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 |
|---|---|---|---|---|---|---|---|
| Covenant Apartment Fund VIII, L.P. | Covenant Apartment | real estate equity | 2015 | — | 18.4% | 1.60x | 1.60x |
| Excelsior Renewable Energy Feeder Fund II-B LP | Excelsior Renewable Energy Feeder | infrastructure | — | — | 18.4% | 1.22x | 0.01x |
| DB Real Estate Global Opps I-A/I-B, L.P. | Deutsche Bank | real estate equity | 2003 | — | 18.4% | 1.32x | 1.32x |
| WHEELOCK STREET REAL ESTATE FUND II LP | Wheelock Street | real estate equity | 2014 | — | 18.3% | 1.65x | 1.86x |
| Oak Street Real Estate Capital Fund VI, LP | Oak Street Real Estate Capital | real estate equity | — | — | 18.3% | 1.45x | 0.64x |
| Pantheon Global Infrastructure Fund IV, L.P. | Pantheon Ventures | infrastructure | 2023 | — | 17.9% | 1.18x | 0.10x |
| Silver Hill Energy Partners III, LP | Silver | natural resources | — | — | 17.9% | 1.49x | 0.39x |
| Clarion Lion Properties Fund, L.P. Sec. | Clarion Partners | real estate equity | 2023 | — | 17.8% | 1.18x | 0.00x |
| Stonepeak Claremont Co-Invest | Stonepeak | infrastructure | 2017 | — | 17.8% | — | 2.08x |
| Taurus Mining Fund Annex NR | Taurus Mining | natural resources | 2016 | — | 17.8% | 1.31x | 0.97x |
| Exeter Industrial Value Fund II | Exeter Property Group | real estate equity | 2014 | — | 17.8% | 1.20x | 0.08x |
| AG Core Plus Realty Fund I, L.P. | Angelo Gordon | real estate equity | 2003 | — | 17.5% | 1.52x | 1.52x |
| Tailwater Energy Fund IV, L.P. | Tailwater Capital | natural resources | 2020 | — | 17.5% | 1.53x | 0.51x |
| KKR Real Estate Partners Americas II | Kohlberg Kravis Roberts | real estate equity | 2016 | — | 17.4% | 1.34x | 1.22x |
| Carlyle Realty Partners VIII, L.P. | Carlyle Group | real estate equity | 2017 | — | 17.4% | 1.40x | 1.07x |
| Brookfield Strategic Real Estate Partners, L.P. | Brookfield Asset Management | real estate equity | 2012 | — | 17.4% | 1.86x | 1.84x |
| IC Berkeley Partners IV | IC Berkeley Partners | real estate equity | 2016 | — | 17.3% | 1.57x | 1.57x |
| Ares U.S. Real Estate Fund VIII, L.P. | Ares | real estate equity | 2013 | — | 17.3% | 1.74x | 1.66x |
| ASF VII B NYC Co-Invest | Ardian | infrastructure | 2015 | — | 17.3% | 1.85x | 1.33x |
| Taurus Mining Fund Annex | Taurus Mining | natural resources | 2016 | — | 17.3% | — | 1.32x |
| Global Infrastructure Partners | GIP | infrastructure | 2008 | — | 17.2% | 2.03x | 2.03x |
| Global Infrastructure Partners V | GIP | infrastructure | — | — | 17.2% | 2.03x | 2.03x |
| Cardinal NR Sidecar Holdings | Cardinal Partners | infrastructure | 2018 | — | 17.2% | — | 0.45x |
| KKR Global Infrastructure Investors II | Kohlberg Kravis Roberts | infrastructure | 2014 | — | 16.7% | 1.80x | 1.55x |
| LBA NC Core Industrial, L.P. (Legacy) | Lba Realty | real estate equity | 2016 | — | 16.7% | 1.97x | 1.97x |
| IC Berkeley Partners III | IC Berkeley Partners | real estate equity | 2013 | — | 16.6% | 1.30x | 0.45x |
| Stockbridge Value Fund II, LP | Stockbridge Capital Group | real estate equity | — | — | 16.6% | 1.68x | 1.67x |
| Five Point Energy GP II, L.P. | Five Point Energy | natural resources | 2018 | — | 16.6% | 2.02x | 0.43x |
| Blackstone Infrastructure Partners L.P. | The Blackstone Group | infrastructure | 2018 | — | 16.5% | 1.82x | 0.37x |
| GCM Diversified Infrastructure, L.P. | GCM Grosvenor | infrastructure | 2024 | — | 16.5% | 1.17x | — |
| ArcLight Energy Partners Fund II, L.P.1 | Arclight Energy | natural resources | 2004 | — | 16.3% | 1.41x | 1.41x |
| Kayne SBCERA (D.I.) | Kayne Anderson Capital Advisors | infrastructure | 2018 | — | 16.2% | — | 1.20x |
| Global Infrastructure Partners Il A LP | GIP | infrastructure | 2012 | — | 16.2% | 1.96x | 1.49x |
| NTE 3a-3b | NTE 3a-3b | infrastructure | 2013 | — | 16.0% | 1.20x | 1.18x |
| KKR Real Estate Partners Americas II RE | Kohlberg Kravis Roberts | real estate equity | 2016 | — | 15.9% | 1.20x | 0.35x |
| Brookfield Infrastructure Fund IV, L.P. | Brookfield Asset Management | infrastructure | 2019 | — | 15.9% | 1.73x | 0.41x |
| Stonepeak Real Estate Partners, LP | Stonepeak | real estate equity | — | — | 15.8% | 1.20x | 0.02x |
| Core Property Index Fund (Secondary) | Investors Diversified Realty | real estate equity | 2019 | — | 15.8% | 1.16x | 0.03x |
| First Reserve Fund VIII, L.P. | First Reserve Corporation | natural resources | 1998 | — | 15.8% | 1.90x | 1.92x |
| Ares U.S. Real Estate Fund IX, L.P. | Ares | real estate equity | 2017 | — | 15.8% | 1.60x | 1.15x |
| Artemis III | Artemis | real estate equity | 2018 | — | 15.8% | 1.32x | 0.84x |
| Artemis Real Estate Partners Fund III L.P | Artemis | real estate equity | 2019 | — | 15.8% | 1.31x | 0.94x |
| LBA NC Core Industrial II LP | Lba Realty | real estate equity | 2018 | — | 15.8% | 1.49x | 1.49x |
| ASF VII PA Co-Invest | ASF | infrastructure | 2016 | — | 15.7% | 1.80x | 1.02x |
| Global Infrastructure Partners II A LP | GIP | infrastructure | 2012 | — | 15.7% | 1.92x | 1.69x |
| MEADOW REAL ESTATE FUND II LP | Meadow Partners | real estate equity | 2012 | — | 15.7% | 1.56x | 1.52x |
| Magna Hotel Fund III | Magna Hotel | real estate equity | 2008 | — | 15.6% | 1.80x | 1.46x |
| Denham Mining Fund NR | Denham Capital | natural resources | 2018 | — | 15.5% | 1.36x | — |
| Climate Adaptive Infrastructure Fund-TE LP | Climate Adaptive Infrastructure | infrastructure | 2020 | — | 15.5% | 1.26x | 0.09x |
| Global Infrastructure Partners II | GIP | infrastructure | 2011 | — | 15.4% | 1.74x | 1.67x |
| NYCRS Artemis Mach II | NYCRS Artemis Mach | real estate equity | 2016 | — | 15.4% | 1.44x | 0.80x |
| Blackstone Real Estate VIII, L.P. | The Blackstone Group | real estate equity | 2015 | — | 15.3% | 1.67x | 1.02x |
| Encap Energy Capital Fund X | EnCap Energy Capital | natural resources | 2015 | — | 15.3% | 2.00x | 1.73x |
| PRISA III Fund, L.P. | Prudential Capital | real estate equity | 2003 | — | 15.3% | 1.72x | 0.82x |
| Hawkeye (Scout) Fund 1-A, L.P. | Hawkeye | real estate equity | 2006 | — | 15.2% | 1.55x | 1.55x |
| Energy Capital Partners IV-A, LP | Energy | infrastructure | 2017 | — | 15.2% | 1.68x | 0.61x |
| ISQ Global Infrastructure Fund, L.P. | I Squared Capital | infrastructure | 2015 | — | 15.0% | 1.10x | 0.30x |
| Crow Holdings Realty Partners V, L.P. | Crow Holdings | real estate equity | 2008 | — | 14.9% | 1.50x | 1.50x |
| Avenue Energy Opportunities Fund II | Avenue | natural resources | 2017 | — | 14.9% | 2.05x | 1.78x |
| ElmTree Net Lease Fund IV | ElmTree Net Lease | real estate equity | 2020 | — | 14.9% | — | 1.35x |
| Exeter Core Industrial Club Fund II, L.P. | Exeter Core Industrial Club | real estate equity | 2016 | — | 14.9% | 2.38x | 0.66x |
| Taurus Mining Fund No. 2 | Taurus Mining | natural resources | 2019 | — | 14.9% | 1.28x | 0.74x |
| Centerbridge Real Estate Fund | Centerbridge Partners, L.P. | real estate equity | 2019 | — | 14.9% | 1.38x | 1.00x |
| Texas Pecan Partners, L.P. | Texas Pecan | natural resources | — | — | 14.9% | 1.57x | 0.81x |
| Thor Urban Property Fund II | Thor Urban Property | real estate equity | 2009 | — | 14.8% | — | 1.02x |
| High Street Real Estate VII Venture | High Street Real Estate | real estate equity | 2023 | — | 14.8% | 1.32x | 0.08x |
| LION INDUSTRIAL TRUST | Clarion Partners | real estate equity | 2015 | — | 14.8% | 2.83x | 0.49x |
| High Street Real Estate Fund IV RE | High Street Real Estate | real estate equity | 2013 | — | 14.7% | — | 1.38x |
| High Street Real Estate Fund IV, L.P. | High Street Real Estate | real estate equity | 2013 | — | 14.7% | — | 1.38x |
| Blackstone Real Estate Partners Europe Fund VII | The Blackstone Group | real estate equity | 2023 | — | 14.6% | 1.13x | 0.02x |
| Blackstone Real Estate Partners VII | The Blackstone Group | real estate equity | 2011 | — | 14.6% | 1.62x | 1.54x |
| WLR IV PPIP Co-Invest | WLR Recovery | real estate equity | 2010 | — | 14.6% | 1.39x | 1.39x |
| Blackstone Strategic Capital Holdings | The Blackstone Group | real estate debt | 2014 | — | 14.5% | 1.88x | 0.71x |
| NGP Natural Resources XII, L.P. | Ngp | natural resources | 2017 | — | 14.5% | 1.65x | 1.05x |
| InfraVia European Fund V SCSp | InfraVia Capital Partners | infrastructure | 2022 | — | 14.5% | 11.00x | 0.06x |
| Merit Energy Partners E-I | Merit Energy Company | natural resources | 2004 | — | 14.5% | 2.10x | 2.13x |
| Ardian Infrastructure Fund V B | Ardian | infrastructure | 2019 | — | 14.4% | 1.50x | 0.14x |
| DIF Infrastructure Fund VII SCSp | DIF Capital Partners | infrastructure | 2022 | — | 14.4% | 1.18x | 0.02x |
| Project Elite | — | infrastructure | 2023 | — | 14.4% | 1.30x | 0.02x |
| ASF VII, L.P. | ASF | infrastructure | 2015 | — | 14.4% | 1.59x | 1.12x |
| EnCap Energy Capital Fund VII, L.P. | EnCap Energy Capital | natural resources | 2007 | — | 14.3% | 1.36x | 1.36x |
| Ardian Infrastructure Fund VB | Ardian | infrastructure | 2019 | — | 14.3% | 2.00x | 0.16x |
| Blue Owl Digital Infrastructure Fund II-A LP | Blue Owl Capital | infrastructure | 2020 | — | 14.3% | 1.37x | 0.01x |
| DLJ Real Estate Capital Partners II, L.P. | DLJ Real Estate Capital Partners | real estate equity | 2000 | — | 14.2% | 1.47x | 1.47x |
| Cerberus Institutional Real Estate Partners - Series Three | Cerberus | real estate equity | 2007 | — | 14.2% | 1.94x | 1.43x |
| Blackstone Strategic Capital Holdings II L.P. | The Blackstone Group | real estate debt | — | — | 14.1% | 1.53x | 0.55x |
| Lone Star Real Estate Fund V | Lone Star Japan Acquisitions | real estate equity | 2017 | — | 14.1% | — | 0.49x |
| Stonepeak Guardian (Co-Invest) Holdings | Stonepeak | infrastructure | 2023 | — | 14.1% | 1.35x | 0.08x |
| Lubert-Adler Real Estate Fund VII-B, L.P. | Lubert-Adler | real estate equity | 2017 | — | 14.1% | 1.53x | 1.37x |
| Carlyle Europe Real Estate Partners, L.P. | Carlyle Group | real estate equity | 2002 | — | 14.0% | 1.49x | 1.49x |
| EQT Infrastructure IV - USD Fund | EQT | infrastructure | 2018 | — | 14.0% | 1.23x | 0.10x |
| Global Energy & Power Infrastructure Fund III, L.P. | GIP | infrastructure | 2019 | — | 14.0% | 1.50x | 0.63x |
| Ascentris SD Partners LP | Ascentris | real estate equity | 2017 | — | 14.0% | 1.30x | 0.87x |
| WLR IV PPIP Co-Invest Loans AIV, L.P. | Wlr | real estate equity | 2009 | — | 13.9% | 1.39x | 1.39x |
| Brookfield Global Transition Fund, L.P. | Brookfield Asset Management | infrastructure | 2021 | — | 13.8% | 1.30x | 0.06x |
| High Street Real Estate Fund VI | High Street Real Estate | real estate equity | 2019 | — | 13.8% | 1.75x | 0.60x |
| ASF VIII B NYC Co-Invest | Ardian | infrastructure | 2019 | — | 13.7% | 1.38x | 0.32x |
| ASF VIII-B LP | Ardian | infrastructure | 2018 | — | 13.7% | 1.37x | 0.45x |
| GCM Grosvenor Customized Infrastructure Strategies | GCM Grosvenor | infrastructure | — | — | 13.7% | 1.58x | 1.36x |
| ASF VIII B | ASF | infrastructure | 2018 | — | 13.7% | 1.41x | 0.39x |
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).