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

All Private equity Private credit Real assets Opportunistic

Fund	Manager	Strategy	Vintage	Committed	Net IRR	TVPI	DPI
Northwest Emerging Ventures II	Grove Street	venture capital	2005	—	9.6%	1.90x	1.43x
Versant Venture VII, L.P.	Versant Ventures	venture capital	2018	—	9.6%	1.50x	0.37x
Warburg Pincus Private Equity IX LP	Warburg Pincus	growth equity	2005	—	9.6%	1.72x	1.72x
GarMark Partners, L.P.	General Atlantic	buyout	1998	—	9.6%	1.50x	1.50x
EnCap Flatrock Midstream Fund III LP	EnCap Flatrock Midstream	natural resources	2014	—	9.6%	1.41x	1.20x
EnCap Flatrock Midstream Fund IV LP	EnCap Flatrock Midstream	natural resources	2018	—	9.6%	1.32x	0.59x
Encap Flatrock Midstream III	EnCap Flatrock Midstream	infrastructure	2014	—	9.6%	1.41x	0.99x
AUSTIN VENTURES X LP	Austin	venture capital	2008	—	9.6%	1.64x	1.64x
Globespan Capital Partners V, L.P.	Globespan Capital Partners	venture capital	2006	—	9.6%	1.52x	1.52x
Dawson Portfolio Finance 4	Dawson Partners	direct lending	2020	—	9.6%	1.21x	0.72x
PIMCO Commercial Real Estate Debt Fund II Onshore Feeder, L.P.	PIMCO Europe	real estate debt	2021	—	9.6%	1.14x	0.38x
Greenfield VI	Green	buyout	2011	—	9.6%	1.37x	1.36x
Palladium Equity Partners IV, L.P.	Palladium	buyout	2014	—	9.6%	1.67x	0.96x
Rhône Partners III	Rhône	buyout	2006	—	9.6%	1.42x	1.42x
Audax Mezzanine Fund III, L.P.	Audax Group	mezzanine	2010	—	9.6%	1.31x	1.30x
BREP X	Blackstone	real estate equity	2022	—	9.6%	1.09x	0.08x
FountainVest Chinn Growth Capital Fund, L.P.	FountainVest Partners	growth equity	2008	—	9.6%	—	0.00x
Grey Mountain Partners Fund III	Grey Mountain Partners	buyout	2013	—	9.6%	1.34x	1.34x
The Energy & Minerals Group Fund II, L.P.	The Energy & Minerals Group	natural resources	2011	—	9.6%	1.80x	1.13x
Tricon IX, L.P.	Tricon Capital	real estate equity	2005	—	9.6%	1.66x	1.55x
Highbridge Specialty Loan Fund	Highbridge	direct lending	2016	—	9.6%	1.24x	0.96x
Starwood Capital Hospitality Fund II	Starwood Capital Group	real estate equity	2010	—	9.6%	1.63x	1.60x
Gores Capital Partners, L.P.	Gores	buyout	2004	—	9.6%	1.37x	1.37x
Orion Mine Finance (Onshore) Fund III LP	Orion Resource Partners	natural resources	—	—	9.6%	1.49x	0.91x
Mercato Partners Growth III, L.P.	Mercato Partners	growth equity	2015	—	9.5%	1.84x	0.18x
Clayton, Dubilier & Rice Fund VI, L.P.	Clayton Dubilier & Rice	buyout	1998	—	9.5%	1.50x	1.53x
DRA Growth & Income Fund VI, LLC	DRA Advisors	growth equity	2007	—	9.5%	1.60x	1.59x
MBK Partners Fund V, L.P.	MBK Partners	buyout	2019	—	9.5%	1.26x	0.03x
J.F. Lehman Equity Investors III, L.P.	J.F. Lehman	buyout	2011	—	9.5%	1.50x	1.10x
Leeds Equity Partners VII, L.P.	Leeds	buyout	2021	—	9.5%	1.20x	0.00x
Q-Street Capital, L.P.	Q Street	buyout	2021	—	9.5%	1.24x	0.00x
Rockwood Capital Real Estate Partners Fund X Side Car, L.P.	Rockwood	real estate equity	2015	—	9.5%	1.49x	0.93x
Azalea Fund IV	Azalea Capital	buyout	—	—	9.5%	—	—
Pantheon Scers Sirf Mm Llc	Pantheon Ventures	fund of funds	2014	—	9.5%	1.52x	1.12x
Upfront VI	Upfront Ventures	venture capital	2017	—	9.5%	1.57x	0.10x
Blackstone GSO Capital Solutions Fund LP	The Blackstone Group	direct lending	2009	—	9.5%	1.34x	1.34x
Angelo Gordon Direct Lending Fund III	TPG	direct lending	2018	—	9.5%	1.42x	1.04x
TPG Biotechnology Partners, L.P.	TPG	buyout	2002	—	9.5%	1.76x	1.59x
Carlyle Partners VI - Side Car	Carlyle Group	buyout	2014	—	9.5%	1.76x	1.76x
Vector Capital V, L.P.	Vector	buyout	2017	—	9.5%	1.48x	0.58x
Global Infrastructure Partners III-A/B, L.P.	GIP	infrastructure	2016	—	9.5%	1.60x	0.89x
Inverness Partners II, L.P.	Inverness	buyout	2002	—	9.5%	1.87x	1.87x
LaSalle Property Fund	LaSalle	real estate equity	2010	—	9.5%	1.78x	0.36x
MetLife Core Property Fund	METLIFE CORE PROPERTY	real estate equity	2014	—	9.5%	1.74x	0.32x
OCM Principal Opportunities Fund III	Oaktree	multi strategy	2003	—	9.5%	1.49x	1.49x
Torchlight IV	Torchlight Debt	direct lending	2012	—	9.5%	1.32x	1.32x
Cabot Industrial Value Fund VI, L.P.	Cabot Properties	real estate equity	2019	—	9.5%	1.36x	0.09x
Crescent Direct Lending Levered Fund II	Crescent Capital Group	direct lending	2017	—	9.5%	1.34x	1.00x
European Private Equity Opportunities I, L.P.	European Mezzanine	multi strategy	2006	—	9.5%	1.20x	0.28x
Further Global Capital I	Further Global	buyout	2018	—	9.5%	1.36x	0.56x
Gridiron Fund V	Gridiron Capital	buyout	2023	—	9.5%	1.11x	0.11x
Landmark Equity Partners XV	Landmark Partners	buyout	2013	—	9.5%	1.32x	1.32x
Landmark Equity Partners XV, L.P.	Landmark Partners	secondaries	2013	—	9.5%	1.32x	1.32x
Tailwind Capital Partners II	Tailwind Capital	buyout	2013	—	9.5%	1.48x	1.48x
TCW/Crescent Mezzanine Partners VII, L.P.	Crescent Capital Group	mezzanine	2001	—	9.5%	1.19x	0.57x
Warburg Pincus IX- BO-40	Warburg Pincus	growth equity	2005	—	9.5%	1.69x	1.63x
Harrison Street Real Estate Partners VI Co-Investment LP	Harrison Street Real Estate Capital	real estate equity	2016	—	9.5%	1.45x	0.74x
Menlo Ventures XII, L.P.	Menlo	venture capital	2015	—	9.5%	1.80x	0.61x
Owl Rock Capital Corporation III	Owl Rock Capital	direct lending	2020	—	9.4%	1.00x	0.14x
Rockwood IV, LP	Rockwood	private equity	2018	—	9.4%	1.12x	0.28x
Warburg Pincus Private Equity X LP	Warburg Pincus	growth equity	2007	—	9.4%	1.80x	1.76x
HarbourVest International PEP II - Partnership Fund, L.P.	HarbourVest Partners (Canada)	fund of funds	1995	—	9.4%	1.40x	1.44x
IC Berkeley Partners V	IC Berkeley Partners	real estate equity	2020	—	9.4%	1.29x	0.41x
Golden Tree Structured Products VII	GoldenTree Asset Management LP	direct lending	2021	—	9.4%	—	—
Tennenbaum Waterman Fund, L.P.	BlackRock	distressed debt	2012	—	9.4%	—	1.91x
Hamilton Lane Private Equity Fund VI, L.P.	Hamilton Lane	buyout	2007	—	9.4%	1.60x	—
FCO MA III, L.P. PE	FCO MA	buyout	2012	—	9.4%	1.45x	1.40x
Atalaya Asset Income Fund V LP	Atalaya Capital	direct lending	2021	—	9.4%	1.00x	0.21x
Boston Ventures VI, L.P.	Boston Ventures Management	venture capital	2000	—	9.4%	1.50x	1.50x
Primary Wave Music IP Fund 3, LP	Primary Venture	venture capital	2021	—	9.4%	1.21x	0.12x
Blackstone Tactical Opportunities Fund - C L.P.	The Blackstone Group	tactical	2012	—	9.4%	1.36x	1.34x
The Rise Fund LP	TPG	growth equity	2018	—	9.4%	1.44x	0.62x
The Rise Fund, L.P.	The Rise Fund	growth equity	2017	—	9.4%	1.43x	0.63x
Juniper Capital IV, L.P.	Juniper Capital	natural resources	2024	—	9.4%	1.08x	0.01x
Global Infrastructure Partners III	GIP	infrastructure	2016	—	9.4%	1.49x	0.98x
PSERS TAO Partners Parallel Fund, L.P. -(TAO 3.0)	PSERS TAO	tactical	2014	—	9.4%	1.22x	0.89x
Rockwood Capital Real Estate Partners Fund V, L.P.	Rockwood	real estate equity	2004	—	9.4%	1.27x	1.27x
RREEF I.M.A.	Rreef	real estate equity	2000	—	9.4%	2.02x	1.62x
Terra Frima Capital Partners III (Secondary)	Terra Firma	secondaries	2010	—	9.4%	1.19x	1.19x
Varde Fund XIV	The Varde	distressed debt	2022	—	9.4%	1.16x	0.08x
Charterhouse Capital Partners IX	Charterhouse Capital Partners	buyout	2008	—	9.4%	1.30x	1.34x
EIG Global Project Fund V LP	EIG Global Energy Partners	infrastructure	2020	—	9.4%	1.12x	0.60x
GCM Grosvenor NYCERS Emerging Manager Fund, L.P.	GCM Grosvenor	fund of funds	2008	—	9.4%	1.53x	1.24x
L2 Point Opportunities I	L2 Point Management	multi strategy	2022	—	9.4%	1.31x	0.19x
Newstone II	Newstone Capital Partners	buyout	2010	—	9.4%	1.24x	1.25x
Pathway Private Equity Fund Investors 10	Pathway Capital Management	fund of funds	2020	—	9.4%	1.29x	0.00x
Water Street Healthcare Partners, L.P.	Water Street Healthcare Partners	buyout	2005	—	9.4%	1.44x	1.44x
Bridgepoint Europe IV, L.P.7	Bridgepoint	co investment	2008	—	9.4%	1.59x	1.48x
North Sky Capital Venture Fund III, L.P.	North Sky	venture capital	2014	—	9.4%	1.26x	1.15x
EQT X USD SCSP	EQT	co investment	2022	—	9.4%	1.08x	0.06x
Crow Holdings Realty Partners VI, L.P.	Crow Holdings	real estate equity	2012	—	9.4%	1.37x	1.35x
Oaktree Real Estate Opportunities Fund V, L.P.	Oaktree	multi strategy	2012	—	9.4%	1.37x	1.55x
Owl Rock Capital Corporation	Owl Rock Capital	direct lending	2018	—	9.4%	1.49x	0.49x
AS Birch Grove Opportunities Fund, L.P. (fka Distressed Debt -	AS Birch Grove	multi strategy	2020	—	9.4%	1.12x	0.65x
Cinven Second Fund	Cinven	buyout	1998	—	9.4%	1.60x	1.62x
Orion Mine Finance (Delaware) Fund II LP	Orion	natural resources	2001	—	9.4%	1.86x	1.50x
Square 1 Venture 1	Square Mile	venture capital	2011	—	9.3%	—	—
Blue Owl Digital Infrastructure Fund II	Blue Owl Capital	infrastructure	2020	—	9.3%	1.29x	0.01x
Centerbridge Capital Partners V, L.P.	Centerbridge Partners, L.P.	buyout	2023	—	9.3%	1.10x	0.03x
Kelso Investment Associates VI, L.P.	Kelso	buyout	1998	—	9.3%	1.40x	1.40x

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).