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
| 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 | 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 | 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 | 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 | 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 | 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).