Fund performance

Net returns for private equity and venture funds, as disclosed by public pension and foundation limited partners. Each fund links to the managing firm when we track it in our directory. Figures are the limited partner's own calculations.

7,718 fundsas of December 2025

All Private equity Private credit Real assets Opportunistic

Fund	Manager	Strategy	Vintage	Committed	Net IRR	TVPI	DPI
LLCP Lower Middle Market Fund III LP	LLCP Lower Middle Market	distressed debt	2021	—	13.5%	1.22x	0.16x
Ares Special Opportunities Fund II	Ares	special situations	2022	—	13.4%	1.26x	—
Atalaya Special Opportunities Fund VI L.P.	Atalaya Capital	special situations	2015	—	13.4%	1.46x	1.53x
European Private Equity Opportunities II LP	DBAG	multi strategy	2020	—	13.3%	1.42x	0.35x
Ares Special Situations Fund	Ares	special situations	2008	—	13.1%	2.61x	0.97x
Linchris Capital Opportunity Fund II	Linchris	multi strategy	2018	—	13.1%	1.71x	0.55x
Samson Partners, L.P.	Samson	tactical	2020	—	13.1%	1.66x	0.13x
CVI Credit Value Fund	CVI	distressed debt	2010	—	13.0%	1.71x	1.71x
Blue Torch Credit Opportunities SBAF Fund LP	Blue Torch Capital	multi strategy	2020	—	13.0%	1.23x	0.28x
NCL Investments III LP - PE Opportunities Series A	NCL Investments	multi strategy	2021	—	13.0%	1.21x	—
Sixth Street TAO Contingent (D)	Sixth Street	tactical	2019	—	12.9%	1.50x	0.48x
Sixth Street TAO Partners (B) Vintage 2023	Sixth Street	tactical	2023	—	12.9%	1.14x	0.24x
Menlo Inflection I, L.P.	Menlo	tactical	2016	—	12.8%	2.40x	0.21x
TSSP Adjacent Opportunities GenPar, L.P	TSSP	multi strategy	2018	—	12.7%	1.23x	0.29x
Blackstone Tactical Opportunities Fund II - C L.P.	The Blackstone Group	tactical	2015	—	12.7%	1.50x	1.32x
Sixth Street TAO Partners (D), L.P.	Sixth Street	tactical	2018	—	12.7%	1.44x	0.50x
OHA Strategic Credit Fund IB, L.P.	OHA	special situations	2009	—	12.7%	—	1.52x
Bayview Opportunity Domestic IVb LP	Bayview Opportunity Domestic	tactical	2014	—	12.6%	1.46x	1.44x
Nutmeg Opportunities Fund II LLC SMMBF	Nutmeg Opportunities	multi strategy	2018	—	12.5%	1.40x	0.30x
CHP III	CHP	tactical	2006	—	12.4%	3.00x	2.94x
Participation Agreement #8	—	multi strategy	2022	—	12.4%	—	1.19x
Apollo European Principal Finance Fund (Feeder), L.P.	Apollo	distressed debt	2010	—	12.4%	—	1.45x
Miravast ILS Credit Opportunities II LP	Miravast ILS	multi strategy	2022	—	12.2%	1.17x	0.13x
Arbor Debt Opportunities Fund II LP	Arbor Investments	multi strategy	2021	—	12.2%	1.35x	0.51x
Nutmeg Opportunities Fund L.P.CT EM	Nutmeg Opportunities	multi strategy	2010	—	12.2%	2.70x	1.30x
Mesirow Partnerships II	Mesirow	tactical	2001	—	12.1%	1.93x	1.93x
Menlo Inflection II, L.P.	Menlo	tactical	2019	—	12.0%	1.70x	0.12x
NCL Investments II, L.P. - PE Series	NCL Investments	multi strategy	2018	—	12.0%	1.34x	0.54x
FP Intl 2017	FP Intl	tactical	2017	—	12.0%	1.60x	0.68x
Samson Shield 1	Samson	tactical	2020	—	12.0%	1.47x	0.65x
Participation Agreement #9	—	multi strategy	2022	—	12.0%	1.31x	0.35x
OCM Opportunities Fund III, L.P.	Oaktree	special situations	1999	—	11.9%	1.50x	1.49x
Apollo European Principal Finance Fund, L.P.	Apollo	distressed debt	2008	—	11.9%	1.22x	1.21x
Castlelake Aviation III Stable Yield, L.P.	Castlelake Pte. Ltd.	multi strategy	2006	—	11.9%	1.63x	0.87x
Participation Agreement #2	—	multi strategy	2022	—	11.9%	1.37x	0.41x
Sixth Street TAO Partners (B) (5.0) L.P.	Sixth Street	tactical	2020	—	11.8%	1.77x	0.72x
Marathon Distressed Credit Fund II	Marathon	distressed debt	2023	—	11.8%	1.11x	0.12x
Garda FIRV Opportunity Fund	Garda	multi strategy	2001	—	11.8%	—	—
Blackstone Tactical Opportunities Fund III-C L.P.	The Blackstone Group	tactical	2018	—	11.7%	1.31x	0.88x
Sankaty Credit Opportunities IV	Sankaty	multi strategy	2008	—	11.7%	1.49x	1.49x
Centerbridge Special Credit Partners IV LP	Centerbridge Partners, L.P.	distressed debt	2022	—	11.7%	1.13x	0.04x
KPS Special Situations Fund V	KPS Capital Partners	special situations	2020	—	11.7%	1.31x	0.44x
NEA 18 Venture Growth Equity	New Enterprise Associates (NEA)	multi strategy	2022	—	11.6%	1.20x	—
CVC Capital Partners Strategic Opportunities Compounding Capital L.P.	CVC Capital Partners	multi strategy	2017	—	11.6%	1.82x	0.56x
StepStone Secondary Opportunities III	Stepstone Group	multi strategy	2016	—	11.5%	1.54x	1.03x
Bain Sankaty Credit Opportunities IV, L.P.	Sankaty	multi strategy	2008	—	11.5%	1.43x	1.27x
Project Bulldog	—	distressed debt	2016	—	11.5%	1.50x	1.50x
Avenue Special Situations Fund V, L.P.	Avenue	special situations	2007	—	11.5%	1.34x	1.34x
GSO Capital Opportunities Fund III LP	The Blackstone Group	special situations	2016	—	11.5%	1.54x	1.40x
Pathway Portfolio	Pathway Capital Management	tactical	1997	—	11.5%	1.80x	1.67x
Topanga Private Opportunities	Topanga Private	multi strategy	2017	—	11.4%	1.61x	0.66x
Carlyle Global Infrastructure Opportunity Fund	Carlyle Group	multi strategy	2019	—	11.3%	1.41x	0.32x
NEA 15, L.P.	New Enterprise Associates (NEA)	multi strategy	2015	—	11.3%	1.83x	1.03x
Apollo Hybrid Value Fund II LP	Apollo	multi strategy	2021	—	11.3%	1.22x	0.20x
Brinson International Partners Fund	UBS Asset Management	tactical	1998	—	11.2%	1.74x	1.74x
Arbour Lane Credit Opportunity Fund III (A), L.P.	Arbour Lane Capital Management	multi strategy	2021	—	11.2%	1.24x	0.00x
Cerberus Global NPL Fund, L.P.	Cerberus	distressed debt	2018	—	11.1%	1.44x	0.44x
Oaktree Opportunities Fund Xb	Oaktree	special situations	2018	—	11.1%	1.71x	0.64x
TSSP Adjacent Opportunities Fund	TSSP	multi strategy	2007	—	11.1%	1.24x	0.80x
Searchlight Opportunities Fund II LP	Searchlight Capital Partners	multi strategy	2021	—	11.0%	1.17x	0.39x
Permira Susquehanna Opportunities - Buyout	Permira	multi strategy	2021	—	11.0%	1.50x	0.00x
Cerberus PSERS Levered Loan Opportunities Fund, L.P.	Cerberus	multi strategy	2015	—	11.0%	1.59x	0.56x
Elda River Opportunities Fund II LLC	Elda River	multi strategy	—	—	10.9%	1.58x	1.58x
Marathon Secured Private Strategies Fund II	Marathon	distressed debt	2019	—	10.8%	1.59x	0.88x
Athyrium Opportunities Fund II	Athyrium Opportunities	multi strategy	2015	—	10.8%	1.35x	1.23x
Garda Fixed Income Relative Value Opportunity Fund (Onshore) Ltd	Garda	multi strategy	2019	—	10.8%	1.69x	—
Mesirow Financial Private Equity Fund IV	Mesirow	tactical	2006	—	10.8%	2.00x	0.12x
Mesirow Partnerships IV	Mesirow	tactical	2006	—	10.8%	1.95x	1.85x
Participation Agreement #6	—	multi strategy	2020	—	10.8%	1.35x	0.49x
RedCo II Offshore Fund, L.P.	RedCo	tactical	—	—	10.8%	1.41x	0.70x
Fortress Credit Opportunities V Expansion	Fortress Investment Group	multi strategy	2020	—	10.7%	1.20x	0.34x
Cevian Capital II Ltd	Cevian	tactical	2015	—	10.7%	4.50x	—
European Private Equity Opportunities I LP	DBAG	multi strategy	2017	—	10.7%	1.48x	0.51x
Canyon Distressed Opportunity Fund III	Canyon Partners	multi strategy	2020	—	10.6%	1.37x	0.81x
Providence TMT Debt Opportunity Fund II, L.P.	Providence	multi strategy	2009	—	10.4%	1.59x	1.59x
Miravast ILS Credit Opportunities LP	Miravast ILS	multi strategy	2019	—	10.4%	1.42x	0.71x
Minerva Partners	Minerva Partners	tactical	2022	—	10.3%	1.40x	—
Highbridge Tactical Credit Fund, L.P.	Highbridge	tactical	2006	—	10.3%	1.55x	—
OCM Opportunities Fund, LP	Oaktree	special situations	1995	—	10.3%	1.64x	1.64x
Carlyle Credit Opportunities Fund III, L.P.	Carlyle Group	multi strategy	2024	—	10.2%	1.05x	0.19x
BCP Special Opportunities Fund II, L.P.	BCP	special situations	2020	—	10.2%	1.21x	0.24x
Apollo European Principal Finance Fund II (US)	Apollo	distressed debt	2011	—	10.2%	1.25x	0.25x
GSO Energy Select Opportunities Fund LP	The Blackstone Group	special situations	2015	—	10.1%	1.41x	1.32x
Marathon Distressed Credit Fund	Marathon	distressed debt	2020	—	10.1%	1.38x	0.80x
Sixth Street TAO Partners (B), L.P.	Sixth Street	tactical	2018	—	10.1%	1.10x	0.57x
FP Intl 2014	FP Intl	tactical	2014	—	10.1%	1.57x	1.05x
TSSP Opportunities Partners IV (A), L.P.	TSSP	multi strategy	2018	—	10.1%	1.48x	0.74x
Alchemy Special Opportunities Fund II, L.P.	The Alchemy Fund	special situations	2010	—	10.1%	1.55x	1.31x
Blue Torch Credit Opportunities Fund II	Blue Torch Capital	multi strategy	2020	—	10.1%	1.27x	0.52x
Davidson Kempner Long-Term Distressed Opportunities Fund V LP	Davidson Kempner	multi strategy	2020	—	10.1%	1.45x	0.23x
Siguler Guff Distressed Opportunities Fund III, L.P.	Siguler Guff	distressed debt	2008	—	10.0%	—	1.62x
Franklin Park XIII	Franklin Park	tactical	2020	—	10.0%	1.34x	0.08x
Sixth Street TAO 4.0 (B)	Sixth Street	tactical	2017	—	10.0%	1.40x	0.48x
Ascribe Opportunities IV	Ascribe	multi strategy	2019	—	10.0%	1.26x	0.33x
Russell 3000 TR	Russell 3000 TR	tactical	—	—	10.0%	—	—
VARDE FUND X LP	The Varde	distressed debt	2011	—	10.0%	1.74x	1.70x
Fortress Credit Opportunities Fund III (A)	Fortress Investment Group	multi strategy	2012	—	9.9%	1.48x	1.38x
AnaCap Credit Opportunities IV, L.P.	AnaCap Financial Partners	multi strategy	2019	—	9.9%	1.18x	0.69x
Park Square -PSERS Credit Opportunities Fund, L.P.	Park Square Capital	multi strategy	2014	—	9.9%	1.37x	0.53x
Saybrook Corporate Opportunity Fund	Saybrook Corporate Opportunity	multi strategy	2007	—	9.8%	1.54x	1.54x

Sources: public limited-partner disclosures — pension performance reports (CalPERS, CalSTRS, and other pensions), foundation Form 990-PF filings, and board materials. TVPI = total value / paid-in; DPI = distributions / paid-in. Early-vintage IRRs are interim estimates (J-curve).