Distributed

FairMarket
Value

TotalValue

$75.0

$54.3

$46.5

1.34x

$116.3

$145.1

$12.4

1.36x

8.9%

$103.3

$108.3

$3.9

1.10x

2.0%

$25.0

$24.9

$34.3

$6.6

1.64x

14.0%

$150.0

$156.7

$10.1

$72.6

0.53x

(9.9%)

$300.0

$310.7

$265.5

$152.2

1.41x

5.0%

$50.0

$48.8

$2.4

$20.8

0.48x

(14.3%)

Vintage
Year

Partnership

2006

PathwayPrivateEquityFundIIIVY2006

$67.9

2006

RhnePartnersIII

$100.0

2006

TCWCrescentMezzaninePartnersIV

$100.0

2006

TechnologyCrossoverVenturesVI

2006

TerraFirmaCapitalPartnersIII

2006

TPGPartnersV

2006

VantagePointVenturePartners2006

2006

WellspringCapitalPartnersIV

2007

AffinityAsiaPacificFundIII

2007

ApaxEuropeVII

2007

AsiaOpportunityFundIII

2007

AuroraResurgenceFund

2007

GoresCapitalPartnersII

2007

GreenEquityInvestorsV

$200.0

2007

HarbourVestPartners2007DirectFund

$100.0

2007

KKR2006CoInvestmentFund

$187.5

2007

KKRAsianFund

$100.0

$109.4

$131.1

$56.0

1.74x

13.4%

2007

LionCapitalFundII

$203.3

$237.5

$146.9

$16.9

0.62x

(7.6%)

2007

MatlinPattersonGlobalOpportunitiesPartnersIII

$150.0

$182.2

$116.8

$93.2

1.20x

3.7%

2007

NewMountainPartnersIII

$100.0

$103.6

$68.4

$95.8

1.67x

11.7%

2007

NorthwestEmergingVenturesIIVY2007

$126.0

$132.6

$109.7

$116.6

1.81x

11.1%

2007

OakHillCapitalPartnersIII

$300.0

$343.6

$481.9

$0.0

1.50x

8.9%

2007

OCMOpportunitiesFundVII

$50.0

$50.0

$62.3

$6.2

1.37x

7.5%

2007

OregonInvestmentFund(Series1A)

$50.0

$38.8

$13.0

$34.1

1.23x

5.9%

2007

ProvidenceEquityPartnersVI

$300.0

$334.3

$273.4

$181.2

1.43x

6.6%

2007

SofinnovaVenturePartnersVII

$25.0

$25.0

$31.8

$11.9

1.74x

16.8%

2007

TailwindCapitalPartners

12.6%

2007

TPGSTAR

2007

VectorCapitalIV

2007
2007

Capital
Commitment

TotalCapital
Contributed

1,2

Multiple

IRR

5.5%

$80.0

$82.5

$84.9

$39.2

1.52x

8.2%

$100.0

$93.3

$113.0

$36.2

1.60x

12.4%

$199.5

$218.6

$200.4

$82.9

1.32x

5.5%

$150.0

$150.3

$65.5

$65.4

0.84x

(6.2%)

$50.0

$42.7

$57.7

$0.0

1.66x

16.0%

$100.0

$111.0

$92.3

$46.7

1.29x

7.0%

$207.7

$237.4

$143.5

1.91x

17.6%

$97.0

$89.5

$60.8

1.55x

9.6%

$186.1

$262.6

$94.6

1.92x

14.9%

$75.0

$74.5

$92.6

$30.4

1.72x

$100.0

$104.3

$104.4

$62.8

1.67x

11.9%

$50.0

$46.5

$33.2

$42.1

1.68x

14.2%

VistaEquityPartnersFundIII

$100.0

$107.9

$225.4

$45.3

2.68x

31.2%

WarburgPincusPrivateEquityX

$400.0

$403.4

$360.8

$208.4

1.41x

7.5%

2007

WLRRecoveryFundIV

$200.0

$181.1

$204.0

$42.9

1.36x

8.1%

2008

AdventInternationalGPEVIA

$100.0

$96.7

$107.1

$89.7

2.04x

18.4%

2008

ApolloInvestmentFundVII

$400.0

$471.5

$700.4

$119.6

2.05x

24.3%

2008

AustinVenturesX

$50.0

$49.6

$36.2

$33.5

1.41x

9.4%

2008

AvistaCapitalPartnersII

$100.0

$120.9

$127.2

$88.0

2.08x

19.7%

2008

CastleHarlanPartnersV

$100.0

$76.7

$61.6

$48.0

1.63x

20.6%

2008

CVCCapitalPartnersAsiaPacificIII

$100.0

$104.2

$130.0

$32.8

1.68x

14.1%

2008

CVCEuropeanEquityPartnersV

$291.2

$262.9

$254.8

$118.0

1.53x

11.5%

2008

EndeavourCapitalFundV

$65.0

$62.3

$22.4

$69.0

1.47x

9.3%

2008

EssexWoodlandsHealthVenturesFundVIII

$100.0

$99.0

$30.5

$87.8

1.20x

5.1%

2008

FirstReserveFundXII

$300.0

$322.4

$143.7

$99.7

0.73x

(7.9%)

2008

GSOCapitalOpportunitiesFundI

$100.0

$149.9

$204.0

$13.0

1.52x

17.8%

2008

KKREuropeanFundIII

$463.0

$450.1

$300.5

$334.9

1.44x

10.1%

2008

MontaukTriGuardFundIV

$75.0

$65.3

$67.0

$36.2

1.58x

15.3%

2008

NorthwestEmergingVenturesIIVY2008

$36.0

$41.8

$34.6

$37.7

1.91x

16.4%

2008

NorthwestEmergingVenturesIIIVY2008

$41.5

$44.8

$29.6

$39.3

1.58x

11.3%

2008

OCMOpportunitiesFundVIIb

$100.0

$90.0

$144.6

$9.0

1.71x

16.7%

2008

PathwayPrivateEquityFundIIIBVY2008

$19.9

$17.6

$28.9

$10.9

2.54x

28.9%

2008

PineBrookCapitalPartners

$100.0

$104.6

$61.6

$55.0

1.13x

3.8%

2008

RiversideCapitalAppreciationFundV

$100.0

$84.5

$87.5

$36.6

1.47x

10.6%

OregonPublicEmployeesRetirementFund
PrivateEquityPortfolio
AsofMarch31,2016
($inmillions)
TotalCapital
Distributed

FairMarket
Value

TotalValue

$93.2

$53.2

$56.6

1.21x

$198.8

$215.9

$47.8

1.35x

9.9%

$73.6

$76.2

$81.2

2.14x

22.1%

$750.0

$780.6

$591.1

$537.3

1.51x

11.4%

$25.0

$22.8

$0.9

$64.7

2.88x

22.2%
(19.5%)

Vintage
Year

Partnership

2008

Riverstone/CarlyleRAEFundII

$100.0

2008

TCWCrescentMezzaninePartnersV

$200.0

2008

TechnologyCrossoverVenturesVII

$75.0

2008

TPGPartnersVI

2008

UnionSquareVentures2008

2008

VantagePointCleanTechPartnersII

2009

GoresCapitalPartnersIII

2009

Capital
Commitment

TotalCapital
Contributed

1,2

Multiple

IRR

4.4%

$50.0

$48.8

$0.0

$18.5

0.38x

$100.0

$94.3

$59.4

$52.5

1.22x

6.7%

KKRE2InvestorsL.P.(Euro2AnnexFund)

$37.0

$35.2

$31.1

$2.7

0.96x

(1.2%)

2009

KSLCapitalPartnersSupplementalII

$50.0

$21.7

$46.7

$0.3

2.17x

24.9%

2009

NorthwestEmergingVenturesIIIVY2009

$70.7

$73.3

$41.0

$67.3

1.54x

12.0%

2009

OaktreeOpportunitiesFundVIII

$50.0

$50.0

$46.0

$21.2

1.34x

8.3%

2009

OaktreePrincipalFundV

$100.0

$94.2

$45.7

$59.7

1.13x

3.3%

2009

PathwayPrivateEquityFundIIIBVY2009

$32.0

$31.6

$23.4

$24.0

1.50x

14.2%

2009

RiversideEuropeFundIV

$50.0

$54.4

$32.3

$34.9

1.27x

6.0%

2010

AquilineFinancialServicesFundII

$100.0

$107.1

$13.0

$121.6

1.29x

9.9%

2010

CadenceBancorpLLC

$100.0

$92.5

$0.0

$108.2

1.17x

3.4%

2010

HamiltonLaneSMIDFund

$300.0

$255.0

$121.2

$195.3

1.29x

11.2%

2010

LionCapitalFundIII

$100.0

$101.0

$32.3

$110.8

1.57x

12.2%

2010

LittlejohnFundIV

$100.0

$104.2

$40.5

$106.2

1.47x

11.2%

2010

NorthwestEmergingVenturesIIIVY2010

$133.2

$135.6

$52.6

$173.6

1.77x

17.9%

2010

OakInvestmentPartnersXIII

$75.0

$73.7

$8.2

$70.1

1.06x

2.3%

2010

OrbiMedPrivateInvestmentsIV(fkaCaduceusIV)

$40.0

$42.1

$39.6

$56.3

2.60x

36.9%

2010

PathwayPrivateEquityFundIIIBVY2010

$39.7

$39.9

$20.2

$40.2

1.52x

14.3%

2010

UnionSquareVenturesOpportunityFund

$25.0

$16.1

$41.6

$11.9

3.32x

63.8%

2010

VeritasCapitalFundIV

$100.0

$104.2

$6.1

$166.2

1.69x

16.5%

2011

BaringAsiaPrivateEquityFundV

$80.0

$104.2

$37.2

$89.1

1.28x

11.0%

2011

BDCMOpportunityFundIII

$100.0

$127.1

$45.6

$102.6

1.23x

8.4%

2011

BlackstoneCapitalPartnersVI

$200.0

$177.1

$30.6

$182.0

1.22x

10.0%

2011

CapitalInternationalPrivateEquityFundVI

$100.0

$68.0

$1.1

$49.5

0.74x

(12.4%)

2011

CenterbridgeCapitalPartnersII

$100.0

$132.9

$49.0

$93.6

1.11x

3.7%

2011

EndeavourCapitalFundVI

$95.0

$81.9

$6.6

$100.1

1.30x

11.9%

2011

FisherLynchCoInvestmentPartnershipII

$500.0

$366.8

$198.9

$323.9

1.44x

15.1%

2011

FranciscoPartnersIII

$100.0

$91.8

$19.9

$122.3

1.55x

16.7%

2011

GGVCapitalIV

$50.0

$48.8

$1.5

$86.5

1.80x

24.0%

2011

GSOCapitalOpportunitiesFundII

$100.0

$91.8

$55.9

$49.1

1.24x

12.5%

2011

KSLCapitalPartnersIII

$100.0

$102.1

$71.6

$49.2

1.26x

11.9%

2011

MontaukTriGuardFundV

$75.0

$48.0

$25.7

$37.5

1.32x

15.3%

2011

NorthwestEmergingVenturesIIIVY2011

$100.7

$93.7

$34.0

$118.0

1.69x

18.5%

2011

OaktreeEuropeanPrincipalFundIII(US)

$50.0

$42.9

$4.2

$50.7

1.31x

10.6%

2011

OaktreeOpportunitiesFundVIIIb

$50.0

$50.0

$19.8

$37.3

1.14x

4.1%

2011

OHAEuropeanStrategicCreditFund

$50.0

$31.0

$6.7

$31.4

1.29x

7.2%

2011

OpusCapitalVenturePartnersVI

$33.5

$16.2

$1.2

$11.5

0.78x

(9.1%)

2011

PathwayPrivateEquityFundIIIBVY2011

$67.8

$59.3

$15.6

$64.1

1.35x

13.3%

2011

RhnePartnersIV

$75.0

$63.4

$26.7

$47.9

1.18x

10.2%

2011

SofinnovaVenturePartnersVIII

$50.0

$43.0

$37.7

$27.8

1.52x

29.6%

2011

TPGGrowthII

$75.0

$70.2

$6.0

$119.5

1.84x

31.5%

2011

UnionSquareVentures2012

$25.0

$19.5

$2.6

$33.3

1.84x

27.2%

2011

VistaEquityPartnersFundIV

$100.0

$96.3

$43.8

$125.9

1.85x

22.8%

2011

WellspringCapitalPartnersV

$100.0

$96.2

$19.1

$107.9

1.40x

15.6%

2011

WLRRecoveryFundV

$100.0

$87.1

$43.8

$59.3

1.20x

7.3%

2012

A&MCapitalPartners

$100.0

$40.1

$2.7

$51.8

NM

NM

OregonPublicEmployeesRetirementFund
PrivateEquityPortfolio
AsofMarch31,2016
($inmillions)
FairMarket
Value

TotalValue

$6.1

$44.4

1.32x

15.2%

$6.7

$151.6

1.21x

16.4%

$105.1

$14.7

$109.1

1.20x

7.8%

$51.1

$18.4

$46.2

1.28x

15.4%

$77.5

1.37x

18.2%

$22.5

1.13x

7.7%

Vintage
Year

Partnership

2012

AdventInternationalGPEVIIC

2012

ApaxVIIIB

2012

AvistaCapitalPartnersIII

2012

CinvenFifthFund

2012

CollerInternationalPartnersVI

$100.0

$71.8

$20.5

2012

CourtSquareCapitalPartnersIII

$75.0

$32.3

$13.8

2012

CrescentMezzaninePartnersVI

$75.0

$69.8

$18.0

$60.9

1.15x

8.2%

2012

GreenEquityInvestorsVI

$150.0

$105.7

$6.3

$118.6

1.19x

10.4%

2012

KKRNorthAmericaFundXI

$750.0

$553.9

$149.5

$591.7

1.40x

17.8%

2012

NorthwestEmergingVenturesIIIVY2012

$54.0

$49.4

$8.3

$35.6

0.87x

(6.3%)

2012

PalladiumEquityPartnersIV

$100.0

$46.2

$2.9

$45.1

NM

NM

2012

ParthenonInvestorsIV

$75.0

$49.5

$1.9

$63.9

1.34x

17.2%

2012

PathwayPrivateEquityFundIIIBVY2012

$106.7

$87.0

$18.6

$94.3

1.31x

14.7%

2012

ProvidenceEquityPartnersVII

$150.0

$78.3

$8.8

$81.2

1.17x

9.0%

2012

RiversideCapitalAppreciationFundVI

$75.0

$40.2

$0.1

$45.4

NM

NM

2012

VestarCapitalPartnersVI

$75.0

$42.0

$8.8

$56.4

1.58x

31.8%

2013

ApolloInvestmentFundVIII

$400.0

$128.6

$3.3

$129.9

NM

NM

2013

CDHFundV

$100.0

$53.2

$7.7

$51.5

NM

NM

2013

GIPartnersFundIV

$100.0

$47.7

$0.2

$53.0

NM

NM

2013

HarbourVestPartners2013DirectFund

$75.0

$55.9

$8.2

$59.6

NM

NM

2013

KKRAsianFundII

$200.0

$108.2

$25.8

$112.0

NM

NM

2013

MayfieldXIV

$25.0

$12.5

$0.0

$13.7

NM

NM

2013

NordicCapitalVIII

$75.0

$35.8

$1.1

$32.7

NM

NM

2013

NorthHavenPrivateEquityAsiaIV

2013

OaktreeOpportunitiesFundIX

2013

OrbiMedPrivateInvestmentsV

2013

PathwayPrivateEquityFundIIIBVY2013

2013

PineBrookCapitalPartnersII

$100.0

$60.7

2013

RRJCapitalMasterFundII

$75.0

$79.7

2013

TailwindCapitalPartnersII

$75.0

$33.5

$1.8

2013

TDRCapitalIII

$100.0

$40.1

$0.0

$48.4

NM

NM

2013

VistaFoundationFundII

$75.0

$58.8

$0.1

$61.6

NM

NM

2014

CVCCapitalPartnersVI

$196.5

$64.0

$2.0

$56.2

NM

NM

2014

GGVCapitalV

$50.0

$34.0

$0.0

$54.3

NM

NM

2014

KSLCapitalPartnersCreditOpportunitiesFund

$75.0

$7.8

$1.0

$7.1

NM

NM

2014

MHRInstitutionalPartnersIV

$150.0

$28.1

$0.1

$26.7

NM

NM

2014

MontaukTriguardFundVI

$100.0

$31.0

$5.6

$31.6

NM

NM

2014

OrchidAsiaVI

$75.0

$14.8

$3.0

$10.9

NM

NM

2014

PathwayPrivateEquityFundIIIBVY2014

$49.0

$11.1

$0.2

$7.3

0.67x

(28.1%)

2014

PublicPensionCapital

$100.0

$11.3

$0.0

$8.3

NM

NM

2014

UnionSquareVentures2014

$18.8

$8.1

$0.0

$7.4

NM

NM

2014

UnionSquareVenturesOpportunity2014

$18.8

$5.4

$0.0

$5.0

NM

NM

2014

VistaEquityPartnersFundV

$200.0

$177.7

$0.1

$196.8

NM

NM

2015

AdventLatinAmericanPrivateEquityVIC

$75.0

$9.9

$1.1

$9.8

NM

NM

2015

AquilineFinancialServicesFundIII

$100.0

$16.5

$2.7

$12.4

NM

NM

2015

BaringAsiaPrivateEquityFundVI

$130.0

$33.0

$0.0

$29.2

NM

NM

2015

BDCMOpportunityFundIV

$200.0

$30.0

$2.0

$24.6

NM

NM

2015

BlackstoneEnergyPartnersII

$200.0

$0.8

$0.0

($1.4)

NM

NM

2015

CenterbridgeCapitalPartnersIII

$135.0

$36.7

$0.0

$39.8

NM

NM

2015

EnCapEnergyCapitalFundX

2015

EndeavourCapitalFundVII

Capital
Commitment

TotalCapital
Contributed

TotalCapital
Distributed

$50.0

$38.3

$150.4

$131.9

$100.0
$75.8

1,2

Multiple

IRR

$100.0

$49.6

$4.8

$56.8

NM

NM

$75.0

$75.0

$0.0

$71.7

0.96x

(2.3%)

$40.0

$29.7

$19.2

$41.5

NM

NM

$93.2

$53.3

$7.6

$51.8

1.12x

7.2%

$2.6

$54.1

0.93x

(4.9%)

$31.3

$62.5

NM

NM

$34.1

NM

NM

$90.0

$9.6

$0.0

$7.7

NM

NM

$112.4

$16.2

$0.0

$15.6

NM

NM

OregonPublicEmployeesRetirementFund
PrivateEquityPortfolio
AsofMarch31,2016
($inmillions)
Vintage
Year

Partnership

2015

FranciscoPartnersIV

2015

GGVCapitalSelect

2015

KSLCapitalPartnersIV

$150.0

$8.2

2015

OaktreeOpportunitiesFundX

$50.0

$7.5

2015

OrbimedPrivateInvestmentsVI

$60.0

$4.0

2015

RhnePartnersV

$190.4

2015

RRJCapitalMasterFundIII

2015

TPGGrowthIII

2015

FairMarket
Value

$43.9

$0.0

$44.3

NM

NM

$9.0

$0.0

$8.9

NM

NM

$0.0

$6.8

N/A

N/A

$0.0

$7.9

NM

NM

$0.0

$3.3

NM

NM

$3.5

$0.0

$0.8

NM

NM

$150.0

$6.1

$0.0

$5.3

NM

NM

$200.0

$21.4

$0.0

$13.3

NM

NM

TPGPartnersVII

$700.0

$67.1

$0.1

$64.2

NM

NM

2015

VeritasCapitalFundV

$150.0

$76.2

$0.0

$74.7

NM

NM

2016

BlackstoneCapitalPartnersVII

$450.0

$0.0

$0.0

$0.0

N/A

N/A

2016

GeneralAtlanticManagedAccount

$250.0

$0.0

$0.0

($0.0)

N/A

N/A

2016

GGVCapitalVI

$45.0

$0.0

$0.0

$0.0

N/A

N/A

2016

GGVCapitalVIPlus

$15.0

$0.0

$0.0

$0.0

N/A

N/A

2016

GGVDiscoveryI

$20.0

$0.0

$0.0

$0.0

N/A

N/A

2016

GreenEquityInvestorsVII

$250.0

$0.0

$0.0

$0.0

N/A

N/A

2016

Hellman&FriedmanCapitalPartnersVIII

$100.0

$0.0

$0.0

$0.0

N/A

N/A

2016

KKRAmericasFundXII

$500.0

$0.0

$0.0

$0.0

N/A

N/A

2016

OaktreeOpportunitiesFundXb

$100.0

$0.0

$0.0

$0.0

N/A

N/A

2016

RoarkCapitalPartnersIV

$100.0

$0.0

$0.0

$0.0

N/A

N/A

2016

USV2016

$19.0

$0.0

$0.0

$0.0

N/A

N/A

2016

VistaEquityPartnersFundVI

$500.0

$0.0

$0.0

($0.3)

N/A

N/A

$39,226.4

$35,118.8

$39,767.3

$14,020.0

1.61x

15.5%

Totals:

TotalCapital
Contributed

$150.0
$50.0

TotalValue

TotalCapital
Distributed

Capital
Commitment

1,2

Multiple

IRR

Total Value Multiple is calculated net of recallable return of capital ("ROC"). In practice, both total distributions and contributions are reduced by the amount of recallable ROC in the numerator and denominator of the
calculation, respectively.
2

Investments held less than three years generally have TVPIs and IRRs that are not meaningful, and are therefore labeled NM.

Warning: Due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences in the pace of investments across partnerships and the understatement of returns
in the early years of a partnership's life, the IRR information in this report DOES NOT accurately reflect the current or expected future returns of the partnership. The IRRs SHOULD NOT be used to assess the
investment success of a partnership or to compare returns across partnerships. The IRRs in this report HAVE NOT been approved by the individual general partners of the partnerships.