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
Carlyle Mezzanine Partners II, L.P.	Carlyle Group	mezzanine	2002	—	6.2%	1.24x	1.24x
L&B Core Income	L&B Core Income	direct lending	—	—	6.2%	1.48x	1.48x
Bridge Debt Strategies Fund V, L.P.	Bridge Investment Group	direct lending	2023	—	6.2%	1.06x	0.03x
California Mezzanine Investment Fund, L.P.	California Emerging	mezzanine	2016	—	6.2%	1.16x	0.69x
Apollo Credit Liquidity Fund, L.P.	Apollo	direct lending	2009	—	6.1%	1.46x	1.46x
Monarch Debt Recovery Fund	Monarch Alternative Capital	direct lending	2011	—	6.1%	2.10x	—
Varde Select Fund, L.P.	The Varde	direct lending	1998	—	6.0%	1.30x	1.32x
Owl Rock Capital Corporation AC	Owl Rock Capital	direct lending	2017	—	6.0%	1.17x	0.11x
Highbridge Irish Specialty Loan Fund III plc	Highbridge	direct lending	2013	—	6.0%	1.20x	1.19x
Summit Partners Credit II PE	Summit Partners	mezzanine	2013	—	5.9%	1.14x	0.78x
LMCG Serenitas Credit Gamma Fund, LLC	LMCG Serenitas	direct lending	2024	—	5.9%	1.07x	—
HPS Cardinal Fund LP Series B	HPS Investment Partners, LLC	direct lending	2017	—	5.9%	1.35x	0.10x
Providence Debt Fund III	Providence	direct lending	2013	—	5.9%	1.30x	1.23x
Apollo PCPL Webb V	Apollo	direct lending	2010	—	5.9%	—	1.07x
Tucson Loan	Tucson Loan	direct lending	2014	—	5.8%	1.10x	1.13x
Tennenbaum Direct Lending Fund VIII, L.P.	BlackRock	direct lending	2016	—	5.8%	1.23x	1.11x
Capital Resource Lenders II, L.P.	Capital Resource Partners	direct lending	1993	—	5.7%	1.40x	1.35x
Ares Capital Europe IV	Ares	direct lending	2018	—	5.6%	1.29x	0.81x
Varde Scratch and Dent Feeder, L.P.	The Varde	direct lending	2014	—	5.6%	1.19x	1.18x
Magnetar Constellation Fund IV LLC	Magnetar	direct lending	2013	—	5.6%	1.28x	1.24x
Phoenix Credit Partners Fund, LP	Phoenix	private credit	2023	—	5.5%	1.06x	0.00x
Capital Resource Partners IV, L.P. - Note	Capital Resource Partners	direct lending	2021	—	5.5%	1.30x	1.28x
BlackRock US CRE Debt Fund C7 LP	BlackRock	direct lending	2021	—	5.4%	1.05x	0.60x
Blkrk Tcp - Dir Lend 8	BLKRK TCP - DIR LEND	direct lending	—	—	5.3%	—	—
Bain Capital Middle Market Credit 2014, LP	Bain Capital	direct lending	2013	—	5.3%	1.24x	1.12x
Audax Senior Debt (MP), LLC	Audax Group	direct lending	2017	—	5.2%	—	1.35x
Riverstone Credit Partners	Riverstone Global Energy and Power	direct lending	2016	—	5.1%	1.20x	1.09x
Benefit Street Partners CRE Conduit	Benefit Street Partners	direct lending	2011	—	5.1%	1.16x	1.16x
White Oak Fixed Income Fund C, LP-SP	White Oak Management	direct lending	2014	—	5.1%	1.37x	0.27x
GS Mezzanine Partners 2006 Institutional	Goldman Sachs	mezzanine	2006	—	5.0%	1.20x	1.19x
[OE] Highland Crusader Fund⁴	Highland Capital Partners	direct lending	2003	—	4.9%	—	1.33x
[OE] Highland Crusader Fund 3	—	private credit	2003	—	4.9%	—	1.33x
AG Recovery VII	Angelo Gordon	direct lending	2010	—	4.9%	1.23x	1.23x
The Varde Fund XII-C	The Varde	direct lending	2003	—	4.8%	1.29x	0.80x
Magnetar Constellation Fund V	Magnetar	direct lending	2018	—	4.8%	1.21x	1.04x
Ares - Special Sits I	Ares	direct lending	—	—	4.5%	—	—
Capital Resource Lenders III, L.P.	Capital Resource Partners	direct lending	1996	—	4.3%	1.20x	1.20x
The Varde Fund XI (C) LP	The Varde	direct lending	2013	—	4.3%	1.31x	1.16x
Marathon Centre Street Partnership, L.P. - Asset Class - Subsequent Commitment	Marathon	direct lending	2020	—	4.3%	1.14x	0.89x
GSC Recovery III	GSC Group	direct lending	2006	—	4.2%	1.19x	1.19x
Mesa West Core Lending Fund	Mesa West Capital	direct lending	2013	—	4.2%	1.35x	0.57x
Brigade LCS Fund	Brigade Capital Management	direct lending	2011	—	4.2%	1.37x	1.37x
Crescent Mezzanine Partners VI	Crescent Mezzanine	mezzanine	2012	—	4.1%	1.12x	1.12x
Varde Scratch and Dent Feeder I-A, L.P.	The Varde	direct lending	2016	—	4.0%	1.13x	1.06x
Hayfin SOF II USD Co-Invest, L.P.	Hayfin	direct lending	2016	—	3.9%	1.22x	0.75x
Marathon Currituck Fund, LP	Marathon	direct lending	2014	—	3.7%	1.40x	0.11x
White Oak Summit Fund, L.P.	White Oak Management	direct lending	—	—	3.5%	1.39x	0.93x
OHA CLO Enhanced Equity Fund III, L.P.	OHA	structured credit	—	—	3.4%	1.08x	0.15x
2E Select Credit Offshore Fund	2E Capital Partners	private credit	2025	—	2.9%	1.03x	0.00x
2E Select Credit Master Fund	2E Capital Partners	private credit	2025	—	2.8%	1.03x	0.00x
Capital Spring Investment Partners	Capitalspring Investment	direct lending	2016	—	2.8%	1.00x	0.00x
Summit Partners Credit Fund B-2, L.P.	Summit Partners	mezzanine	2014	—	2.5%	1.08x	0.92x
PAAMCO - Newport Burgundy	Pacific Alternative Asset Management Company	direct lending	2010	—	2.5%	1.20x	0.71x
Owl Rock First Lien II	Owl Rock Capital	direct lending	2021	—	2.4%	—	—
King Street Capital	King Street Capital Management	direct lending	2011	—	2.4%	0.04x	—
Oaktree Loan Fund 2X 3	Oaktree	direct lending	2007	—	2.2%	1.08x	1.07x
Oaktree Loan Fund 2x	Oaktree	direct lending	2007	—	2.2%	1.10x	1.08x
TCW Crescent Mezzanine Partners IV	Crescent Capital Group	mezzanine	2006	—	2.2%	1.10x	1.09x
MW North Carolina Debt Fund, LLC	—	direct lending	2016	—	2.1%	1.11x	0.28x
Summit Partners Credit II	Summit Partners	mezzanine	2013	—	2.1%	1.06x	0.98x
TAC 2007 LP (A.K.A. TPG Credit Fund)	TPG	direct lending	2007	—	2.1%	1.06x	1.06x
Capital Resource Partners IV, L.P.	Capital Resource Partners	direct lending	1999	—	2.1%	1.10x	1.12x
Marathon CLO Equity Fund, L.P.	Marathon	structured credit	—	—	2.0%	1.10x	0.94x
Barings CMS Fund	Barings BDC	direct lending	2021	—	2.0%	—	—
Delegated Investments Fortress COF V	Fortress Investment Group	direct lending	2020	—	1.8%	—	—
Silverback Arbitrage Fund	Silverback Asset Management	direct lending	2012	—	1.7%	1.14x	0.64x
Summit Partners Credit Fund II L.P.	Summit Partners	private credit	—	—	1.7%	1.04x	0.95x
Apollo - Private Equity	Apollo	direct lending	2023	—	1.5%	—	—
KKR Lending Partners II L.P.	Kohlberg Kravis Roberts	direct lending	2015	—	1.4%	1.03x	1.02x
AMERRA Agri Fund III, LP	Amerra Agri	direct lending	2016	—	1.4%	1.77x	1.67x
Permira Susquehanna Opportunities - Credit	Permira	direct lending	2021	—	1.2%	1.00x	0.96x
Claren Road Credit Fund, Ltd.	Claren Road Asset Management	direct lending	2011	—	1.0%	—	—
Virgo Specialty Finance I, L.P.	Virgo Investment Group	specialty finance	2021	—	1.0%	1.03x	0.00x
GSO Capital Solutions Fund II, L.P.	The Blackstone Group	direct lending	2013	—	0.7%	1.03x	0.98x
Credit Suisse Enhanced	Credit Suisse	direct lending	2011	—	0.5%	—	—
Blackstone TN Partners LP	The Blackstone Group	direct lending	2017	—	0.0%	—	—
KKR Asset Based Finance Partners II	Kohlberg Kravis Roberts	direct lending	2024	—	0.0%	—	—
Owl Rock Diversified Holdings	Owl Rock Capital	direct lending	2020	—	0.0%	1.00x	—
ASI Hark Capital III	ASI Hark	direct lending	2021	—	0.0%	—	—
HighVista	HighVista	direct lending	2024	—	0.0%	—	—
FP Credit III	Francisco Partners	direct lending	2024	—	0.0%	—	—
ABRY Advanced Securities Fund III	ABRY Partners	mezzanine	2014	—	-0.3%	0.99x	0.99x
AIG GE Capital Latin America	AIG GE	direct lending	1997	—	-0.7%	0.96x	0.96x
Sprott Private Resource Streaming and Royalty Annex	Sprott Private Resource Streaming and Royalty Annex	specialty finance	2023	—	-0.7%	0.99x	0.05x
PAG Loan Fund IV LP	PAG	direct lending	2019	—	-1.6%	0.97x	0.42x
Highland Credit Ops	Highland Capital Partners	direct lending	2006	—	-2.1%	0.80x	0.85x
Penman Private Equity and Mezzanine Fund	Penman Private	mezzanine	1994	—	-2.5%	0.89x	0.89x
Blackstone Supplemental Account - M	The Blackstone Group	direct lending	2021	—	-2.9%	0.93x	0.04x
Equus Investment Partnership XII	—	direct lending	2022	—	-3.7%	—	—
Monroe Capital Opportunistic II Private Credit (Delaware) Feeder Fund LP	Monroe	direct lending	2024	—	-5.3%	0.96x	0.02x
Whitehorse Liquidity Partners VI, LP	Whitehorse Liquidity Partners	direct lending	2024	—	-5.6%	0.98x	0.11x
ARES European Loan Opportunities Fund	Ares	direct lending	2015	—	-6.0%	—	0.90x
Morgan Stanley Real Estate Mezzanine Partners A LP	Morgan Stanley	mezzanine	2008	—	-25.8%	0.44x	0.44x
KKR Scissor Tail	Kohlberg Kravis Roberts	direct lending	2023	—	—	1.18x	0.02x
Blackstone Credit Series Fund-C LP - Series A	The Blackstone Group	direct lending	2022	—	—	1.22x	0.00x
Blackstone Credit Series Fund-C LP - Series B	The Blackstone Group	direct lending	2022	—	—	1.24x	0.00x
Blackstone Credit Series Fund-C LP - Series C	The Blackstone Group	direct lending	2023	—	—	1.09x	0.00x
BLACKSTONE GREEN PRT CR FD III	The Blackstone Group	direct lending	—	—	—	1.00x	—
SR One Capital Opportunities Fund I, LP	SR One Capital Management	mezzanine	2023	—	—	0.63x	0.00x
Warburg Pincus Capital Solutions Founder Fund, L.P	Warburg Pincus	specialty finance	2024	—	—	1.25x	0.42x

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).