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
Owl Rock Technology Holdings LLC	Owl Rock Capital	direct lending	2018	—	410.1%	—	—
KLCP Domestic Fund IV LP	—	private credit	—	—	178.8%	2.79x	—
Virgo Specialty Finance I (Offshore), L.P.	Virgo Investment Group	specialty finance	2021	—	47.3%	1.00x	0.00x
Apollo PCPL Webb VIII	Apollo	direct lending	2010	—	45.7%	—	2.52x
Ngp Royalty Partners L.P.	Ngp	specialty finance	2020	—	44.3%	1.76x	1.16x
Kingswood Capital Opportunities III	Kingswood	mezzanine	2024	—	43.4%	1.18x	0.34x
Bain Sankaty Credit Opportunitil5 IV, L.P.	Sankaty	private credit	2008	—	43.0%	—	0.00x
WestRiver Innovation Lending Fund VIII, LP	WestRiver Group	direct lending	2008	—	39.9%	1.18x	0.69x
SVB Innovation Credit Fund VIII	SVB	specialty finance	2008	—	38.8%	1.24x	0.66x
Hark Capital III	ASI Hark	direct lending	2021	—	37.9%	—	—
TCW Crescent Mezzanine Partners III	Crescent Capital Group	mezzanine	2001	—	36.3%	1.99x	2.00x
Wigmore Street (BDC III) LP	Wigmore Street (BDC	direct lending	2017	—	34.8%	3.25x	2.22x
Peak Rock II	Peak Rock Capital	direct lending	2016	—	34.3%	2.05x	1.89x
Atlas Capital Resources III LP	Atlas Capital	direct lending	2019	—	33.7%	1.89x	1.17x
HarbourView Royalties Fund I	HarbourView Royalties	direct lending	2023	—	30.9%	1.39x	0.03x
Alta Subordinated Debt Partners III	Alta Partners	direct lending	1993	—	28.8%	3.40x	3.40x
Waterfall Sentinel Co-Investment, L.P.	Waterfall Eden	specialty finance	2019	—	28.6%	—	2.58x
Peak Rock III	Peak Rock Capital	direct lending	2020	—	28.6%	1.68x	0.41x
Castlelake Aviation V Stable Yield	Castlelake Pte. Ltd.	specialty finance	2023	—	27.8%	1.19x	0.12x
Apollo - Eu Principal	Apollo	direct lending	—	—	26.4%	—	—
Greenoaks Capital Opportunities Fund IV LP	Green	mezzanine	2021	—	25.7%	1.93x	0.12x
Peak Rock Strat Partners West	Peak Rock Capital	direct lending	2021	—	25.4%	1.35x	0.21x
Fortress Credit Opportunites Fund V Expansio	Fortress Investment Group	direct lending	2020	—	25.3%	1.16x	0.04x
Apollo Accord Fund IV LP	Apollo	direct lending	2020	—	25.3%	1.10x	1.10x
Greenoaks Capital Opportunities Fund V L.P.	Green	mezzanine	2023	—	23.0%	1.25x	—
ISAF III (USD) LP	Eisaf	direct lending	2022	—	22.9%	1.16x	0.68x
AG TALF Partners, L.P.	TPG	direct lending	2009	—	22.4%	1.32x	1.32x
TPG AG Credit Solutions Fund III, L.P.	TPG	direct lending	2025	—	22.4%	1.22x	—
HighVista US PE Fund IX	HighVista	direct lending	2020	—	21.9%	—	—
Centre Lane Credit Partners III, L.P.	Centre Lane	direct lending	2022	—	21.8%	1.30x	0.70x
TCW Special Credits Fund III	TCW Special Credits	specialty finance	1991	—	21.7%	2.07x	2.07x
HighVista US	HighVista	direct lending	2019	—	21.1%	—	—
Atlas Capital Resources IV LP	Atlas Capital	direct lending	2022	—	20.9%	1.32x	0.35x
Apollo - Fund VII	Apollo	direct lending	—	—	20.4%	—	—
TCW Special Mortgage Credits Fund III	TCW Special Mortgage Credits	direct lending	2009	—	20.3%	1.05x	1.05x
Pantheon Private Debt PCO II USD Feeder (Delaware), L.P.	Pantheon Ventures	direct lending	2022	—	20.2%	1.41x	0.16x
AG GECC Public-Private Investment Fund (PPIP)	Angelo Gordon	direct lending	2010	—	20.1%	1.54x	1.54x
Greenoaks Capital Opportunities Fund III	Green	mezzanine	2020	—	19.8%	2.08x	0.32x
FP Credit Partners III Aggregator, L.P.	Francisco Partners	direct lending	2025	—	19.7%	1.44x	0.42x
Atlas Capital Resources II LP	Atlas Capital	direct lending	2014	—	19.7%	1.96x	1.69x
Chambers Energy Capital IV LP	Chambers Energy	direct lending	2020	—	19.7%	1.17x	0.89x
EISAF II LP	Eisaf	direct lending	2008	—	19.7%	1.10x	0.36x
Drug Royalty II, L.P. 1	Drug Royalty	specialty finance	2009	—	19.6%	—	1.33x
Milestone Partners FS 2, L.P.	Milestone	direct lending	2019	—	19.1%	1.48x	1.15x
CarVal Credit Value Fund I	CarVal Investors	direct lending	2010	—	18.7%	2.25x	2.25x
OHA Centre Street Partnership, L.P.	Oak Hill Advisors	direct lending	2020	—	17.9%	2.13x	0.66x
Adams Street Private Credit Fund III-A LP	Adams Street Partners	direct lending	2023	—	17.5%	1.27x	0.46x
Cerberus Business Finance V	Cerberus	specialty finance	2023	—	17.5%	1.18x	0.19x
SVB Innovation Credit Fund VIII LP (F.K.A. WestRiver VIII)	SVB	specialty finance	2018	—	17.4%	1.29x	0.86x
Ares Pathfinder II	Ares	direct lending	2023	—	17.4%	1.17x	0.00x
TCW Special Credits Fund IV	TCW Special Credits	specialty finance	1993	—	17.4%	1.96x	1.96x
European Mezzanine Fund III, L.P.	European Mezzanine	mezzanine	1999	—	17.1%	2.10x	2.10x
Ironwood Mezzanine Partners IV, L.P.	Ironwood Capital	mezzanine	2017	—	16.7%	1.40x	1.00x
Pantheon Private Debt PCO I\| USD Feeder (Delaware), L.P.	Pantheon Ventures	private credit	2022	—	16.6%	1.42x	0.30x
TA Subordinated Debt Fund III, L.P.	TA Subordinated Debt	mezzanine	2010	—	16.6%	2.00x	1.98x
Merit Mezzanine Fund VI	Merit Capital Partners	mezzanine	2016	—	16.4%	1.82x	1.33x
ABRY Senior Equity III, L.P.	ABRY Partners	mezzanine	2010	—	16.2%	1.64x	1.64x
Fortress Lending Fund III-IV MA-CRPTF LP	Fortress Investment Group	direct lending	2022	—	16.0%	1.20x	0.20x
GoldenTree Loan Management II	GOLDENTREE LOAN MANAGEMENT US	direct lending	2019	—	16.0%	—	—
VWH Partners III, L.P.	—	private credit	2022	—	16.0%	2.37x	0.00x
Sixth Street Lending Partners	Sixth Street	direct lending	2022	—	15.8%	1.21x	0.18x
Cross Ocean USD ESS Fund IV Open, L.P.	Cross Ocean Partners	private credit	2021	—	15.7%	1.49x	0.00x
Angelo Gordon Direct Lending Fund II	TPG	direct lending	2020	—	15.6%	1.45x	1.26x
Audax Mezzanine Fund V A LP	Audax Group	mezzanine	2022	—	15.5%	1.17x	0.23x
Crescent Credit Solutions VIII LP	Crescent Mezzanine	direct lending	2021	—	15.4%	1.21x	0.51x
Apollo Fund IX	Apollo	direct lending	2017	—	15.2%	1.48x	0.59x
Silver Point - Specialty Credit Fund III	Silver	specialty finance	2023	—	15.2%	1.16x	0.54x
Sixth Street Specialty Lending Europe II (USD Feeder), L.P.	Sixth Street	direct lending	2020	—	15.1%	1.22x	0.67x
Ares Pathfinder Fund	Ares	direct lending	2021	—	14.8%	—	—
Centerbridge Capital IV, L.P.	Centerbridge Partners, L.P.	direct lending	2020	—	14.8%	1.37x	0.28x
TCW Special Credits Fund V - The Principal Fund	TCW Special Credits	specialty finance	1994	—	14.8%	1.74x	1.74x
Crescent CRPTF Private Credit L.P.	Crescent Crptf Private	direct lending	2022	—	14.7%	1.20x	0.00x
Audax Direct Lending Fund A	Audax Group	direct lending	2017	—	14.6%	1.49x	0.58x
MCP Private Capital Fund III	Metric Capital Partners	direct lending	2012	—	14.6%	1.56x	0.67x
Pathlight Capital Fund III	Pathlight Capital	direct lending	2022	—	14.6%	1.14x	0.63x
HPS Specialty Loan Fund VI-L, L.P.	HPS Investment Partners, LLC	direct lending	2023	—	14.5%	1.10x	0.07x
Eagle Point Credit Partners	Eagle Point Defensive Income	direct lending	2020	—	14.5%	—	—
Centerbridge Special Credit III - Flex	Centerbridge Partners, L.P.	direct lending	2020	—	14.4%	1.44x	0.88x
Fortress Credit Opportunites Fund V Expansion	Fortress Investment Group	direct lending	2020	—	14.4%	1.18x	0.18x
ABRY Senior Equity IV	ABRY Partners	mezzanine	2012	—	14.4%	1.66x	1.58x
Centerbridge Special Credit Partners III - Flex	Centerbridge Partners, L.P.	direct lending	2020	—	14.4%	1.46x	0.98x
Dawson Portfolio Finance 6	Dawson Partners	direct lending	2024	—	14.2%	1.09x	0.65x
AAVIN Mezzanine Fund, LP	AAVIN Equity Partners	mezzanine	2014	—	14.2%	1.66x	0.19x
Oak Hill Advisors Structured Products Fund III, L.P.	Oak Hill Advisors	structured credit	2023	—	14.2%	1.20x	0.07x
Waterfall Sentinel Fund	Waterfall Eden	specialty finance	2019	—	14.0%	—	1.62x
Peak Rock Capital Credit Fund II LP	Peak Rock Capital	direct lending	2017	—	14.0%	1.12x	1.03x
Tcw Cres - Mezz Prtnr V	TCW CRES - MEZZ PRTNR	mezzanine	—	—	13.8%	—	—
Adams Street Private Credit Fund II-A LP	Adams Street Partners	direct lending	—	—	13.8%	1.81x	1.26x
CHORUS CAPITAL CREDIT FUND V USD SCSp	Chorus Capital Management	direct lending	2024	—	13.8%	1.09x	0.12x
Summit Partners Credit Fund IV L.P.	Summit Partners	mezzanine	2022	—	13.7%	1.29x	0.76x
Peak Rock Credit II	Peak Rock Capital	direct lending	2016	—	13.7%	1.11x	1.03x
Whitehorse Liquidity Partners III	Whitehorse Liquidity Partners	direct lending	2019	—	13.7%	1.29x	0.88x
Ares Senior Direct Lending Fund II	Ares	direct lending	2021	—	13.5%	1.31x	0.36x
LBC Credit Partners V, L.P.	LBC	direct lending	2019	—	13.5%	1.35x	0.89x
MCP Private Capital Fund IV SCSp	Metric Capital Partners	direct lending	2020	—	13.5%	1.28x	0.30x
TCW Crescent Mezzanine Partners II	Crescent Capital Group	mezzanine	1998	—	13.5%	1.40x	1.40x
Kayne Anderson CLO Partners Fund II, L.P.	Kayne Anderson Capital Advisors	structured credit	2020	—	13.4%	—	1.18x
Sixth Street Diversified Credit	Sixth Street	direct lending	2020	—	13.4%	1.25x	0.12x
KKR ABF Partners	Kohlberg Kravis Roberts	direct lending	2021	—	13.3%	—	—
ABRY Advanced Securities Fund II	ABRY Partners	mezzanine	2011	—	13.0%	1.46x	1.45x

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).