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.

7,716 fundsas of December 2025

All Private equity Private credit Real assets Opportunistic

Fund	Manager	Strategy	Vintage	Committed	Net IRR	TVPI	DPI
Cerberus FSBA Levered Loan Opportunities Fund LP	Cerberus	multi strategy	2016	—	9.8%	1.56x	0.18x
Centerbridge Special Credit Partners III	Centerbridge Partners, L.P.	distressed debt	2016	—	9.8%	1.34x	1.28x
Participation Agreement #7	—	multi strategy	2021	—	9.8%	—	1.22x
Benefit Street Senior Secured Opportunities Fund II	Benefit Street Partners	multi strategy	2019	—	9.8%	1.22x	0.48x
Blackstone Tactical Opportunities Fund - S L.P.	The Blackstone Group	tactical	2017	—	9.8%	1.40x	1.33x
Blkrk Tcp - Waterman	BLKRK TCP - WATERMAN	tactical	—	—	9.8%	—	—
NCL Investments II, L.P. - PE Overflow Series	NCL Investments	multi strategy	2018	—	9.8%	1.43x	0.36x
Sixth Street TAO	Sixth Street	tactical	2020	—	9.7%	1.40x	0.00x
Sixth Street TAO Partners (F.K.A. TSSP Adjacent Opp. Partners)	Sixth Street	tactical	2015	—	9.7%	1.26x	1.01x
BCP Special Opportunities Fund I LP	BCP	special situations	2017	—	9.7%	1.41x	1.12x
OCM Principal Opportunities Fund III	Oaktree	multi strategy	2003	—	9.5%	1.49x	1.49x
European Private Equity Opportunities I, L.P.	European Mezzanine	multi strategy	2006	—	9.5%	1.20x	0.28x
Tennenbaum Waterman Fund, L.P.	BlackRock	distressed debt	2012	—	9.4%	—	1.91x
Blackstone Tactical Opportunities Fund - C L.P.	The Blackstone Group	tactical	2012	—	9.4%	1.36x	1.34x
PSERS TAO Partners Parallel Fund, L.P. -(TAO 3.0)	PSERS TAO	tactical	2014	—	9.4%	1.22x	0.89x
Varde Fund XIV	The Varde	distressed debt	2022	—	9.4%	1.16x	0.08x
L2 Point Opportunities I	L2 Point Management	multi strategy	2022	—	9.4%	1.31x	0.19x
Oaktree Real Estate Opportunities Fund V, L.P.	Oaktree	multi strategy	2012	—	9.4%	1.37x	1.55x
AS Birch Grove Opportunities Fund, L.P. (fka Distressed Debt -	AS Birch Grove	multi strategy	2020	—	9.4%	1.12x	0.65x
Blackstone Real Estate Special Situations Fund II, L.P.	The Blackstone Group	special situations	2011	—	9.3%	1.20x	1.20x
AS Birch Grove Opportunities Fund	AS Birch Grove	multi strategy	2017	—	9.3%	1.13x	0.65x
SL Capital SOF I, L.P.	abrdn plc	tactical	2014	—	9.3%	—	1.36x
Cross Ocean European Special Situations V, L.P.	Cross Ocean Partners	special situations	2024	—	9.3%	1.09x	0.00x
FP Intl 2011	FP Intl	tactical	2011	—	9.2%	1.71x	1.55x
Oaktree Opportunities Fund XI, L.P.	Oaktree	special situations	2020	—	9.2%	1.33x	0.60x
VIP IV	VIP	multi strategy	2020	—	9.2%	1.26x	0.02x
Tennenbaum Special Situations Fund IX	BlackRock	special situations	2015	—	9.2%	—	1.64x
Long Arc Capital I	Long Arc Capital	tactical	2020	—	9.2%	1.29x	0.00x
LAV Fund VI, L.P.	Lilly Asia Ventures	multi strategy	2021	—	9.1%	1.27x	0.29x
Kayne Solutions Fund, L.P.	Kayne Anderson Capital Advisors	tactical	2018	—	9.1%	—	1.10x
Stepstone Secondary Opportunities Fund II	Stepstone Group	multi strategy	2012	—	9.1%	1.80x	0.02x
Sixth Street TAO Partners (B) (3.0)	Sixth Street	tactical	2020	—	9.1%	2.13x	1.32x
Oaktree Opportunities VIII PE	Oaktree	special situations	2009	—	9.1%	1.47x	1.45x
Orchard Landmark IIr	Orchard Landmark	tactical	2016	—	9.1%	1.60x	0.11x
GCM US Partnership Opportunities, L.P.	GCM Grosvenor	multi strategy	2022	—	9.1%	1.13x	0.18x
Oaktree Opportunities Fund VIII, L.P.	Oaktree	special situations	2010	—	9.0%	1.50x	1.47x
Blackstone Tactical Opportunities Fund II-S (Surge) L.P.	The Blackstone Group	tactical	2019	—	9.0%	1.38x	0.45x
Benefit Street Partners Capital Opportunity Fund, L.P.	Benefit Street Partners	multi strategy	2013	—	8.9%	1.55x	0.98x
Franklin Park XIV	Franklin Park	tactical	2022	—	8.9%	1.11x	0.03x
OHA Tactical Investment Fund LP	OHA	tactical	2020	—	8.9%	1.22x	0.03x
PSERS TAO Partners Parallel Fund, L.P. -(TAO 2.0)	PSERS TAO	tactical	2014	—	8.9%	1.22x	0.94x
Varde Fund XIII, L.P.	The Varde	distressed debt	2018	—	8.9%	1.41x	0.83x
Fortress Credit Opportunities Fund V Expansion MA-CRPTF LP	Fortress Investment Group	multi strategy	2020	—	8.9%	1.10x	0.30x
Marathon European Credit Opportunity Fund, LP	Marathon	multi strategy	2013	—	8.8%	1.30x	1.30x
Genstar X Opportunities Fund I	Genstar	multi strategy	2021	—	8.8%	1.27x	0.06x
OCM Principal Opportunities Fund IV, LP	Oaktree	multi strategy	2006	—	8.8%	1.68x	1.68x
Orchard Landmark II	Orchard Landmark	tactical	2016	—	8.8%	1.60x	0.11x
CVI Credit Value Fund II	CVI	distressed debt	2013	—	8.8%	1.46x	1.45x
AS Birch Grove Opportunities Fund, L.P. (fka Ascribe IV)	AS Birch Grove	multi strategy	2020	—	8.8%	1.12x	0.75x
OCM Opportunities Fund VI, L.P.	Oaktree	special situations	2005	—	8.7%	1.58x	1.58x
Siguler Guff Distressed Opportunities Fund II, L.P.	Siguler Guff	distressed debt	2006	—	8.6%	—	1.42x
Sixth Street Fundamental Strategies Partners	Sixth Street	tactical	2020	—	8.6%	1.11x	0.74x
Glendon Opportunities Fund	Glendon Opp	multi strategy	2014	—	8.5%	0.83x	0.13x
Singerman Real Estate Opportunity Fund IV	Singerman Real Estate	multi strategy	2021	—	8.5%	1.11x	0.20x
OCM Opportunities Fund II, L.P.	Oaktree	special situations	1997	—	8.5%	1.50x	1.51x
CVI Credit Value Fund A III	CVI	distressed debt	2015	—	8.4%	1.39x	1.34x
Oaktree Opportunities Fund X	Oaktree	special situations	2015	—	8.4%	1.51x	1.12x
Portfolio Advisors Credit Strategies Fund	Portfolio Advisors	multi strategy	2013	—	8.4%	1.38x	0.35x
NCL Investments II LP - Outside Opportunities Series B	NCL Investments	multi strategy	2019	—	8.4%	1.29x	0.15x
CVI Credit Value Fund III	CVI	distressed debt	2015	—	8.3%	1.38x	1.18x
M2 PEFOF (Developing)	M2 PEFOF (Developing)	tactical	2006	—	8.3%	1.48x	1.48x
CVI Credit Value Fund A V LP	CVI	distressed debt	2020	—	8.3%	1.24x	0.42x
Shamrock Capital Debt Opportunities Fund I L.P.	Shamrock Capital	multi strategy	2020	—	8.3%	1.11x	0.78x
Cerberus Global NPL Fund II	Cerberus	distressed debt	2023	—	8.3%	1.10x	0.01x
CVI Credit Value Fund A II	CVI	distressed debt	2012	—	8.3%	1.43x	1.42x
CVI Credit Value Fund V	CVI	distressed debt	2020	—	8.3%	1.26x	0.46x
Genstar Capital Partners IV, L.P.	Genstar	multi strategy	2004	—	8.3%	1.51x	1.51x
Avenue Special Situations Fund IV, L.P.	Avenue	special situations	2006	—	8.3%	1.38x	1.38x
The Varde Private Debt Opportunities Fund (Onshore), L.P.	The Varde	multi strategy	—	—	8.2%	1.61x	1.27x
TPG Opportunities Partners III, L.P.	TPG	multi strategy	2014	—	8.2%	1.21x	1.10x
OAKTREE OPPORTUNITIES FUND VIIIB LP	Oaktree	special situations	2011	—	8.2%	1.68x	1.64x
Atalaya Special Opportunities Fund VII LP	Atalaya Capital	special situations	2018	—	8.2%	1.24x	0.75x
Tennenbaum Energy Opportunities, L.P.	BlackRock	distressed debt	2016	—	8.2%	—	3.33x
Oaktree Opportunities Fund VIII-B, L.P.	Oaktree	special situations	2011	—	8.2%	1.70x	1.64x
GSO Capital Opportunities Fund II	The Blackstone Group	distressed debt	2011	—	8.1%	1.17x	1.17x
Participation Agreement #4	—	multi strategy	2018	—	8.1%	—	1.28x
Oaktree Opportunities Fund IX	Oaktree	special situations	2012	—	8.1%	1.90x	1.24x
Benefit Street Partners Capital Opportunity Fund II LP	Benefit Street Partners	multi strategy	2016	—	8.0%	1.39x	0.69x
Marathon Secured Private Strategies Fund III	Marathon	distressed debt	2022	—	8.0%	1.14x	0.00x
Permira Growth Opportunities I, L.P.1	Permira	multi strategy	2019	—	8.0%	1.29x	0.26x
Orion Energy Credit Opportunities Fund III LP	Orion Energy Partners	multi strategy	2020	—	8.0%	1.12x	0.25x
PIMCO Corporate Opportunities Fund III Onshore Feeder, L.P.	PIMCO Europe	multi strategy	—	—	8.0%	1.70x	0.69x
CVI Credit Value Fund A IV, L.P.	CVI	distressed debt	2003	—	7.9%	1.33x	0.76x
Drum Capital Management Special Situation Partners II, L.P.	Drum	special situations	2004	—	7.9%	1.78x	1.30x
Orchard Landmark	Orchard Landmark	tactical	2013	—	7.9%	1.80x	—
Participation Agreement #3	—	multi strategy	2018	—	7.9%	—	1.14x
LittleJohn Opportunities Fund II LP	Littlejohn	multi strategy	2017	—	7.8%	1.36x	0.59x
Insight Opportunities Fund I, L.P.	Insight Partners	multi strategy	2020	—	7.8%	1.32x	0.29x
CVI Credit Value Fund IV	CVI	distressed debt	2017	—	7.8%	1.61x	1.07x
Atalaya Special Opportunities Fund V L.P.	Atalaya Capital	special situations	2013	—	7.8%	1.29x	1.28x
Torchlight Debt Opportunity Fund VI, LP	Torchlight Debt	multi strategy	2018	—	7.7%	1.47x	0.62x
Miller Global VI	Miller Global Properties	multi strategy	2007	—	7.7%	1.58x	1.58x
Participation Agreement #5	—	multi strategy	2018	—	7.7%	—	1.35x
Alchemy Special Opportunities Fund III	The Alchemy Fund	special situations	2014	—	7.5%	1.54x	1.16x
Marathon European Credit Opportunities Fund II	Marathon	multi strategy	2001	—	7.5%	1.39x	1.39x
Apollo European Principal Finance Fund II	Apollo	distressed debt	2013	—	7.4%	1.15x	1.15x
Colony Distressed Credit Fund II, L.P.	Colony Distressed	distressed debt	2003	—	7.4%	1.34x	1.31x
OCM Opportunities Fund VII, L.P.	Oaktree	special situations	2007	—	7.3%	1.40x	1.38x
Asia Opportunity Fund II, L.P.	CVC Capital Partners	multi strategy	2005	—	7.3%	1.42x	1.42x
Olea Special Opportunities Offshore Fund I, L.P.	Olea Capital Partners	special situations	2019	—	7.3%	1.19x	1.19x

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).