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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
FCP Realty VFcp Realtyreal estate equity2021—-11.8%0.74x—
BlackRock Global Renewable Power Infrastructure IIIBlackRockinfrastructure2019—-12.1%0.71x0.06x
Rockwood Capital RE Partners XIRockwoodreal estate equity2019—-12.1%0.65x0.09x
Silverpeak Legacy Pension Partners III, L.P.Silverreal estate equity2008—-12.1%0.28x0.25x
Green Cities III, L.P.Green Citiesreal estate equity2015—-12.1%0.53x0.31x
PCG Clean Energy & Technology Fund (East), LLCPCG Asset Managementnatural resources2007—-12.3%0.35x0.35x
DivcoWest Fund V, LPDivco Westreal estate equity2017—-12.5%0.61x0.29x
Westport Senior Living Investment Fund, L.P.Westport Senior Livingreal estate equity1998—-13.2%0.60x0.60x
ACM Permanent Crops IIAgriculture Capital Managementnatural resources2016—-13.2%0.52x0.21x
Pioneer Ventures Associates LPPioneer Ventures Associates Lpinfrastructure1998—-13.5%0.40x0.40x
Appian Natural Resource (UST) Fund III LPAppian Capital Advisorynatural resources——-13.6%0.91x0.03x
Colony Realty Partners II, L.P.Colony Distressedreal estate equity2007—-13.7%0.26x0.26x
5 Merit Energy Partners H, LPMerit Energy Companynatural resources2010—-13.7%0.69x0.12x
Ascentris Value Add Fund III LPAscentrisreal estate equity2019—-13.8%0.69x0.06x
TriCon Capital Fund VIITricon Capitalreal estate equity2005—-13.8%0.36x0.36x
ACM Fund II LlcAcmnatural resources2016—-14.2%0.51x0.16x
Energy Capital Partners I, L.P.Energyinfrastructure2006—-14.7%0.55x0.55x
M&G Real Estate Debt Fund IIM&Greal estate debt2013—-15.0%0.80x0.79x
M&GReal Estate Debt Fund IIM&Greal estate debt2013—-15.0%0.80x0.79x
Hudson Clean Energy PartnersHudson Clean Energy Partnersnatural resources2009—-15.4%0.42x0.15x
Barings Lake P&F Real EstateBaringsreal estate equity2010—-16.3%0.20x0.23x
MacFarlane Urban Real Estate Fund II, L.P.Macfarlane Urbanreal estate equity2006—-16.5%0.27x0.27x
Merit Energy Partners F-IMerit Energy Companynatural resources2006—-17.2%0.40x0.43x
First Reserve Fund XII LPFirst Reserve Corporationnatural resources2008—-18.0%0.52x0.52x
EnerVest Energy Institutional Fund XII-A LPEnerVestnatural resources2010—-18.6%0.64x0.63x
Pioneer Infrastructure Partners II SCSpPioneer Infrastructureinfrastructure——-18.7%1.04x0.43x
Square Mile Partners II, L.P.Square Mile Capital Managementreal estate equity2007—-19.1%0.27x0.27x
Global Infrastructure Partners SonicGIPinfrastructure2020—-19.2%0.37x—
Green Cities IV, L.P.Green Citiesreal estate equity2018—-19.2%0.54x0.03x
Rubenstein Properties Fund II, L.P.Rubenstein Partnersreal estate equity——-19.3%0.91x0.83x
EnerVest Energy Institutional Fund XII, LtdEnerVestnatural resources2012—-19.7%0.64x0.63x
Pearl Energy Investment IV, L.P.PEARL ENERGY INVESTMENTSnatural resources——-21.9%0.88x—
Hudson Clean EnergyHudson Clean Energy Partnersnatural resources2009—-24.2%0.20x0.22x
Morgan Stanley Real Estate Mezzanine Fund, L.P.Morgan Stanleyreal estate equity2011—-25.8%0.44x0.44x
CBRE Strategic Partners U.S. Fund IV, L.P.CBRE Global Investorsreal estate equity2005—-27.8%0.07x0.07x
Clarion Beat LoftsClarion Partnersreal estate equity2005—-30.8%0.10x0.13x
Rubenstein Properties Fund III, L.P.Rubenstein Partnersreal estate equity2015—-30.9%0.13x0.04x
Alcion Real Estate Partners Fund III-B, L.P.Alcionreal estate equity——-32.5%0.30x0.25x
BGH Capital Fund IIBGH Capitalreal estate equity2024—-32.8%0.70x—
Carlyle/Riverstone Renewable Energy Infrastructure Fund ICarlyle Groupinfrastructure2006—-34.5%0.13x0.13x
Invesco High Yield Debt Fund I, L.P.Invescoreal estate debt2007—-35.6%0.43x0.43x
LaSalle Value Partners US IX BLaSallereal estate equity2025—-39.3%0.61x0.00x
ILS Property & Casualty Fund II, L.P.ILS Property & Casualtyreal estate equity2009—-42.5%0.27x0.27x
Emerald Infrastructure Development FundEmeraldinfrastructure2008—-99.4%0.01x0.01x
Pantheon Global Infrastructure Fund 'A'Pantheon Venturesinfrastructure———1.66x1.59x
Pantheon Global Infrastructure Fund IIPantheon Venturesinfrastructure———1.60x1.15x
Pantheon Infrastructure Fund of FundsPantheon Venturesinfrastructure———1.66x1.38x
Tiger Infrastructure Fund IIITiger Globalinfrastructure———1.25x0.11x
KKR CMBS B-Piece SMAKohlberg Kravis Robertsreal estate debt2017——12.00x—
KKR GLOBAL INFRA IV USD SCSPKohlberg Kravis Robertsinfrastructure———0.98x—
KKR GLobal Infrastructure Fund IV, (USD) SCSpKohlberg Kravis Robertsinfrastructure2021——1.22x0.07x
KKR GLOBAL INFRASTRUCTURE IIIKohlberg Kravis Robertsinfrastructure———1.23x—
KKR GLOBAL INFRASTRUCTURE INVEKohlberg Kravis Robertsinfrastructure———1.32x—
KKR Global Infrastructure Investors VKohlberg Kravis Robertsinfrastructure2024——1.02x0.03x
KKR Infrastructure Investors Fund III, LPKohlberg Kravis Robertsinfrastructure2018——1.44x0.31x
KKR Real Estate Partners EuropeKohlberg Kravis Robertsreal estate equity2021——4.00x—
KKR Real Estate Securities Dislocation Opport nity Co-Investment FundKohlberg Kravis Robertsreal estate equity2021——13.00x—
Blackstone Fund IVThe Blackstone Groupreal estate equity2004——9.00x—
Blackstone Infrastructure Partners Europe (CYM) L.P.The Blackstone Groupinfrastructure2024——1.17x0.01x
Blackstone Infrastructure Partners Fund IThe Blackstone Groupinfrastructure———1.63x0.19x
Blackstone Inrastructure Partners, LPThe Blackstone Groupreal estate equity2019——1.74x0.14x
Blackstone Real Estate Debt Strategies ? Supplemental Account C L.P.The Blackstone Groupreal estate debt2025——1.36x0.25x
Blackstone Real Estate Debt Strategies II, L.P.The Blackstone Groupreal estate debt2013——1.20x1.17x
Blackstone Real Estate Debt Strategies IV - C L.P.The Blackstone Groupreal estate debt2020——1.43x0.57x
Blackstone Real Estate Debt Strategies V - C L.P..The Blackstone Groupreal estate debt2024——1.12x0.04x
Blackstone Real Estate Partners Europe (EURO Vehicle)The Blackstone Groupreal estate equity2020——6.00x—
Blackstone Real Estate Partners Europe VII Vehicle)The Blackstone Groupreal estate equity2024——0.00x—
BLACKSTONE REAL ESTATE XThe Blackstone Groupreal estate equity———1.03x—
Blackstone Renewables Supplemental Account-N,LPThe Blackstone Groupreal estate equity2019——1.18x0.00x
ASF VIII B ASF VIII B NYC Co-Invest Warburg Pincus GlobalWarburg Pincusinfrastructure2019——13.70x—
TA Associates Realty XTA Associatesreal estate equity2013——1.61x0.00x
EnCap Flatrock Midstream Fund IV PEEnCap Flatrock Midstreamnatural resources2017——1.12x0.21x
GS International Infrastructure Partners I, L.P.Goldman Sachsinfrastructure2006——1.15x1.15x
GS International Infrastructure Partners IIGoldman Sachsinfrastructure2010——1.99x1.98x
ARTEMIS REAL ESTATE PARTNERSArtemisreal estate equity———0.96x—
Artemis Real Estate Partners Income & Growth Fund II L.P.Artemisreal estate equity2024——0.00x—
Artemis Real Estate Partners income and Growth FundArtemisreal estate equity2019——3.00x—
Commonfund Capital Natural Resources IX L.P.Commonfundnatural resources———1.51x1.01x
Invesco Mortgage Recovery Feeder FundInvescoreal estate debt2009——1.34x1.34x
Invesco Real Estate Asia IV REInvescoreal estate equity2020——0.96x0.41x
Apollo Natural Resources Partners II, LPApollonatural resources2015——1.26x1.06x
Apollo Natural Resources Partners, LPApollonatural resources2012——0.93x0.93x
AG Core Plus Realty Fund IIIAngelo Gordonreal estate equity2012——1.70x1.65x
Angelo Gordon Realty Value Fund X, L.P.Angelo Gordonreal estate equity2019——1.24x0.68x
Angelo Gordon Realty Value Fund XI, L.P.Angelo Gordonreal estate equity2022——1.05x0.06x
TPG Rise Climate IITPGinfrastructure2024——0.00x—
AMP Capital Global Infrastructure Fund IIAmplifyinfrastructure———1.13x0.07x
Westbrook Real Estate Fund VIWestbrook Partnersreal estate equity2010——6.00x—
Westbrook Real Estate Fund XI REWestbrook Partnersreal estate equity2019——1.08x—
BLACKROCK GLBL INFRA IV DBlackRockinfrastructure———1.11x—
Blackrock Global Energy & Power IIIBlackRocknatural resources2019——1.26x0.33x
BlackRock Global Infrastructure Fund IV D, L.P.BlackRockinfrastructure2022——1.09x0.01x
BlackRock-Global Infrastructure Partners V-A/B, L.P.BlackRockinfrastructure2023——1.05x0.11x
North Haven Infrastructure Partners II, LPMorgan Stanleyinfrastructure2016——1.38x1.14x
North Haven Infrastructure Partners III, SCSpMorgan Stanleyinfrastructure2019——1.40x0.05x
Eagle EstateEaglereal estate equity2016——9.00x—
Bain Capital Real Estate IIIBain Capital Real Estatereal estate equity2023——0.90x0.26x
Partners Group Direct Infrastructure 2020Partners Groupinfrastructure———1.06x0.05x
Partners Group Direct Infrastructure III (EUR) LP SCSp SICAV-RAIFPartners Groupinfrastructure———1.36x0.12x
Carlyle Aviation Leasing Fund LPCarlyle Groupinfrastructure2021——1.19x0.10x

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).