Private Equity Annual Program Review

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Private Equity Annual Program Review Attachment 1, Page 10 of 34 Portfolio Construction (Cont’d) ($'s in billions) $5.0 Projected Net Cash Flows Assuming Return of 9.33%* $4.0 $3.0 Base Case Scenario $2.0 $1.0 $0.0 ($1.0) 2015E 2016E 2017E 2018E 2019E 2020E Source: CalPERS Private Equity Staff Net Cash Flows at 3.33% Return Net Cash Flows at 9.33% Return Net Cash Flows at 15.33% Return *Based on Expected Returns from 2013 Asset Liability Workshop Cash Flows Assuming Private Equity return of 9.33% and PERF return of 7.12% $'s in billions 2014 2015E 2016E 2017E 2018E 2019E 2020E Vintage Year Commitments $3.8 $5.8 $5.8 $8.8 $8.9 $7.2 $7.0 PE NAV as % of Fund 10.4% 10.1% 10.3% 10.9% 11.4% 11.3% 11.6% Net Cash Flow $4.6 $3.2 $1.6 $0.6 $1.3 $2.4 $1.2 10
Private Equity Annual Program Review Attachment 1, Page 11 of 34 Program Characteristics 7% Strategy Net Asset Value* Current* Target 5% 17% 12% $28.8b Current Net Asset Value* 59% Buyouts $16.9 59% 60% Credit Related $3.4 12% 15% Venture Capital $1.6 5%
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Private Equity Annual Program Review

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