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Helping you and your investment staff run the private equity, real assets allocation and some are in the audience today and youll hear from them when we go through some of the other revi reviews. To recaso to recap on page one t we would like to cover, one hasw is a private Equity Programme doing and the 2018 review and progress and three, the current market environment and what were doing in recommending in terms of positioning the portfolio and private equity portfolio to that context. So how is the programme doing . In short, youre doing well. Tanya mentioned performance and you performed well across all metrica and the private private Equity Programme is a strong contributor over the short and longterm. 201 was particularly strong with a 17 gain in private equity and this is compared in the markets which lead to an overall year of negative return in the public equity ....
The interest coverage ratio. It is down around 2 versus what it was years before. Meanwhile what we saw the private markets presentation on private equity, we looked at the volt u volume of buyouts. Is that driven by the fact people making loans has changed and is no longer banks with fidc regulations with those that had no regulations is that driving all of this covenant lack of restrictions . So the direct helping space is a comment product. I am going to switch. Direct lending is a comment product. Jelly to the private equity peanut butter. The more dry powder you have. It is the dry powder on the side line. Direct lending caters to that. With the rise in i think the third slide, slide four of the deck, shows the competition for those lending opportunities. In all of these entities making these loans previously for the big banks that had regulations. Thank you. Skipping because there is a Silver Lining in all of this. We are ove ....
Introduction of new items . Seeing none, Public Comment is closed. Mr. Clerk, please call the next item. Any Public Comment on items not on our agenda . Seeing none, Public Comment is closed. And mr. Clerk, do we have any further business . No other. Chairman we are adjourned. My s. F. Dove government t. V. Moment was when i received a Commendation Award from supervisor chris daly. Then we sang a duet in the board chamber. [singing] happy anniversary San Francisco government t. V. Happy anniversary to you. Happy anniversary San Francisco government t. V. Anniversary, anniversary, happy 25th anniversary to you. We have a quorum. Were going to go into clos ....
We are not in a position where some public Pension Plans are paying out 5 . We have a better illiquidity for that. The payoff for that return is on page 19 of the cambridge report. There is a powerful positive cash flow driver when you start in year 2 2022. I wanted to explain the rationale for the strategy. I will turn it over to the board for questions. This is not an action item. Is there Public Comment . I have been coming to meetings over two years and listened to the mum bow jumbo. All of the people are all active money managers. How communevehowhow come there e from vanguards, price. You get more information over the long. I just told you that vanguard, s p 500 in the last 30 years, less than 1 of the s p 500. My recommendation is start inviting passive money managers, and i think your outlook on investing will change. That concludes item nine. Item 10. We are probably ....
Proceedingodaynotionso rerdote or t yeas and na a ordered or votes objted t und clse 6 o rule 20. House wil reseproceeding onostt for what purpo does the gentleman from pennsylvania seek recognitn . H. 6277. Nd the rulesnd pass e speakepro tempo h. R. 6277. The speaker pro tempore the clerk will report the title of the bill. The clerk Union Calendar number h. R. 6277. A bill to amend the federal assets, sale and transfer act of 2016 to improve such other purposes. The speaker pro tempore pursuant to the rule, the gentleman from pennsylvania, mrn from nevada, ms. Titus, each will control 20 minutes. The chair recognizes the gentleman from pennsylvania. Mr. Perry thank you, madam speaker. I ask unanimous consent that lee days in which to revise and extend their remarks and insert extraneous material into the record on. 6277. The speaker pro tempore without objection. Mr. Perry madam speaker, i yield myself such time as i may consume ....