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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
Turning Rock Fund ITurning Rockbuyout2018—11.8%1.20x1.03x
Adams Street 2010 Direct FundAdams Street Partnersgrowth equity2010—11.8%1.96x1.65x
WLR AHM Co-Inv, L.P.WLR AHM Co-Inv, L.Pbuyout2007—11.8%1.65x1.65x
Stockbridge Value Fund III, LPStockbridge Capital Groupreal estate equity——11.8%1.40x1.34x
Elevation Partners, L.P.Elevationgrowth equity2005—11.8%1.57x1.57x
Marathon Distressed Credit Fund IIMarathondistressed debt2023—11.8%1.11x0.12x
Trident VTridentbuyout2010—11.8%1.94x1.94x
Trident V, L.P.Tridentbuyout2010—11.8%1.94x1.94x
Fairview Ventures Fund III LPFairview Capital Partnersprivate equity2006—11.8%1.83x1.83x
Fairview Ventures III, L.P.Fairview Capital Partnersventure capital2003—11.8%1.83x1.83x
Partners Group Secondary 2015 (USD) A, L.P.Partners Groupsecondaries2015—11.8%1.80x0.86x
HarbourVest IX-CreditHarbourVest Partners (Canada)venture capital2011—11.8%1.64x1.19x
Abbott Capital Private Equity Investors 2008Abbottbuyout2008—11.8%1.90x0.40x
ASF VII Infrastructure L.P.ASFinfrastructure2016—11.8%1.60x0.89x
FS Equity Partners VIIIForstmann Littlebuyout2019—11.8%1.55x0.38x
FS Equity Partners VIII LPFreeman Spoglibuyout2019—11.8%1.54x0.39x
Garda FIRV Opportunity FundGardamulti strategy2001—11.8%——
SilverStone Pebbles IV LLC (Small Secondaries)SilverStone Pebblesbuyout2021—11.8%1.37x0.19x
Spark Capital Growth Fund IIISparkgrowth equity2020—11.8%1.60x0.18x
FP Venture 2017—venture capital2017—11.8%1.72x0.41x
Riverside Capital Appreciation Fund VI PEThe Riverside Companybuyout2013—11.8%1.51x0.95x
STARWOOD GLOBAL OPPORTUNITY FUND VIII, L.P.Starwood Capital Group———11.8%1.66x1.63x
ICV Partners II, L.P.ICVbuyout2005—11.8%1.60x1.60x
BlueBay Direct Lending Fund III (USD), SLPArcmont Direct Lendingdirect lending2018—11.8%1.50x0.63x
ASP Direct Fund 2010Adams Street Partnersbuyout2010—11.8%1.96x1.65x
STG Allegro - A, L.P.Stgbuyout2021—11.8%1.18x0.04x
CrossHarbor Institutional Partners II, L.P.CrossHarbor Capital Partnersreal estate equity2010—11.8%1.47x1.47x
Fisher Lynch Co-Investment Partnership III, L.P.Fisher Lynch Capitalco investment2017—11.8%1.90x0.91x
HarbourVest Direct Lending Fund (L) L.P.HarbourVest Partners (Canada)direct lending2021—11.8%1.35x0.67x
Moorfield Real Estate III Limited PartnershipMoorfield Groupreal estate equity——11.8%1.30x1.29x
Warburg Pincus Private Equity XI, L.P.Warburg Pincusgrowth equity2012—11.8%1.80x1.54x
Apollo Real Estate Investment Fund III, L.P.Apolloreal estate equity2015—11.8%1.36x0.19x
Roark Capital Partners III, L.P.Roarkbuyout2012—11.8%2.00x2.00x
NewSpring Ventures II, L.P.NewSpring Capitalventure capital2013—11.7%1.48x—
BRIGHTWOOD CAPITAL FUND VBrightwood Capital Advisorsdirect lending2021—11.7%1.23x0.18x
Novacap International TMT VI-A, L.P.Novacapbuyout2021—11.7%1.17x0.40x
Pantheon Select Access FdPantheon Venturessecondaries2017—11.7%1.34x0.17x
Blackstone Capital Partners VII LPThe Blackstone Groupbuyout2016—11.7%1.66x0.96x
Blackstone Tactical Opportunities Fund III-C L.P.The Blackstone Grouptactical2018—11.7%1.31x0.88x
Barings Emerging Generation Fund IIBarings BDCbuyout2022—11.7%1.15x0.03x
TPG Capital VIII (Healthcare I)TPGbuyout2018—11.7%1.34x0.29x
HarbourVest Partners VI - Buyout FundHarbourVest Partners (Canada)buyout1999—11.7%1.80x1.81x
Abbott Private Equity Fund III, L.P.Abbottfund of funds2000—11.7%1.70x1.70x
Almanac Realty Securities V, LPAlmanac Realty Securitiesreal estate equity2008—11.7%1.54x1.54x
NEV IIINEVbuyout2008—11.7%1.74x1.74x
Parallax Capital Fund, LPPARALLAXbuyout——11.7%1.56x1.50x
Sankaty Credit Opportunities IVSankatymulti strategy2008—11.7%1.49x1.49x
SFERS Growth Capital PortfolioSFERSgrowth equity——11.7%1.60x—
Asia Alternatives FL Investor Il LPAsia Alternatives Managementbuyout2017—11.7%1.33x0.09x
California Emerging Ventures IV, LLCCalifornia Emergingventure capital2006—11.7%1.86x1.78x
Centerbridge Special Credit Partners IV LPCenterbridge Partners, L.P.distressed debt2022—11.7%1.13x0.04x
Coller International Partners IV-D, L.P.Coller Capitalsecondaries2002—11.7%1.37x1.32x
Franklin Co-Invest VFranklin Co-Investco investment2021—11.7%1.46x0.28x
GCM Grosvenor NYCFDPF Emerging Manager Co-Investment Fund, L.P.GCM Grosvenorco investment2008—11.7%1.58x1.58x
KPS Special Situations Fund VKPS Capital Partnersspecial situations2020—11.7%1.31x0.44x
NewSpring Growth Capital II (fka NewSpring Ventures II)NewSpring Capitalgrowth equity2006—11.7%1.48x1.48x
NewSpring Growth Capital II, L.P.NewSpring Capitalgrowth equity2006—11.7%1.48x1.48x
NorthBound Emerging Manager Custom Fund——2009—11.7%1.57x1.41x
NorthBound Emerging Manager Custom Fund (fka NB Emerging Manager Custom FundNorthbuyout2009—11.7%1.63x1.63x
Pathlight Capital Fund I, L.P.Pathlight Capitaldirect lending2018—11.7%1.25x1.24x
Riverside VThe Riverside Companybuyout2012—11.7%1.88x1.23x
West Street Senior Credit Partners III, L.P.Goldman Sachsdirect lending2021—11.7%1.20x0.50x
ISQ Global Infrastructure Fund II (UST), L.P.I Squared Capitalinfrastructure2018—11.7%1.76x0.86x
Edison Venture Fund VII, L.P.Edison Partnersventure capital2010—11.6%1.73x1.73x
2010 ASP Direct Fund——2010—11.6%1.90x1.54x
Furman Selz Investors II, L.P.Furman Selzbuyout1998—11.6%1.73x1.73x
Highway 12 Venture Fund II-B, L.P.Highway 12 Venturesventure capital2006—11.6%2.30x2.30x
NEA 18 Venture Growth EquityNew Enterprise Associates (NEA)multi strategy2022—11.6%1.20x—
Primary Wave Music IP Fund I, LPPrimary Ventureventure capital2016—11.6%1.35x1.35x
Blackstone Real Estate VIII.TE.1 L.P.The Blackstone Groupreal estate equity2015—11.6%1.52x1.08x
Aisling Capital IV, L.P.Aisling Capitalventure capital2015—11.6%1.74x0.68x
Invesco Real Estate Value-Add Fund IVInvescoreal estate equity2014—11.6%1.31x1.30x
CVC Capital Partners Strategic Opportunities Compounding Capital L.P.CVC Capital Partnersmulti strategy2017—11.6%1.82x0.56x
Global Energy & Power Infrastructure Fund III FGIPinfrastructure2019—11.6%1.12x0.17x
KLCP ERISA Fund E2 (US) LPKLCP ERISAbuyout2020—11.6%1.35x0.15x
Mesirow Financial Private Equity Partnership Fund IVMesirowbuyout2006—11.6%2.01x1.63x
Sacramento Private Equity Partners, L.P.Sacramento Privatebuyout2006—11.6%1.98x1.90x
Sheridan Production Partners III-B, L.P.Sheridan Prodtninfrastructure2014—11.6%1.81x1.17x
Accel-KKR Emerging Buyout Partners, L.P.Accel-KKRbuyout2020—11.6%1.29x0.27x
BioPharma Credit Investments V LPBioPharmadirect lending2021—11.6%1.19x0.38x
Merit Mezzanine Fund IV, L.P.Merit Capital Partnersmezzanine2004—11.6%2.00x1.98x
Pathway Private Equity Fund III-Co Series APathway Capital Managementco investment2019—11.6%1.74x0.51x
Water Street Healthcare Partners IV PEWater Street Healthcare Partnersbuyout2017—11.6%1.23x—
Sixth Street Growth Partners II, L.P.Sixth Streetgrowth equity2022—11.6%1.30x0.11x
Green Equity Investors VIIILeonard Greenprivate equity2020—11.6%1.51x0.22x
Prt VIILexington Partnersco investment——11.6%——
Kayne Anderson Real Estate Debt IV, L.P.Kayne Anderson Capital Advisorsreal estate debt2021—11.6%1.29x0.63x
Paragon Venture Partners II, L.P.Paragon Partnersventure capital1989—11.6%2.30x2.30x
Square Mile Partners III, L.P.Square Mile Capital Managementreal estate equity2008—11.5%1.46x1.46x
Coller International Partnership IV, L.P.Coller Capitalbuyout2002—11.5%1.35x0.06x
Nordic Bear SCSpNordic Capitalbuyout2021—11.5%1.24x0.03x
StepStone Secondary Opportunities IIIStepstone Groupmulti strategy2016—11.5%1.54x1.03x
Hamilton Lane SMID FundHamilton Lanebuyout2009—11.5%1.62x1.47x
Harbourvest Partners VIII Venture Fund L.P.HarbourVest Partners (Canada)buyout2006—11.5%2.28x1.93x
Green Equity Investors VIII, L.P.Greenbuyout2020—11.5%1.54x0.39x
EQT Infrastructure IV (No.2) USDEQTinfrastructure2018—11.5%1.55x0.26x
OHA Black Bear Fund, L.P.OHAdirect lending2020—11.5%1.50x0.71x
Stonepeak Infrastructure Partners Fund II - Master Co-Investment Partners LPStonepeakinfrastructure2017—11.5%1.52x0.71x
WCAS XIWCASbuyout2009—11.5%1.66x1.66x
Wellspring Capital Partners VI, L.P.Wellspringbuyout2018—11.5%1.46x0.76x

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).