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
HPS Strategic Investment Partners V	HPS Investment Partners, LLC	mezzanine	2022	—	13.0%	1.25x	0.19x
Adams Street Private Credit Fund-A LP	Adams Street Partners	direct lending	—	—	12.9%	1.60x	1.40x
BNY Mellon -Alcentra Mezzanine III	BNY Mellon	mezzanine	2012	—	12.7%	—	1.15x
Blue Owl Asset Income Fund Evergreen	Blue Owl Capital	direct lending	2022	—	12.6%	1.19x	0.59x
Dawson Portfolio Finance 3	Dawson Partners	direct lending	2019	—	12.5%	1.32x	0.99x
KKR Lending Partners III L.P.	Kohlberg Kravis Roberts	direct lending	2017	—	12.4%	1.26x	1.09x
Mcp Private Capital Fund IV Feeder Scsp	Mcp	direct lending	2020	—	12.4%	1.30x	0.44x
Summit Partners Credit Fund III L.P.	Summit Partners	mezzanine	2018	—	12.3%	1.23x	1.15x
Eagle Point Defensive Income Fund II	Eagle Point Defensive Income	direct lending	2022	—	12.3%	—	—
ABRY Senior Equity V	ABRY Partners	mezzanine	2016	—	12.3%	1.58x	0.81x
Whitehorse Liquidity Partners IV	Whitehorse Liquidity Partners	direct lending	2020	—	12.3%	1.20x	0.59x
Panther BCM Series B	—	private credit	2020	—	12.2%	1.23x	1.18x
Alta Subordinated Debt Partners II	Alta Partners	direct lending	1988	—	12.1%	2.12x	2.12x
Pemberton Mid-Market Debt Fund III SCSp SICAV RAIF - Pemberton Mid-M	Pemberton	direct lending	—	—	12.1%	1.31x	0.43x
Silver Point Specialty Credit Fund II L.P.	Silver	specialty finance	2020	—	12.1%	1.36x	0.43x
LCM Partners COPS 4 (USD) SLP	Lcm	direct lending	2020	—	12.0%	1.21x	0.25x
Audax Mezzanine Fund IV, L.P.	Audax Group	mezzanine	2001	—	12.0%	1.22x	0.63x
AAVIN Equity Partners II, LP	AAVIN Equity Partners	mezzanine	2015	—	11.9%	1.38x	0.33x
Audax Mezzanine Fund V	Audax Group	mezzanine	2020	—	11.9%	1.18x	0.37x
BlueBay Direct Lending Fund III (USD), SLP	Arcmont Direct Lending	direct lending	2018	—	11.8%	1.50x	0.63x
HarbourVest Direct Lending Fund (L) L.P.	HarbourVest Partners (Canada)	direct lending	2021	—	11.8%	1.35x	0.67x
BRIGHTWOOD CAPITAL FUND V	Brightwood Capital Advisors	direct lending	2021	—	11.7%	1.23x	0.18x
Pathlight Capital Fund I, L.P.	Pathlight Capital	direct lending	2018	—	11.7%	1.25x	1.24x
West Street Senior Credit Partners III, L.P.	Goldman Sachs	direct lending	2021	—	11.7%	1.20x	0.50x
BioPharma Credit Investments V LP	BioPharma	direct lending	2021	—	11.6%	1.19x	0.38x
Merit Mezzanine Fund IV, L.P.	Merit Capital Partners	mezzanine	2004	—	11.6%	2.00x	1.98x
OHA Black Bear Fund, L.P.	OHA	direct lending	2020	—	11.5%	1.50x	0.71x
Canterbury Mezzanine Capital II	Canterbury Mezzanine	mezzanine	1999	—	11.5%	1.40x	1.41x
Pemberton Strategic Credit Fund II SCSp SICAVRAIF - Pemberton Strategic	Pemberton	direct lending	—	—	11.5%	1.69x	1.11x
Fortress Lending Fund III	Fortress Investment Group	direct lending	2022	—	11.4%	1.25x	0.42x
Dawson Partners (Independence), L.P.	Dawson Partners	direct lending	2023	—	11.4%	1.20x	0.49x
Opportunistic Debt	OPPORTUNISTIC DEBT	direct lending	—	—	11.4%	—	—
TCW Commingled Debt & Royalty III	TCW Commingled Debt & Royalty	specialty finance	1991	—	11.3%	1.30x	1.35x
Sprott Private Resource Lending II (US), LP	Sprott Private Resource Lending	direct lending	2012	—	11.3%	1.92x	1.43x
Silver Point Specialty Credit II	Silver	specialty finance	2020	—	11.2%	1.30x	0.70x
Comvest Credit Partners VI	Comvest Credit	direct lending	2022	—	11.1%	1.11x	0.57x
Benefit Street Partners Debt Fund IV, L.P.	Benefit Street Partners	direct lending	2017	—	11.1%	1.48x	0.69x
Whitehorse Liquidity Partners V	Whitehorse Liquidity Partners	direct lending	2021	—	11.1%	1.11x	0.38x
Sprott Private Resource Lending III (US), LP	Sprott Private Resource Lending	direct lending	2023	—	11.1%	1.14x	0.07x
Pathlight Capital Fund II	Pathlight Capital	direct lending	2021	—	11.0%	1.17x	0.99x
Barings Capital Investment Corporation	Barings BDC	direct lending	2020	—	11.0%	—	—
HarbourVest Direct Lending Fund II, L.P.	HarbourVest Partners (Canada)	direct lending	2024	—	10.9%	1.13x	0.00x
Eagle Point Defensive Income	Eagle Point Defensive Income	direct lending	2021	—	10.9%	—	—
KKR Lending Partners IV	Kohlberg Kravis Roberts	direct lending	2022	—	10.9%	—	—
Monroe Capital Private Credit Fund III, L.P.	Monroe	direct lending	2017	—	10.9%	1.60x	1.11x
400 Capital Asset Based Onshore Term Fund IV LP	400 Capital Management	direct lending	2025	—	10.8%	1.06x	0.11x
Angelo Gordon Direct Lending Fund IV Annex	TPG	direct lending	2021	—	10.8%	1.32x	0.63x
Sprott Private Resource Lending (US), LP	Sprott Private Resource Lending	direct lending	2017	—	10.8%	1.19x	1.19x
HC NCBR	—	direct lending	2017	—	10.7%	1.95x	—
Blackstone Green Private Credit Fund III, LP	The Blackstone Group	direct lending	2023	—	10.7%	1.07x	0.45x
Fortress Lending Fund Il	Fortress Investment Group	direct lending	2021	—	10.7%	1.06x	0.10x
Solar Capital Private Corporate Lending Fund	Solar	direct lending	2019	—	10.7%	1.42x	0.64x
Gleacher Mezzanine Fund II	Gleacher & Company	mezzanine	2007	—	10.7%	1.34x	1.34x
Angelo Gordon Direct Lending Fund V	TPG	direct lending	2022	—	10.6%	1.21x	0.27x
Crescent Mezzanine Partners V, L.P.	Crescent Mezzanine	mezzanine	2009	—	10.6%	1.39x	1.38x
Merit Mezzanine Fund V, L.P.	Merit Capital Partners	mezzanine	2010	—	10.6%	1.79x	1.58x
HPS Specialty Loan Fund V, L.P	HPS Investment Partners, LLC	direct lending	2021	—	10.5%	1.27x	0.37x
LBC-P Credit Fund, L.P.	LBC	direct lending	2016	—	10.5%	1.74x	0.70x
HPS Mezzanine Partners 2019	HPS Investment Partners, LLC	mezzanine	2019	—	10.4%	1.36x	0.65x
Maranon Mezzanine Fund II, L.P.	Maranon Capital	mezzanine	2013	—	10.4%	1.22x	1.21x
Project Finance Fund III	Project Finance	direct lending	1996	—	10.4%	2.10x	2.06x
Angelo Gordon Direct Lending Fund IV	TPG	direct lending	2020	—	10.3%	1.39x	0.69x
Monroe Capital Private Credit (Delaware) Feeder Fund IV, L.P.	Monroe	direct lending	2021	—	10.3%	1.34x	0.38x
FP Credit Partners II - NYSCRF Co-Investment Fund, LP	FP Co	direct lending	2021	—	10.2%	1.24x	0.26x
Metwest Enhanced TALF Strategy Fund L. P.	Metwest Enhanced TALF Strategy	direct lending	2009	—	10.2%	—	1.26x
Audax Mezzanine Fund IV-A, L.P.	Audax Group	mezzanine	2015	—	10.2%	1.25x	0.98x
Ares Pathfinder Core Fund LP	Ares	specialty finance	2021	—	10.2%	1.08x	0.06x
Marathon Centre Street Partnership, L.P. - Asset Class	Marathon	direct lending	2020	—	10.2%	1.36x	0.36x
Permira Credit Solutions IV Master (Feeder) SCSp	Permira	direct lending	2019	—	10.1%	1.40x	0.61x
GSC Recovery II, L.P.	GSC Group	direct lending	2000	—	10.1%	1.54x	1.54x
Pemberton Strategic Credit Fund III SCSp SICAV-RAIF - Pemberton Strategi	Pemberton	direct lending	—	—	10.1%	1.50x	0.80x
ICG North American Private Debt Fund II	Intermediate Capital Group	direct lending	2019	—	10.0%	1.20x	0.83x
Cadence Bancorp LLC	Cadence Bancorp	direct lending	2010	—	10.0%	1.93x	1.92x
Varde Partners Fund X, L.P.	The Varde	direct lending	2009	—	10.0%	1.74x	1.67x
Blue Owl Asset Income Fund V	Blue Owl Capital	direct lending	2020	—	10.0%	1.30x	0.96x
SRI Ten REIT	SRI NINE REIT	direct lending	2011	—	9.9%	1.27x	1.22x
Solar Capital Debt Fund	Solar	direct lending	2019	—	9.9%	1.31x	0.63x
The Varde Fund X (C) LP	The Varde	direct lending	2010	—	9.8%	1.72x	1.68x
GSO Capital Solutions Fund III LP	The Blackstone Group	direct lending	2018	—	9.7%	1.16x	0.98x
Summit Subordinated Debt Fund IV, L.P.	Summit Partners	mezzanine	2008	—	9.7%	1.35x	1.35x
Sixth Street Diversified Credit Program	Sixth Street	direct lending	2016	—	9.7%	1.50x	0.00x
Torchlight V	Torchlight Debt	direct lending	2015	—	9.7%	1.31x	1.25x
Apollo Centre Street Partnership,L.P.	Apollo	direct lending	2020	—	9.7%	1.26x	0.58x
Dawson Portfolio Finance 4	Dawson Partners	direct lending	2020	—	9.6%	1.21x	0.72x
Audax Mezzanine Fund III, L.P.	Audax Group	mezzanine	2010	—	9.6%	1.31x	1.30x
Highbridge Specialty Loan Fund	Highbridge	direct lending	2016	—	9.6%	1.24x	0.96x
Blackstone GSO Capital Solutions Fund LP	The Blackstone Group	direct lending	2009	—	9.5%	1.34x	1.34x
Angelo Gordon Direct Lending Fund III	TPG	direct lending	2018	—	9.5%	1.42x	1.04x
Torchlight IV	Torchlight Debt	direct lending	2012	—	9.5%	1.32x	1.32x
Crescent Direct Lending Levered Fund II	Crescent Capital Group	direct lending	2017	—	9.5%	1.34x	1.00x
TCW/Crescent Mezzanine Partners VII, L.P.	Crescent Capital Group	mezzanine	2001	—	9.5%	1.19x	0.57x
Owl Rock Capital Corporation III	Owl Rock Capital	direct lending	2020	—	9.4%	1.00x	0.14x
Golden Tree Structured Products VII	GoldenTree Asset Management LP	direct lending	2021	—	9.4%	—	—
Atalaya Asset Income Fund V LP	Atalaya Capital	direct lending	2021	—	9.4%	1.00x	0.21x
Owl Rock Capital Corporation	Owl Rock Capital	direct lending	2018	—	9.4%	1.49x	0.49x
Crescent Direct Lending Levered Fund II (Delaware), LP	Crescent Direct Lending Levered	direct lending	2017	—	9.3%	1.30x	1.00x
Highbridge Principle Strategies Kitty Hawk Credit Fund LP	Highbridge	direct lending	2016	—	9.3%	1.35x	0.53x
Ares Capital Europe V	Ares	direct lending	2020	—	9.2%	1.31x	0.28x
Bain Capital Middle Market Credit 2010, L.P.	Bain Capital	direct lending	2010	—	9.2%	1.26x	1.26x
Dawson Portfolio Finance 5	Dawson Partners	direct lending	2021	—	9.2%	1.15x	0.48x

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).