Fundraising Fox

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
AllPrivate equityPrivate creditReal assetsOpportunistic
FundManagerStrategyVintageCommittedNet IRRTVPIDPI
TrueBridge Capital FSA Il LLCTrueBridge Capital Partnersfund of funds2020—39.0%1.62x0.00x
Accel-KKR Capital Partners IV, LPAccel-KKRbuyout2013—39.0%3.58x3.58x
Kleiner Perkins Caufield & Byers VKleiner Perkinsprivate equity1992—39.0%3.33x3.28x
Riverside Micro‐Cap Fund III PEThe Riverside Companybuyout2014—39.0%4.68x1.30x
Clarion Capital IIClarion Partnersprivate equity2013—39.0%3.45x3.41x
SVB Innovation Credit Fund VIIISVBspecialty finance2008—38.8%1.24x0.66x
Apollo Investment Fund VApollobuyout2001—38.8%1.98x1.98x
SSG Capital Partners V Sidecar, L.P.SSGbuyout2019—38.8%1.33x1.08x
Apollo Investment Fund V LPApollobuyout2001—38.8%2.28x2.28x
New Mountain Partners VII, L.P.New Mountain Capitalbuyout2023—38.6%1.21x0.00x
Carousel Cap Part IVCarouselbuyout2006—38.5%——
CapVest Equity Partners VCapVest Partnersbuyout2023—38.5%—1.48x
Edison VII AF, L.P.Edison Partnersbuyout2020—38.5%3.15x1.31x
Onex PartnersOnex Corporationbuyout2003—38.4%0.33x0.00x
BDC III C LPBDCbuyout2017—38.4%3.48x2.47x
Onex Partners I, L.P.Onex Corporationbuyout2003—38.3%3.00x3.00x
Cedar Street Partners LPCedar Streetbuyout2021—38.2%2.09x0.04x
OrbiMed Private Investments VOrbiMedventure capital2013—38.2%2.35x2.14x
Bridgepoint Development Capital III, L.P.Bridgepointgrowth equity2016—38.1%3.37x2.47x
Thoma Bravo Fund X LPThoma Bravobuyout2012—38.0%4.04x3.79x
Charterhouse Capital Partners VII, L.P.Charterhouse Capital Partnersbuyout2002—37.9%1.90x1.94x
Hark Capital IIIASI Harkdirect lending2021—37.9%——
Thoma Bravo XThoma Bravobuyout2012—37.8%3.10x2.94x
ARCH VENTURE FUND VII LPARCH Venture Partners———37.8%4.83x4.60x
Incline Equity Partners IIIInclinebuyout2012—37.3%2.60x2.60x
Spectrum Equity VII, L.P.Spectrum Equityventure capital2014—37.2%3.73x2.82x
Five Point Water Management and Sustainable Infrastructure Fund IV LPFive Point Energyinfrastructure2023—37.2%1.43x0.48x
Blackstone Capital Partners IV, L.P.The Blackstone Groupbuyout2001—37.0%2.39x2.39x
D&D Co-Invest, L.P.D&D Co-Invest, L.Pbuyout2024—36.9%1.42x0.00x
Bluerun Ventures IV, L.PBlueRun Venturesprivate equity2007—36.8%2.85x0.46x
Polaris Growth FundPolaris Partnersgrowth equity2018—36.8%2.86x0.57x
Genstar Capital Partners VI, L.P.Genstarmulti strategy2011—36.6%2.02x2.02x
GTCR Fund XII PEGTCRbuyout2017—36.4%1.63x0.29x
Samson Brunello 1Samsonfund of funds2021—36.4%3.53x0.67x
TPG PartnersTPGbuyout1994—36.3%3.53x3.53x
Blackstone Capital Partners IVThe Blackstone Groupbuyout2003—36.3%2.46x2.46x
TCW Crescent Mezzanine Partners IIICrescent Capital Groupmezzanine2001—36.3%1.99x2.00x
HF Samson Brunello (TeamSystem)HF Samson Brunello (TeamSystem)tactical2021—36.2%3.53x0.67x
Blackstone Capital IVThe Blackstone Groupbuyout2001—36.2%2.80x2.81x
Parthenon Investors IVParthenonbuyout2012—36.2%4.91x3.33x
Orbimed Private lnvesuncnts IV, L POrbiMedprivate equity2009—36.2%2.67x0.45x
Apax Europe V-A, L.P.Apaxbuyout2001—36.2%2.10x2.10x
Sun Capital Partners VISun Capital Partnersbuyout2013—36.0%1.64x1.05x
Fortress Investment Fund II, LLCFortress Investment Groupco investment2002—36.0%1.50x1.46x
Harvest Partners IV, L.P.Harvestbuyout2001—35.8%2.24x2.24x
Nautic Partners VIIINautic Partnersbuyout2016—35.7%1.75x1.19x
Kayne Private Energy Income Fund II, L.P.Kayne Anderson Capital Advisorsreal estate equity2018—35.6%—2.70x
EQT Infrastructure IV Co-Investment (F) (Connect)—infrastructure2020—35.6%3.60x0.34x
PSG Europe II L.P.PSG Equitybuyout2023—35.5%1.54x0.66x
Industry Ventures SOF II-A, L.P.Industry PHventure capital2016—35.5%2.96x2.47x
Thoma Bravo Overage Fund, L.P.Thoma Bravobuyout2001—35.5%4.19x3.13x
Aberdeen US PE Fund IXAberdeen Asiainfrastructure2020—35.5%——
Ka - Peif 2 Co-invKayne Anderson Capital Advisorsfund of funds——35.4%——
Hatteras Venture Partners VHatteras Venture Partnersventure capital2015—35.3%2.08x1.35x
Eureka IIIEurekabuyout2019—35.3%2.17x2.15x
Astorg Normec Fund -Project NewtonAstorgbuyout2024—35.3%1.36x0.00x
Spectrum Equity Investors VII, L.P.Spectrum Equitygrowth equity2014—35.2%3.50x2.99x
WLR Recovery FundWLR Recoveryturnaround1997—35.2%3.66x3.66x
Providence Media PartnersProvidencebuyout1991—35.2%3.41x3.41x
Veritas VIVeritas Capitalbuyout2017—35.2%2.84x2.28x
Ind Vent - Special OppIND VENT - SPECIAL OPPtactical——35.1%——
Khosla Ventures Fund Ill, L.PKhosla Venturesventure capital2009—35.0%—0.00x
Veritas Capital Fund VIVeritas Capitalbuyout2017—35.0%2.87x2.35x
Water Street Healthcare Partners III PEWater Street Healthcare Partnersbuyout2012—35.0%2.68x1.50x
Waterland Private Equity Fund V C VWaterlandbuyout2011—35.0%2.95x3.05x
Industry Ventures Special Opportunities II-A, L.P.Industry PHsecondaries2016—34.9%—2.93x
EnCap Energy Capital Fund XII, L.P.EnCap Energy Capitalnatural resources2023—34.9%1.19x0.54x
Incline Equity Partners III (PSERS), L.P.Inclinebuyout2011—34.9%2.71x2.70x
Shoreview Capital Partners IVShoreView Industriesbuyout2019—34.9%1.75x0.84x
Riverside Micro-Cap Fund IIIThe Riverside Companybuyout2014—34.9%5.22x4.59x
HarbourVest Partners IV - Investment ProgramHarbourVest Partners (Canada)buyout1993—34.8%3.37x3.37x
Falfurrias Capital Partners IV LPFalfurriasbuyout2019—34.8%2.72x1.30x
Wigmore Street (BDC III) LPWigmore Street (BDCdirect lending2017—34.8%3.25x2.22x
Project Matterhorn—buyout2018—34.8%2.50x2.50x
Water Street Healthcare Partners IIIWater Street Healthcare Partnersbuyout2013—34.7%2.84x2.55x
Water Street IIIWater Street Healthcare Partnersbuyout2013—34.7%2.85x2.56x
Hellman & Friedman Capital Partners IX PEHellman & Friedmanbuyout2018—34.6%1.27x0.00x
TSSP Adjacent Opportunities Partners (B)TSSPmulti strategy2018—34.6%1.21x0.16x
Peak Rock Capital Fund II LPPeakbuyout2017—34.6%2.08x1.79x
ZMC II, L.P.Zmcco investment2014—34.5%3.07x3.06x
TA XII-ATA Associatesgrowth equity2016—34.5%3.29x2.34x
JFL IVJflbuyout2016—34.5%2.64x2.52x
Waterland Private Equity Fund VII C.V.Waterlandbuyout2005—34.5%1.53x0.16x
Atlantic Street Capital IIAtlantic Street Capitalprivate equity2011—34.4%3.94x2.29x
Thoma Bravo Disc IThoma Bravobuyout2016—34.4%3.11x2.64x
Thoma Bravo Discover Fund LPThoma Bravogrowth equity2016—34.4%3.08x2.64x
TA XII, L.P.TA Associatesgrowth equity2016—34.3%3.00x2.13x
Peak Rock IIPeakdirect lending2016—34.3%2.05x1.89x
Project Spruce—buyout2015—34.3%3.07x3.07x
Sunstone Partners ISunstone Capitalventure capital2015—34.3%3.30x2.49x
Arcline Capital Partners III LPArcline Investment Managementbuyout——34.3%1.48x—
CVC Capital Partners VII PECVC Capital Partnersbuyout2017—34.2%1.44x0.32x
Carlyle Japan Partners, L.P.Carlyle Groupbuyout2001—34.1%1.98x1.98x
Lindsay, Goldberg, & Bessemer, L.PLindsay Goldbergbuyout2002—34.1%2.19x2.19x
FP Venture 2011—venture capital2011—34.1%7.00x5.67x
FirstMark Capital IFirstMark Capitalbuyout2005—34.0%8.91x8.91x
Industry Ventures VIIIndustry PHventure capital2018—34.0%——
General Catalyst Group XII, L.P.General Catalystventure capital2024—34.0%1.30x0.00x
A&M Capital Partners IIAlvarez & Marsal Capitalbuyout2018—33.9%2.14x1.32x
HgCapital 8 A L.P.Hg Capitalbuyout2018—33.9%2.59x1.77x

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).