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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.

7,717 fundsas of December 2025
AllPrivate equityPrivate creditReal assetsOpportunistic
FundManagerStrategyVintageCommittedNet IRRTVPIDPI
Hg CT1 Co-Invest L.P.Hg N1 Co-Invest L.Pbuyout2021—13.5%1.20x0.00x
ISQ Global Infrastructure Fund IIII Squared Capitalinfrastructure2021—13.5%1.24x0.01x
Ares Senior Direct Lending Fund IIAresdirect lending2021—13.5%1.31x0.36x
TPG Partners VIII, L.P.TPGbuyout2019—13.5%1.51x0.35x
Lexington VIILexington Partnerssecondaries2009—13.5%1.64x1.62x
Brookfield Capital Partners V,L.P.Brookfield Asset Managementbuyout2019—13.5%1.65x0.40x
HarbourVest Intl PE Partners V-Cayman USHarbourVest Partners (Canada)fund of funds2014—13.5%1.36x1.35x
CCMP Capital Investors IICcmpbuyout2006—13.5%1.72x1.72x
Covenant Apartment Fund VI (Institutional), L.P.Covenant Apartmentreal estate equity2008—13.5%1.57x1.57x
Falfurrias Capital Partners V LPFalfurriasbuyout2021—13.5%1.26x0.07x
LBC Credit Partners V, L.P.LBCdirect lending2019—13.5%1.35x0.89x
LLCP Lower Middle Market Fund III LPLLCP Lower Middle Marketdistressed debt2021—13.5%1.22x0.16x
PA Portfolio Advisors Secondary Fund, L.P.Portfolio Advisorssecondaries2020—13.5%1.71x0.30x
Arcs Corporate Opportunitil5 Fund II, L.P—private equity2006—13.5%—1.63x
Crown CG Private Equity Fund 2019, L.P.Crown CG Privatebuyout2020—13.5%1.41x0.68x
FIMI Opportunity VFIMI Opportunity Fundsbuyout2012—13.5%2.32x1.86x
FP Venture 2016—venture capital2016—13.5%1.99x0.56x
MCP Private Capital Fund IV SCSpMetric Capital Partnersdirect lending2020—13.5%1.28x0.30x
PathwayPathway Capital Managementbuyout2011—13.5%2.08x1.80x
TCW Crescent Mezzanine Partners IICrescent Capital Groupmezzanine1998—13.5%1.40x1.40x
Kayne Anderson CLO Partners Fund II, L.P.Kayne Anderson Capital Advisorsstructured credit2020—13.4%—1.18x
PAI Europe VIIPAI Partnersbuyout2019—13.4%1.60x0.38x
HarbourVest TMRS Polaris SMA L.P. (Tranche 1)HarbourVest Partners (Canada)fund of funds——13.4%1.50x0.19x
Ares Special Opportunities Fund IIAresspecial situations2022—13.4%1.26x—
Rockpoint Real Estate Fund IIIRockpointreal estate equity2007—13.4%1.39x1.36x
GI Mint Holdings, L.P.—buyout2021—13.4%1.55x0.00x
Warburg Pincus Global GrowthWarburg Pincusgrowth equity2019—13.4%1.75x0.59x
Sixth Street Diversified CreditSixth Streetdirect lending2020—13.4%1.25x0.12x
Brookfield Infrastructure Fund IV Co-Investment (Snow)Brookfield Asset Managementinfrastructure2019—13.4%—0.35x
Berkshire Fund IX LPBerkshirebuyout2017—13.4%1.71x0.67x
Biloxi Co-Investment PartnersBiloxi Coco investment2021—13.4%1.70x0.00x
Epiris Fund II, L.P.Epirisbuyout2018—13.4%1.57x0.73x
VIII-A NYCFPF - 2012 Emerging Manager Program Fund IVVIIIbuyout2012—13.4%—2.07x
2017 ISQ Global Infrastructure Fund II (UST), L.P. (2020)I Squared Capitalinfrastructure——13.4%1.46x0.43x
Atalaya Special Opportunities Fund VI L.P.Atalaya Capitalspecial situations2015—13.4%1.46x1.53x
Hellman & Friedman Investors IX, L.P.Hellman & Friedmanbuyout2018—13.4%1.77x0.21x
ISQ Global Infrastructure Fund II (UST), L.P. (2020)I Squared Capitalinfrastructure2017—13.4%1.46x0.43x
Livingbridge Enterprise 3 LPLivingbridgebuyout2020—13.4%1.46x0.30x
Quantum Energy Partners VII, LPQuantumnatural resources2017—13.4%1.54x1.04x
Silicon Valley Bank Venture Overage FundSilicon Valley Bankventure capital2003—13.4%1.23x0.00x
Thomas H. Lee Equity Fund V LPThomas H. Lee Partnersbuyout2000—13.4%1.63x1.63x
Vestar Capital Partners IV, L.P.Vestar Capital Partnersbuyout1999—13.4%1.76x1.76x
EPIC Ventures Fund VI, L.P.EPIC VENTURESventure capital2021—13.4%1.36x0.00x
GIP Capital Solutions Fund II SCSp, L.P. (Co-Invest)GIPco investment——13.3%1.26x0.61x
KKR ABF PartnersKohlberg Kravis Robertsdirect lending2021—13.3%——
Birch Hill Equity Partners IIIBirch Hill Equity Partners Management Inc.buyout2005—13.3%2.11x1.91x
Lexington Partners IILexington Partnersco investment2005—13.3%——
Providence Equity Partners IX L.P.Providencebuyout2023—13.3%1.10x0.30x
Altaris Health Partners, L.P.Altaris Capital Partnersbuyout2004—13.3%1.70x1.70x
Terra Firma Capital Partners II, LP.Terra Firmabuyout2002—13.3%1.79x1.79x
Vista Foundation Fund IIVista Equity Partnersbuyout2013—13.3%1.87x1.51x
GS Vintage VIIGoldman Sachsfund of funds2016—13.3%1.67x1.06x
Apollo Investment Fund IXApollobuyout2018—13.3%1.38x1.38x
Lexington Co-Investment Partners VLexington Partnersco investment2020—13.3%1.44x0.21x
European Private Equity Opportunities II LPDBAGmulti strategy2020—13.3%1.42x0.35x
Strategic Partners VI, L.P.Strategicsecondaries2014—13.3%1.51x1.38x
Trilantic Capital Partners IV (fka LBMB IV)Trilanticbuyout2007—13.3%1.59x1.59x
Landmark - NYC Fund ILandmark Partnersbuyout2013—13.3%1.68x1.68x
Landmark NYC Fund I, L.P.Landmark Partnerssecondaries2013—13.3%1.68x1.68x
PAI Europe VI, L.P.PAI Partnersbuyout2014—13.3%1.63x1.33x
Rubicon Technology Partners LPRubicon Technology Partnersbuyout2013—13.3%1.60x1.22x
JP Morgan US Corporate FinanceJ.P. Morgan Asset Managementbuyout2006—13.3%2.04x2.02x
BR/ERB Co-Investment Fund II, L.P.BR Capitalco investment2013—13.3%2.02x1.46x
Madison Dearborn Capital VII-A/BMadison Dearborn Partnersbuyout2015—13.3%1.86x1.04x
Carlyle Partners VI, L.P.Carlyle Groupbuyout2013—13.3%1.69x1.52x
CVC Capital Partners Asia Pacific Fund IV, LPCVC Capital Partnersbuyout2013—13.3%1.73x1.25x
Energy Capital Partners III-A LPEnergyinfrastructure2014—13.3%1.70x1.38x
Georgian Growth Fund VI, LPGeorgiangrowth equity2022—13.2%1.20x0.00x
Advent International GPE X Limited Corporate FinanceAdvent Internationalbuyout2022—13.2%1.20x—
Hg N1 Co-Invest L.P.Hg N1 Co-Invest L.Pco investment2022—13.2%1.25x1.25x
RREEF Core Plus Industrial Fund L.P.Rreefreal estate equity2017—13.2%2.53x0.37x
OCM/GFI Power Opportunities Fund, L.P.Oaktreeinfrastructure2000—13.2%1.54x1.54x
Trilantic Capital Partners IV L.P.Trilanticbuyout2007—13.2%1.51x1.48x
KKR 1996 Fund, LPKohlberg Kravis Robertsbuyout1997—13.2%1.60x1.62x
Blackstone Real Estate Partners VIThe Blackstone Groupreal estate equity2007—13.2%2.03x2.03x
Adams Street 2011 Direct FundAdams Street Partnersgrowth equity2010—13.2%2.10x1.63x
Onex Partners III PEOnex Corporationbuyout2011—13.2%1.66x1.44x
HSREF VI Elgin Co-InvestHSREFco investment2021—13.2%1.63x1.60x
Platinum IIPlatinumbuyout2007—13.2%1.66x1.63x
Aurora Equity Partners IIIAurora Capital Partnersbuyout2004—13.2%1.65x1.65x
Energy Capital Partners IIIEnergyinfrastructure2013—13.2%1.73x1.39x
Hg NYC Co-InvestHg NYC Co-Investco investment2022—13.2%1.25x1.25x
High Street Real Estate Fund VHigh Street Real Estatereal estate equity2015—13.2%—1.45x
Project Vertigo—venture capital2021—13.2%1.45x0.00x
SG Growth Partners I—growth equity2009—13.2%1.72x1.72x
Trilantic Capital Partners IVTrilantic—2007—13.2%1.55x1.49x
Welsh, Carson, Anderson & XIII IX—buyout2019—13.2%——
Greenfield Acquisition Partners VII, L.P.Greenfieldreal estate equity——13.2%1.86x1.82x
Deerpath Capital Management, LPDeerpathbuyout2022—13.2%1.26x0.14x
Advent International GPE VII CAdvent Internationalbuyout2012—13.2%1.81x1.73x
ASP Direct Fund 2011Adams Street Partnersbuyout2011—13.2%2.09x1.64x
Advent International GPE VII BAdvent Internationalbuyout2012—13.1%1.80x1.73x
Hellman & Friedman Capital Partners IXHellman & Friedmanbuyout2019—13.1%1.68x0.19x
KKR Global Infrastructure InvestorsKohlberg Kravis Robertsinfrastructure2010—13.1%1.76x1.76x
Ares Corporate Opportunities FundAresbuyout2003—13.1%1.49x1.49x
Ares Corporate Opportunities Fund IIAresbuyout2006—13.1%1.67x1.67x
Ares Corporate Opportunities Fund II, L.P.Aresbuyout2006—13.1%1.67x1.67x
Ares Special Situations FundAresspecial situations2008—13.1%2.61x0.97x
West Street Capital Partners VII, L.P.Goldman Sachsbuyout2016—13.1%1.54x0.99x
Starwood XStarwood Capital Groupreal estate equity2014—13.1%1.37x1.27x

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).