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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
EIG Global Project Fund V LPEIG Global Energy Partnersinfrastructure2020—9.4%1.12x0.60x
Crow Holdings Realty Partners VI, L.P.Crow Holdingsreal estate equity2012—9.4%1.37x1.35x
Orion Mine Finance (Delaware) Fund II LPOrionnatural resources2001—9.4%1.86x1.50x
Blue Owl Digital Infrastructure Fund IIBlue Owl Capitalinfrastructure2020—9.3%1.29x0.01x
KKR Global Infrastructure Investors IVKohlberg Kravis Robertsinfrastructure2014—9.3%1.23x0.11x
TPG Real Estate Partners IIITPGreal estate equity2019—9.3%1.42x0.73x
Almanac Realty Securities VIIAlmanac Realty Securitiesreal estate equity2015—9.3%1.41x0.90x
Bell Institutional Fund VI, L.P.Bell Value-Addreal estate equity2016—9.3%1.71x0.71x
BIG Real Estate Fund I, L.P.Brickmanreal estate equity2017—9.3%1.28x0.71x
Carbon Capital III IncCarbonreal estate equity2009—9.3%1.26x1.26x
NGPNgpnatural resources2014—9.3%1.59x1.34x
Cube Infrastructure IIICube Infrastructure Managersinfrastructure2021—9.3%1.27x0.12x
Orion Mine Finance Fund IIOrion Resource Partnersnatural resources2016—9.3%1.32x0.98x
Walton Street Real Estate Fund VIII REWalton Streal estate equity2015—9.2%1.21x0.51x
International Infrastructure Finance Company II, L.P.International Infrastructure Finance Companyinfrastructure2017—9.2%1.34x1.07x
Virtus Real Estate Capital III, LPVirtus Real Estate Capitalreal estate equity——9.1%1.33x0.24x
BlackRock-Global Infrastructure Partners IV-A&B, L.P. (2020)BlackRockinfrastructure2019—9.1%1.25x0.09x
Global Infrastructure Partners IV-A/B, L.P. (2020)GIPinfrastructure2019—9.1%1.25x0.08x
Global Transport Income Fund Master Partnership SCSpGIPinfrastructure2020—9.1%1.36x0.30x
Tricon Housing Partners US LPTricon Residentialreal estate equity2008—9.1%1.66x1.26x
Energy Capital Partners II, L.P.Energyinfrastructure2009—9.1%1.46x1.46x
GEM Realty Fund VIGem Realtyreal estate equity2017—9.0%1.25x0.76x
RREEF North American Infrastructure FundRreefinfrastructure2007—9.0%1.10x1.09x
Cabot Industrial Core Fund II, L.P.Cabot Propertiesreal estate equity2017—9.0%1.51x0.24x
T2 Energy Transition FundEnergy Transitionnatural resources2020—9.0%1.30x0.15x
WCP Real Estate Fund III(A), L.P.Wcpreal estate equity2011—8.9%1.65x1.51x
KKR Byzantium Infrastructure AggregatorKohlberg Kravis Robertsinfrastructure2017—8.9%1.61x0.90x
Landmark Real Estate Partners VIII, L.P.Landmark Partnersreal estate equity2016—8.9%1.25x0.60x
Meridiam Infrastructure Europe II (SCA)Meridiaminfrastructure2015—8.9%1.70x0.58x
Quantum Energy Partners V, L.P.Quantumnatural resources2008—8.8%1.49x1.48x
AEW Partners III, L.P.AEWreal estate equity1998—8.8%1.48x1.48x
Appian Natural Resources (UST) Fund II L.P.Appian Capital Advisorynatural resources——8.8%1.57x0.86x
MTP Emerald FundMagnetar Capitalinfrastructure2019—8.7%1.31x1.24x
Axium Infrastructure North America (2021)Axiuminfrastructure2021—8.7%—0.09x
EnerVest Energy Institutional Fund XIVEnerVestnatural resources2004—8.7%1.37x0.68x
Harrison Street Real Estate Partners V, L.P.Harrison Street Real Estate Capitalreal estate equity2015—8.7%1.54x1.24x
Crow Holdings Retail FundCrow Holdingsreal estate equity2015—8.7%1.60x1.58x
Brookfield Infrastructure Fund V, LPBrookfield Asset Managementinfrastructure2022—8.7%1.13x0.07x
Barings Transportation Fund LPBarings BDCinfrastructure2021—8.6%1.68x0.37x
SRI NINE REITSRI NINE REITreal estate equity2007—8.6%1.36x1.36x
GRAIN SPECTRUM HOLDINGS III LPGrain Spectrum Holdingsinfrastructure2020—8.6%1.43x0.00x
Pinnacle Physicals and Financing Master, Ltd.Pinnacle Natural Resourcesnatural resources2009—8.6%1.99x0.01x
KKR Real Estate Partners Europe IKohlberg Kravis Robertsreal estate equity2015—8.6%1.29x1.06x
Brookfield Strategic Real Estate Partners IIIBrookfield Asset Managementreal estate equity2018—8.6%1.35x0.42x
PIMCO Commercial Real Estate Debt Fund, L.P.PIMCO Europereal estate debt2018—8.6%1.31x0.86x
AG Realty Value Fund XAG Realtyreal estate equity2019—8.6%1.28x0.68x
Axium Infrastructure North America (2017)Axiuminfrastructure2017—8.6%—0.40x
BIG Real Estate Fund II, L.P. and AIVsBIGreal estate equity2021—8.6%1.12x0.33x
Falko Regional Aircraft Opportunities Fund IIFalko Regional Aircraftinfrastructure2018—8.6%1.09x0.08x
ArcLight Energy Partners Fund III, L.P.Arclight Energyinfrastructure2006—8.6%1.48x1.48x
Smart Markets Fund, L.P. RESmart Marketsreal estate equity2013—8.6%1.62x0.32x
Terra Firma Deutsche Annington, L.P. (Non-Core)Terra Firmareal estate equity2005—8.6%1.73x1.73x
Stonepeak Infrastructure Fund III LPStonepeakinfrastructure2017—8.6%1.60x0.56x
IPI Data Center Partners IIIpiinfrastructure2019—8.5%1.27x0.07x
Metropolitan Workforce Housing FundMetropolitan Workforce Housingreal estate equity2007—8.5%—1.19x
Rockwood Capital Real Estate Partners Fund IX, L.P.Rockwoodreal estate equity2012—8.5%1.30x—
Actis Energy 3Actisinfrastructure2013—8.5%1.30x1.29x
Harrison Street Core Property Fund, L.P. REHarrison Street Real Estate Capitalreal estate equity2012—8.5%1.71x0.45x
Prudential Senior Housing Fund V REPrudential Senior Housingreal estate equity2015—8.5%1.33x0.09x
Realty Associates Fund XIITA Realtyreal estate equity2018—8.5%1.38x0.93x
Kayne SBCERA MLPKayne Anderson Capital Advisorsnatural resources2017—8.4%—1.50x
AEW Core Property TrustAEWreal estate equity2009—8.4%1.81x0.74x
Starwood XIIStarwood Capital Groupreal estate equity2020—8.4%1.19x0.11x
ACM Permanent CropsAgriculture Capital Managementnatural resources2014—8.4%1.97x0.30x
Energy Capital Partners II-A LPEnergyinfrastructure2009—8.4%1.46x1.46x
Quantum Energy Partners VIIIQuantumnatural resources2022—8.4%1.08x0.32x
BGH Capital Fund I, L.P.BGH Capitalreal estate equity2019—8.4%1.30x0.22x
Stonepeak Infrastructure Partners IIIStonepeakinfrastructure2017—8.4%1.38x0.35x
Mesa West Real Estate Income Fund III, L.P.Mesa West Capitalreal estate equity2013—8.3%1.28x1.28x
ISQ Global Infrastructure Fund III - Co-InvestISQ Global Infrastructureinfrastructure2021—8.3%1.10x0.02x
Blackstone Energy Partners II, L.P.The Blackstone Groupnatural resources2015—8.3%1.52x0.92x
AG Realty Fund X, L.P.TPGreal estate equity2018—8.3%1.28x0.70x
Brookfield Super Core Infrastructure PartnersBrookfield Asset Managementinfrastructure2024—8.3%1.21x0.09x
Covenant Apartment Fund XCovenant Apartmentreal estate equity2020—8.3%1.42x0.41x
SBAF Mortgage FundSBAF Mortgagereal estate debt2006—8.3%1.22x1.07x
WHEELOCK STREET REAL ESTATE FUND V LPWheelock Streetreal estate equity2017—8.3%1.31x1.02x
GSO Foreland Resources Co-Invest LPThe Blackstone Groupinfrastructure2012—8.2%1.32x1.32x
GSO Energy Partners-C II LPThe Blackstone Groupnatural resources2016—8.2%1.30x1.27x
Starwood XIStarwood Capital Groupreal estate equity2016—8.2%1.33x0.36x
Lone Star Real Estate Fund IIILone Star Japan Acquisitionsreal estate equity2013—8.2%1.10x1.13x
Walton Street Real Estate Fund VIIWalton Streal estate equity2012—8.2%1.34x1.28x
Westbrook Real Estate Fund III, L.P.Westbrook Partnersreal estate equity1998—8.2%1.34x1.34x
Gemspring Capital Fund III, LPGem Realtyreal estate equity2023—8.2%1.09x0.02x
Walton Street Real Estate Fund VII-Q, L.P.Walton Streal estate equity——8.2%1.55x1.50x
BlackRock DevelopedBlackRockreal estate equity2016—8.1%1.35x1.35x
Axium Infrastructure IIAxiuminfrastructure2021—8.1%——
Prologis European Logistics Fund (PELF)Prologisreal estate equity2014—8.1%1.46x0.78x
Carlyle Property Investors, L.P.Carlyle Groupreal estate equity2020—8.1%1.31x0.14x
EQT Exeter Industrial Core-Plus Fund IV, L.P.EQTreal estate equity2021—8.1%1.12x0.05x
Waterton Residential Property Venture XVWatertonreal estate equity2023—8.1%—0.09x
ArcLight Energy Partners Fund V, L.P. (2020)Arclight Energynatural resources2010—8.1%1.16x1.16x
Harrison Street Real Estate Partners VI, L.P.Harrison Street Real Estate Capitalreal estate equity2016—8.1%1.41x0.81x
CBRE Strategic Partners U.S. Fund III, L.P.CBRE Global Investorsreal estate equity2003—8.0%1.27x1.27x
Encap Flatrock Midstream IV L.P.EnCap Flatrock Midstreaminfrastructure2018—8.0%1.25x0.49x
Aeolus Property Catastrophe Keystone PF Fund LPAeolus Property Catastrophe Keystone PFreal estate equity2018—8.0%1.35x—
Almanac Realty Securities Fund VIII, L.P.Almanac Realty Securitiesreal estate equity2017—8.0%1.25x0.27x
Patria Brazilian Private Equity Fund V, L.P.GIPinfrastructure2015—8.0%1.48x0.31x
Harbert Euro RE VHarbert Euro REreal estate equity2018—8.0%1.34x0.66x
Red Kite Mine Finance FundRed Kitenatural resources2011—8.0%2.22x0.82x
Walton Street Real Estate Fund VIIIWalton Streal estate equity2015—8.0%1.34x0.97x

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).