Professional Documents
Culture Documents
Private Investments
Fund Performance (Active Relationships)
As of February 28, 2015
Capital Invested1
Capital Returned
to UTIMCO2
Current Value3
Cash-on-Cash
Return4
IRR5
Partnership Name
Actis Capital
25,630,884.48
23,876,579.96
49,507,464.44
9,381,055.69
5,473,107.50
14,854,163.19
29,535,005.79
18,865,998.11
48,401,003.90
0.37
0.23
0.30
12.50%
0.72%
8.13%
19,953,267.50
4,739,641.43
12,479,318.31
0.24
-20.09%
22,502,167.19
20,981,742.82
6,344,078.97
0.93
3.11%
Alcion Ventures
63,388,162.00
0.00
63,388,162.00
38,000,614.00
0.00
38,000,614.00
46,440,086.70
-1,954,885.00
44,485,201.70
0.60
0.00
0.60
17.66%
0.00%
16.25%
0.00
4,720,703.12
4,720,703.12
0.00
0.00
0.00
0.00
3,997,793.53
3,997,793.53
0.00
0.00
0.00
0.00%
-46.54%
-46.54%
Alpine Investors
Altra Investments
20,305,991.73
0.00
20,921,181.17
0.00
3.82%
15,975,656.67
33,609,444.00
35,604,291.34
85,189,392.01
26,311,130.36
0.00
3,534,712.67
29,845,843.03
0.00
33,565,876.60
36,785,971.76
70,351,848.36
1.65
0.00
0.10
0.35
12.35%
-0.11%
9.91%
11.54%
23,832,151.56
29,106,228.41
52,938,379.97
58,146,433.09
52,265,631.11
110,412,064.20
0.00
3,367,602.79
3,367,602.79
2.44
1.80
2.09
19.92%
19.65%
19.85%
Ampersand Ventures
15,002,118.75
20,001,472.50
25,006,056.25
25,000,000.00
85,009,647.50
18,163,614.45
51,035,831.39
60,957,094.10
25,032,244.00
155,188,783.94
0.00
0.00
3,324,304.38
15,113,912.45
18,438,216.83
1.21
2.55
2.44
1.00
1.83
3.36%
16.44%
16.75%
10.31%
12.42%
2"Capital
The investment period for this fund has not yet commenced.
WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, 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 life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.
Capital Returned
to UTIMCO2
Current Value3
Cash-on-Cash
Return4
IRR5
Partnership Name
14,166,086.00
25,000,000.00
25,350,000.00
64,516,086.00
22,394,938.00
24,508,901.00
12,750,000.00
59,653,839.00
0.00
3,846,385.53
12,856,472.51
16,702,858.04
1.58
0.98
0.50
0.92
28.68%
3.25%
0.16%
4.72%
Apollo Management
115,013,239.00
52,277,207.19
167,290,446.19
152,135,718.00
17,238,348.77
169,374,066.77
11,167,866.28
43,578,872.37
54,746,738.65
1.32
0.33
1.01
10.49%
10.41%
10.48%
30,004,283.22
37,200,000.00
3,500,000.00
70,704,283.22
7,549,389.66
32,255,645.11
13,050.00
39,818,084.77
25,362,784.71
118,229,066.11
2,853,427.50
146,445,278.32
0.25
0.87
0.00
0.56
1.40%
46.16%
-34.19%
20.55%
27,344,118.00
56,374,637.00
52,716,441.00
40,926,868.00
177,362,064.00
49,389,381.00
81,588,174.00
64,611,938.00
49,035,877.00
244,625,370.00
0.00
919,381.66
10,266,266.33
9,867,840.72
21,053,488.71
1.81
1.45
1.23
1.20
1.38
24.37%
16.02%
7.88%
12.46%
14.43%
Artiman Ventures
30,000,000.00
30,920,000.00
26,909,007.51
87,829,007.51
15,769,891.00
0.00
4,256,721.00
20,026,612.00
22,904,134.71
26,736,171.33
25,454,232.52
75,094,538.56
0.53
0.00
0.16
0.23
5.62%
-6.88%
4.78%
2.74%
100,160,183.34
45,106,992.52
11,641,330.23
0.45
-10.49%
Atlas Venture
15,506,452.07
7,487,798.81
6,182,882.40
0.48
-1.66%
"Capital Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.
Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.
2"Capital
3 Private investment funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4
IRR, or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through February 28, 2015 and the current value of remaining investments as of December 31, 2014. IRRs for periods of less than one year are nominalized,
not annualized.
6
The investment period for this fund has not yet commenced.
WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, 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 life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.
Capital Returned
to UTIMCO2
Current Value3
Cash-on-Cash
Return4
IRR5
Partnership Name
Austin Ventures
5,008,592.15
15,001,997.50
21,164,850.30
20,000,000.00
17,210,095.57
17,430,244.00
25,472,621.78
121,288,401.30
42,094,128.26
29,595,456.08
13,122,525.14
15,277,173.97
25,482,496.17
12,720,816.13
13,365,388.34
151,657,984.09
0.00
37,635.59
0.00
1,172,852.81
2,857,662.26
10,741,212.28
22,264,333.13
37,073,696.07
8.40
1.97
0.62
0.76
1.48
0.73
0.52
1.25
73.14%
31.88%
-8.48%
-2.56%
7.08%
5.76%
11.21%
26.47%
25,089,502.00
76,166,202.00
101,255,704.00
20,027,337.00
98,939,674.00
118,967,011.00
10,613,962.62
666,698.47
11,280,661.09
0.80
1.30
1.17
4.30%
10.88%
8.55%
Baker Capital
42,964,832.37
30,929,197.33
73,894,029.70
45,119,824.06
16,836,055.51
61,955,879.57
0.00
14,789,064.42
14,789,064.42
1.05
0.54
0.84
0.57%
0.26%
0.44%
Band of Angels
10,121,549.63
0.00
2,392,089.36
0.00
-10.81%
49,870,943.29
32,002,549.15
41,432,407.50
0.64
8.85%
14,401,924.33
21,575.10
10,776,789.76
0.00
-16.97%
23,996,991.25
7,487,871.90
50,259.02
0.31
-15.23%
38,017,159.55
15,763,425.90
0.00
14,042,043.94
5,752,123.66
0.00
26,203,093.20
9,487,997.23
0.00
0.37
0.36
0.00
4.47%
-2.65%
0.00%
53,780,585.45
19,794,167.60
35,691,090.43
0.37
2.45%
L.P.6
3
Private investment funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4Cash-on-Cash Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."
5 IRR, or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through February 28, 2015 and the current value of remaining investments as of December 31, 2014. IRRs for periods of less than one year are nominalized,
not annualized.
6The investment period for this fund has not yet commenced.
WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, 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 life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.
Capital Returned
to UTIMCO2
Current Value3
Cash-on-Cash
Return4
IRR5
Partnership Name
55,727,224.74
8,921,580.77
64,648,805.51
61,686.86
15,723.25
77,410.11
73,315,985.39
7,512,577.68
80,828,563.07
0.00
0.00
0.00
13.29%
-23.78%
12.01%
51,978,351.00
60,741,532.00
112,719,883.00
19,705,362.00
5,510,074.00
25,215,436.00
52,658,400.87
55,643,500.33
108,301,901.20
0.38
0.09
0.22
25.24%
1.07%
18.02%
Care Capital
35,094,393.50
5,013,020.94
30,106,944.23
0.14
0.02%
Carmel Partners
65,529,618.00
3,204,362.00
68,733,980.00
15,801,727.00
0.00
15,801,727.00
70,092,253.30
2,797,456.09
72,889,709.39
0.24
0.00
0.23
24.01%
-15.28%
23.24%
Carrick Capital
40,906,417.00
5,034,708.00
45,941,125.00
0.00
0.00
0.00
42,952,670.43
5,034,708.00
47,987,378.43
0.00
0.00
0.00
4.48%
0.00%
4.48%
CarVal Investors
71,250,000.00
47,500,000.00
118,750,000.00
84,472,948.44
76,796,123.67
161,269,072.11
22,500,002.92
15,499,999.25
38,000,002.17
1.19
1.62
1.36
7.03%
16.75%
10.18%
Cendana Capital
28,565,410.82
1,118,666.45
34,941,123.99
0.04
16.75%
Centerbridge Partners
77,902,013.03
118,643,802.00
0.00
107,102,493.00
40,095,006.00
0.00
29,526,581.81
89,474,812.83
0.00
1.37
0.34
0.00
20.76%
6.28%
0.00%
196,545,815.03
147,197,499.00
119,001,394.64
0.75
16.44%
69,266,757.36
57,219,514.31
51,182,296.30
0.83
8.11%
3
Private investment funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4Cash-on-Cash Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."
5 IRR, or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through February 28, 2015 and the current value of remaining investments as of December 31, 2014. IRRs for periods of less than one year are nominalized,
not annualized.
6The investment period for this fund has not yet commenced.
WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, 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 life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.
Partnership Name
Correlation Ventures
Cortec Group
Crescendo Ventures
Capital Invested1
Capital Returned
to UTIMCO2
Current Value3
Cash-on-Cash
Return4
IRR5
7,000,000.00
7,000,000.00
14,000,000.00
112,610.25
112,610.25
225,220.50
6,723,347.41
6,722,783.38
13,446,130.79
0.02
0.02
0.02
-1.27%
-1.27%
-1.27%
18,839,278.25
19,781,312.25
45,584,779.00
31,480,164.00
4,048,437.00
119,733,970.50
16,396,552.00
41,424,728.00
50,529,313.00
0.00
0.00
108,350,593.00
0.00
0.00
21,753,711.95
36,151,878.76
9,231,916.29
67,137,507.00
0.87
2.09
1.11
0.00
0.00
0.90
-1.93%
21.77%
10.07%
6.99%
37.85%
8.23%
15,001,892.58
25,005,950.00
10,001,413.75
50,009,256.33
20,342,427.88
10,907,685.35
4,528,275.55
35,778,388.78
0.00
777,378.54
44,492.40
821,870.94
1.36
0.44
0.45
0.72
19.86%
-11.98%
-7.41%
-7.58%
29,092,294.45
37,167,704.78
40,159,928.09
43,614,543.22
150,034,470.54
73,046,004.26
59,506,025.03
37,021,572.07
25,889,358.09
195,462,959.45
122,593.86
8,881,972.12
13,768,529.44
28,788,797.16
51,561,892.58
2.51
1.60
0.92
0.59
1.30
22.90%
16.48%
5.63%
8.43%
19.40%
13,559,445.78
25,000,000.00
38,559,445.78
14,975,997.23
29,999,760.97
44,975,758.20
165,197.70
722,272.31
887,470.01
1.10
1.20
1.17
2.14%
4.11%
3.40%
27,578,599.69
42,438,012.44
48,928,437.89
93,476,224.65
212,421,274.67
58,106,736.02
68,842,237.32
62,043,074.32
75,237,871.08
264,229,918.74
0.00
4,613,800.39
13,657,392.94
33,708,887.85
51,980,081.18
2.11
1.62
1.27
0.80
1.24
48.94%
13.06%
10.73%
4.15%
18.00%
"Capital Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.
2"Capital
The investment period for this fund has not yet commenced.
WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, 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 life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.
Capital Returned
to UTIMCO2
Current Value3
Cash-on-Cash
Return4
IRR5
Partnership Name
46,876,082.00
56,100,000.00
67,750,000.00
9,600,025.00
16,111,365.00
196,437,472.00
10,371,404.00
7,855,604.00
4,378,796.00
150,155.00
0.00
22,755,959.00
37,478,430.34
63,566,746.89
75,488,939.47
8,302,933.77
15,336,578.97
200,173,629.44
0.22
0.14
0.06
0.02
0.00
0.12
0.46%
10.40%
11.04%
-18.27%
-10.35%
5.36%
EnCap Investments
51,354,134.91
17,380,345.06
105,192,633.82
77,649,809.32
34,949,199.86
2,165,799.99
288,691,922.96
113,220,497.89
29,884,711.69
130,752,064.26
145,212,672.36
9,501,900.42
0.00
428,571,846.62
0.00
0.00
20,619,587.72
34,726,686.94
35,010,972.79
1,622,288.15
91,979,535.60
2.20
1.72
1.24
1.87
0.27
0.00
1.48
21.42%
50.53%
18.34%
56.25%
22.70%
-37.15%
24.01%
Energy Ventures
33,974,581.43
7,118,072.29
41,092,653.72
4,336,512.17
0.00
4,336,512.17
31,620,174.40
7,118,072.29
38,738,246.69
0.13
0.00
0.11
3.49%
0.00%
3.45%
Eos Partners
25,351,366.00
49,277,627.00
74,628,993.00
22,857,537.00
20,509,253.00
43,366,790.00
14,038,104.20
40,057,988.99
54,096,093.19
0.90
0.42
0.58
7.91%
7.71%
7.82%
237,500.00
237,500.00
475,000.00
0.00
0.00
0.00
-27,450.00
-27,450.00
-54,900.00
0.00
0.00
0.00
-100.00%
-100.00%
-100.00%
34,939,467.17
37,780,614.72
8,154,768.41
176,678.08
81,051,528.38
181,957.31
181,957.31
0.00
0.00
363,914.62
40,024,188.25
40,606,208.29
8,154,768.41
176,678.08
88,961,843.03
0.01
0.00
0.00
0.00
0.00
13.12%
6.85%
0.00%
0.00%
9.74%
"Capital Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.
"Capital Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.
3 Private investment funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4Cash-on-Cash Return is
IRR, or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through February 28, 2015 and the current value of remaining investments as of December 31, 2014. IRRs for periods of less than one year are nominalized,
not annualized.
6
The investment period for this fund has not yet commenced.
WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, 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 life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.
Capital Returned
to UTIMCO2
Current Value3
Cash-on-Cash
Return4
IRR5
Partnership Name
28,757,196.06
69,804,025.83
98,561,221.89
69,122,420.79
62,479,466.55
131,601,887.34
120,692.83
27,613,941.95
27,734,634.78
2.40
0.90
1.34
34.69%
6.29%
19.22%
Escalate Capital
22,411,727.00
3,468,208.00
25,879,935.00
23,335,894.84
11.22
23,335,906.06
10,129,414.13
3,468,197.60
13,597,611.73
1.04
0.00
0.90
7.28%
0.00%
7.24%
28,780,701.00
20,100,000.00
0.00
48,880,701.00
504,000.00
0.00
0.00
504,000.00
32,158,769.14
20,100,000.00
0.00
52,258,769.14
0.02
0.00
0.00
0.01
5.36%
0.00%
0.00%
5.24%
38,960,000.00
16,451,897.00
36,370,508.34
0.42
5.75%
50,271,647.00
30,202,004.55
33,157,929.54
0.60
5.38%
Ford Management
1,156,002.00
0.00
-575,089.00
0.00
-100.00%
20,167,004.57
20,503,608.12
29,737,708.70
29,663,494.22
187,188,728.61
395,777,386.46
683,037,930.68
6,705,900.01
6,951,287.58
5,218,285.31
9,156,928.49
210,745,468.69
256,364,074.91
495,141,944.99
11,983,751.27
15,372,264.54
14,662,818.40
33,099,326.50
41,383,140.59
237,066,540.94
353,567,842.24
0.33
0.34
0.18
0.31
1.13
0.65
0.72
-1.04%
1.18%
-5.97%
5.84%
25.32%
13.76%
9.66%
Foundation Capital
20,004,869.75
7,295,388.10
9,588,398.76
0.36
-2.04%
3
Private investment funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4Cash-on-Cash Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."
5 IRR, or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through February 28, 2015 and the current value of remaining investments as of December 31, 2014. IRRs for periods of less than one year are nominalized,
not annualized.
6The investment period for this fund has not yet commenced.
WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, 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 life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.
Capital Returned
to UTIMCO2
Current Value3
Cash-on-Cash
Return4
IRR5
Partnership Name
Foundry Group
39,400,000.01
39,712,500.01
25,368,750.00
18,375,000.00
122,856,250.02
64,236,702.71
11,634,762.01
0.00
1,364,356.82
77,235,821.54
69,727,834.38
48,374,670.14
28,466,220.64
27,563,051.23
174,131,776.39
1.63
0.29
0.00
0.07
0.63
40.82%
17.56%
11.06%
63.34%
35.02%
Francisco Partners
37,240,000.00
67,659,665.00
104,899,665.00
41,486,394.00
6,034,995.07
47,521,389.07
21,474,435.78
80,547,029.84
102,021,465.62
1.11
0.09
0.45
12.59%
14.11%
13.07%
35,522,923.04
3,526,025.58
41,978,810.97
0.10
21.70%
Gavea Investimentos
38,400,000.00
36,064,179.36
17,733,362.35
0.94
8.26%
14,720,278.00
963,800.00
15,684,078.00
5,866,190.00
0.00
5,866,190.00
16,973,809.23
963,800.00
17,937,609.23
0.40
0.00
0.37
24.90%
0.00%
24.84%
GEI Capital
68,270,709.59
25,905,915.36
77,839,536.70
172,016,161.65
161,717,681.85
38,665,648.25
67,461,341.21
267,844,671.31
0.00
12,588,646.47
66,576,962.81
79,165,609.28
2.37
1.49
0.87
1.56
21.57%
11.69%
17.72%
19.90%
57,830,386.97
18,228,750.00
76,059,136.97
42,877,754.57
0.00
42,877,754.57
46,811,753.78
16,943,069.40
63,754,823.18
0.74
0.00
0.56
19.13%
-11.98%
17.61%
GGV Capital
9,750,000.00
0.00
9,366,981.00
0.00
-7.19%
Gobi Partners
24,115,917.16
2,969,138.00
34,875,426.33
0.12
12.08%
"Capital Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.
Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.
2"Capital
3 Private investment funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4
IRR, or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through February 28, 2015 and the current value of remaining investments as of December 31, 2014. IRRs for periods of less than one year are nominalized,
not annualized.
6
The investment period for this fund has not yet commenced.
WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, 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 life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.
Capital Returned
to UTIMCO2
Current Value3
Cash-on-Cash
Return4
IRR5
Partnership Name
Grain Management
35,331,746.00
18,313,593.00
53,645,339.00
59,722,512.00
9,051,104.00
68,773,616.00
2,973,669.22
18,124,139.44
21,097,808.66
1.69
0.49
1.28
28.86%
67.96%
32.08%
28,691,402.00
7,954,025.00
26,542,283.87
0.28
9.63%
H.I.G. Capital
77,499,999.60
12,750,897.85
5,006,853.04
413,241.53
792,766.54
96,463,758.56
55,013,096.82
0.00
0.00
741.53
0.00
55,013,838.35
50,359,674.66
12,516,880.44
4,942,017.36
383,026.50
778,526.87
68,980,125.83
0.71
0.00
0.00
0.00
0.00
0.57
11.92%
-1.11%
-2.85%
-6.37%
-2.65%
10.87%
88,486,989.00
9,325,791.00
97,812,780.00
6,893,433.00
0.00
6,893,433.00
104,900,913.16
7,837,329.48
112,738,242.64
0.08
0.00
0.07
8.90%
-47.01%
8.33%
8,837,541.25
26,757,967.57
5,403.00
3.03
25.01%
Hillhouse Capital
33,697,657.60
0.00
34,309,539.67
0.00
3.64%
Horizon Capital
24,372,440.66
7,201,678.79
12,078,970.77
0.30
-7.10%
IA Ventures
6,679,460.00
18,149,494.63
24,828,954.63
88,020.00
0.00
88,020.00
18,823,493.88
28,893,420.99
47,716,914.87
0.01
0.00
0.00
58.56%
31.80%
41.88%
Intellectual Ventures
38,686,944.00
47,578,967.04
86,265,911.04
985,610.92
17,541,719.20
18,527,330.12
9,542,262.25
19,385,950.04
28,928,212.29
0.03
0.37
0.21
-39.63%
-10.11%
-21.63%
"Capital Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.
Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.
2"Capital
3 Private investment funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4
IRR, or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through February 28, 2015 and the current value of remaining investments as of December 31, 2014. IRRs for periods of less than one year are nominalized,
not annualized.
6
The investment period for this fund has not yet commenced.
WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, 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 life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.
Partnership Name
Inverness Group
JatoTech Ventures
Capital Invested1
Capital Returned
to UTIMCO2
Cash-on-Cash
Return4
Current Value3
IRR5
38,161,016.57
26,324,966.18
64,485,982.75
43,168,405.21
28,655,298.04
71,823,703.25
3,410,548.00
26,715,705.41
30,126,253.41
1.13
1.09
1.11
5.17%
9.91%
7.83%
9,639,607.44
867,795.41
0.00
0.09
-47.26%
67,871,984.13
4,758,855.07
72,630,839.20
6,411,466.63
-130,389.22
6,281,077.41
65,141,712.90
2,202,337.06
67,344,049.96
0.09
-0.03
0.09
2.07%
-66.41%
0.56%
117,945,037.00
0.00
0.00
0.00
0.00
0.00
136,795,258.39
0.00
0.00
0.00
0.00
0.00
7.86%
0.00%
0.00%
117,945,037.00
0.00
136,795,258.39
0.00
7.86%
Knightsbridge Advisors
22,833,333.00
22,401,322.00
45,234,655.00
9,250,765.00
25,051,393.33
34,302,158.33
23,607,663.49
0.00
23,607,663.49
0.41
1.12
0.76
6.11%
9.11%
6.70%
66,136,596.21
30,226,895.55
44,368,280.84
0.46
10.44%
Lake Partners
27,336,029.02
40,435,331.94
67,771,360.96
19,067,031.65
34,583,421.23
53,650,452.88
6,698,925.34
19,096,140.55
25,795,065.89
0.70
0.86
0.79
-1.77%
7.73%
4.31%
LFM Capital
958,366.71
0.00
958,366.71
0.00
0.00%
LNK Partners
21,560,699.00
8,935,758.00
30,496,457.00
1,801,416.00
1,435,745.00
3,237,161.00
22,808,049.77
12,391,687.99
35,199,737.76
0.08
0.16
0.11
7.24%
21.91%
12.34%
3
Private investment funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4
Cash-on-Cash Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."
5 IRR, or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through February 28, 2015 and the current value of remaining investments as of December 31, 2014. IRRs for periods of less than one year are nominalized,
not annualized.
6The investment period for this fund has not yet commenced.
WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, 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 life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.
Partnership Name
Mandala Ag SPV
Mandala Agribusiness Fund
Meadow Partners
Mosaic Ventures
Capital Returned
to UTIMCO2
Current Value3
Cash-on-Cash
Return4
IRR5
18,495,299.92
18,213,407.19
36,708,707.11
0.00
9,489.70
9,489.70
17,477,196.22
17,193,169.93
34,670,366.15
0.00
0.00
0.00
-10.07%
-10.13%
-10.10%
25,828,684.85
43,739,426.27
69,601,124.00
139,169,235.12
45,002,795.08
24,656,112.20
42,992,814.60
112,651,721.88
12,436.00
410,105.89
38,806,375.65
39,228,917.54
1.74
0.56
0.62
0.81
15.97%
-32.09%
4.61%
3.05%
75,010,388.91
17,281,812.50
0.00
0.00
684,817.00
0.00
0.00
0.00
91,499,991.63
18,964,577.15
0.00
-500,000.00
0.01
0.00
0.00
0.00
17.66%
10.13%
0.00%
0.00%
92,292,201.41
684,817.00
109,964,568.78
0.01
16.17%
15,000,000.00
15,002,334.86
25,681,391.01
10,109,226.16
25,005,700.00
1,439,502.00
33,250,000.00
34,400,000.00
159,888,154.03
45,304,680.22
31,965,815.29
45,038,654.66
5,616,589.51
19,163,986.68
1,227,154.13
28,371,357.47
20,443,653.85
197,131,891.81
0.00
0.00
72,047.99
139,205.33
3,797,045.46
272,563.98
17,322,309.58
84,239,480.40
105,842,652.74
3.02
2.13
1.75
0.56
0.77
0.85
0.85
0.59
1.23
27.53%
33.13%
11.53%
-10.98%
-1.54%
0.92%
7.12%
43.06%
22.18%
2,028,469.75
0.00
2,028,469.75
0.00
0.00%
87,194,644.00
10,000,000.00
33,471,370.00
130,666,014.00
48,858,173.00
0.00
69,853.00
48,928,026.00
41,138,146.70
10,984,000.00
27,654,986.41
79,777,133.11
0.56
0.00
0.00
0.37
1.78%
9.84%
-28.29%
-1.12%
3
Private investment funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4
6The
Capital Returned
to UTIMCO2
Current Value3
Cash-on-Cash
Return4
IRR5
Partnership Name
45,589,198.57
27,549,700.18
73,138,898.75
71,844,009.28
4,274,252.15
76,118,261.43
31,613,905.82
30,917,467.89
62,531,373.71
1.58
0.16
1.04
28.10%
15.77%
26.48%
52,638,789.13
54,651,733.00
107,290,522.13
56,703,360.64
7,889,308.00
64,592,668.64
23,572,104.87
53,309,560.78
76,881,665.65
1.08
0.14
0.60
13.78%
7.52%
12.15%
NewMargin Ventures
48,258,493.15
5,026,593.22
37,304,746.42
0.10
-2.65%
Niam AB
31,606,761.43
-81,185.07
31,505,925.85
-0.00
-0.42%
Northstar Capital
25,000,470.00
29,675,639.00
3,597,197.84
1.19
6.44%
42,315,412.97
80,327,401.40
122,642,814.37
18,776,477.07
5,827,596.89
24,604,073.96
39,560,820.13
75,943,392.06
115,504,212.19
0.44
0.07
0.20
9.65%
0.78%
5.06%
Northwood Investors
27,053,244.80
33,794,126.80
17,468,566.00
63,988,849.00
31,410,388.00
5,070,180.00
178,785,354.60
15,083,683.00
21,670,381.00
6,972,391.00
22,802,604.00
839,516.00
0.00
67,368,575.00
18,463,039.94
21,178,609.48
13,698,293.94
51,797,622.74
30,576,907.03
5,070,180.00
140,784,653.13
0.56
0.64
0.40
0.36
0.03
0.00
0.38
8.88%
8.54%
8.87%
8.73%
0.03%
0.00%
8.31%
"Capital Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.
2"Capital
The investment period for this fund has not yet commenced.
WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, 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 life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.
Partnership Name
Parthenon Capital
Capital Invested1
Capital Returned
to UTIMCO2
Current Value3
Cash-on-Cash
Return4
IRR5
50,005,479.46
40,000,000.00
25,000,000.00
25,000,000.00
16,685,196.82
35,000,000.00
31,500,000.00
250,000,000.00
20,000,000.00
10,000,000.00
40,890,956.00
21,250,000.00
565,331,632.28
74,555,189.59
65,955,027.82
39,535,119.00
37,937,616.00
49,103,040.90
42,110,337.00
49,847,892.00
251,829,846.56
15,978,626.00
1,645,512.00
9,424,683.00
0.00
637,922,889.87
442,010.85
77,532.99
1,920,605.89
1,745,412.49
1,666,759.10
6,710,293.52
5,043,199.04
0.00
12,432,814.67
10,455,300.93
38,758,968.60
21,909,363.27
101,162,261.35
1.49
1.65
1.58
1.52
2.94
1.20
1.58
1.01
0.80
0.16
0.23
0.00
1.13
11.94%
28.03%
14.27%
8.88%
58.35%
8.01%
17.35%
0.32%
10.89%
7.99%
7.96%
3.09%
10.98%
2,217,119.00
4,582.00
1,030.96
0.00
-100.00%
28,393,476.25
45,183,082.00
5,055,859.91
1.59
13.51%
76,906,749.72
8,701,077.06
85,607,826.78
268,283.49
91,655.77
359,939.26
90,969,887.74
6,601,420.15
97,571,307.89
0.00
0.01
0.00
8.40%
-29.09%
7.11%
Pennybacker Capital
Pennybacker III, LP
30,541,767.00
0.00
30,541,767.00
0.00
0.00%
19,904,267.50
24,500,000.00
44,404,267.50
13,215,105.42
14,451,659.00
27,666,764.42
11,384,548.21
22,554,585.94
33,939,134.15
0.66
0.59
0.62
3.03%
9.46%
5.81%
Pomona Capital
24,796,744.99
35,641,546.00
60,438,290.99
33,422,878.92
31,258,140.00
64,681,018.92
2,470,641.00
15,255,460.39
17,726,101.39
1.35
0.88
1.07
12.55%
5.21%
7.84%
"Capital Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.
2"Capital
The investment period for this fund has not yet commenced.
WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, 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 life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.
Capital Returned
to UTIMCO2
Capital Invested1
Cash-on-Cash
Return4
Current Value3
IRR5
Partnership Name
POEP Co-invest, LP
Post Oak Energy Partners, LP
Post Oak Energy Partners II, L.P.
87,224,091.17
76,399,775.55
4,195,987.86
167,819,854.58
49,283,084.49
48,140,816.29
0.00
97,423,900.78
113,211,361.06
74,316,686.35
2,122,280.31
189,650,327.72
0.57
0.63
0.00
0.58
47.78%
37.45%
-78.35%
42.37%
23,142,577.93
28,064,740.96
958,282.38
1.21
4.77%
29,881,725.31
48,860,940.85
7,262,274.07
5,120,525.44
91,125,465.67
40,626,170.91
30,976,882.30
10,787,551.20
0.00
82,390,604.41
677,983.75
42,754,302.74
1,026,044.90
5,004,114.01
49,462,445.40
1.36
0.63
1.49
0.00
0.90
6.00%
8.35%
9.58%
-1.74%
7.43%
Realterm Everstone
4,500,000.00
36,337.50
2,322,624.61
0.01
-37.20%
40,000,000.00
100,000,000.00
140,000,000.00
12,177,699.00
63,265,053.00
75,442,752.00
39,404,057.72
74,203,538.84
113,607,596.56
0.30
0.63
0.54
3.35%
9.22%
6.38%
50,082,502.09
30,220,588.22
80,303,090.31
12,918,436.97
0.00
12,918,436.97
22,289,662.70
26,528,026.98
48,817,689.68
0.26
0.00
0.16
-16.82%
-15.36%
-16.45%
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00%
0.00%
0.00
0.00
0.00
0.00
0.00%
42,217,471.55
13,084,200.75
30,615,121.44
0.31
1.25%
Sante Ventures
16,482,269.62
58,083.73
15,980,901.32
0.00
-1.77%
3
Private investment funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4
6The
Partnership Name
SCF Partners
Capital Invested1
Capital Returned
to UTIMCO2
Current Value3
Cash-on-Cash
Return4
IRR5
11,541,715.05
11,536,728.30
22,737,242.65
35,078,338.84
19,848,751.24
33,227,753.50
41,239,671.17
14,407,014.24
189,617,214.99
35,957,844.65
30,714,905.07
55,965,515.39
110,635,741.42
51,996,589.02
70,384,846.53
22,955,121.59
0.00
378,610,563.67
0.00
0.00
0.00
0.00
17,353,927.91
17,059,455.60
45,724,106.21
12,419,001.99
92,556,491.71
3.12
2.66
2.46
3.15
2.62
2.12
0.56
0.00
2.00
33.71%
15.91%
14.65%
25.55%
35.37%
28.92%
19.82%
-12.37%
24.30%
49,030,185.60
15,975,883.43
65,006,069.03
61,964,776.83
10,217,141.03
72,181,917.86
7,374,762.65
10,897,040.94
18,271,803.59
1.26
0.64
1.11
9.80%
72.05%
11.49%
Shorenstein Properties
39,808,256.00
33,831,402.00
20,785,228.04
0.85
9.29%
46,246,024.00
943,258.03
20,020,821.89
0.02
-15.84%
Sofinnova Ventures
19,000,000.00
30,000,000.00
49,000,000.00
20,418,042.41
7,479,585.84
27,897,628.25
10,209,836.52
33,868,848.71
44,078,685.23
1.07
0.25
0.57
15.42%
31.06%
19.07%
24,206,250.00
88,812,043.09
10,600,858.35
3.67
53.58%
51,668,502.04
0.00
29,214,163.84
0.00
-25.08%
TDR Capital
66,466,338.77
23,444,838.10
51,844,208.85
0.35
3.11%
Teakwood Capital
0.00
1,000,000.00
1,000,000.00
0.00
0.00
0.00
0.00
307,445.00
307,445.00
0.00
0.00
0.00
0.00%
-69.26%
-69.26%
"Capital Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.
"Capital Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.
funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4Cash-on-Cash Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."
3 Private investment
5
IRR, or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through February 28, 2015 and the current value of remaining investments as of December 31, 2014. IRRs for periods of less than one year are nominalized,
not annualized.
6
The investment period for this fund has not yet commenced.
WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, 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 life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.
Partnership Name
TCV V, L.P.
TCV VI, L.P.
TCV VII, L.P.
Techstars
Capital Invested1
Capital Returned
to UTIMCO2
Current Value3
Cash-on-Cash
Return4
IRR5
29,745,000.00
34,835,500.00
48,425,000.00
113,005,500.00
40,411,853.94
46,003,102.13
37,241,713.76
123,656,669.83
13,108,459.42
10,631,593.93
47,558,210.60
71,298,263.95
1.36
1.32
0.77
1.09
11.38%
14.29%
19.18%
14.21%
5,850,000.00
111,126.20
5,466,362.85
0.02
-4.67%
14,972,449.85
14,559,311.31
29,531,761.16
0.00
0.00
0.00
13,753,348.07
13,522,237.01
27,275,585.08
0.00
0.00
0.00
-13.88%
-12.21%
-13.06%
Tenaska
53,691,980.00
28,538,829.00
19,895,473.76
0.53
-2.81%
21,955,069.00
78,931,981.00
91,721,020.00
51,168,871.00
243,776,941.00
35,698,350.40
42,951,212.00
43,301,765.00
50,394,856.00
172,346,183.40
6,988,543.61
58,499,018.06
80,322,386.93
29,280,147.57
175,090,096.17
1.63
0.54
0.47
0.98
0.71
15.88%
4.71%
10.75%
12.42%
9.14%
8,997,176.96
6,338,483.57
23,281,630.00
38,617,290.53
22,161,318.88
3,943,453.17
41,128,663.84
67,233,435.89
0.00
0.00
8,737,493.79
8,737,493.79
2.46
0.62
1.77
1.74
21.20%
-10.65%
21.02%
16.17%
52,343,899.43
74,336,311.03
18,162,986.75
1.42
18.05%
Trophy Property
53,485,194.00
0.00
27,881,157.04
0.00
-9.91%
True Ventures
31,960,005.36
9,200,000.00
41,160,005.36
1,108,895.84
0.00
1,108,895.84
34,174,017.04
8,535,309.20
42,709,326.24
0.03
0.00
0.03
5.61%
-12.37%
4.16%
"Capital Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.
Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.
2"Capital
3 Private investment funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4
IRR, or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through February 28, 2015 and the current value of remaining investments as of December 31, 2014. IRRs for periods of less than one year are nominalized,
not annualized.
6
The investment period for this fund has not yet commenced.
WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, 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 life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.
Capital Returned
to UTIMCO2
Capital Invested1
Cash-on-Cash
Return4
Current Value3
IRR5
Partnership Name
24,800,070.44
0.00
25,352,631.34
0.00
1.27%
18,270.91
12,494,058.89
12,512,329.80
0.00
3,397.50
3,397.50
18,270.91
11,267,904.44
11,286,175.35
0.00
0.00
0.00
0.00%
-15.07%
-15.06%
22,250,000.00
22,750,000.00
16,125,000.00
19,800,000.00
2,578,125.00
4,743,750.00
88,246,875.00
279,730,758.04
851,917.00
20,048,754.00
2,909,419.00
0.00
0.00
303,540,848.04
33,152,174.27
71,312,983.52
22,045,932.13
30,632,407.56
2,391,471.33
4,628,472.13
164,163,440.94
12.57
0.04
1.24
0.15
0.00
0.00
3.44
66.98%
31.10%
59.48%
35.02%
-14.34%
-3.87%
61.97%
University Ventures
15,674,336.00
21,113,371.00
36,787,707.00
0.00
0.00
0.00
15,903,938.65
20,946,257.29
36,850,195.94
0.00
0.00
0.00
0.98%
-0.37%
0.09%
Upfront Ventures
Upfront V, L.P.6
0.00
0.00
0.00
0.00
0.00%
Varde Partners
60,000,000.00
200,000,000.00
100,000,000.00
360,000,000.00
66,447,947.11
318,572,861.00
0.00
385,020,808.11
12,705,699.06
76,394,335.77
151,914,510.69
241,014,545.52
1.11
1.59
0.00
1.07
5.01%
14.34%
11.81%
12.04%
Viburnum Equity 3
7,172,176.97
-236,992.06
4,637,754.59
-0.03
-32.07%
24,594,927.95
35,072.00
21,119,555.55
0.00
-13.45%
Wand Partners
40,377,661.00
10,007,706.10
50,385,367.10
23,643,748.86
11,068,791.00
34,712,539.86
19,373,321.66
0.00
19,373,321.66
0.59
1.11
0.69
0.69%
2.62%
0.88%
"Capital Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.
3 Private investment funds are fair valued by management. The fair values of these investments are estimated by management using the investment's capital account balance
at the closest available reporting date, as communicated by the investment manager, adjusted for contributions and withdrawals subsequent to the latest available reporting
date as well as consideration of any other information, which has been provided by the investment manager or other source.
4Cash-on-Cash Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."
5
IRR, or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the
timing and size of irregular flows of capital invested and returned to UTIMCO and the value of the remaining investments. IRRs are based on capital invested and returned
to UTIMCO through February 28, 2015 and the current value of remaining investments as of December 31, 2014. IRRs for periods of less than one year are nominalized,
not annualized.
6The investment period for this fund has not yet commenced.
WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, 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 life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.
Capital Returned
to UTIMCO2
Current Value3
Cash-on-Cash
Return4
IRR5
Partnership Name
30,248,593.68
50,017,142.36
75,000,000.00
155,265,736.04
58,293,822.74
73,539,157.10
46,448,968.99
178,281,948.83
11,690,327.55
13,822,977.77
58,206,713.72
83,720,019.04
1.93
1.47
0.62
1.15
15.09%
10.18%
8.01%
11.11%
14,714,317.30
94,179,549.00
10,740,257.00
119,634,123.30
14,459,605.10
26,909,481.00
0.00
41,369,086.10
11,058,933.97
111,876,269.39
9,209,512.61
132,144,715.97
0.98
0.29
0.00
0.35
24.18%
23.85%
-20.53%
22.93%
Wingate Partners
9,634,328.36
12,622,734.59
16,983,865.62
48,237,921.68
61,780,434.00
12,525,000.00
161,784,284.25
58,575,959.44
25,210,932.52
55,467,363.24
3,321,497.29
4,741.00
0.00
142,580,493.49
0.00
0.00
9,023.01
59,525,534.88
57,833,687.79
12,525,000.00
129,893,245.68
6.08
2.00
3.27
0.07
0.00
0.00
0.88
30.34%
23.58%
23.52%
5.51%
-12.52%
0.00%
29.23%
The Woodlands
5,350,000.00
6,008,852.50
11,358,852.50
8,603,862.28
2,766,788.77
11,370,651.05
0.00
694,790.57
694,790.57
1.61
0.46
1.00
7.21%
-6.31%
1.16%
"Capital Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.
2"Capital
The investment period for this fund has not yet commenced.
WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general
partners of the partnerships. In addition, 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 life, the IRR information contained in this report
DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare
returns across partnerships.
THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN
THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY
WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.