Somerset Direct Reference :n/a
Our Reference: 809 & 814
Date of request: 15/12/2010
Date of response: 20/12/2010
Clarification requested (ref 814): 24/12/2010
Clarification response: 04/01/2011extended to 20/01/2011
Clarification response: 04 Jan 2011
Dear xxxx
Further to your Freedom of Information request reference 809 seeking clarification. This clarification request now comes under FOI reference 814.
The response to your clarification request is as follows:
As previously indicated the NB Crossroads 2010 fund has only started operating this year, the NAV provided in our earlier response is the only one we have been provided with to date. The drawdown dates and amounts for this fund are as follows:
23 rd
March 2010 US$375,000
6 th
17
April 2010 US$500,000 th
September 2010 US$125,000
1 st
3 rd
November 2010 US$750,000
December 2010 US$1,000,000
For the South West Venture Fund we can only find accounts from 2005 onwards to provide NAV’s from. The fund has a December year end and the NAV’s we have are as follows:
2004 £1.549m
2005 £2.519m
2006 £3.708m
2007 £7.895m
2008 £12.504m
2009 £16.262m
The drawdown dates and amounts for the South West Venture Fund were as follows:
January 2003 £200,000
June 2007 £200,000
October 2007 £200,000
January 2008 £200,000
April 2008 £200,000

July 2008 £200,000
October 2008 £200,000
July 2009 £400,000
December 2009 £100,000
May 2010
Yours sincerely
Original response: 20 Dec 2010
Dear xxxx
Thank you for your recent Freedom of Information Act request which was sent directly to Anton Sweet. I can confirm that this Council holds some of the information you are seeking and that some is not available under Section 36
(Commercial Confidentiality) of the Freedom of Information Act and that some of the requested information is not held by this Council.
1. Names and vintage years of all private equity, venture capital, mezzanine, distressed, real estate/REIT partnerships in the Somerset County Council portfolio.
We currently own two private equity/venture capital partnerships. One is the
South West Venture Fund, which was launched in 2002 and the second is the
NB Crossroads 2010 fund, which was launched this year.
The Pension Fund employs an external fund management firm, Aviva Investors, to manage a property fund of funds mandate on its behalf. This mandate is currently invested in 24 UK property funds and 4 European property funds. A considerable number of these funds are open ended tradable funds therefore to protect the Pension fund’s trading position and the commercial interests of the fund manager we do not provide current portfolio details.
1. Most updated information available on amount committed to the partnerships and amount drawn by the partnerships.
We have committed £2m to the South West Venture Fund and £2m has been drawn. We have committed US$25m to NB Crossroads 2010 fund of which
US$2.75m has been drawndown.
As mentioned above the majority of the property funds are not partnerships and therefore this question is not applicable. The book cost of the portfolio of property funds was £101.205m as at 30 th
November 2010.

2. Distributions made to Somerset County Council to date by each individual partnership
We have not received any distributions from either of the private equity funds.
The income received from the portfolio of property funds is as follows
Year to 31 st
March:
1998 £596,000
1999 £569,000
2000 £664,000
2001 £666,000
2002 £743,000
2003 £649,000
2004 £680,000
2005 £1,057,000
2006 £1,297,000
2007 £2,707,000
2008 £3,306,000
2009 3,674,000
2010 £3,643,000
3. Net Asset Value of each partnership, and estimated remaining value of each partnership.
As at 30 th
June 2010 (last available data) the South West Ventures Fund had a
NAV of £15.819m as a whole. As at 30 th
September the NB Crossroads 2010 fund had a NAV of US$1.007m as a whole
The marked to market value of the property funds collectively was £84.229m at
30 th
Nov. 2010
We are not familiar with the term remaining value and therefore are not able to supply this information.
4. Internal rates of return (IRRs) for each individual partnership, for the most recent date available. (Please specify whether the data is net or gross of expenses and fees).
We do not currently have on file IRR information for any of our partnership holdings. Under the Freedom of Information Act we are not obliged to provide information we do not have.
5. Investment multiple for each individual partnership.

We do not currently have on file investment multiple information for any of our partnership holdings. Under the Freedom of Information Act we are not obliged to provide information we do not have.
6. The dollar amount of “total management fees and costs paid” for each individual partnership on an annualized, year-end basis.
As the NB Crossroads 2010 Fund has not had a year end yet we do not hold this information. For the South West Venture Fund the total sum of fees paid to the managers by the fund is commercially confidential information to that manager under Section 36 of the Freedom of Information Act, we do not have SCC ‘s pro rata share of this payment (which would not be considered commercially confidential by us) and we are not obliged by the act to calculate or estimate this amount.
We do not have this information for any of the partnerships within the property portfolio.
7. Date as of which all the above data was calculated.
This answer was prepared on 17 th
December 2010
8. Names and service type provided of service providers (ex. Placement Agents, etc.) assisting Somerset County Council with each individual partnership
No such agents were employed by SCC for the private equity holdings. As mentioned earlier Aviva investors has complete discretion over the management of the property fund of funds and would contract direct with any agents required.
9. Aggregate internal rate of return on the private equity/venture capital program earned by Somerset County Council to date.
We do not calculate this figure. Under the Freedom of Information Act we are not obliged to provide information we do not have.
If you are dissatisfied with the handling of your request, you have the right to ask for an internal review. Internal review requests should be submitted within two months of the date of receipt of the response to your original request and should

be addressed to the Information Governance Manager, Peter Grogan; ptgrogan@somerset.gov.uk.
Please remember to quote the reference number 809 in any future communications.
If you are not content with the outcome of the internal review, you have the right to apply directly to the information to the Information for a decision. The
Information Commissioner can be contacted at: Information Commissioner’s
Office, Wycliffe House, Water Lane, Wilmslow, Cheshire, SK9 5AF.
Yours sincerely