Fundraising Fox

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
AllPrivate equityPrivate creditReal assetsOpportunistic
FundManagerStrategyVintageCommittedNet IRRTVPIDPI
WLR Recovery FundWLR Recoveryturnaround1997—35.2%3.66x3.66x
Providence Media PartnersProvidencebuyout1991—35.2%3.41x3.41x
Veritas VIVeritas Capitalbuyout2017—35.2%2.84x2.28x
Khosla Ventures Fund Ill, L.PKhosla Venturesventure capital2009—35.0%—0.00x
Veritas Capital Fund VIVeritas Capitalbuyout2017—35.0%2.87x2.35x
Water Street Healthcare Partners III PEWater Street Healthcare Partnersbuyout2012—35.0%2.68x1.50x
Waterland Private Equity Fund V C VWaterlandbuyout2011—35.0%2.95x3.05x
Industry Ventures Special Opportunities II-A, L.P.Industry Venturessecondaries2016—34.9%—2.93x
Incline Equity Partners III (PSERS), L.P.Inclinebuyout2011—34.9%2.71x2.70x
Shoreview Capital Partners IVShoreView Industriesbuyout2019—34.9%1.75x0.84x
Riverside Micro-Cap Fund IIIThe Riverside Companybuyout2014—34.9%5.22x4.59x
HarbourVest Partners IV - Investment ProgramHarbourVest Partners (Canada)buyout1993—34.8%3.37x3.37x
Falfurrias Capital Partners IV LPFalfurriasbuyout2019—34.8%2.72x1.30x
Project Matterhorn—buyout2018—34.8%2.50x2.50x
Water Street Healthcare Partners IIIWater Street Healthcare Partnersbuyout2013—34.7%2.84x2.55x
Water Street IIIWater Street Healthcare Partnersbuyout2013—34.7%2.85x2.56x
Hellman & Friedman Capital Partners IX PEHellman & Friedmanbuyout2018—34.6%1.27x0.00x
Peak Rock Capital Fund II LPPeakbuyout2017—34.6%2.08x1.79x
ZMC II, L.P.Zmcco investment2014—34.5%3.07x3.06x
TA XII-ATA Associatesgrowth equity2016—34.5%3.29x2.34x
JFL IVJflbuyout2016—34.5%2.64x2.52x
Waterland Private Equity Fund VII C.V.Waterlandbuyout2005—34.5%1.53x0.16x
Atlantic Street Capital IIAtlantic Street Capitalprivate equity2011—34.4%3.94x2.29x
Thoma Bravo Disc IThoma Bravobuyout2016—34.4%3.11x2.64x
Thoma Bravo Discover Fund LPThoma Bravogrowth equity2016—34.4%3.08x2.64x
TA XII, L.P.TA Associatesgrowth equity2016—34.3%3.00x2.13x
Project Spruce—buyout2015—34.3%3.07x3.07x
Sunstone Partners ISunstone Capitalventure capital2015—34.3%3.30x2.49x
Arcline Capital Partners III LPArcline Investment Managementbuyout——34.3%1.48x—
CVC Capital Partners VII PECVC Capital Partnersbuyout2017—34.2%1.44x0.32x
Carlyle Japan Partners, L.P.Carlyle Groupbuyout2001—34.1%1.98x1.98x
Lindsay, Goldberg, & Bessemer, L.PLindsay Goldbergbuyout2002—34.1%2.19x2.19x
FP Venture 2011—venture capital2011—34.1%7.00x5.67x
FirstMark Capital IFirstMark Capitalbuyout2005—34.0%8.91x8.91x
Industry Ventures VIIIndustry Venturesventure capital2018—34.0%——
General Catalyst Group XII, L.P.General Catalystventure capital2024—34.0%1.30x0.00x
A&M Capital Partners IIAlvarez & Marsal Capitalbuyout2018—33.9%2.14x1.32x
HgCapital 8 A L.P.Hg Capitalbuyout2018—33.9%2.59x1.77x
Technology Impact Growth Fund PETechnology Impactgrowth equity2018—33.8%1.52x0.44x
OceanSound SMX Continuation FundOceanSound Partnersbuyout2024—33.8%1.40x0.00x
Silicon Valley Bank SIF VII, L.P.Silicon Valley Bankbuyout2009—33.8%4.08x0.53x
USV 2019Union Square Ventures (USV)venture capital2018—33.7%2.97x1.36x
Thoma Bravo Special Opportunities Fund LPThoma Bravobuyout2013—33.7%3.90x3.26x
H&F Samson Hockey 1, LP (Hub)Hellman & Friedmanco investment2020—33.7%2.66x1.00x
Thoma Bravo Special Opportunities Fund I LPThoma Bravobuyout2013—33.6%3.98x3.98x
Updata Partners VII, L.P.Updata Partnersbuyout2022—33.6%1.64x0.40x
Sequoia Capital US Venture XVISequoia Capitalventure capital2018—33.5%4.55x0.00x
Summit Partners Venture Capital Fund IV A L.P.Summit Partnersventure capital2015—33.5%2.72x1.28x
Summit Venture Capital IVSummit Partnersventure capital2015—33.5%2.55x1.25x
Joseph, Littlejohn & Levy FundLittlejohnbuyout1991—33.4%2.60x2.61x
PSC Accelerator IIPollen Street Capitalventure capital2023—33.4%1.53x0.03x
Crestview IIICrestview Partnersbuyout2013—33.4%——
DFJ Growth 2013DFJ Venture Partnersgrowth equity2013—33.3%6.54x4.81x
Nordic Capital Fund IV, L.P.Nordic Capitalbuyout2000—33.2%2.80x2.82x
Welsh, Carson, Anderson & Stowe VWelsh, Carson, Anderson & Stowebuyout1989—33.1%3.51x3.51x
Silicon Valley Bank SIF V-A Opportunity, L.P.Silicon Valley Bankbuyout2002—33.1%7.56x2.16x
Providence Strategic Growth IIProvidencegrowth equity2016—33.0%2.70x2.13x
FirstMark Capital I, L.P. (fka FirstMark IV)FirstMark Capitalbuyout2005—32.9%9.02x0.07x
FirstMark Capital L.P. (fka FirstMark IV)FirstMark Capitalbuyout2005—32.9%9.02x0.07x
Project Dime—buyout2022—32.9%2.18x0.35x
Clearlake Capital Partners V, L.P.Clearlake Capital Groupbuyout2017—32.9%2.01x1.39x
TrueBridge Capital FSA LLCTrueBridge Capital Partnersfund of funds2015—32.8%4.48x1.46x
Accel-KKR Structured Capital Partners II, LPAccel-KKRbuyout2001—32.8%2.36x1.53x
Blue Owl GP Stakes IVBlue Owl Capitalgrowth equity2018—32.8%2.02x1.19x
WPGG 14 Co-Invest-NWarburg Pincusco investment2022—32.6%1.51x0.09x
Warburg Pincus Global Growth XIV Co-InvestWarburg Pincusgrowth equity2022—32.6%1.51x0.00x
H.I.G. Capital Partners IVH.I.G. Capitalgrowth equity2009—32.6%2.21x2.16x
Code, Hennessy & Simmons II, L.P.Code, Hennessy & Simmonsbuyout1994—32.6%3.50x3.49x
Menlo Evergreen V, L.P.Menlobuyout1988—32.1%3.60x3.61x
Lightspeed Venture Partners VIIILightspeed Venture Partnersventure capital2008—32.1%1.68x1.68x
Pappas Life Science Ventures IV, L.P.Pappas Life Science Venturesventure capital2009—32.1%2.28x2.25x
Sequoia Private Equity FundSequoia Capitalgrowth equity2012—32.0%2.25x1.42x
FSBA AAM Strategic Fund I LPFSBA AAM Strategicbuyout2021—32.0%1.67x0.38x
Lone Star Fund III (U.S.), L.P.Lone Star Japan Acquisitionsbuyout2000—31.9%2.10x2.05x
Cinven Third FundCinvenbuyout2002—31.9%2.10x2.07x
Cressey & Company Overage Fund VI LPCressey & Companybuyout2018—31.9%2.34x0.79x
Oak Hill Capital Partners IV Onshore LPOak Hill Capitalbuyout2016—31.9%2.00x2.00x
Austin Ventures V, LPAustinventure capital1997—31.9%2.00x1.98x
Northlane Capital Partners II LPNorthlane Capital Partnersbuyout——31.8%3.46x2.62x
OrbiMed Private Investments IVOrbiMedventure capital2009—31.8%2.73x2.72x
Thoma Bravo Fund XI PEThoma Bravobuyout2014—31.8%3.03x1.71x
Wynnchurch Capital Partners IV PEWynnchurchbuyout2014—31.7%2.27x0.33x
One Rock Capital Partners, L.P.CEDAR ROCKbuyout2012—31.6%2.05x2.06x
Fisher Lynch Co-Investment Fund V, LP.Fisher Lynch Capitalco investment2024—31.6%1.40x0.00x
Level Equity Growth Partners IV, L.P.Level Equitygrowth equity2018—31.5%2.47x0.81x
NYCBERS 2015 Emerging Manager ProgramNYCBERS 2015 Emerging Manager Programbuyout2015—31.5%1.77x0.19x
The Resolute Fund IV, L.P.Resolutebuyout2018—31.4%2.62x1.58x
Nordic Capital Fund III, L.P.Nordic Capitalbuyout1998—31.3%3.60x3.57x
Bregal Sagemount IIBregal Sagemountgrowth equity2017—31.3%2.05x1.85x
Golder, Thoma, Cressey Fund IIIGolder, Thoma, Cressey, Raunerbuyout1987—31.3%5.59x5.58x
TSSP Capital SolutionsTSSPbuyout2019—31.3%1.50x0.09x
Avista Capital Partners IV, L.P.Avistabuyout2018—31.2%1.20x0.44x
DN Capital – Global Venture Capital III L.P.DN CAP GLBLventure capital2012—31.1%3.10x2.93x
Reverence III Side CarReverence Capital Partnersco investment2021—31.1%1.67x—
TrueBridge Special Purpose II (F)TrueBridge Capital Partnersventure capital2004—31.0%4.89x1.17x
GOF II Feeder BGOFbuyout2005—31.0%1.48x0.00x
Battery Ventures XII Side FundBattery Venturesventure capital2018—30.9%3.44x2.42x
Institutional Venture Partners XVIIIIVP (Institutional Venture Partners)venture capital2024—30.9%1.14x—
Golder, Thoma, Cressey & Rauner Fund IIIGolder, Thoma, Cressey, Raunerbuyout1987—30.9%5.58x5.58x
Cortec Group Fund V LPCortec Groupbuyout2011—30.9%4.35x4.35x

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).