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
Crow Holdings Realty Partners IV, L.P.	Crow Holdings	real estate equity	2006	—	1.6%	1.10x	1.10x
Stockbridge Value Fund IV, LP	Stockbridge Capital Group	real estate equity	2020	—	1.6%	1.05x	0.12x
Ares Special Situations Fund III, L.P.	Ares	special situations	2011	—	1.6%	1.06x	1.06x
PIMCO BRAVO Fund Onshore Feeder I	PIMCO Europe	fund of funds	2014	—	1.6%	1.02x	1.01x
RREEF Rio San Diego Plaza II	Rreef	real estate equity	2005	—	1.6%	1.18x	0.62x
Baring Vostok Private Equity Fund IV L.P. / Supplemental	Baring Vostok Capital Partners	growth equity	2007	—	1.6%	1.09x	1.08x
Clearwater Capital Partners Fund III, L.P.	Clearwater Capital Partners	buyout	2006	—	1.6%	1.11x	1.04x
New York/Fairview Emerging Managers (Tranche A), L.P.	Fairview Capital Partners	buyout	2004	—	1.6%	1.10x	1.08x
Crow Holdings Realty Partners IV-A, L.P.	Crow Holdings	real estate equity	2006	—	1.6%	1.10x	1.10x
GEM REALTY FUND V LP	Gem Realty	real estate equity	2013	—	1.6%	1.08x	0.88x
Invesco Real Estate Fund I, L.P.	Invesco	real estate equity	2005	—	1.5%	1.08x	1.08x
SSID CV Fund AB	Adelis	tactical	2022	—	1.5%	1.05x	0.00x
Fortress Investment Fund III PIK	Fortress Investment Group	co investment	2009	—	1.5%	5.00x	1.53x
GCM Grosvenor - NC Investment Fund	GCM Grosvenor	fund of funds	2008	—	1.5%	1.14x	0.34x
HIPEP VI-Emerging Markets Fund, L.P.	HIPEP	buyout	2009	—	1.5%	1.10x	0.78x
Apollo Credit Opportunities Fund III, LP	Apollo	multi strategy	2014	—	1.5%	1.04x	1.04x
Advent Latin American Private Equity Fund V, L.P.	Advent International	buyout	2010	—	1.5%	1.10x	0.90x
Bain Capital Ventures 2021	Bain Capital Ventures	venture capital	2020	—	1.5%	1.05x	0.00x
Carlyle Asia Growth Partners IV LP	Carlyle Group	growth equity	2008	—	1.5%	1.08x	0.98x
Bridgepoint Europe III	Bridgepoint	buyout	2005	—	1.5%	1.11x	1.11x
Rockpoint Growth and Income Real Estate Fund I, L.P.	Rockpoint	real estate equity	2014	—	1.5%	1.08x	0.74x
[OE] State of Connecticut US REIT	State Of Connecticut Us Reit	real estate equity	—	—	1.5%	1.04x	1.04x
State of Connecticut US REIT	State Of Connecticut Us Reit	real estate equity	2021	—	1.5%	1.04x	1.04x
Institutional Venture Partners VIII	IVP (Institutional Venture Partners)	buyout	1998	—	1.5%	1.07x	1.07x
Orion European Real Estate Fund IV, CV	Orion Capital Managers	real estate equity	2014	—	1.5%	1.07x	0.57x
Project Storm	—	buyout	2014	—	1.5%	1.13x	1.13x
Great Hill Part VIII	Great Hill Partners	buyout	2021	—	1.5%	—	—
Apollo - Private Equity	Apollo	direct lending	2023	—	1.5%	—	—
Levine Leichtman Private Capital Solutions II, L.P.4	Levine Leichtman	buyout	2012	—	1.5%	1.05x	1.05x
FCP Fund II	Fcp Realty	real estate equity	2011	—	1.5%	1.41x	1.00x
Hastings Equity Co-Investment	Hastings	co investment	2021	—	1.4%	1.06x	0.07x
ArcLight Energy Partners Fund V, L.P.	Arclight Energy	infrastructure	2011	—	1.4%	—	—
Abacus Multi-Family Partners V LP	Abacus Capital Group	real estate equity	—	—	1.4%	1.04x	0.24x
SPRINGBLUE B, L.P.	Springblue	tactical	2021	—	1.4%	1.04x	0.00x
WCA&S XI	WCAS	growth equity	—	—	1.4%	—	—
Khosla Ventures Seed, L.P.	Khosla Ventures	venture capital	2009	—	1.4%	1.18x	0.21x
KKR Lending Partners II L.P.	Kohlberg Kravis Roberts	direct lending	2015	—	1.4%	1.03x	1.02x
Blackstone Property Partners	The Blackstone Group	real estate equity	2014	—	1.4%	1.09x	0.15x
Advent Latin America Private Equity Fund V-H L.P.	Advent International	buyout	2010	—	1.4%	1.08x	0.58x
Mid Mrkt I	Lexington Partners	co investment	—	—	1.4%	—	—
Conn Greene Ventures LP	Conn Greene	venture capital	1993	—	1.4%	1.00x	1.00x
Tailwater Energy Fund III LP	Tailwater Capital	natural resources	2017	—	1.4%	1.06x	0.50x
AMERRA Agri Fund III, LP	Amerra Agri	direct lending	2016	—	1.4%	1.77x	1.67x
Accel-KKR Growth Capital Partners IV	Accel-KKR	growth equity	2022	—	1.4%	1.03x	0.00x
AEW Value Investors Asia III	AEW	buyout	2018	—	1.4%	1.07x	0.53x
BR Emerging REIT	—	real estate equity	2016	—	1.4%	1.09x	1.09x
WL Ross - Private Equity	WL Ross - Private	buyout	—	—	1.4%	—	—
North Star Investment Holdings LLC	North	infrastructure	2012	—	1.4%	—	—
KKR Real Estate Partners Europe II	Kohlberg Kravis Roberts	real estate equity	2019	—	1.3%	1.03x	0.27x
Vega Partners III	General Atlantic	buyout	1996	—	1.3%	1.10x	1.08x
Avenue Special Situations Fund VI	Avenue	special situations	2010	—	1.3%	1.06x	1.01x
Crv Select Fund I LP	Crv Select	venture capital	2021	—	1.3%	1.04x	0.00x
Levine Leichtman Private Capital Solutions II, L.P.	Levine Leichtman	buyout	2012	—	1.3%	1.00x	1.04x
Castle Harlan Partners III	Castle	buyout	1997	—	1.3%	1.05x	1.05x
Inflexion Partnership Capital Fund III (No. 1) Limited Partnership	Inflexion	buyout	2024	—	1.3%	1.00x	0.00x
Levin Leichtman Private Capital Solutions II, L.P.	Levine Leichtman	buyout	2012	—	1.3%	1.04x	1.04x
2015 Direct Venture/Growth Fund	—	growth equity	2015	—	1.3%	1.08x	0.23x
Centerbridge Special Credit Partners II, L.P.	Centerbridge Partners, L.P.	distressed debt	2012	—	1.3%	1.06x	1.05x
Blue Owl Capital Corporation III	Blue Owl Capital	real estate equity	2020	—	1.3%	—	1.28x
Avenue Asia Special Situations Fund IV, L.P.	Avenue	special situations	2006	—	1.3%	1.10x	1.06x
North Star Investment Co-Invest	North	infrastructure	2013	—	1.2%	—	—
Sequoia Capital China Seed Fund I	Sequoia Capital	venture capital	2018	—	1.2%	7.00x	0.00x
McCarthy Capital Fund VIII	McCarthy Capital	buyout	2023	—	1.2%	1.01x	0.02x
HongShan China Growth VI	HongShan Capital Group	growth equity	2020	—	1.2%	1.04x	0.01x
Fortress Investment Fund III, L.P.	Fortress Investment Group	co investment	2004	—	1.2%	1.10x	1.07x
Permira Susquehanna Opportunities - Credit	Permira	direct lending	2021	—	1.2%	1.00x	0.96x
L&B Realty Advisors KO Olina	L&B Realty Advisors KO Olina	real estate equity	2008	—	1.2%	1.10x	1.07x
Lubert-Adler Recovery and Enhancement Capital Fund	Lubert-Adler	real estate equity	2021	—	1.2%	1.03x	0.11x
SKM Equity Fund II	SKM	buyout	1997	—	1.2%	1.15x	1.15x
The SKM Equity Fund II, L.P.	SKM	buyout	1996	—	1.2%	1.16x	0.48x
Angeleno Investors III	Angeleno Group	venture capital	2009	—	1.2%	1.36x	1.00x
BTG Pactual Timberland	BTG Pactual	natural resources	2004	—	1.2%	1.16x	1.10x
DFJ Mercury Fund II, L.P.	Dfj Mercury	venture capital	2008	—	1.2%	1.10x	0.78x
Horizon Capital Fund 2013 A LP	Horizon Capital	private equity	2013	—	1.2%	1.06x	0.25x
Wayzata Opportunities Fund III	Wayzata Investment Partners	multi strategy	2012	—	1.2%	1.06x	1.05x
Enhanced Equity Fund, L.P.	Enhanced	buyout	2006	—	1.2%	1.07x	1.07x
Raine Partners III	Raine	buyout	2018	—	1.2%	1.05x	0.06x
Blackstone SP NCRASMA (Overage)	The Blackstone Group	infrastructure	2015	—	1.1%	—	—
Jade Real Assets Fund, L.P.	Jade	infrastructure	2014	—	1.1%	—	—
Fillmore West Fund, L.P.	Fillmore Capital	real estate equity	2008	—	1.1%	1.08x	1.08x
NCL Investments II, L.P. - RE Overflow Series	NCL Investments	multi strategy	2018	—	1.1%	1.79x	1.27x
NCL Investments II, L.P. - RE Series	NCL Investments	multi strategy	2018	—	1.1%	1.25x	0.60x
GSO Energy Partners - B LP	The Blackstone Group	natural resources	2013	—	1.1%	—	—
ArcLight Shore Co-Investments Holdings II, LLC	—	infrastructure	2013	—	1.1%	—	—
Hancock Timberland VIII, L.P.	Hancock Natural Resource Group	natural resources	2006	—	1.1%	1.15x	1.15x
Brighton Park Capital Fund II	Brighton Park Capital	growth equity	2022	—	1.1%	1.04x	0.18x
Carlyle Japan Partners II, L.P.	Carlyle Group	buyout	2006	—	1.1%	1.06x	1.05x
Encap Energy Capital Fund VIII	EnCap Energy Capital	natural resources	2010	—	1.1%	1.07x	1.03x
Riverstone Global Energy and Power Fund VI, L.P.	Riverstone Global Energy and Power	natural resources	2016	—	1.1%	1.04x	0.77x
DRA Growth and Income Master Fund XI, LLC	DRA Advisors	growth equity	2022	—	1.1%	1.01x	0.02x
EIG Energy Fund XV	EIG Global Energy Partners	natural resources	2010	—	1.1%	1.05x	1.03x
Blackstone SP NCRASMA	The Blackstone Group	infrastructure	2014	—	1.1%	—	—
Sequoia Capital India Seed Fund I	Sequoia Capital	venture capital	2019	—	1.1%	6.00x	0.00x
EIG Energy XV, L.P.	EIG Global Energy Partners	natural resources	2010	—	1.1%	1.05x	1.03x
Huff Alternative Fund 2	The Huff Companies	buyout	2000	—	1.1%	1.08x	0.82x
MTP Energy Opportunities Fund LP	Magnetar Capital	natural resources	2013	—	1.0%	—	—
North Texas Opportunity Fund 1	North Texas Opportunity Fund	multi strategy	2000	—	1.0%	1.09x	0.88x
Asl - Sof II	Asl	tactical	—	—	1.0%	—	—
NCL Investments, L.P. - RE Series	NCL Investments	infrastructure	2014	—	1.0%	—	—
Rizvi Opportunistic Equity Fund II	Rizvi Traverse Management	private equity	2010	—	1.0%	1.05x	0.95x

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).