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
Olea Special Opportunities Offshore Fund I, L.P.	Olea Capital Partners	special situations	2019	—	7.3%	1.19x	1.19x
Tennenbaum Opportunities Partners VI, L.P.	BlackRock	distressed debt	2011	—	7.3%	—	2.02x
Invesco Portfolio	Invesco	tactical	1996	—	7.2%	1.40x	1.40x
Ares Special Situations Fund IV, L.P.	Ares	special situations	2015	—	7.2%	—	1.53x
Sankaty Managed Account (CalPERS), L.P.	Sankaty	tactical	2014	—	7.1%	1.22x	0.81x
Towerbrook Structured Opportunities Fund (Onshore), L.P.	TowerBrook	multi strategy	2016	—	7.1%	1.27x	0.85x
Special Situation Partners II LP	Special Situation	special situations	2006	—	7.1%	1.69x	1.38x
Carolinas Capital, L.P.	Carolinas	multi strategy	1990	—	7.1%	1.54x	1.54x
PIMCO Tactical Opp	PIMCO Europe	tactical	2018	—	7.0%	1.44x	1.25x
Vine Media Opportunities Fund IV, L.P.	Vine	multi strategy	2004	—	7.0%	1.09x	0.81x
BR/ERB Tactical Opportunities - Sandia Series, L.P.	BR Capital	tactical	2021	—	6.9%	1.19x	0.00x
AnaCap Credit Opportunities III, L.P.	AnaCap Financial Partners	multi strategy	2015	—	6.9%	1.14x	1.08x
OCM Opportunities Fund VIIIb, L.P.	Oaktree	special situations	2001	—	6.8%	1.46x	1.09x
Tiger Iron Special Opportunities Fund II LP	Tiger Iron Capital	special situations	2019	—	6.8%	1.28x	0.04x
Apollo European Principal Finance Fund II (Dollar A), L.P.	Apollo	distressed debt	2012	—	6.7%	1.19x	1.17x
FP Intl 2015	FP Intl	tactical	2015	—	6.7%	1.37x	0.65x
Asl - Eu Strat Ptnr '08	Asl	tactical	—	—	6.6%	—	—
Sig Guff - Dist Opp III	SIG GUFF - DIST OPP	tactical	—	—	6.6%	—	—
Juniperus Insurance Opportunity Fund Limited	Juniper	multi strategy	2018	—	6.6%	1.26x	—
Jackson Timberland Opportunities LLC	Jackson Timberland	multi strategy	2012	—	6.6%	1.74x	0.55x
Audax Credit Opportunities (SBA) LLC	Audax Group	multi strategy	2010	—	6.6%	2.31x	0.19x
PCG Special Situation Fund, L.P.	PCG Asset Management	special situations	2007	—	6.6%	1.57x	1.57x
PCG Special Situation Partners LP	PCG Asset Management	special situations	2003	—	6.6%	1.57x	1.57x
Global Credit Opportunities Fund, L.P.	GKC	multi strategy	—	—	6.6%	1.45x	1.22x
Colony Distressed Credit Fund III	Colony Distressed	distressed debt	2007	—	6.5%	1.25x	1.03x
Stonetree IV	Stonetree	tactical	2012	—	6.5%	1.46x	0.46x
Colony Distressed Credit and Special Situations Fund III LP	Colony Distressed	special situations	2013	—	6.4%	1.27x	1.24x
Lyrical-OTRS IV	Lyrical Partners	tactical	2014	—	6.4%	1.64x	0.61x
Blkrk Tcp - Opp Fund V	BLKRK TCP - OPP	tactical	—	—	6.4%	—	—
FP Intl 2013	FP Intl	tactical	2013	—	6.0%	1.50x	0.74x
57 Stars Global Opportunities Fund 2 (CalPERS), LLC	57 Stars	multi strategy	2009	—	5.9%	1.44x	0.98x
57 Stars Global Opportunities Fund, LLC	57 Stars	multi strategy	2007	—	5.9%	1.37x	1.34x
Boston Timber Opportunities LLC	Boston Ventures Management	multi strategy	2012	—	5.9%	1.66x	0.43x
BDCM Opportunity Fund III	Black Diamond Capital Management	multi strategy	2009	—	5.8%	1.30x	1.30x
Alchemy Plan (City of Angels)	The Alchemy Fund	tactical	1999	—	5.7%	1.25x	1.25x
Asl - Sof I	Asl	tactical	—	—	5.6%	—	—
OCM Principal Opportunities Fund	Oaktree	multi strategy	1996	—	5.4%	1.45x	1.45x
Park Square Capital Credit Opportunities II	Park Square Capital	multi strategy	2013	—	5.4%	1.30x	0.16x
Tennenbaum Opportunities Fund V, LLC	BlackRock	multi strategy	2007	—	5.4%	1.49x	1.44x
Tennenbaum Opportunities Partners V, L.P.	BlackRock	distressed debt	2007	—	5.4%	—	1.48x
Contrarian Capital Fund II, L.P.	Contrarian	distressed debt	1997	—	5.3%	1.40x	1.41x
KKR Mezzanine6	Kohlberg Kravis Roberts	tactical	2010	—	5.3%	1.55x	1.42x
Cerberus Levered Loan Opportunities Fund II, L.P.	Cerberus	multi strategy	2012	—	5.3%	1.17x	1.12x
HayFin Special Opportunities Credit Fund (Parallel), L.P.	Hayfin	special situations	2012	—	5.3%	1.17x	1.17x
LCM Credit Opportunities III	Lcm	multi strategy	2006	—	5.3%	1.21x	0.47x
WestCap Strat Op FD II	WestCap Strat Op FD	tactical	2021	—	5.3%	—	—
Marathon European Credit Opportunity Fund III, LP	Marathon	multi strategy	—	—	5.3%	1.39x	0.87x
NCL Investments III LP - RE Overflow Series	NCL Investments	multi strategy	2021	—	5.2%	1.23x	—
Magnum Capital, L.P.	Magnum	tactical	2007	—	5.2%	1.26x	1.26x
KKR Special Situations Fund II PE	Kohlberg Kravis Roberts	special situations	2014	—	5.1%	1.11x	0.61x
FP Intl 2012	FP Intl	tactical	2012	—	5.0%	1.25x	1.07x
HBK Multi-Strategy Fund LP	HBK	multi strategy	2013	—	5.0%	0.40x	—
Clarion The Tribute	Clarion Partners	multi strategy	2007	—	5.0%	1.60x	1.60x
BlackRock Tempus Fund	BlackRock	tactical	2015	—	4.9%	1.10x	1.09x
Partners Grp - Sec 2004	PTNRS GRP - SEC 2004	tactical	—	—	4.7%	—	—
Oaktree Value Opportunities Fund, L.P.	Oaktree	multi strategy	2011	—	4.6%	1.47x	0.64x
Oaktree European Dislocation Fund (US) LP	Oaktree	distressed debt	2013	—	4.6%	1.05x	1.05x
Taconic Opportunity Fund LP	Taconic Capital Advisors	multi strategy	2011	—	4.6%	—	—
Venor Special Situations Fund II, L.P.	Venor Capital Management	special situations	2015	—	4.4%	1.22x	1.04x
Varde Fund XI, L.P.	The Varde	distressed debt	2014	—	4.3%	1.32x	1.19x
Partners Grp - Sec 2008	PTNRS GRP - SEC 2004	tactical	—	—	4.1%	—	—
Miller GLobal Fund V	Miller Global Properties	multi strategy	2005	—	4.1%	1.25x	1.26x
FP Intl 2016	FP Intl	tactical	2016	—	4.0%	1.23x	0.54x
Sankaty Credit Opportunities II, L.P.	Sankaty	multi strategy	2005	—	3.9%	1.29x	1.29x
MatlinPatterson Global Opportunities Partners III	MatlinPatterson Global	multi strategy	2007	—	3.9%	1.21x	1.21x
Torchlight Debt Opportunities Fund VII, L.P.	Torchlight Debt	multi strategy	2020	—	3.8%	1.10x	—
European Property Investors Special Opportunities 4 LP	Tristan Capital Partners	special situations	2015	—	3.8%	1.28x	0.49x
Middlefield Road Private Opportunities Fund, L.P.	Middlefield Road Private	multi strategy	2021	—	3.8%	1.08x	0.00x
Apollo Special Opportunities Managed Account, L.P.	Apollo	special situations	2007	—	3.8%	1.37x	1.37x
GCM Grosvenor Co-Investment Opportunities Fund, L.P.	GCM Grosvenor	multi strategy	2016	—	3.8%	1.18x	0.75x
Glouston Private Equity Opportunities IV	Glouston Capital Partners	multi strategy	2014	—	3.8%	1.12x	1.11x
MSCI ACWI ex USA Gross	—	multi strategy	—	—	3.8%	—	—
Xponance	Xponance	multi strategy	—	—	3.7%	—	—
Permira Growth Opportunities II SCSp	Permira	multi strategy	2022	—	3.7%	1.10x	0.06x
HVP Partnerships 6	HVP Partnerships	tactical	1999	—	3.6%	1.28x	1.28x
TPG Real Estate Credit Opportunities, L.P.	TPG	multi strategy	—	—	3.6%	1.06x	0.02x
Alchemy Plan (Estrellita) L.P.	The Alchemy Fund	tactical	2002	—	3.6%	1.17x	1.17x
Alchemy Special Opportunities Fund V	Alchemy Special	special situations	2024	—	3.5%	1.04x	0.00x
Z Capital Special Situations Fund II, L.P.	—	special situations	2013	—	3.5%	1.14x	0.48x
Avenue Europe Special Situations Fund II	Avenue	special situations	2011	—	3.5%	1.14x	1.14x
LAV Opportunities Fund	LAV	multi strategy	2020	—	3.4%	1.10x	0.17x
Miller GLobal Fund	Miller Global Properties	multi strategy	2005	—	3.4%	1.21x	1.21x
SDC Digital Infrastructure Opportunity Fund III, L.P.	SDC Capital Partners	multi strategy	—	—	3.4%	1.08x	0.02x
Carlyle Energy Mezzanine Opportunities Fund II, L.P.	Carlyle Group	multi strategy	2015	—	3.3%	0.77x	0.75x
Avenue Europe Special Situations Fund II, L.P. (Euro)	Avenue	special situations	2011	—	3.3%	—	1.13x
LAV Fund VI Opportunities, L.P.	Lilly Asia Ventures	multi strategy	2021	—	3.2%	1.10x	0.14x
EMAlternatives Investments, L.P.	EMAlternatives	tactical	2007	—	3.2%	1.18x	1.09x
Virgo Societas Partnership IV	Virgo Investment Group	tactical	2017	—	3.1%	1.17x	0.55x
Garrison Opportunity Fund III A Llc	General Atlantic	multi strategy	2012	—	3.1%	1.23x	1.21x
Ascribe Opportunities Fund II, L.P.	Ascribe	multi strategy	2010	—	3.1%	1.05x	1.05x
Apollo European Principal Finance Fund III (Dollar A), LP	Apollo	distressed debt	2016	—	3.0%	1.07x	0.84x
Avenue Special Situations Fund VI (A), L.P.	Avenue	special situations	2011	—	2.7%	1.13x	1.01x
(DBAG) European Private Equity Opportunities LP	Deutsche Beteiligungs AG	multi strategy	2017	—	2.7%	1.07x	0.24x
Avenue Europe Special Situations Fund III (U.S.), L.P.	Avenue	special situations	2015	—	2.5%	1.14x	0.91x
Sankaty Credit Opportunities III, LP	Sankaty	multi strategy	2007	—	2.4%	1.18x	1.18x
Mesirow Partnerships I	Mesirow	tactical	1999	—	2.4%	1.17x	1.17x
NCL Investments III LP - PE Overflow Series	NCL Investments	multi strategy	2021	—	2.3%	1.05x	0.08x
Investech, L.P.	Investech, L.P	tactical	1982	—	2.3%	1.20x	1.22x
Dune III	Dune	tactical	2013	—	2.2%	1.11x	0.98x
Rivean Special Opportunity Fund I Coop U.A.	Rivean Capital	multi strategy	2022	—	2.1%	1.04x	0.28x

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).