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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.

7,716 fundsas of December 2025
AllPrivate equityPrivate creditReal assetsOpportunistic
FundManagerStrategyVintageCommittedNet IRRTVPIDPI
SASOF III, LPSASOFinfrastructure2014—116.8%2.21x0.91x
BTG TimberlandBTG Pactualnatural resources2006—100.0%1.49x—
FIA TimberlandForest Investment Associatesnatural resources1992—100.0%1.80x—
Blackstone Energy Partners IV, L.P.The Blackstone Groupnatural resources2020—94.6%1.41x—
Meridiam Infrastructure Europe II B SharesMeridiaminfrastructure2015—92.5%—52.55x
SASOF IV, LPSASOFinfrastructure2017—74.3%1.98x0.19x
Five Point Energy Fund III, L.P.Five Point Energynatural resources2020—73.7%4.20x0.38x
LS Power Equity Partners V, L.P.LS Power Groupinfrastructure2023—62.5%1.36x0.15x
Meridiam Infrastructure (SCA) B SharesMeridiaminfrastructure2015—58.7%—84.27x
IDA-West Energy FundIDA-Westnatural resources1996—57.0%6.10x0.05x
Bryanston Retail Opportunity Fund, L.P.Bryanston Realty Partnersreal estate equity2004—53.0%2.78x2.78x
RLJ Lodging Fund I, L.P.RLJreal estate equity2004—52.9%1.99x1.99x
Juniper High Noon Partners, L.P.Juniper Capitalreal estate equity2024—46.1%1.38x0.00x
DMR Mortgage Opportunity Companion FundDMR Mortgage Opportunity Companionreal estate debt2008—45.3%1.35x1.35x
KAFRG Investors, LPKayne Anderson Capital Advisorsreal estate equity2020—44.8%—1.51x
Penzance DC Real Estate Fund II, L.P.Penzance DCreal estate equity2021—44.5%1.34x0.40x
Post Oak Energy Partners GP V, LPPost Oak Energy Capitalnatural resources2024—42.6%1.08x0.25x
EQT Infrastructure IV Co-Investment (F) SCSp (Connect)EQTinfrastructure2020—40.6%1.50x0.17x
Rockpoint NYC CIP Investors, L.P.Rockpointreal estate equity2013—40.0%1.43x1.43x
Keystone Industrial Fund III, L.P.Keystonereal estate equity2013—40.0%1.59x1.59x
Five Point Water Management and Sustainable Infrastructure Fund IV LPFive Point Energyinfrastructure2023—37.2%1.43x0.48x
Kayne Private Energy Income Fund II, L.P.Kayne Anderson Capital Advisorsreal estate equity2018—35.6%—2.70x
EQT Infrastructure IV Co-Investment (F) (Connect)—infrastructure2020—35.6%3.60x0.34x
Aberdeen US PE Fund IXAberdeen Asiainfrastructure2020—35.5%——
EnCap Energy Capital Fund XII, L.P.EnCap Energy Capitalnatural resources2023—34.9%1.19x0.54x
GSO Energy Select Opportunities Feeder Fund II L.P.The Blackstone Groupnatural resources2006—32.1%1.31x0.47x
Stonepeak Infrastructure Fund II, L.P.Stonepeakinfrastructure2016—32.1%1.20x0.15x
Energy Spectrum Partners V, L.P.Energy Spectrum Capitalnatural resources2007—31.8%—1.86x
First Reserve Fund X, L.P.First Reserve Corporationnatural resources2004—31.1%1.80x1.83x
Exeter Industrial Value Fund IIIExeter Property Groupreal estate equity2014—30.3%2.15x2.13x
ERA Infra I Coinvest LPERA Infrainfrastructure——30.2%1.93x0.83x
OAKTREE POWER OPPORTUNITIES FUND VI LPOaktreeinfrastructure2021—29.9%2.41x1.48x
Exeter IndustrialExeter Property Groupreal estate equity2016—29.9%—5.20x
Exeter Industrial Value Fund IV, L.P.Exeter Property Groupreal estate equity2016—29.9%2.20x2.11x
Related Real Estate Debt Fund IVRelatedreal estate debt2024—29.0%—1.10x
SASOF V, LPSASOFinfrastructure2020—29.0%1.33x0.36x
Oaktree Fund IVOaktreereal estate equity2001—28.4%1.70x1.65x
Aberdeen USAberdeen Asiainfrastructure2019—28.4%——
Carlyle Realty Partners III, L.P.Carlyle Groupreal estate equity2001—28.3%2.38x2.37x
Stockbridge Real Estate FundStockbridge Capital Groupreal estate equity2000—28.2%2.60x1.26x
Post Oak Energy Partners V, LPPost Oak Energy Capitalnatural resources2024—27.8%1.22x0.48x
PW Real Estate Fund III—real estate equity2016—27.7%2.82x2.51x
ISQ Growth Markets Infrastructure Fund, L.P.ISQinfrastructure2021—27.1%1.48x0.05x
ASF IX BASFinfrastructure2023—27.0%1.21x0.08x
Keystone Industrial Fund II, L.P.Keystonereal estate equity2008—26.9%2.24x2.24x
Abacus Multi-Family Partners IV LPAbacus Capital Groupreal estate equity——26.9%1.67x1.48x
Orion Mine Finance Co-Fund III LPOrion Resource Partnersnatural resources——26.9%1.82x1.33x
Hearthstone MS II Homebuilding InvestorsHearthstone MSreal estate equity1999—26.7%1.40x1.38x
Tuckerman Multi-Family Development Fund IIITuckerman Groupreal estate equity2002—26.7%1.66x1.66x
Blackstone Energy Partners III, L.P.The Blackstone Groupnatural resources2020—26.3%1.83x0.60x
PSERS YES Holdings, L.P.PSERS YES Holdings, L.Preal estate equity2016—26.1%4.88x0.83x
Westbrook Real Estate Fund I, L.P.Westbrook Partnersreal estate equity1995—26.1%2.16x2.16x
Stonepeak Real Estate Partners – Master Co-Investment Partners LPStonepeakreal estate equity——25.9%1.37x0.00x
Lone Star Real Estate Partners IILone Star Japan Acquisitionsreal estate equity2010—25.8%1.56x1.56x
Ardian Infra Fund V Co-Invest LemonArdianinfrastructure2022—25.5%——
Lone Star Real Estate Fund II (U.S.), L.P.Lone Star Japan Acquisitionsreal estate equity2010—25.3%1.55x1.55x
Lone Star Real Estate Fund Il (U.S.), L.P.Lone Star Japan Acquisitionsreal estate equity2010—25.3%1.55x1.55x
CIM Infrastructure Fund III, L.P.CIM Groupinfrastructure2022—25.0%1.76x0.11x
Lone Star Real Estate Fund IILone Star Japan Acquisitionsreal estate equity2010—24.7%1.50x1.48x
TSP Value and Income Fund II, L.P.TSPreal estate equity——24.7%1.59x1.59x
Hearthstone MS III Homebuilding InvestorsHearthstone MSreal estate equity2003—24.6%3.50x3.45x
Fortress Japan Opportunity Fund II, L.P.Fortress Investment Groupreal estate equity2012—24.4%—0.18x
Penwood PSIP II, L.P.Penwood Real Estate Investment Managementreal estate equity2007—24.3%2.10x2.10x
Natural Resources Co‐InvestmentsNatural Gasnatural resources——23.8%1.64x—
TPG Rise Climate Co-InvestTPGinfrastructure2022—23.5%1.43x0.27x
Energy Capital Partners VEnergyinfrastructure2023—23.4%1.38x0.15x
EnCap Energy Capital Fund VI, L.P.EnCap Energy Capitalnatural resources2006—23.2%1.82x1.82x
Taurus Mining Fund No. 2 NRTaurus Miningnatural resources2019—23.0%1.17x0.94x
Crow Holdings Realty Partners VIII, L.P.Crow Holdingsreal estate equity2017—22.3%1.54x1.53x
NorthRock Fund II, L.P.Northrock Capitalreal estate equity2012—22.2%1.53x1.53x
Kayne Renewable Opportunities Partners (TE), L.P.Kayne Anderson Capital Advisorsnatural resources2019—21.7%—1.35x
Hispania IIHispaniareal estate equity2009—21.6%1.81x1.81x
ASF IX B NYC Co-InvestASFinfrastructure2022—21.3%1.28x0.01x
NorthCreek Fund, L.P.—real estate equity2011—21.3%3.03x3.03x
Quantum Energy Partners VIII-B Co-Investment Fund, LPQuantumnatural resources2022—21.2%1.18x0.36x
Kayne Anderson Real Estate Partners VIKayne Anderson Capital Advisorsreal estate equity2021—21.2%1.46x0.05x
Hull Street Energy Partners II, L.P.Hull Stnatural resources2021—20.8%1.54x0.32x
IPI Data Center Partners I REIpiinfrastructure2017—20.8%1.43x0.46x
Westbrook Real Estate Fund IV, L.P.Westbrook Partnersreal estate equity2000—20.6%1.66x1.66x
Cabot UK Core Plus Industrial Fund SCSpCabot Propertiesreal estate equity2019—20.6%1.37x0.47x
Quantum Energy Partners VI, LPQuantumnatural resources2014—20.6%2.12x2.21x
EQT Infrastructure III (No.2) SCSpEQTinfrastructure2017—20.2%1.90x1.70x
4D Global Energy Investment PLC4D Global Energy Advisorsnatural resources2010—20.1%1.66x1.66x
AG Asia Realty Fund II, L.P.Angelo Gordonreal estate equity2010—20.1%1.78x1.78x
EQT INFRASTRUCTURE IIIEQTinfrastructure2016—20.1%1.73x1.58x
4D Global Energy Investment4D Global Energy Advisorsnatural resources2010—20.1%1.66x1.66x
Carlyle Realty Partners VI, L.P.Carlyle Groupreal estate equity2010—19.6%1.57x1.50x
Merit Energy Partners K, L.P.Merit Energy Companynatural resources2019—19.6%1.66x0.49x
Almanac Realty Securities VIII (Sidecar II)Almanac Realty Securitiesreal estate equity2019—19.5%1.25x0.08x
Meridiam Infrastructure N.A. IIMeridiaminfrastructure2015—19.4%3.16x0.51x
NTE Mobility Partners Holding, LLC (NTE)NTE Mobilityinfrastructure2009—19.3%2.40x2.44x
Covenant Apartment Fund IX, L.P.Covenant Apartmentreal estate equity2018—19.2%1.67x1.41x
Franklin Templeton Private Real Estate FundFranklin Templetonreal estate equity2011—19.2%1.37x1.34x
Orion Mine Finance Co-Fund II LPOrion Resource Partnersnatural resources2018—19.0%1.72x1.15x
ASF VII B NYC Co-InvestASFinfrastructure2015—18.9%1.96x1.42x
Rockwood Capital Real Estate Partners Fund VIII, L.P.Rockwoodreal estate equity2008—18.9%1.64x1.64x
TPG Real Estate GenPar II, L.P.TPGreal estate equity——18.9%1.49x1.49x
EnCap Energy Capital Fund XIEnCap Energy Capitalnatural resources2016—18.9%1.80x1.42x
Global Infrastructure Partners A LPGlobal Infrastructure Partnersinfrastructure2008—18.8%2.41x2.40x
ERA Infra Fund I LPERA Infrainfrastructure——18.5%1.89x1.17x

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).