Asia's Emerald Hill makes top 10 in global fund-of-funds ranking

The 2021 HEC Paris-Dow Jones Private Equity Fund of Funds Performance Ranking, which covers vintages between 2008 and 2017, is dominated by US-based managers. Union Grove Venture Partners tops the list, followed by the likes of Accolade Partners, Horsley Bridge Partners, and Bay Hills Capital. Emerald Hill came 10th.

The firm closed its third fund on USD 400m. Endowments and foundations were always well represented in the LP base, partly because three of the four partners previously worked for endowments. S. Eugene Choung led the PE program at the University of Chicago while Michael Smith and Alexander McCloskey were with the University of Pennsylvania and Duke University, respectively.

Choung, the managing partner, retains responsibility for the Emerald Hill portfolio and realising existing funds. Various Emerald Hill alumni are still active in the industry. McCloskey is now a partner at Indonesian GP Falcon House Partners, while Tommy Yip, who served as head of North Asia, established VC-focused fund-of-funds Unicorn Capital Partners.

The HEC ranking draws on performance data from 733 funds raised by 109 fund-of-funds managers with an aggregate equity volume of USD 223bn. After excluding those without two funds for which full performance information was available, that had raised less than USD 200m during the qualifying period, and that had been in operation for fewer than 10 years, the target base became 29 firms.

The rankings consider IRR, distributions to paid-in (DPI), and total value to paid-in (TVPI) as absolute values and against benchmarks. After further analysis – intended to consider factors such as the historical reliability of performance at different fund ages – an aggregate performance score is produced.

In 2021, Australia’s Quadrant Private Equity became the first Asia Pacific-based manager to make the top 10 in the HEC Paris performance ranking for GPs.

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• Topics
• Performance
• Fund-of-funds
• LPs
• Asia
• Emerald Hill Capital Partners