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 |
|---|---|---|---|---|---|---|---|
| Lone Star Real Estate Fund IV | Lone Star Japan Acquisitions | real estate equity | 2015 | — | 6.3% | 1.16x | 0.87x |
| EQT Infrastructure IV Co-Investment (G) (Lightspeed) | — | infrastructure | 2020 | — | 6.3% | — | — |
| Blackstone Real Estate Debt Strategies III, L.P. | The Blackstone Group | real estate debt | 2016 | — | 6.2% | 1.15x | 1.08x |
| Principal Life Insurance Company U.S. Property | Principal | real estate equity | 2005 | — | 6.2% | — | 2.09x |
| Principal Life US Property RE | Principal | real estate equity | 2005 | — | 6.2% | — | 2.09x |
| TSCG/Hart Realty Advisors Core - Separate Account | Tscg/Hart Realty Advisors Core - Separate Account | real estate equity | 2012 | — | 6.2% | 1.27x | 1.27x |
| PRISA II | Prisa | real estate equity | 2007 | — | 6.1% | 1.72x | 0.53x |
| CrossHarbor Institutional Partners, L.P. | CrossHarbor Capital Partners | real estate equity | 2006 | — | 6.1% | 1.55x | 1.55x |
| Angelo Gordon Realty Fund XI | Angelo Gordon | real estate equity | 2022 | — | 6.1% | 1.08x | 0.05x |
| Carbon Capital V Inc | Carbon | real estate equity | 2013 | — | 6.1% | 1.20x | 1.20x |
| Merit Energy Partners I, L.P. | Merit Energy Company | natural resources | 2014 | — | 6.1% | 1.46x | 0.92x |
| Rockpoint Spring Creek Towers | Rockpoint | real estate equity | 2021 | — | 6.0% | 1.17x | 0.11x |
| EQT Infrastructure IV Co-Investment (B) SCSp (Saber) | EQT | infrastructure | 2020 | — | 6.0% | — | 0.06x |
| FCP Realty IV | Fcp Realty | real estate equity | 2018 | — | 6.0% | 1.26x | 0.37x |
| Taurus Mining Fund NR | Taurus Mining | natural resources | 2015 | — | 6.0% | 1.14x | 0.84x |
| Teays River Integrated Agriculture | Teays River Integrated Agriculture | natural resources | 2015 | — | 6.0% | 1.76x | 0.15x |
| EQT Infrastructure IV Co-Investment (D) (Saber) | — | infrastructure | 2020 | — | 6.0% | — | 0.06x |
| H/2 Credit Investors | H/2 | real estate debt | 2011 | — | 5.9% | — | 1.50x |
| H/2 Credit Partners, L.P. | H/2 | real estate debt | 2011 | — | 5.9% | — | 1.50x |
| JPMCB Strategic Property Fund RE | J.P. Morgan Asset Management | real estate equity | 2005 | — | 5.9% | — | 1.59x |
| AMERRA Agri Fund II | Amerra Agri | natural resources | 2012 | — | 5.8% | 1.43x | 1.07x |
| Landmark RE VII | Landmark Partners | real estate equity | 2014 | — | 5.7% | 1.17x | 1.06x |
| Real Estate Co‐Investments | Realterm | real estate equity | — | — | 5.7% | 1.07x | 0.08x |
| Meadow Core Plus Real Estate Fund 2015-1 Series | Meadow Partners | real estate equity | 2015 | — | 5.6% | 1.16x | 0.82x |
| Ares Real Estate Enhanced Income Fund, L.P. | Ares | real estate equity | 2020 | — | 5.6% | 1.16x | 0.82x |
| Brookfield Strategic Real Estate Partners IV | Brookfield Asset Management | real estate equity | 2022 | — | 5.6% | 1.12x | 0.15x |
| Bentall Green Oak | BentallGreenOak | real estate equity | 2004 | — | 5.6% | 1.70x | 1.71x |
| Oaktree EOF III | Oaktree | real estate equity | 2011 | — | 5.6% | — | — |
| NorthRock Core Fund, L.P. | Northrock Capital | real estate equity | 2008 | — | 5.6% | 1.50x | 0.88x |
| AG Europe Realty Fund II | Angelo Gordon | real estate equity | 2018 | — | 5.5% | 1.30x | 0.67x |
| U.S. Farming Realty Trust III | U.S. Farming Realty Trust | real estate equity | 2015 | — | 5.4% | 1.46x | 0.11x |
| AG Asia Realty Fund III LP | Angelo Gordon | real estate equity | 2016 | — | 5.3% | 1.16x | 0.99x |
| Bell Value-Add Fund VIII, L.P. | Bell Value-Add | real estate equity | 2022 | — | 5.3% | 1.05x | 0.02x |
| Colony Realty III | Colony Distressed | real estate equity | 2007 | — | 5.3% | 1.35x | 1.34x |
| PRISA | Prisa | real estate equity | 2005 | — | 5.3% | — | 1.59x |
| Rockpoint Real Estate Fund VI, L.P. | Rockpoint | real estate equity | 2019 | — | 5.3% | 1.19x | 0.29x |
| Madison Realty Capital Debt Fund IV LP | Madison Dearborn | real estate equity | — | — | 5.2% | 1.60x | 1.28x |
| Blackstone Real Estate Partners Europe V, L.P. | The Blackstone Group | real estate equity | 2016 | — | 5.2% | 1.22x | 0.73x |
| AG Europe Realty Fund III | Angelo Gordon | real estate equity | 2020 | — | 5.2% | 1.20x | 0.12x |
| AG Realty XI | TPG | real estate equity | 2022 | — | 5.2% | 1.07x | 0.05x |
| PRISA I, L.P. | Prisa | real estate equity | 2014 | — | 5.2% | 1.43x | 0.39x |
| Trumbull Property Income Fund | TRUMBULL PROPERTY | real estate equity | 2014 | — | 5.2% | 1.53x | 0.64x |
| Walton Street Real Estate Debt Fund, L.P. | Walton St | real estate debt | — | — | 5.2% | 1.45x | 1.44x |
| AG Capital Recovery Partners VII, L.P. | Angelo Gordon | real estate equity | 2010 | — | 5.1% | 1.24x | 1.24x |
| Lone Star Real Estate Fund (U.S.), L.P. | Lone Star Japan Acquisitions | real estate equity | 2010 | — | 5.1% | 1.20x | 1.23x |
| EQT Infrastructure IV Co-Investment (G) SCSp (Lightspeed) | EQT | infrastructure | 2020 | — | 5.1% | — | — |
| RCG Longview Equity Fund, L.P. | Rcg Longview | real estate equity | 2007 | — | 5.1% | 1.37x | 1.37x |
| Warburg Pincus Energy, L.P. | Warburg Pincus | natural resources | 2014 | — | 5.1% | 1.30x | 1.04x |
| Mesirow Financial Real Estate Value Fund IV, L.P. | Mesirow | real estate equity | 2020 | — | 5.0% | 1.09x | 0.05x |
| Global Infrastructure Partners V-A/B, L.P. | GIP | infrastructure | 2023 | — | 4.9% | 1.10x | 0.08x |
| Oaktree European Principal Fund III U.S. | Oaktree | real estate equity | 2011 | — | 4.9% | 1.39x | 1.14x |
| Apollo U.S. Real Estate Fund II, L.P. | Apollo | real estate equity | 2015 | — | 4.8% | 1.26x | 0.66x |
| Barings Core Property Fund LP | Barings | real estate equity | 2008 | — | 4.8% | 1.52x | 1.06x |
| AG Realty Fund IX | TPG | real estate equity | 2014 | — | 4.8% | 1.25x | 1.05x |
| BTG U.S. Timberland | BTG U.S. Timberland | natural resources | 2007 | — | 4.8% | 1.50x | 1.49x |
| TORCHLIGHT DEBT FUND VIII | Torchlight Debt | real estate debt | 2023 | — | 4.8% | 1.05x | 0.40x |
| DL Blue Diamond Fund | — | infrastructure | 2016 | — | 4.8% | 1.09x | — |
| NYC Asset Investor #3 | NYC Asset Investor # | real estate equity | 2013 | — | 4.8% | 1.24x | 0.18x |
| Prologis Japan Fund | Prologis | real estate equity | 2005 | — | 4.7% | 1.30x | 1.30x |
| Principal US Open-End | Principal | real estate equity | — | — | 4.7% | 1.56x | — |
| RREEF America II | Rreef | real estate equity | — | — | 4.7% | 1.40x | 0.29x |
| United States Power Fund III | United States Power | infrastructure | 2007 | — | 4.7% | 1.35x | 1.35x |
| Orion Mine Finance Fund I-A | Orion Resource Partners | natural resources | 2014 | — | 4.7% | 2.07x | 1.44x |
| EQT Exeter Industrial Value Fund VI, LP | EQT | real estate equity | 2022 | — | 4.6% | 1.05x | — |
| Global Infrastructure Partners Spectrum AC | GIP | infrastructure | 2019 | — | 4.6% | 1.05x | 0.25x |
| Hines US Property Partners | Hines US Property | real estate equity | 2021 | — | 4.6% | 1.10x | 0.12x |
| Cube Infrastructure II | Cube Infrastructure Managers | infrastructure | 2018 | — | 4.6% | 1.26x | 0.15x |
| Artemis Real Estate Partners Income & Growth Fund, L.P. | Artemis | real estate equity | 2019 | — | 4.5% | 1.11x | 0.29x |
| RREEF America II Open-End | Rreef | real estate equity | — | — | 4.5% | 1.42x | 0.33x |
| UBS (US) Trumbull Property Fund, L.P. | UBS (US) Trumbull Property | real estate equity | 2006 | — | 4.5% | 1.66x | 1.46x |
| Crow Holdings Realty Partners IX, L.P | Crow Holdings | real estate equity | 2020 | — | 4.4% | 1.11x | 0.35x |
| CIM Urban REIT, LLC | CIM Urban REIT | real estate equity | 2006 | — | 4.4% | 1.43x | 1.41x |
| Divco West Fund VI | Divco West | real estate equity | 2020 | — | 4.3% | — | 0.03x |
| Value Enhancement Fund II | — | real estate equity | 1996 | — | 4.3% | 1.38x | 1.38x |
| Highland Crusader Fund | Highland Capital Partners | real estate equity | 2003 | — | 4.3% | 1.27x | 1.22x |
| Terra Firma Deutsche Annington, L.P. (Core) | Terra Firma | real estate equity | 2014 | — | 4.2% | 1.06x | 1.06x |
| Artemis IV | Artemis | real estate equity | 2021 | — | 4.2% | 1.05x | 0.11x |
| Hancock Agricultural Investment Group Separate Account | Hancock Agricultural Investment Group | natural resources | 2012 | — | 4.2% | 1.48x | 1.11x |
| Prima Mortgage Investment Trust, LLC RE | Prima Mortgage | real estate debt | 2011 | — | 4.2% | 1.35x | 0.45x |
| RREEF America REIT II | Rreef | real estate equity | 2006 | — | 4.2% | 1.07x | 0.06x |
| Silverpeak Legacy Pension Partners II, L.P. | Silver | real estate equity | 2005 | — | 4.2% | 1.26x | 1.26x |
| JER Real Estate Partners Fund III, L.P. | JER Partners | real estate equity | 2003 | — | 4.2% | 1.17x | 1.17x |
| Torchlight Debt Fund VII, LP | Torchlight Debt | real estate debt | 2020 | — | 4.2% | 1.10x | 0.27x |
| BREP Edens Investment Partners L.P. | The Blackstone Group | real estate equity | 2013 | — | 4.1% | 1.41x | 0.35x |
| Paramount Group Real Estate Fund VII, L.P. | Paramount Group | real estate equity | 2013 | — | 4.1% | 1.12x | 1.11x |
| USAA Eagle Real Estate Feeder 1, LP | USAA Eagle | real estate equity | 2015 | — | 4.0% | 1.38x | 0.32x |
| Value Enhancement Fund III, LLC (Closed) | — | real estate equity | 1998 | — | 4.0% | 1.00x | — |
| Brookfield Real Estate Finance Fund V | Brookfield Asset Management | real estate equity | 2017 | — | 4.0% | 1.13x | 0.99x |
| Twin Creeks Timber | Twin Creeks | natural resources | 2016 | — | 4.0% | 1.22x | 0.49x |
| Security Capital Focus Select | Security Capital Research & Management | real estate equity | 2007 | — | 3.9% | 1.39x | 1.39x |
| BLACKSTONE REAL ESTATE PARTNERS ASIA II LP | The Blackstone Group | real estate equity | 2017 | — | 3.9% | 1.17x | 0.40x |
| UBS Trumbull Property Fund | UBS Trumbull Property | real estate equity | 1984 | — | 3.9% | 1.70x | — |
| TPG IV | TPG | real estate equity | 2022 | — | 3.8% | 1.04x | 0.01x |
| Prima Mortgage Investment Trust, LLC | Prima Mortgage | real estate debt | 2011 | — | 3.8% | — | 1.35x |
| TruAmerica Workforce Housing Fund I-A, L.P. | TruAmerica Workforce Housing | real estate equity | 2019 | — | 3.8% | 1.12x | 0.15x |
| UBS Trumbull Property Income Fund | TRUMBULL PROPERTY | real estate equity | 1984 | — | 3.8% | 1.30x | — |
| ArcLight Energy VI | Arclight Energy | natural resources | 2014 | — | 3.8% | 1.20x | 0.94x |
| NYC Asset Investor #1 LLC | NYC Asset Investor # | real estate equity | 2013 | — | 3.8% | — | 0.51x |
| Tricon Housing Partners US II A LP | Tricon Residential | real estate equity | 2012 | — | 3.8% | 1.13x | 1.09x |
| Homestead Capital USA Farmland Fund III, L.P. | Homestead | natural resources | 2019 | — | 3.8% | 1.12x | 0.12x |
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).