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 |
|---|---|---|---|---|---|---|---|
| ASF VIII L.P. | ASF | infrastructure | 2018 | — | 13.6% | 1.41x | 0.39x |
| Blackstone Real Estate Partners VIII RE | The Blackstone Group | real estate equity | 2015 | — | 13.6% | 1.38x | 0.70x |
| Invesco Real Estate III | Invesco | real estate equity | 2012 | — | 13.6% | 1.47x | 1.47x |
| Stonepeak Patagonia (Co-Invest) Holdings LP (Project | Stonepeak | infrastructure | 2021 | — | 13.6% | 7.00x | — |
| Stonepeak Patagonia (Co-Invest) Holdings LP (Project Panther | Stonepeak | infrastructure | 2021 | — | 13.6% | 7.00x | — |
| ISQ Global Infrastructure Fund III | I Squared Capital | infrastructure | 2021 | — | 13.5% | 1.24x | 0.01x |
| Covenant Apartment Fund VI (Institutional), L.P. | Covenant Apartment | real estate equity | 2008 | — | 13.5% | 1.57x | 1.57x |
| Rockpoint Real Estate Fund III | Rockpoint | real estate equity | 2007 | — | 13.4% | 1.39x | 1.36x |
| Brookfield Infrastructure Fund IV Co-Investment (Snow) | Brookfield Asset Management | infrastructure | 2019 | — | 13.4% | — | 0.35x |
| 2017 ISQ Global Infrastructure Fund II (UST), L.P. (2020) | I Squared Capital | infrastructure | — | — | 13.4% | 1.46x | 0.43x |
| ISQ Global Infrastructure Fund II (UST), L.P. (2020) | I Squared Capital | infrastructure | 2017 | — | 13.4% | 1.46x | 0.43x |
| Quantum Energy Partners VII, LP | Quantum | natural resources | 2017 | — | 13.4% | 1.54x | 1.04x |
| Energy Capital Partners III-A LP | Energy | infrastructure | 2014 | — | 13.3% | 1.70x | 1.38x |
| RREEF Core Plus Industrial Fund L.P. | Rreef | real estate equity | 2017 | — | 13.2% | 2.53x | 0.37x |
| OCM/GFI Power Opportunities Fund, L.P. | Oaktree | infrastructure | 2000 | — | 13.2% | 1.54x | 1.54x |
| Blackstone Real Estate Partners VI | The Blackstone Group | real estate equity | 2007 | — | 13.2% | 2.03x | 2.03x |
| Energy Capital Partners III | Energy | infrastructure | 2013 | — | 13.2% | 1.73x | 1.39x |
| High Street Real Estate Fund V | High Street Real Estate | real estate equity | 2015 | — | 13.2% | — | 1.45x |
| Greenfield Acquisition Partners VII, L.P. | Greenfield | real estate equity | — | — | 13.2% | 1.86x | 1.82x |
| KKR Global Infrastructure Investors | Kohlberg Kravis Roberts | infrastructure | 2010 | — | 13.1% | 1.76x | 1.76x |
| Starwood X | Starwood Capital Group | real estate equity | 2014 | — | 13.1% | 1.37x | 1.27x |
| ARDIAN Infrastructure Fund VI B | Ardian | infrastructure | 2023 | — | 13.1% | — | 0.01x |
| Post Oak Energy Partners III LP | Post Oak Energy Capital | natural resources | 2016 | — | 13.1% | 1.59x | 1.14x |
| ASF VII B | ASF | infrastructure | 2015 | — | 13.1% | 1.54x | 1.07x |
| Actis Energy 4 | Actis | infrastructure | 2016 | — | 13.0% | 1.76x | 1.69x |
| Value Enhancement Fund III, LLC | — | real estate equity | 1998 | — | 13.0% | 1.66x | 1.66x |
| ASF VIII B NYC Co-Invest | ASF | infrastructure | 2019 | — | 13.0% | 1.35x | 0.32x |
| Walton Street Real Estate Fund II, L.P. | Walton St | real estate equity | 1998 | — | 13.0% | 2.34x | 2.34x |
| High Street Real Estate Fund V RE | High Street Real Estate | real estate equity | 2015 | — | 13.0% | 1.44x | 1.41x |
| Silver Hill Energy Partners IV, LP | Silver | natural resources | — | — | 13.0% | 1.19x | 0.00x |
| Westbrook Real Estate Fund II, L.P. | Westbrook Partners | real estate equity | 1997 | — | 12.9% | 1.48x | 1.48x |
| ISQ Global Infrastructure Fund I | I Squared Capital | infrastructure | 2015 | — | 12.9% | 1.52x | 1.05x |
| TA Realty Fund XIII | TA Associates | real estate equity | 2022 | — | 12.9% | 1.08x | 0.00x |
| ASF VII-B LP | Ardian | infrastructure | 2015 | — | 12.9% | 1.51x | 1.07x |
| LEM Multifamily Fund V, L.P. | LEM Multifamily | real estate equity | 2018 | — | 12.9% | 1.47x | 0.77x |
| Stonepeak Infrastructure Partners II | Stonepeak | infrastructure | 2015 | — | 12.8% | 1.47x | 1.42x |
| LBJ Infrastructure Group Holdings, LLC (LBJ) | LBJ Infrastructure Group Holdings, LLC (LBJ) | infrastructure | 2009 | — | 12.8% | 1.80x | 1.76x |
| ASF VII B NYC Co-Invest EQT VII | — | infrastructure | 2015 | — | 12.8% | — | — |
| Clarion 1210 South Lamar | Clarion Partners | real estate equity | 2011 | — | 12.8% | 1.30x | 1.30x |
| ISQ Global Infrastructure Fund III (UST), L.P. | I Squared Capital | infrastructure | 2020 | — | 12.8% | 1.29x | 0.10x |
| Cerberus Institutional Real Estate Partners III LP | Cerberus | real estate equity | 2012 | — | 12.7% | 1.87x | 1.54x |
| Cerberus Institutional Real Estate Partners V LP | Cerberus | real estate equity | 2020 | — | 12.7% | 1.36x | 0.02x |
| Meridiam Infrastructure N.A. III | Meridiam | infrastructure | 2017 | — | 12.7% | 1.45x | 0.11x |
| Brookfield Infrastructure Partners IV | Brookfield Asset Management | infrastructure | 2020 | — | 12.7% | — | — |
| BlackRock Global Energy and Power Infrastructure I | BlackRock | infrastructure | 2020 | — | 12.6% | 1.20x | 0.20x |
| ARCLIGHT ENERGY PARTNERS FUND IV LP | Arclight Energy | infrastructure | 2007 | — | 12.6% | 1.52x | 1.52x |
| Realty Associates Fund X | Realty Associates | real estate equity | 2012 | — | 12.6% | 1.61x | 1.61x |
| Oaktree Power Fund III 3 | Oaktree | real estate equity | 2011 | — | 12.6% | 1.48x | 0.74x |
| Stonepeak Core Infrastructure Fund | Stonepeak | infrastructure | 2022 | — | 12.5% | 1.31x | 0.08x |
| Orion Mine Finance Fund II NR | Orion Resource Partners | natural resources | 2016 | — | 12.5% | 1.22x | 0.65x |
| RESOURCE CAPITAL FUND VII LP | Resource Capital Funds | natural resources | 2017 | — | 12.5% | 1.48x | 0.56x |
| Frogmore Real Estate Partners II, L.P. | Frogmore | real estate equity | 2008 | — | 12.4% | 1.38x | 1.38x |
| TPG Rise Climate | TPG | infrastructure | 2021 | — | 12.4% | 1.20x | 0.24x |
| Oaktree Power Fund III | Oaktree | real estate equity | 2011 | — | 12.3% | 1.50x | 1.47x |
| Tiger Infrastructure Partners II | Tiger Global | infrastructure | 2018 | — | 12.2% | 1.58x | 0.99x |
| Oaktree Reof V | Oaktree | real estate equity | 2011 | — | 12.2% | 1.58x | 1.58x |
| Oaktree Reof VI | Oaktree | real estate equity | 2013 | — | 12.2% | 1.24x | 1.10x |
| High Street Real Estate Fund VI RE | High Street Real Estate | real estate equity | 2019 | — | 12.2% | 1.10x | — |
| Infrastructure Co‐Investments | Infrastructure Co‐Investments | infrastructure | — | — | 12.2% | 1.49x | 0.48x |
| Exeter Industrial Value Fund V | Exeter Property Group | real estate equity | 2020 | — | 12.2% | 1.52x | 0.05x |
| Rockpoint Real Estate Fund IV, L.P. | Rockpoint | real estate equity | 2011 | — | 12.1% | 1.36x | 1.32x |
| BLACKSTONE REAL ESTATE PARTNERS VIII LP | The Blackstone Group | real estate equity | 2015 | — | 12.1% | 1.55x | 1.08x |
| Brookfield Infrastructure Fund III | Brookfield Asset Management | infrastructure | 2016 | — | 12.1% | 1.71x | 0.73x |
| Brookfield Infrastructure Fund III-B, L.P. | Brookfield Asset Management | infrastructure | 2016 | — | 12.1% | 1.88x | 0.89x |
| ISQ Global Infrastructure Fund II | I Squared Capital | infrastructure | 2018 | — | 12.1% | 1.50x | 0.54x |
| Rockpoint Real Estate Fund I, L.P. | Rockpoint | real estate equity | 2004 | — | 12.0% | 1.25x | 1.25x |
| NATURAL GAS PARTNERS IX LP | General Atlantic | natural resources | 2007 | — | 12.0% | 1.43x | 1.43x |
| Colony Realty IV | Colony Distressed | real estate equity | 2012 | — | 11.9% | 1.51x | 1.52x |
| IPI Data Center Partners I | Ipi | infrastructure | 2017 | — | 11.9% | 1.48x | 0.79x |
| Landmark Real Estate Partners IX | Landmark Partners | real estate equity | 2021 | — | 11.9% | 1.11x | 0.06x |
| Post Oak Energy Partners II LP | Post Oak Energy Capital | natural resources | 2014 | — | 11.9% | 1.68x | 1.15x |
| Pramerica Real Estate Capital Partners VII, L.P. | PGIM Real Estate | real estate equity | 2021 | — | 11.9% | 1.22x | 0.62x |
| Stockbridge Value Fund III, LP | Stockbridge Capital Group | real estate equity | — | — | 11.8% | 1.40x | 1.34x |
| ASF VII Infrastructure L.P. | ASF | infrastructure | 2016 | — | 11.8% | 1.60x | 0.89x |
| CrossHarbor Institutional Partners II, L.P. | CrossHarbor Capital Partners | real estate equity | 2010 | — | 11.8% | 1.47x | 1.47x |
| Moorfield Real Estate III Limited Partnership | Moorfield Group | real estate equity | — | — | 11.8% | 1.30x | 1.29x |
| Apollo Real Estate Investment Fund III, L.P. | Apollo | real estate equity | 2015 | — | 11.8% | 1.36x | 0.19x |
| Almanac Realty Securities V, LP | Almanac Realty Securities | real estate equity | 2008 | — | 11.7% | 1.54x | 1.54x |
| ISQ Global Infrastructure Fund II (UST), L.P. | I Squared Capital | infrastructure | 2018 | — | 11.7% | 1.76x | 0.86x |
| Blackstone Real Estate VIII.TE.1 L.P. | The Blackstone Group | real estate equity | 2015 | — | 11.6% | 1.52x | 1.08x |
| Invesco Real Estate Value-Add Fund IV | Invesco | real estate equity | 2014 | — | 11.6% | 1.31x | 1.30x |
| Global Energy & Power Infrastructure Fund III F | GIP | infrastructure | 2019 | — | 11.6% | 1.12x | 0.17x |
| Sheridan Production Partners III-B, L.P. | Sheridan Prodtn | infrastructure | 2014 | — | 11.6% | 1.81x | 1.17x |
| Kayne Anderson Real Estate Debt IV, L.P. | Kayne Anderson Capital Advisors | real estate debt | 2021 | — | 11.6% | 1.29x | 0.63x |
| Square Mile Partners III, L.P. | Square Mile Capital Management | real estate equity | 2008 | — | 11.5% | 1.46x | 1.46x |
| EQT Infrastructure IV (No.2) USD | EQT | infrastructure | 2018 | — | 11.5% | 1.55x | 0.26x |
| Stonepeak Infrastructure Partners Fund II - Master Co-Investment Partners LP | Stonepeak | infrastructure | 2017 | — | 11.5% | 1.52x | 0.71x |
| BIS NYC Infrastructure Emerging Manager Opportunities Fund | BIS NYC Infrastructure Emerging Manager | infrastructure | 2020 | — | 11.5% | 1.30x | 0.05x |
| Stockbridge RE III | Stockbridge Capital Group | real estate equity | 2017 | — | 11.5% | 1.39x | 1.25x |
| AG Net Lease Realty Fund II, L.P. | Angelo Gordon | real estate equity | 2010 | — | 11.5% | 1.97x | 1.97x |
| ASF VI, L.P. | ASF | infrastructure | 2013 | — | 11.4% | 1.43x | 1.31x |
| WCP NewCold III, L.P. | Wcp | real estate equity | 2025 | — | 11.4% | 1.29x | 0.41x |
| ASF VI B | ASF | infrastructure | 2013 | — | 11.4% | 1.43x | 1.32x |
| ASF VI NYC Co-Invest, L.P. | ASF | infrastructure | 2014 | — | 11.3% | 1.47x | 1.33x |
| Blackstone Energy Partners | The Blackstone Group | natural resources | 2011 | — | 11.3% | 1.67x | 1.54x |
| ASF VI B NYC Co-Invest | Ardian | infrastructure | 2014 | — | 11.3% | 1.47x | 1.32x |
| ASF VI-B LP | Ardian | infrastructure | 2013 | — | 11.3% | 1.42x | 1.31x |
| ASF VI B NYC Co-Invest | ASF | infrastructure | 2014 | — | 11.3% | 1.47x | 1.32x |
| Global Energy & Power Infrastructure Fund II | GIP | infrastructure | 2014 | — | 11.3% | 1.24x | 1.00x |
| Kayne Anderson Real Estate Debt III, L.P. | Kayne Anderson Capital Advisors | real estate debt | 2018 | — | 11.2% | 1.27x | 1.27x |
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).