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

All Private equity Private credit Real assets Opportunistic

Fund	Manager	Strategy	Vintage	Committed	Net IRR	TVPI	DPI
First Reserve Energy Infrastructure Fund II	First Reserve Corporation	infrastructure	2013	—	11.1%	1.20x	1.01x
ONCAP IV	ONCAP	buyout	2016	—	11.1%	1.58x	0.58x
HarbourVest International PEP	HarbourVest Partners (Canada)	fund of funds	1990	—	11.1%	1.77x	1.77x
ASF VIII Infrastructure B L.P.	ASF	infrastructure	2021	—	11.1%	1.20x	0.08x
Cerberus Global NPL Fund, L.P.	Cerberus	distressed debt	2018	—	11.1%	1.44x	0.44x
Comvest Credit Partners VI	Comvest Credit	direct lending	2022	—	11.1%	1.11x	0.57x
EQT Infrastructure V L.P.	EQT	infrastructure	2021	—	11.1%	1.33x	0.22x
EQT IX (Co-Invest)	EQT	buyout	2020	—	11.1%	1.51x	0.02x
EQT IX Co-Investment	EQT	buyout	2020	—	11.1%	1.51x	0.02x
Long Wharf Real Estate Partners VI	Long Wharf	real estate equity	2018	—	11.1%	1.18x	0.50x
Oaktree Opportunities Fund Xb	Oaktree	special situations	2018	—	11.1%	1.71x	0.64x
TSSP Adjacent Opportunities Fund	TSSP	multi strategy	2007	—	11.1%	1.24x	0.80x
Benefit Street Partners Debt Fund IV, L.P.	Benefit Street Partners	direct lending	2017	—	11.1%	1.48x	0.69x
Florida Growth Fund I (Tranche II), LLC	Florida Growth	growth equity	2009	—	11.1%	1.52x	1.02x
GF Capital Private Equity Fund	GF Capital Management & Advisors	buyout	2006	—	11.1%	1.87x	1.30x
LRAF Holdings 21 Project Yeti II	—	real estate equity	2024	—	11.1%	1.05x	0.16x
Meridiam Infrastructure Europe III SLP	Meridiam	infrastructure	2016	—	11.1%	1.54x	0.27x
Tailwind Capital Partners	Tailwind Capital	buyout	2007	—	11.1%	1.59x	1.59x
Whitehorse Liquidity Partners V	Whitehorse Liquidity Partners	direct lending	2021	—	11.1%	1.11x	0.38x
Carlyle Europe Partners III, L.P.	Carlyle Group	buyout	2012	—	11.1%	1.68x	1.68x
Sprott Private Resource Lending III (US), LP	Sprott Private Resource Lending	direct lending	2023	—	11.1%	1.14x	0.07x
Varsity Healthcare Partners IV	Varsity Healthcare Partners	buyout	2023	—	11.1%	—	—
AlpInvest Co-Investment Fund (Onshore) VIII, L.P.	Carlyle Group	co investment	2021	—	11.1%	1.32x	0.01x
Alterra IOS Venture II, L.P.	Alterra Property Group	venture capital	2022	—	11.0%	1.28x	0.00x
Warburg Pincus Private Equity XI	Warburg Pincus	growth equity	2012	—	11.0%	1.73x	1.51x
Searchlight Opportunities Fund II LP	Searchlight Capital Partners	multi strategy	2021	—	11.0%	1.17x	0.39x
TPG Biotechnology Partners III, L.P.	TPG	buyout	2008	—	11.0%	2.17x	2.12x
Westbrook Real Estate Co-Investment Partnership X	Westbrook Partners	co investment	2016	—	11.0%	1.22x	0.75x
Permira Susquehanna Opportunities - Buyout	Permira	multi strategy	2021	—	11.0%	1.50x	0.00x
Abbott Capital PE IV	Abbott	fund of funds	2001	—	11.0%	1.75x	1.73x
AXA LBO Fund V LP	Ardian	buyout	2012	—	11.0%	1.58x	1.54x
Cerberus PSERS Levered Loan Opportunities Fund, L.P.	Cerberus	multi strategy	2015	—	11.0%	1.59x	0.56x
ABRY Partners IX	ABRY Partners	buyout	2019	—	11.0%	1.44x	0.42x
Asia Alternatives Capital Partners	Asia Alternatives Management	buyout	2007	—	11.0%	1.79x	1.77x
Canyon-johnson Urban Fund III	Canyon Capital Realty Advisors	real estate equity	2009	—	11.0%	1.32x	1.31x
Florida Growth Fund I, LLC	Florida Growth	growth equity	2006	—	11.0%	1.69x	1.20x
Kelso Investment A<Sociatcs VII, L.P.	Kelso	buyout	2003	—	11.0%	—	1.62x
Pathlight Capital Fund II	Pathlight Capital	direct lending	2021	—	11.0%	1.17x	0.99x
KKR European Fund III, L.P. - USD	Kohlberg Kravis Roberts	buyout	2008	—	11.0%	1.60x	1.55x
M2 Private Equity Fund-of-Funds II, L.P.	M2 Capital	fund of funds	2014	—	11.0%	1.54x	1.21x
Golder, Thoma, Cressey & Rauner Fund V	Golder, Thoma, Cressey, Rauner	buyout	1997	—	11.0%	1.82x	1.82x
Barings Capital Investment Corporation	Barings BDC	direct lending	2020	—	11.0%	—	—
HarbourVest CT Private Debt Fund L.P.	HarbourVest Partners (Canada)	fund of funds	2022	—	11.0%	1.20x	0.10x
HarbourVest Direct Lending Fund II, L.P.	HarbourVest Partners (Canada)	direct lending	2024	—	10.9%	1.13x	0.00x
Brentwood Associates IV, L.P.	Brentwood Associates	buyout	1983	—	10.9%	2.20x	2.17x
Elda River Opportunities Fund II LLC	Elda River	multi strategy	—	—	10.9%	1.58x	1.58x
Eagle Point Defensive Income	Eagle Point Defensive Income	direct lending	2021	—	10.9%	—	—
American Realty Value Add	American	real estate equity	2006	—	10.9%	2.44x	2.44x
KKR Lending Partners IV	Kohlberg Kravis Roberts	direct lending	2022	—	10.9%	—	—
HarbourVest TMRS Polaris SMA L.P. (Tranche 2)	HarbourVest Partners (Canada)	fund of funds	—	—	10.9%	1.35x	0.07x
Gilde Buyout Fund IV L.P.	Gilde Buyout	buyout	2011	—	10.9%	1.68x	1.60x
GI DATA INFRASTRUCTURE FUND LP	GI Partners	—	—	—	10.9%	1.33x	0.13x
Grove Street Partners Buyout, L.P.	GroveStreet	buyout	2001	—	10.9%	1.72x	1.57x
The House Fund	House	buyout	2016	—	10.9%	2.33x	0.00x
Apollo Investment Fund VIII	Apollo	buyout	2013	—	10.9%	1.51x	1.51x
Cinven Seventh Fund	Cinven	buyout	2020	—	10.9%	1.40x	0.27x
BPEA VIII	BPEA EQT	buyout	2021	—	10.9%	1.10x	0.01x
Brentwood Associates Private Equity IV	Brentwood Associates	buyout	1983	—	10.9%	2.17x	2.17x
Seventh Cinven Fund	Cinven	buyout	2019	—	10.9%	1.38x	0.24x
Seventh Cinven Fundr	Cinven	buyout	2019	—	10.9%	1.40x	0.24x
Baring Asia Private Equity Fund VIII, L.P.	Baring Private Equity Asia	buyout	2022	—	10.9%	1.10x	0.01x
Novacap TMT International NV CV L.P.	Novacap	private equity	2024	—	10.9%	1.11x	0.04x
Invesco Commercial Real Estate Finance Trust, Inc.	Invesco	real estate equity	—	—	10.9%	1.17x	0.03x
BC European Capital X-8 LP	BC Partners	buyout	2017	—	10.9%	1.74x	0.94x
Monroe Capital Private Credit Fund III, L.P.	Monroe	direct lending	2017	—	10.9%	1.60x	1.11x
FountainVest China Capital Partners Fund III, L.P.	FountainVest Partners	buyout	2017	—	10.9%	1.60x	0.65x
Sixth Street Growth Partners	Sixth Street	growth equity	2019	—	10.9%	1.50x	0.79x
Endeavour Capital Fund V, L.P.	Endeavour Capital	fund of funds	2008	—	10.8%	2.00x	2.01x
TRF IV Continuation Fund LP	Trpf	co investment	2024	—	10.8%	1.10x	—
Palladium IV	Palladium	buyout	2014	—	10.8%	1.84x	0.84x
400 Capital Asset Based Onshore Term Fund IV LP	400 Capital Management	direct lending	2025	—	10.8%	1.06x	0.11x
GTCR Capital Partners, L.P.	GTCR	growth equity	1999	—	10.8%	1.40x	1.44x
Blackstone Real Estate Partners V	The Blackstone Group	real estate equity	2006	—	10.8%	2.01x	2.01x
Marathon Secured Private Strategies Fund II	Marathon	distressed debt	2019	—	10.8%	1.59x	0.88x
Horizon Impact Fund B	Horizon	growth equity	2017	—	10.8%	1.60x	0.50x
Catterton Partners VII, L.P.	L Catterton	growth equity	2013	—	10.8%	1.58x	1.26x
Athyrium Opportunities Fund II	Athyrium Opportunities	multi strategy	2015	—	10.8%	1.35x	1.23x
AG Realty Fund VIII	TPG	real estate equity	2012	—	10.8%	1.40x	—
Angelo Gordon Direct Lending Fund IV Annex	TPG	direct lending	2021	—	10.8%	1.32x	0.63x
Westbrook Real Estate Fund X RE	Westbrook Partners	real estate equity	2015	—	10.8%	1.19x	0.62x
Lexington Co-Investment Partners V Overage	Lexington Partners	co investment	2021	—	10.8%	1.39x	0.18x
Encap Energy Capital Fund IX	EnCap Energy Capital	natural resources	2012	—	10.8%	1.49x	1.32x
EnCap Energy Fund IX	EnCap Energy Capital	natural resources	2013	—	10.8%	1.55x	1.36x
EnCap IX	EnCap Energy Capital	buyout	2013	—	10.8%	1.53x	1.35x
Garda Fixed Income Relative Value Opportunity Fund (Onshore) Ltd	Garda	multi strategy	2019	—	10.8%	1.69x	—
Mesirow Financial Private Equity Fund IV	Mesirow	tactical	2006	—	10.8%	2.00x	0.12x
Mesirow Partnerships IV	Mesirow	tactical	2006	—	10.8%	1.95x	1.85x
Sprott Private Resource Lending (US), LP	Sprott Private Resource Lending	direct lending	2017	—	10.8%	1.19x	1.19x
Teays River Integrated Agriculture NR	Teays River Integrated Agriculture	natural resources	2015	—	10.8%	1.79x	0.14x
Florida Growth Fund LLC - Tranche II & Credit Tranche	Florida Growth	growth equity	2011	—	10.8%	1.58x	1.22x
Participation Agreement #6	—	multi strategy	2020	—	10.8%	1.35x	0.49x
Penn Asia Investors	Penn Asia Investors	buyout	2012	—	10.8%	1.60x	0.94x
Realty Associates Fund XI	TA Realty	real estate equity	2015	—	10.8%	1.60x	1.60x
Veritas Capital Fund VIII	Veritas Capital	buyout	2022	—	10.8%	1.23x	0.03x
Veritas VIII	Veritas Capital	buyout	2022	—	10.8%	1.24x	0.00x
RedCo II Offshore Fund, L.P.	RedCo	tactical	—	—	10.8%	1.41x	0.70x
Equity-Linked Investors, L.P.	Equity-Linked	fund of funds	1985	—	10.8%	2.80x	2.76x
Palamon European Equity, L.P.	Palamon Capital Partners	buyout	1999	—	10.8%	1.70x	1.73x
Truebridge I CVE	TrueBridge Capital Partners	fund of funds	2010	—	10.7%	—	—
AstorgVII	Astorg	private equity	2019	—	10.7%	1.51x	0.48x

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).