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
Sprott Private Resource Lending II LP	Sprott Private Resource Lending	direct lending	2019	—	9.2%	1.18x	0.67x
TCW Crescent Mezzanine Partners V	Crescent Capital Group	mezzanine	2007	—	9.2%	1.32x	1.32x
The Varde Dislocation Fund, L.P.	The Varde	direct lending	—	—	9.2%	1.34x	0.97x
West Street CT Private Credit Partnership, L.P.	Goldman Sachs	direct lending	2020	—	9.1%	1.30x	0.30x
Drug Royalty III, L.P. 1	Drug Royalty	specialty finance	2013	—	9.1%	1.22x	1.22x
Fortress COF V	Fortress Investment Group	direct lending	2020	—	9.1%	—	—
Sprott Private Resource Lending Fund III	Sprott Private Resource Lending	direct lending	2022	—	9.1%	1.10x	0.20x
HealthCare Royalty Partners III, L.P.	HEALTHCARE ROYALTY PARTNERS	specialty finance	2007	—	9.1%	1.27x	1.27x
GS Mezzanine Partners V, L.P.	Goldman Sachs	mezzanine	2007	—	9.1%	1.23x	1.22x
Windjammer Mezzanine & Equity Fund II	Windjammer Capital	mezzanine	2000	—	9.0%	1.56x	1.56x
Crescent Mezzanine Partners VII, LP	Crescent Mezzanine	mezzanine	2016	—	9.0%	1.28x	0.80x
Fortress Lending Fund II MA-CRPTF LP	Fortress Investment Group	direct lending	2020	—	8.9%	1.20x	0.70x
Summit Partners Credit Fund, LP	Summit Partners	mezzanine	2011	—	8.9%	1.30x	1.30x
Blackstone Credit Liquidity Partners, L.P.	The Blackstone Group	direct lending	2010	—	8.9%	1.24x	1.24x
Monroe Capital Private Credit Fund II	Monroe	direct lending	2015	—	8.9%	1.50x	1.29x
ICG Centre Street Partnership, L.P. - Series N	Intermediate Capital Group	direct lending	2024	—	8.8%	1.06x	0.15x
Senior Credit Fund	Senior	direct lending	2014	—	8.8%	1.27x	1.27x
Investment	Bv Investment	direct lending	2020	—	8.8%	1.23x	0.06x
Ares Mezzanine Partners, L.P.	Ares	mezzanine	2011	—	8.7%	1.16x	1.15x
Crestline Portfolio Financing Fund, L.P.	Crestline Investors	direct lending	2018	—	8.7%	—	1.38x
Fortress Lending Fund II	Fortress Investment Group	direct lending	2021	—	8.7%	1.28x	0.89x
LBC Credit Partners IV, L.P.	LBC	direct lending	2016	—	8.7%	1.21x	1.20x
The Varde Asia Credit Fund, L.P.	The Varde	direct lending	—	—	8.7%	1.58x	1.19x
Newstone Capital Partners, L.P.	Newstone Capital Partners	mezzanine	2006	—	8.6%	1.32x	1.32x
Summit Subordinated Debt Fund III, L.P.	Summit Partners	mezzanine	2004	—	8.6%	1.44x	1.42x
Blackstone Mezzanine Partners	The Blackstone Group	mezzanine	1999	—	8.6%	1.26x	1.26x
Alta Subordinated Debt Partners	Alta Partners	direct lending	1986	—	8.6%	1.88x	1.88x
CVI Credit Value Fund II A LP	CVI	direct lending	2013	—	8.6%	1.43x	1.40x
Bridge Debt Strategy Fund III, L.P.	Bridge Debt Strategy	direct lending	2019	—	8.6%	1.31x	0.82x
Benefit Street Partners Debt Funds IV LP	Benefit Street Partners	direct lending	2016	—	8.6%	1.34x	0.65x
Blue Sky Credit Fund LP	Blue	direct lending	2022	—	8.5%	1.13x	0.46x
Ares - Eu Loan Funding	Ares	direct lending	—	—	8.5%	—	—
Oaktree CLO Equity Fund I	Oaktree	structured credit	2023	—	8.5%	1.08x	0.37x
Bridge Debt Strategy Fund IV, L.P.	Bridge Debt Strategy	direct lending	2021	—	8.5%	1.26x	0.31x
GoldenTree Loan Management III	GOLDENTREE LOAN MANAGEMENT US	direct lending	2022	—	8.4%	—	—
LBC Credit Partners III	LBC	direct lending	2012	—	8.4%	1.26x	1.20x
TCW/Crescent Mezzanine Partners VI, L.P.	Crescent Capital Group	mezzanine	2002	—	8.4%	1.33x	1.03x
AG Global Debt Strategy Partners, L.P.	Angelo Gordon	direct lending	2008	—	8.4%	2.83x	0.02x
Credit Opportunity Partners JV	Credit Opportunity	direct lending	2019	—	8.4%	—	—
Green Credit Investors, L.P.	Green	direct lending	2012	—	8.3%	1.14x	1.14x
CVI Credit Value Fund III A LP	CVI	direct lending	2015	—	8.3%	1.38x	1.18x
Ifm Usidf Offshore B Feeder	IFM USIDF (Offshore) B Feeder	direct lending	2018	—	8.3%	1.08x	0.51x
Blue Owl Technology Finance Corp	Blue Owl Capital	direct lending	2018	—	8.3%	—	—
Apollo Accord Fund V LP	Apollo	direct lending	2022	—	8.2%	1.05x	0.98x
Ngp Royalty Partners II	Ngp	specialty finance	2022	—	8.2%	1.08x	0.09x
B Capital Opportunities Fund I, L.P.	B Capital	mezzanine	2020	—	8.1%	1.32x	0.03x
Marathon Currituck Series D	Marathon	direct lending	2016	—	8.1%	1.32x	0.36x
Chambers Energy Capital III	Chambers Energy	direct lending	2007	—	8.0%	1.30x	0.91x
Sycamore Tree CLO Fund II LP	Sycamore Tree Capital Partners	structured credit	2025	—	8.0%	1.07x	0.15x
Ares - Pcs	Ares	direct lending	—	—	8.0%	—	—
400 CAPITAL CENTRE STREET LP	400 Capital Management	structured credit	2021	—	8.0%	1.29x	0.08x
AG Pisgah, L.P.	Angelo Gordon	direct lending	2016	—	7.9%	1.54x	0.78x
Highbridge Principal Strategies Senior Loan II	Highbridge	direct lending	2010	—	7.9%	1.17x	1.17x
TCW Crescent Mezzanine Partners	Crescent Capital Group	mezzanine	1996	—	7.9%	1.34x	1.33x
Bridge Debt Strategy Fund IV, L.P. CarVal Credit Value Fund IV, L.P.	Bridge Debt Strategy	private credit	2017	—	7.9%	1.46x	0.98x
CarVal Credit Value Fund IV, L.P.	CarVal Investors	direct lending	2017	—	7.9%	1.47x	0.98x
Blackstone Mezzanine Partners II	The Blackstone Group	mezzanine	2005	—	7.8%	1.34x	1.34x
Angelo Gordon Energy Credit Opp	Angelo Gordon	direct lending	2015	—	7.8%	1.24x	1.22x
TCW Direct Lending VII	TCW Direct Lending LLC	direct lending	2018	—	7.7%	1.27x	0.91x
Alternative Credit Co‐Investments	Alterna Capital	direct lending	—	—	7.7%	1.10x	0.24x
Goldman Sachs Private Middle Market Credit Il LLC	Goldman Sachs	direct lending	2019	—	7.7%	1.20x	0.40x
Panther BCM	—	direct lending	2019	—	7.7%	1.45x	—
SRI Seven REIT	SRI NINE REIT	direct lending	2004	—	7.6%	1.56x	1.56x
CVI Credit Value Fund AV, L.P.	CVI	direct lending	2021	—	7.6%	1.19x	0.35x
Merit Mezzanine Fund VII	Merit Capital Partners	mezzanine	2020	—	7.6%	1.16x	0.29x
IP III Mezzanine Partners, L.P.	—	mezzanine	2006	—	7.5%	1.20x	1.19x
Apollo Accord Fund, LP	Apollo	direct lending	2017	—	7.4%	—	1.11x
Rockwood Income and Credit Partners LP	Rockwood	direct lending	2016	—	7.4%	1.32x	0.77x
RCG Longview Debt Fund VI, L.P.	Rcg Longview	direct lending	2017	—	7.4%	1.25x	1.00x
Crayhill Principal Strategies Fund II, L.P.	Crayhill Capital Management	private credit	2021	—	7.4%	1.17x	0.50x
Ares Capital Europe II (D), L.P.	Ares	direct lending	2013	—	7.4%	1.37x	1.37x
Canterbury Mezzanine Capital	Canterbury Mezzanine	mezzanine	1996	—	7.3%	1.28x	1.28x
Owl Rock First Lien Fund	Owl Rock Capital	direct lending	2018	—	7.3%	—	—
MCP Private Capital Fund II	Metric Capital Partners	direct lending	2014	—	7.2%	1.38x	0.79x
Hayfin SOF II USD, L.P.	Hayfin	direct lending	2016	—	7.2%	1.37x	1.03x
OHA European Strategic Credit Fund	OHA	direct lending	2011	—	7.2%	1.39x	1.39x
Ares - Icof III	Ares	direct lending	—	—	7.2%	—	—
Golub Capital Pearls Direct Lending Program, L.P.	Golub Capital	direct lending	—	—	7.2%	1.81x	1.74x
Bregal Sagemount Credit Solutions L.P.	Bregal Sagemount	direct lending	—	—	7.1%	1.44x	0.79x
Goldman Sachs Private Middle Market Credit II LLC	Goldman Sachs	direct lending	2019	—	7.1%	1.20x	0.40x
Blkrk Tcp - Dir Lend 9	BLKRK TCP - DIR LEND	direct lending	—	—	7.1%	—	—
Blue Owl First Lien Fund	Blue Owl Capital	direct lending	2018	—	7.0%	—	—
NYLIM Mezzanine Partners II (Parallel Fund) LP	New York Life	mezzanine	2006	—	7.0%	1.27x	1.27x
Tennenbaum Direct Lending VIII AC	Tennenbaum Opportunities	direct lending	2017	—	7.0%	1.18x	0.38x
Owl Rock Technology Finance Corp	Owl Rock Capital	direct lending	2018	—	6.9%	—	—
D.E. Shaw Diopter Fund II	D.E. Shaw	direct lending	2024	—	6.8%	—	—
TCW Commingled Debt and Royalty Fund IV	TCW Commingled Debt and Royalty	direct lending	1992	—	6.8%	1.10x	1.13x
ABRY Advanced Securities Fund IV	ABRY Partners	mezzanine	2018	—	6.8%	1.21x	0.54x
KKR NYC CREDIT C LP	Kohlberg Kravis Roberts	direct lending	—	—	6.7%	1.22x	0.14x
TCW Direct Lending LLC	TCW Direct Lending LLC	direct lending	2014	—	6.7%	1.24x	1.10x
HPS Cardinal Fund LP Series A	HPS Investment Partners, LLC	direct lending	2016	—	6.7%	1.32x	0.09x
Mesa West Core Lending Fund AC	Mesa West Capital	direct lending	2013	—	6.6%	1.43x	0.42x
Crayhill Principal Strategies Fund III, L.P.	Crayhill Capital Management	private credit	2024	—	6.6%	1.05x	0.04x
KKR Mezzanine Partners	Kohlberg Kravis Roberts	mezzanine	2010	—	6.5%	1.46x	0.01x
Angelo Gordon Net Lease IV	Angelo Gordon	direct lending	2020	—	6.5%	1.25x	0.29x
BlackRock Middle Market Senior Fund	BlackRock	direct lending	2018	—	6.5%	1.33x	1.26x
Blue Owl First Lien II	Blue Owl Capital	direct lending	2021	—	6.4%	—	—
Energy Capital Credit Solutions II-A	Energy	direct lending	2018	—	6.4%	1.15x	0.79x
AG Direct Lending Fund III (Unlevered), L.P.	Angelo Gordon	direct lending	—	—	6.4%	1.28x	1.10x
ICG Centre Street Partnership, L.P. - Series S	Intermediate Capital Group	direct lending	2024	—	6.2%	1.05x	0.26x

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).