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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
KKR Real Estate Partners Americas I REKohlberg Kravis Robertsreal estate equity2013—11.2%1.24x1.17x
Blackrock Global Infrastructure Fund IVBlackRockinfrastructure2022—11.2%14.00x0.02x
Stonepeak Spear (Co-Invest) HoldingsStonepeakinfrastructure2018—11.2%—1.96x
Kayne Anderson Energy Fund V (Kayne Anderson Capital Advisorsnatural resources2008—11.2%1.41x1.41x
TriGate Property Partners II, L.P.General Atlanticreal estate equity2006—11.1%1.53x1.50x
First Reserve Energy Infrastructure Fund IIFirst Reserve Corporationinfrastructure2013—11.1%1.20x1.01x
ASF VIII Infrastructure B L.P.ASFinfrastructure2021—11.1%1.20x0.08x
EQT Infrastructure V L.P.EQTinfrastructure2021—11.1%1.33x0.22x
Long Wharf Real Estate Partners VILong Wharfreal estate equity2018—11.1%1.18x0.50x
LRAF Holdings 21 Project Yeti II—real estate equity2024—11.1%1.05x0.16x
Meridiam Infrastructure Europe III SLPMeridiaminfrastructure2016—11.1%1.54x0.27x
Canyon-johnson Urban Fund IIICanyon Capital Realty Advisorsreal estate equity2009—11.0%1.32x1.31x
American Realty Value AddAmericanreal estate equity2006—10.9%2.44x2.44x
Invesco Commercial Real Estate Finance Trust, Inc.Invescoreal estate equity——10.9%1.17x0.03x
Blackstone Real Estate Partners VThe Blackstone Groupreal estate equity2006—10.8%2.01x2.01x
AG Realty Fund VIIITPGreal estate equity2012—10.8%1.40x—
Westbrook Real Estate Fund X REWestbrook Partnersreal estate equity2015—10.8%1.19x0.62x
Encap Energy Capital Fund IXEnCap Energy Capitalnatural resources2012—10.8%1.49x1.32x
EnCap Energy Fund IXEnCap Energy Capitalnatural resources2013—10.8%1.55x1.36x
Teays River Integrated Agriculture NRTeays River Integrated Agriculturenatural resources2015—10.8%1.79x0.14x
Realty Associates Fund XITA Realtyreal estate equity2015—10.8%1.60x1.60x
Walton Street Real Estate Fund IV, LPWalton Streal estate equity2003—10.7%1.64x1.64x
H/2 Special Opportunities IVH/2real estate debt2016—10.7%1.23x0.01x
Stonepeak Infra IVStonepeakinfrastructure2021—10.7%——
Energy Recovery Fund, L.P.Energynatural resources1987—10.7%1.70x1.70x
DLJ Real Estate Capital Partners I, L.P.DLJ Real Estate Capital Partnersreal estate equity1995—10.7%1.47x1.47x
Blackstone Real Estate Partners Europe III, L.P.The Blackstone Groupreal estate equity2008—10.6%1.46x1.43x
Ares European Real Estate Fund IV, L.P.Aresreal estate equity2013—10.6%1.35x1.24x
Brookfield Infrastructure Fund IIBrookfield Asset Managementinfrastructure2013—10.6%1.92x1.19x
Crow Holdings Realty Partners VII, L.P.Crow Holdingsreal estate equity2015—10.6%1.35x1.35x
Bain Capital Real Estate Fund IBain Capital Real Estatereal estate equity2019—10.5%1.32x0.54x
IFM Global Infrastructure FundIFM Investorsinfrastructure2015—10.5%2.25x0.56x
Oak Street Real Estate Capital Fund V, LPOak Street Real Estate Capitalreal estate equity——10.5%1.29x0.44x
KKR Global Infrastructure Investors IIIKohlberg Kravis Robertsinfrastructure2018—10.5%1.45x0.76x
KKR Real Estate Partners Americas IKohlberg Kravis Robertsreal estate equity2013—10.5%1.22x1.22x
KKR Real Estate Partners Europe I REKohlberg Kravis Robertsreal estate equity2015—10.5%1.26x0.56x
Blackstone Real Estate Partners Europe VI (EURO Vehicle)The Blackstone Groupreal estate equity2020—10.5%—0.32x
EQT Infrastructure V (No.2) USDEQTinfrastructure2020—10.5%1.30x0.21x
Stockbridge Niche Logistics Fund, LPStockbridge Capital Groupreal estate equity——10.4%1.53x0.19x
Invesco US Income Fund REInvescoreal estate equity2014—10.4%1.61x0.29x
Brookfield Americas Infrastructure Fund LPBrookfield Asset Managementinfrastructure2010—10.4%2.18x1.97x
Patria Infrastructure Fund IV LPGIPinfrastructure2020—10.4%1.18x0.02x
TCI Real Estate Partners Fund IIITCIreal estate equity2018—10.4%1.22x0.89x
TCI Real Estate Partners Fund IV, LPTCIreal estate equity2023—10.4%1.19x0.07x
NCL Investments, L.P. - PE SeriesNCL Investmentsinfrastructure2014—10.3%1.34x1.10x
EQT Infrastructure IVEQTinfrastructure2018—10.3%1.50x0.30x
Atalaya Real Assets SMAAtalaya Capitalinfrastructure2015—10.3%—1.25x
Madison Realty Capital Debt Fund V LPMadison Dearbornreal estate equity——10.2%1.34x0.70x
Kayne Anderson Real Estate Partners V, L.P.Kayne Anderson Capital Advisorsreal estate equity2017—10.2%1.47x0.77x
American Core Realty - Separate AccountAmerican Core Realty - Separate Accountreal estate equity2012—10.2%1.47x1.47x
Actis Energy 3 Co-Investment LPActisinfrastructure2013—10.2%1.45x1.42x
ASF VI B NYC Co-Invest Vista Equity—infrastructure2014—10.2%——
Bryanston Real Estate Opportunity Fund II, L.P.Bryanston Realty Partnersreal estate equity2009—10.2%1.38x1.38x
Invesco Real Estate IVInvescoreal estate equity2014—10.1%1.31x1.31x
Ardian Infra Fund V Co-Invest EdenArdianinfrastructure2022—10.1%1.40x—
Blue Owl Real Estate Net Lease Property FundBlue Owl Capitalreal estate equity2019—10.1%1.40x0.30x
Meridiam Infrastructure (SCA)Meridiaminfrastructure2015—10.1%1.56x0.37x
Stonepeak Infrastructure Fund IVStonepeakinfrastructure2021—10.0%1.31x0.19x
BLACKSTONE REAL ESTATE PARTNERS EUROPE IV LPThe Blackstone Groupreal estate equity2013—10.0%1.37x1.24x
TriGate Property Partners III, L.P.General Atlanticreal estate equity2008—10.0%1.40x1.15x
Carbon Capital VI LPCarbonreal estate equity2016—10.0%1.00x0.84x
Axium Infrastructure North AmericaAxiuminfrastructure2017—9.9%1.28x0.21x
NGP Natural Resources XI, L.P.Ngpnatural resources2014—9.9%1.61x1.39x
Oaktree Latigo Investment Fund, L.P.Oaktreereal estate equity2020—9.9%1.36x0.65x
Walton Street Real Estate Fund VII REWalton Streal estate equity2012—9.9%1.38x1.12x
IFM Infrastructure Fund INIFM Investorsinfrastructure2012—9.9%—1.44x
Pioneer Infrastructure Partners SCSpPioneer Infrastructureinfrastructure——9.9%1.23x0.00x
Brookfield Strategic Real Estate Partners II, L.P.Brookfield Asset Managementreal estate equity2015—9.8%1.47x1.09x
Blue Owl Capital CorporationBlue Owl Capitalreal estate equity2017—9.8%—1.52x
IFM Global Infrastructure (US), L.P.IFM Investorsinfrastructure2012—9.8%—1.44x
PGIM Real Estate Capital VII, SCSpPGIMreal estate equity2020—9.8%1.17x0.71x
Crow Holdings Retail Fund II, L.P.Crow Holdingsreal estate equity2016—9.8%1.36x1.35x
Prudential Property Investment Separate AccountPrudential Privatereal estate equity2004—9.7%1.74x1.74x
Tiger Infrastructure Partners Fund III LPTiger Globalinfrastructure2020—9.7%1.17x0.08x
AG Asia Realty Fund IVAngelo Gordonreal estate equity2019—9.7%1.33x0.93x
AG Asia Realty Fund VAngelo Gordonreal estate equity2023—9.7%1.13x0.05x
Carlyle Realty Partners VII, L.P.Carlyle Groupreal estate equity2014—9.7%1.35x1.18x
Stonepeak Infrastructure Partners IVStonepeakinfrastructure2020—9.7%1.24x0.25x
Post Oak Energy Partners IV LPPost Oak Energy Capitalnatural resources2018—9.7%1.42x0.50x
RLJ Real Estate Fund III, L.P.RLJreal estate equity2007—9.6%1.41x1.41x
EnCap Flatrock Midstream Fund III LPEnCap Flatrock Midstreamnatural resources2014—9.6%1.41x1.20x
EnCap Flatrock Midstream Fund IV LPEnCap Flatrock Midstreamnatural resources2018—9.6%1.32x0.59x
Encap Flatrock Midstream IIIEnCap Flatrock Midstreaminfrastructure2014—9.6%1.41x0.99x
PIMCO Commercial Real Estate Debt Fund II Onshore Feeder, L.P.PIMCO Europereal estate debt2021—9.6%1.14x0.38x
BREP XBlackstonereal estate equity2022—9.6%1.09x0.08x
The Energy & Minerals Group Fund II, L.P.The Energy & Minerals Groupnatural resources2011—9.6%1.80x1.13x
Tricon IX, L.P.Tricon Capitalreal estate equity2005—9.6%1.66x1.55x
Starwood Capital Hospitality Fund IIStarwood Capital Groupreal estate equity2010—9.6%1.63x1.60x
Orion Mine Finance (Onshore) Fund III LPOrion Resource Partnersnatural resources——9.6%1.49x0.91x
Rockwood Capital Real Estate Partners Fund X Side Car, L.P.Rockwoodreal estate equity2015—9.5%1.49x0.93x
Global Infrastructure Partners III-A/B, L.P.GIPinfrastructure2016—9.5%1.60x0.89x
LaSalle Property FundLaSallereal estate equity2010—9.5%1.78x0.36x
MetLife Core Property FundMETLIFE CORE PROPERTYreal estate equity2014—9.5%1.74x0.32x
Cabot Industrial Value Fund VI, L.P.Cabot Propertiesreal estate equity2019—9.5%1.36x0.09x
Harrison Street Real Estate Partners VI Co-Investment LPHarrison Street Real Estate Capitalreal estate equity2016—9.5%1.45x0.74x
IC Berkeley Partners VIC Berkeley Partnersreal estate equity2020—9.4%1.29x0.41x
Juniper Capital IV, L.P.Juniper Capitalnatural resources2024—9.4%1.08x0.01x
Global Infrastructure Partners IIIGIPinfrastructure2016—9.4%1.49x0.98x
Rockwood Capital Real Estate Partners Fund V, L.P.Rockwoodreal estate equity2004—9.4%1.27x1.27x
RREEF I.M.A.Rreefreal estate equity2000—9.4%2.02x1.62x

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).