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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
Key Capital Partners Fund IVKey Capitalbuyout———0.78x0.78x
Key Capital Partners Fund VKey Capitalbuyout———3.22x3.22x
Key Capital Partners Fund VIKey Capitalbuyout———0.51x0.51x
Key Capital Partners Fund VIIKey Capitalbuyout———2.60x2.56x
Key Capital Partners Fund VIIIKey Capitalbuyout———1.92x1.50x
Key Capital Partners FundIKey Capitalbuyout———1.43x1.10x
Key Capital Partners FundIVKey Capitalbuyout———0.84x0.20x
Key Capital Partners IXKey Capitalbuyout———1.09x0.16x
Khosla Ventures Excelsior, LPKhosla Venturesventure capital2023——1.13x0.00x
Lightspeed SPV-ALightspeed Venture Partnersventure capital2025——2.50x—
Lightspeed SPV-A 2Lightspeed Venture Partnersventure capital2025——1.00x—
Lightspeed Venture Partners Select V, L.P. 2022Lightspeed Venture Partnersventure capital———0.00x—
Lightspeed Venture Partners Select VI, L.P.Lightspeed Venture Partnersventure capital2025——1.60x—
Lightspeed Venture Partners XV-A (Inception), L.P.Lightspeed Venture Partnersventure capital2025——0.90x—
Lightspeed Venture Partners XV-B (Ignite), L.P.Lightspeed Venture Partnersventure capital2025——1.00x—
Mayfield XVIIMayfield Fundventure capital2023——1.22x0.00x
Mayfield XVII, a Delaware Limited PartnershipMayfield Fundventure capital2024——1.05x0.00x
Odyssey Investment Partners Fund V, L.P. Private EquityOdyssey Investment Partnersbuyout2013——1.30x1.30x
Pantheon Asia Fund VIPantheon Venturesfund of funds———1.68x1.25x
Pantheon Global Secondary Fund VPantheon Venturessecondaries2015——1.51x1.11x
Pantheon Global Secondary Fund VII Feeder (US) LPPantheon Venturessecondaries2023——1.31x0.00x
Sequoia Capital China Growth Fund VSequoia Capitalgrowth equity2018——1.30x0.00x
Sequoia Capital China Venture Fund VIISequoia Capitalventure capital2018——1.21x0.00x
Sequoia Capital India VISequoia Capitalventure capital2018——1.29x0.00x
Summit Europe Growth Equity III PESummit Partnersgrowth equity2020——0.93x—
Summit Europe Growth Equity IVSummit Partnersgrowth equity2023——0.71x—
Summit Partners Growth Equity Fund IX, L.P. 2017Summit Partnersgrowth equity———1.10x—
Summit Venture Capital V PESummit Partnersventure capital2020——0.90x—
USV 2024Union Square Ventures (USV)venture capital2024——1.04x0.00x
USV Climate 2022Union Square Ventures (USV)venture capital2022——0.81x0.00x
CV Consortio Fund L.P.Valor Equity Partnersfund of funds2023——1.90x0.00x
VALOR EQUITY IIIValor Equity Partnersbuyout———1.08x—
Valor Equity Partners VIValor Equity Partnersgrowth equity2022——1.44x0.00x
Valor Equity Partners VI ASF IX BValor Equity Partnersbuyout2023——1.49x—
VALOR IVValor Equity Partnersbuyout———2.94x—
KKR Asia IVKohlberg Kravis Robertsbuyout2021——1.57x0.27x
KKR China Growth FundKohlberg Kravis Robertsgrowth equity2010——1.05x1.01x
KKR China Growth Fund, LP*Kohlberg Kravis Robertsgrowth equity2010——1.05x1.05x
KKR European Fund II, LP*Kohlberg Kravis Robertsbuyout2005——1.25x1.25x
KKR Global Impact Fund SCSpKohlberg Kravis Robertsbuyout2018——1.63x0.45x
KKR Millennium Fund, LP*Kohlberg Kravis Robertsbuyout2001——1.81x1.81x
KKR NA FUND XIII SCSPKohlberg Kravis Robertsbuyout———1.13x—
KKR North America Fund XIVKohlberg Kravis Robertsbuyout2025——0.00x—
KKR RE PRTNERS EUR II USD SCSPKohlberg Kravis Robertsbuyout———0.91x—
KKR RE SEC DISLOC OPP COINVESTKohlberg Kravis Robertsco investment———0.61x—
Blackstone Capital Partners Asia, L.P.The Blackstone Groupbuyout2018——1.10x0.05x
GSO CSF III Co Investment Fund, LPThe Blackstone Groupco investment2017——1.62x1.55x
Adams Street 2007 Direct FundAdams Street Partnersgrowth equity2006——2.54x2.42x
Adams Street 2009 Direct FundAdams Street Partnersgrowth equity2008——2.05x1.83x
Adams Street 2012 Global FundAdams Street Partnersgrowth equity2012——2.16x1.52x
Adams Street 2014 Global FundAdams Street Partnersgrowth equity2014——2.29x1.31x
Adams Street Global Opportunities Secondary Fund IAdams Street Partnerssecondaries———1.70x1.62x
Adams Street Global Opportunities Secondary Fund VAdams Street Partnerssecondaries———1.36x1.13x
Adams Street Partnership Fund -2010 Non-U.S. Emerging MktsAdams Street Partnersfund of funds2010——1.97x1.34x
Adams Street Partnership Fund 2004 Non U.S. Fund L.Adams Street Partnersfund of funds———1.42x1.42x
Adams Street Partnership Fund 2004 U.S. FundAdams Street Partnersbuyout2004——1.58x1.57x
Adams Street Partnership Fund 2005 Non U.S. Fund L.Adams Street Partnersfund of funds———1.35x1.35x
Adams Street Partnership Fund 2005 U.S. FundAdams Street Partnersbuyout2004——1.60x1.60x
Adams Street Partnership Fund 2007 Non U.S. Fund L.Adams Street Partnersfund of funds———1.63x1.63x
Adams Street Partnership Fund 2007 U.S. FundAdams Street Partnersbuyout2004——2.03x2.02x
Adams Street Partnership Fund 2009 Non U.S. DevelopAdams Street Partnersbuyout2004——1.94x1.68x
Adams Street Partnership Fund 2009 Non U.S. EmerginAdams Street Partnersbuyout2004——1.83x1.38x
Adams Street Partnership Fund 2009 U.S. FundAdams Street Partnersbuyout2004——2.37x2.04x
Adams Street Venture InnovationAdams Street Partnersventure capital2016——2.96x0.78x
GC Customer Value Fund II, L.P.Gc'llstarventure capital2023——1.18x0.06x
JMI Equity Fund VI, L.P.JMI Equityventure capital2007——1.80x1.80x
JMI Equity Fund XI, L.P.JMI Equityventure capital2023——1.17x0.00x
Oak HC-FT Partners IVOak HC/FTgrowth equity2021——1.33x0.00x
SR One Capital Fund II-A, LPSR One Capital Managementfund of funds2023——0.89x0.04x
Stepstone Cc Opportunities Fund Llc Series AStepstone Groupco investment———1.24x0.53x
Stepstone Cc Opportunities Fund Llc Series BStepstone Groupco investment———2.10x0.27x
Stepstone Cc Opportunities Fund Llc Series CStepstone Groupco investment———1.68x0.63x
Stepstone Cc Opportunities Fund Llc Series DStepstone Groupco investment———1.66x0.47x
Stepstone Cc Opportunities Fund Llc Series EStepstone Groupco investment———1.47x0.01x
Stepstone Cc Opportunities Fund Llc Series FStepstone Groupco investment———0.96x0.00x
StepStone International Investors III L.P. Private EquityStepstone Groupbuyout2006——0.80x0.83x
Stepstone VC Global Partners XStepstone Groupventure capital2021——1.09x1.09x
TCV L.P.TCVventure capital2019——2.44x—
TCVX, L.P.TCVventure capital2019——2.98x0.56x
Top Tier CT Venture Partners, L.P.Top Tier Capital Partnersventure capital2024——0.00x—
Warburg Pincus China and Southeast Asia IIWarburg Pincusbuyout2019——1.05x0.16x
Warburg Pincus China and Southeast Asia II-EWarburg Pincusbuyout2019——0.84x—
Warburg Pincus China-Southeast Asia II LPWarburg Pincusbuyout2019——1.05x0.16x
Warburg Pincus Global Growth EWarburg Pincusgrowth equity2019——0.91x—
Warburg Pincus Jovian FS, LPWarburg Pincusfund of funds2024——2.33x0.00x
Warburg Pincus Private Equity Fund XI, L.P.Warburg Pincusgrowth equity2009——1.72x0.20x
Warburg Pincus Private Equity Fund XII, L.P.Warburg Pincusgrowth equity2011——2.08x1.43x
Warburg Pincus Private Equity XI Summit Partners Growth Equity FundWarburg Pincusgrowth equity2012——25.40x—
Warburg Pincus XWarburg Pincusgrowth equity2007——1.76x0.01x
Warburg Pincus XIWarburg Pincusgrowth equity2012——1.74x0.19x
WARBURG PINCUS XIIWarburg Pincusgrowth equity2015——2.06x0.62x
Softbank Capital Technology New York Fund II, LPSoftbankventure capital2013——3.48x3.12x
Softbank Capital Technology New York Fund, LPSoftbankventure capital2005——1.92x1.82x
HONGSHAN CAPITAL EXPANSION FUND I LPHongShan Capital Groupventure capital2024——0.95x0.00x
HONGSHAN CAPITAL GROWTH FUND VII LPHongShan Capital Groupgrowth equity2023——0.81x0.00x
Thrive Capital Partners IX Growth, L.P.Thrive Capitalgrowth equity2024——1.21x0.00x
THRIVE CAPITAL PARTNERS VIII GROWTH LPThrive Capitalgrowth equity2023——1.65x0.00x
Acrew Capital Fund III, L.P.Acrew Capitalbuyout2024——0.87x0.00x
Acrew Diversify Capital Fund II, L.P.Acrew Capitalbuyout2024——0.67x0.00x
Griffin Gaming Partners III, L.P.General Atlanticbuyout2025——0.84x0.00x

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).