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 |
|---|---|---|---|---|---|---|---|
| TCW Mezzanine Fund V | TCW Special Credits | mezzanine | 2008 | — | — | 1.51x | 1.51x |
| Varde Investment Partners, L.P. | The Varde | direct lending | — | — | — | 1.63x | 0.91x |
| Varde Specialty Finance Fund, LP | The Varde | specialty finance | 2018 | — | — | 1.32x | 0.85x |
| Vistria Structured Credit Fund I, LP | Vistria Structured | structured credit | 2023 | — | — | 1.20x | — |
| VWH Partners IlL P | VWH | private credit | 2022 | — | — | 2.42x | 0.00x |
| ACORE Opportunistic Credit II, LP | ACORE Capital | direct lending | 2024 | — | — | 1.04x | 0.34x |
| AMERICAN SEC PTNRS VII | American Securities | direct lending | — | — | — | 1.57x | — |
| Atalaya Asset Income Fund Evergreen LP | Atalaya Capital | direct lending | 2022 | — | — | 1.08x | 0.04x |
| Bandera Strategic Credit Partners I, L.P. | Bandera Capital | direct lending | — | — | — | 1.53x | 0.13x |
| Bandera Strategic Credit Partners II, L.P. | Bandera Capital | direct lending | — | — | — | 1.60x | 0.01x |
| Blue Owl Digital III | Blue Owl Capital | direct lending | 2023 | — | — | 5.93x | 0.06x |
| Blue Owl Diversified Lending (CP) | Blue Owl Capital | direct lending | 2022 | — | — | 1.17x | 0.16x |
| Blue Owl Diversified Lending (CP) Co-Investment | Blue Owl Capital | direct lending | 2022 | — | — | 1.20x | 0.18x |
| Blue Owl Diversified Lending (CP) Overflow | Blue Owl Capital | direct lending | 2023 | — | — | 1.18x | 0.15x |
| Blue Owl Diversified Lending 2020 Fund, LP | Blue Owl Capital | direct lending | 2021 | — | — | 1.26x | 0.48x |
| Blue Torch Credit Opportunities | Blue Torch Capital | direct lending | 2020 | — | — | 1.06x | 0.09x |
| Brightwood Capital Fund III, L.P. | Brightwood Capital Advisors | direct lending | 2014 | — | — | 0.53x | 0.48x |
| Brightwood Capital Fund IV | Brightwood Capital Advisors | direct lending | 2016 | — | — | 1.39x | 1.00x |
| BSI Co-Invest (C)L.P. | — | direct lending | 2021 | — | — | 1.55x | 0.17x |
| Capital Alliance Private Equity IV, Ltd. | — | direct lending | 2015 | — | — | 1.32x | 0.29x |
| CarVal Credit Value Fund V | CarVal Investors | direct lending | 2020 | — | — | 1.25x | 0.46x |
| CENTERBRIDGE CAPITAL III | Centerbridge Partners, L.P. | direct lending | — | — | — | 1.39x | — |
| CRESTLINE OPP FUND V ONSHORE | Crestline Investors | direct lending | — | — | — | 1.11x | — |
| Ellington Empire Fund, LLC | Ellington Management Group | direct lending | 2022 | — | — | 1.06x | 0.14x |
| ESC Sustainable Solutions Fund, LP | — | specialty finance | 2020 | — | — | 0.71x | 0.00x |
| FP Credit Partners II Aggregator, LP | Francisco Partners | direct lending | 2021 | — | — | 1.22x | 0.25x |
| Hollis Park Value Fund, LP | Hollis Park Partners | direct lending | 2019 | — | — | 1.39x | 0.78x |
| Industrial Lending 1 | Industrial Growth | direct lending | — | — | — | 0.64x | 0.24x |
| KLIM Delta Excelsior Fund LP | — | direct lending | 2023 | — | — | 1.16x | 0.00x |
| KLIM Delta HQC3 LP | — | direct lending | 2023 | — | — | 1.02x | 0.00x |
| L2 Point Excelsior Coinvest Holdings, L.P. | L2 Point Management | direct lending | 2023 | — | — | 1.52x | 0.00x |
| Madison Square Fund II, LP | Madison Square | direct lending | 2021 | — | — | 0.89x | 0.43x |
| Madison Square Fund III, LP | Madison Square | direct lending | 2023 | — | — | 1.28x | 0.35x |
| Madison Square Fund, LP | Madison Square | direct lending | 2019 | — | — | 1.30x | 1.20x |
| MARANON CENTRE ST PARTNERSHIP | Maranon Capital | mezzanine | — | — | — | 1.03x | — |
| MC Credit Fund IV | Mc Credit | direct lending | — | — | — | 1.10x | 0.56x |
| MCP Private Capital Fund V SCSp | Metric Capital Partners | direct lending | 2024 | — | — | 1.06x | 0.00x |
| Moreton Bay SPV, LP | — | direct lending | 2023 | — | — | 1.22x | 0.00x |
| MSD Empire Fund (Class A) | Msd Capital | direct lending | 2023 | — | — | 1.12x | 0.00x |
| NB PRIVATE DEBT FUND V | Neuberger Berman | direct lending | — | — | — | 1.04x | 0.17x |
| Newstone Capital Partners II | Newstone Capital Partners | mezzanine | 2010 | — | — | 1.22x | 1.22x |
| Newstone Capital Partners III | Newstone Capital Partners | mezzanine | 2017 | — | — | 1.42x | 1.39x |
| NYS Business Development Loans | NYS Business Development Loans | direct lending | 1987 | — | — | 1.00x | — |
| OCU Empire Fund LP | — | direct lending | 2024 | — | — | 1.01x | 0.00x |
| Pathlight Capital Evergreen Fund | Pathlight Capital | direct lending | 2025 | — | — | 1.02x | 0.12x |
| Pathlight Capital Fund II AC | Pathlight Capital | direct lending | 2021 | — | — | 1.02x | 0.27x |
| Pearl Diver Empire Fund LP | Pearl Diver Capital | direct lending | 2020 | — | — | 1.50x | 0.00x |
| VWH Fund IV, L.P. | VWH | private credit | 2025 | — | — | 0.75x | 0.00x |
| Whitehorse Liquidity Partners (Empire), LP | Whitehorse Liquidity Partners | direct lending | 2019 | — | — | 1.47x | 0.19x |
| WPCS FF Co-Invest Excelsior, L.P. | — | direct lending | 2024 | — | — | 1.06x | 0.01x |
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).