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
Granite Global Ventures II, L.P.	—	private equity	2004	—	6.8%	1.70x	1.41x
Project Allegro	—	buyout	2022	—	6.8%	1.23x	0.00x
Project Angel	—	buyout	2022	—	6.8%	1.24x	0.00x
The Energy & Minerals Group Fund V Accordion, LP	The Energy & Minerals Group	natural resources	2019	—	6.8%	1.41x	0.12x
Tiger Iron Special Opportunities Fund II LP	Tiger Iron Capital	special situations	2019	—	6.8%	1.28x	0.04x
US Eagle Real Estate Feeder 1, L.P.	US Eagle	real estate equity	2013	—	6.8%	1.85x	0.36x
Ind Vent - Tech Buyout	IND VENT	buyout	—	—	6.8%	—	—
CVI Global Value Fund, L.P.	CarVal Investors	buyout	2007	—	6.8%	1.52x	1.52x
CVC European Equity Partners Tandem Fund	CVC	buyout	2007	—	6.7%	1.35x	1.35x
CVC European Equity Partners Tandem Fund Corporate Finance	CVC	buyout	2007	—	6.7%	1.35x	1.35x
KKR NYC CREDIT C LP	Kohlberg Kravis Roberts	direct lending	—	—	6.7%	1.22x	0.14x
Affinity Asia Pacific Fund V (NO.2) L.P.	Affinity Equity Partners	buyout	2018	—	6.7%	1.19x	0.29x
Pantheon USA Fund VI	Pantheon Ventures	fund of funds	2004	—	6.7%	1.54x	0.02x
Pantheon USA VI	Pantheon Ventures	fund of funds	2004	—	6.7%	1.54x	1.53x
Sherpa Healthcare Fund I	Sherpa Healthcare Partners	buyout	2019	—	6.7%	1.33x	0.15x
Commonfund	Commonfund	venture capital	2013	—	6.7%	1.51x	0.98x
Apollo European Principal Finance Fund II (Dollar A), L.P.	Apollo	distressed debt	2012	—	6.7%	1.19x	1.17x
TrueBridge Capital FSA II LLC	TrueBridge Capital Partners	fund of funds	2020	—	6.7%	1.26x	0.00x
HarbourVest Partners VII	HarbourVest Partners (Canada)	growth equity	2003	—	6.7%	1.60x	1.60x
Blkrk Tcp - Energy Opp	BLKRK TCP - ENERGY OPP	natural resources	—	—	6.7%	—	—
FP Intl 2015	FP Intl	tactical	2015	—	6.7%	1.37x	0.65x
SBAF Mortgage Fund Holding LLC (A.K.A. Principal RE Debt)	SBAF Mortgage	real estate debt	2009	—	6.7%	1.15x	1.03x
TCW Direct Lending LLC	TCW Direct Lending LLC	direct lending	2014	—	6.7%	1.24x	1.10x
Energy Spectrum Partners VI, L.P.	Energy Spectrum Capital	natural resources	2010	—	6.7%	1.27x	1.25x
EnerVest Energy Institutional Fund XIV-A LP	EnerVest	natural resources	2015	—	6.7%	1.33x	1.17x
Orion European Real Estate Fund V	Orion Capital Managers	real estate equity	2018	—	6.7%	1.26x	0.44x
Castlelake IV, L.P.	Castlelake Pte. Ltd.	buyout	2015	—	6.7%	1.51x	1.02x
Abbott Capital Private Equity Fund V, L.P.	Abbott	fund of funds	2005	—	6.7%	1.46x	1.46x
FountainVest China Growth Capital Fund, L.P.	FountainVest Partners	growth equity	2008	—	6.7%	1.40x	1.36x
HPS Cardinal Fund LP Series A	HPS Investment Partners, LLC	direct lending	2016	—	6.7%	1.32x	0.09x
M2 Connecticut Emerging Private Equity Fund-of-Funds, L.P.	M2 - Connecticut Emerging Private	fund of funds	2008	—	6.6%	1.40x	1.30x
Lake Ontario Fund, L.P.	Onex	buyout	2024	—	6.6%	1.04x	0.00x
Asl - Eu Strat Ptnr '08	Asl	tactical	—	—	6.6%	—	—
Equistone Partners Europe Fund V "D" L.P	Equistone Partners Europe	buyout	2015	—	6.6%	1.40x	1.13x
BDC IV D LP	BDC	buyout	2021	—	6.6%	1.13x	0.00x
Berkshire Fund X, L.P.	Berkshire	buyout	—	—	6.6%	1.10x	0.42x
Sig Guff - Dist Opp III	SIG GUFF - DIST OPP	tactical	—	—	6.6%	—	—
Juniperus Insurance Opportunity Fund Limited	Juniper	multi strategy	2018	—	6.6%	1.26x	—
Abbott Private Equity Fund V, L.P.	Abbott	fund of funds	2005	—	6.6%	1.40x	1.40x
DCP Capital Partners II LP	DCP Capital	buyout	2022	—	6.6%	1.11x	0.08x
Jackson Timberland Opportunities LLC	Jackson Timberland	multi strategy	2012	—	6.6%	1.74x	0.55x
L&B Realty Advisors Kings Harbor	L&B Realty Advisors KO Olina	real estate equity	2006	—	6.6%	1.50x	1.49x
Trilantic Capital Partners VI (North America) L.P.	Trilantic	buyout	2019	—	6.6%	1.25x	0.31x
(NIC) Wisteria Fund II Cayman LP	Wisteria Investments	buyout	2021	—	6.6%	1.14x	0.01x
Audax Credit Opportunities (SBA) LLC	Audax Group	multi strategy	2010	—	6.6%	2.31x	0.19x
Falconhead Capital Partners II	Falconhead Capital	buyout	2006	—	6.6%	1.56x	1.56x
JPMCB Strategic Property Fund	J.P. Morgan Asset Management	real estate equity	2005	—	6.6%	1.33x	0.58x
Mesa West Core Lending Fund AC	Mesa West Capital	direct lending	2013	—	6.6%	1.43x	0.42x
PCG Special Situation Fund, L.P.	PCG Asset Management	special situations	2007	—	6.6%	1.57x	1.57x
PCG Special Situation Partners LP	PCG Asset Management	special situations	2003	—	6.6%	1.57x	1.57x
Roundtable Healthcare Partners III, LP	RoundTable Healthcare Partners	private equity	2010	—	6.6%	1.24x	0.19x
The Energy & Minerals Group Fund IV, LP	The Energy & Minerals Group	natural resources	2015	—	6.6%	1.41x	0.66x
BLUERUN VENTURES, L.P.	BlueRun Ventures	—	—	—	6.6%	1.39x	0.85x
Landmark Real Asset SMA, L.P.	Landmark Partners	real estate equity	2014	—	6.6%	1.16x	—
Global Credit Opportunities Fund, L.P.	GKC	multi strategy	—	—	6.6%	1.45x	1.22x
Crayhill Principal Strategies Fund III, L.P.	Crayhill Capital Management	private credit	2024	—	6.6%	1.05x	0.04x
Navis Asia Fund V, L.P.	Navis Asia	buyout	2007	—	6.5%	1.56x	1.44x
S.W. Pelham Fund II, LP	S.W. Pelham	buyout	2003	—	6.5%	1.20x	1.20x
Providence Equity Partners VI	Providence	buyout	2007	—	6.5%	1.40x	1.40x
KKR Mezzanine Partners	Kohlberg Kravis Roberts	mezzanine	2010	—	6.5%	1.46x	0.01x
Blackstone Communications Partners I L.P.	The Blackstone Group	buyout	2000	—	6.5%	1.25x	1.25x
Angelo Gordon Net Lease IV	Angelo Gordon	direct lending	2020	—	6.5%	1.25x	0.29x
Westbrook Real Estate Fund IX RE	Westbrook Partners	real estate equity	2014	—	6.5%	1.17x	0.96x
BlackRock Middle Market Senior Fund	BlackRock	direct lending	2018	—	6.5%	1.33x	1.26x
AEW Core Property	AEW	real estate equity	—	—	6.5%	1.78x	0.55x
Colony Distressed Credit Fund III	Colony Distressed	distressed debt	2007	—	6.5%	1.25x	1.03x
Global Infrastructure Partners IV	GIP	infrastructure	2018	—	6.5%	1.20x	0.19x
Parthenon Investors	Parthenon	buyout	1999	—	6.5%	1.38x	1.38x
Pine Brook Capital Partners	Pine Brook	buyout	2007	—	6.5%	1.27x	1.27x
Stonetree IV	Stonetree	tactical	2012	—	6.5%	1.46x	0.46x
Waterton Precious Metals Fund II Cayman, L.P.	Waterton Precious Metals	venture capital	2013	—	6.5%	1.37x	1.05x
NB Strategic Co Investment II	Neuberger Berman	co investment	2012	—	6.5%	1.25x	1.25x
PAINE & PARTNERS CAPITAL FUND IV LP	Paine & Partners	buyout	2015	—	6.5%	1.41x	0.50x
Neuberger Berman Secondary Opportunities Fund, L.P.	Neuberger Berman	secondaries	2005	—	6.5%	—	1.32x
StepStone Pioneer Capital Europe	Stepstone Group	buyout	2006	—	6.5%	1.44x	1.42x
Starwood Debt Fund II, LP	Starwood Capital Group	real estate debt	2008	—	6.5%	1.25x	1.25x
Global Infrastructure Partners IV-A/B	GIP	infrastructure	2018	—	6.5%	1.27x	0.16x
Morgan Stanley Prime Property Fund	Morgan Stanley	real estate equity	2005	—	6.4%	1.77x	0.23x
Blue Owl First Lien II	Blue Owl Capital	direct lending	2021	—	6.4%	—	—
Highland Capital Partners VII, L.P.	Highland Capital Partners	buyout	2006	—	6.4%	1.60x	1.53x
Real Assets	REAL ASSETS	real estate equity	—	—	6.4%	—	—
POINT 406 VENTURES I, L.P.	.406 Ventures	—	—	—	6.4%	1.57x	1.36x
Westbrook Real Estate Fund XI	Westbrook Partners	real estate equity	2019	—	6.4%	1.11x	0.50x
H.I.G. Bayside Loan Fund II PE	H.I.G. Capital	growth equity	2010	—	6.4%	1.29x	1.21x
Coastline Fund, L.P.	Coastline	buyout	2003	—	6.4%	1.25x	1.08x
Colony Distressed Credit and Special Situations Fund III LP	Colony Distressed	special situations	2013	—	6.4%	1.27x	1.24x
Energy Capital Credit Solutions II-A	Energy	direct lending	2018	—	6.4%	1.15x	0.79x
Equistone Partners Europe Fund V E, L.P.	Equistone Partners Europe	buyout	2015	—	6.4%	1.38x	1.12x
Green Cities II, L.P.	Green Cities	real estate equity	2012	—	6.4%	1.29x	1.29x
Lyrical-OTRS IV	Lyrical Partners	tactical	2014	—	6.4%	1.64x	0.61x
Pinnacle Natural Resources Offshore Ltd.	Pinnacle Natural Resources	natural resources	2008	—	6.4%	1.64x	0.00x
Bain Capital Fund IX, L.P.	Bain Capital	co investment	2006	—	6.4%	1.54x	1.54x
AG Direct Lending Fund III (Unlevered), L.P.	Angelo Gordon	direct lending	—	—	6.4%	1.28x	1.10x
New Enterprise Associates 12, L.P.	New Enterprise Associates (NEA)	venture capital	2006	—	6.4%	1.40x	1.39x
Blkrk Tcp - Opp Fund V	BLKRK TCP - OPP	tactical	—	—	6.4%	—	—
Lone Star Real Estate Fund IV	Lone Star Japan Acquisitions	real estate equity	2015	—	6.3%	1.16x	0.87x
LAV Biosciences Fund V, L.P.	Lilly Asia Ventures	venture capital	2019	—	6.3%	1.29x	0.37x
Mobius Technology Ventures Side Fund VI, L.P.	Mobius Venture Capital	venture capital	2003	—	6.3%	1.50x	1.48x
Lee Equity Partners, L.P.	Lee Equity Partners	co investment	2008	—	6.3%	1.22x	—
TCV XI	TCV	venture capital	2021	—	6.3%	1.20x	—

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).