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
| Fund | Manager | Strategy | Vintage | Committed | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|---|---|
| Terra Firma Capital Partners III | Terra Firma Capital Partners | buyout | 2006 | — | -10.1% | 0.43x | 0.43x |
| Ashmore Global Special Situations Fund IV 3 | Ashmore Group | special situations | 2007 | — | -10.1% | 0.57x | 0.54x |
| OpenView Venture Partners VI LP | OpenView Venture Partners | venture capital | 2020 | — | -10.2% | 0.68x | 0.13x |
| J.C. Flowers Fund II | Jc Flowers | private equity | 2006 | — | -10.2% | 0.45x | 0.45x |
| J.C. Flowers II, L.P. | Jc Flowers | buyout | 2006 | — | -10.2% | 0.45x | 0.45x |
| Strategic Credit Opportunities Phase II | Strategic | multi strategy | 2019 | — | -10.2% | — | — |
| Thomas, McNerney & Partners, L.P. | Thomas, McNerney & Partners | buyout | 2002 | — | -10.3% | 0.54x | 0.53x |
| FountainVest Partners Fund IV | FountainVest Partners | buyout | 2021 | — | -10.3% | 0.76x | 0.00x |
| Shasta Ventures IV, L.P. | Shasta Ventures | venture capital | 2014 | — | -10.4% | 0.47x | 0.14x |
| FountainVest Capital Partners Fund IV, L.P. | FountainVest Partners | buyout | 2021 | — | -10.4% | 0.70x | 0.00x |
| Canyon-Johnson Urban Fund II, L.P. | Canyon Capital Realty Advisors | real estate equity | 2005 | — | -10.4% | 0.45x | 0.45x |
| Investor India Realty Fund II, LLC | Investor India Realty | real estate equity | 2008 | — | -10.5% | 0.51x | 0.51x |
| AFIG Fund II | AFIG | buyout | 2020 | — | -10.6% | 0.93x | 0.33x |
| Insight Vision Capital II L.P. | Insight Partners | growth equity | 2022 | — | -10.6% | 0.85x | 0.02x |
| W Capital Partners | W Capital Partners | venture capital | 2004 | — | -10.6% | 0.74x | 0.74x |
| Apax Partners Europe VII | Apax | buyout | — | — | -10.6% | — | — |
| BCI Growth V | BCI | growth equity | 1999 | — | -10.8% | 0.47x | 0.47x |
| Pine Brook Capital Partners II | Pine Brook | buyout | 2012 | — | -10.8% | 0.70x | 0.70x |
| Relativity Fund | Relativity | buyout | 2008 | — | -10.8% | 0.50x | 0.50x |
| Jungle Ventures Fund V, L.P. | Jungle Ventures | venture capital | 2024 | — | -10.8% | 0.89x | 0.00x |
| Thomas, McNerney & Partners I, L.P. | Thomas, McNerney & Partners | buyout | 2002 | — | -10.9% | 0.53x | 0.53x |
| J.H. Whitney IV | J.H. Whitney | buyout | 1999 | — | -10.9% | 0.42x | 0.42x |
| LEM Multifamily Fund VI, L.P. | LEM Multifamily | real estate equity | 2021 | — | -10.9% | 0.80x | 0.01x |
| Ulu Ventures Fund III | Ulu Ventures | venture capital | 2020 | — | -11.0% | 0.68x | 0.00x |
| Rubicon First Ascent | Rubicon Technology | real estate equity | 2021 | — | -11.0% | 0.85x | 0.00x |
| Vistria Fund V, L.P. | Vistria | buyout | 2022 | — | -11.0% | 0.91x | 0.01x |
| Blackrock Global Renewable Power Infrastructure Fund III (D), L.P. | BlackRock | infrastructure | 2020 | — | -11.1% | 0.81x | 0.03x |
| HONGSHAN CAPITAL SEED FUND III LP | HongShan Capital Group | venture capital | 2022 | — | -11.1% | 0.85x | 0.00x |
| Frazier Healthcare III, L.P. | Frazier Healthcare Partners | buyout | 1998 | — | -11.1% | 0.50x | 0.47x |
| Olympus Capital Asia III | Olympus Partners | buyout | 2007 | — | -11.2% | 0.60x | 0.60x |
| IMR LTD Partnership | IMR LTD Partnership | tactical | 1992 | — | -11.2% | 0.80x | 0.80x |
| HONGSHAN CAPITAL VENTURE FUND IX LP | HongShan Capital Group | venture capital | 2022 | — | -11.2% | 0.87x | 0.00x |
| Reservoir Capital | RESERVOIR | buyout | — | — | -11.3% | — | — |
| Reverence Capital Partners Opportunities Fund V, L | Reverence Capital Partners | buyout | 2022 | — | -11.4% | 0.90x | 0.00x |
| Richardson Capital Private Equity Limited Partnership No.2A, 2B and 2C | Richardson Capital | buyout | 2006 | — | -11.4% | 0.53x | 0.53x |
| Palomar Ventures III L.P. | Palomar Ventures | private equity | 2004 | — | -11.5% | 0.56x | 0.56x |
| American Industrial Partners Capital Fund II | American Industrial Partners | buyout | 1995 | — | -11.6% | 0.70x | 0.73x |
| Sankaty Credit Opportunities V-E | Sankaty | multi strategy | 2012 | — | -11.7% | 0.84x | 0.84x |
| FCP Realty V | Fcp Realty | real estate equity | 2021 | — | -11.8% | 0.74x | — |
| HM 2006 Sector Performance Fund | HM Capital Partners | multi strategy | 2007 | — | -12.0% | 0.70x | 0.70x |
| BlackRock Global Renewable Power Infrastructure III | BlackRock | infrastructure | 2019 | — | -12.1% | 0.71x | 0.06x |
| Rockwood Capital RE Partners XI | Rockwood | real estate equity | 2019 | — | -12.1% | 0.65x | 0.09x |
| Silverpeak Legacy Pension Partners III, L.P. | Silver | real estate equity | 2008 | — | -12.1% | 0.28x | 0.25x |
| Green Cities III, L.P. | Green Cities | real estate equity | 2015 | — | -12.1% | 0.53x | 0.31x |
| Asia Alternatives FL Investor IV, LP | Asia Alternatives Management | buyout | 2024 | — | -12.2% | 0.90x | 0.00x |
| Castile Ventures III | Castile Ventures | venture capital | 2006 | — | -12.2% | 0.50x | 0.28x |
| OpCapita Consumer Opportunities Fund II LP | OpCapita | multi strategy | 2016 | — | -12.2% | 0.55x | 0.16x |
| Affinity Ventures V, L.P. | Affinity Equity Partners | venture capital | 2008 | — | -12.3% | 0.47x | 0.41x |
| Hearthstone Project Holdings | Hearthstone Project Holdings | multi strategy | 2005 | — | -12.3% | 0.30x | 0.28x |
| NOAL | — | buyout | 2017 | — | -12.3% | 0.62x | 0.14x |
| PCG Clean Energy & Technology Fund (East) | PCG Asset Management | venture capital | 2008 | — | -12.3% | 0.35x | 0.35x |
| PCG Clean Energy & Technology Fund (East), LLC | PCG Asset Management | natural resources | 2007 | — | -12.3% | 0.35x | 0.35x |
| SDC Digital Infrastructure Opportunity Fund IV, L.P. | SDC Capital Partners | multi strategy | — | — | -12.3% | 1.08x | 0.31x |
| VantagePoint Venture Partners 2006 | VantagePoint Capital Partners | venture capital | 2006 | — | -12.5% | 0.33x | 0.33x |
| Lime Rock Partners III, L.P. | Lime Rock Partners | buyout | 2004 | — | -12.5% | 0.53x | 0.49x |
| DivcoWest Fund V, LP | Divco West | real estate equity | 2017 | — | -12.5% | 0.61x | 0.29x |
| Giza Venture Fund IV | Giza Venture | venture capital | 2006 | — | -12.6% | 0.42x | 0.42x |
| Galton Onshore Mortgage Recovery Fund IV, L.P. | Galton Onshore Mortgage Recovery | distressed debt | 2017 | — | -12.7% | 0.50x | 0.22x |
| H&F Spock 1, L.P. | Hellman & Friedman | co investment | 2024 | — | -12.9% | 0.81x | 0.00x |
| C-III Capital Partners LLC | C-Iii | buyout | 2010 | — | -12.9% | 0.53x | 0.53x |
| TA XV, L.P. | TA Associates | growth equity | 2025 | — | -13.1% | 0.91x | 0.00x |
| TA Associates XV LP | TA Associates | growth equity | 2025 | — | -13.1% | 0.87x | — |
| Westport Senior Living Investment Fund, L.P. | Westport Senior Living | real estate equity | 1998 | — | -13.2% | 0.60x | 0.60x |
| ACM Permanent Crops II | Agriculture Capital Management | natural resources | 2016 | — | -13.2% | 0.52x | 0.21x |
| The Paragon Fund IV GmbH & Co. KG | Paragon Partners | buyout | 2023 | — | -13.2% | 0.96x | 0.00x |
| De Novo Ventures II, L.P | De Novo Ventures | private equity | 2003 | — | -13.3% | 0.40x | 0.40x |
| De Novo Ventures II | De Novo Ventures | private equity | 2003 | — | -13.3% | 0.40x | 0.40x |
| Oxford Bioscience Partners III, L.P | Oxford Bioscience Partners | private equity | 1999 | — | -13.4% | 0.38x | 0.38x |
| Heathstone Project Holdings | — | multi strategy | 2005 | — | -13.4% | 0.28x | 0.28x |
| Oxford Bioscience Partners III | Oxford Bioscience Partners | private equity | 1999 | — | -13.4% | 0.38x | 0.38x |
| Pioneer Ventures Associates LP | Pioneer Ventures Associates Lp | infrastructure | 1998 | — | -13.5% | 0.40x | 0.40x |
| Falfurrias Growth Partners I | Falfurrias | growth equity | 2023 | — | -13.5% | — | — |
| TSG Capital Fund III LP | TSG | buyout | 1998 | — | -13.5% | 0.60x | 0.57x |
| Whitman Peterson Fund V | Whitman Peterson | buyout | 2024 | — | -13.5% | 0.89x | 0.00x |
| GCM Grosvenor CT Cleantech Opportunities Fund LP | GCM Grosvenor | multi strategy | 2007 | — | -13.5% | 0.40x | 0.40x |
| Appian Natural Resource (UST) Fund III LP | Appian Capital Advisory | natural resources | — | — | -13.6% | 0.91x | 0.03x |
| Innovation Endeavors V LP | Innovation Endeavors | venture capital | 2023 | — | -13.7% | 0.87x | 0.00x |
| Colony Realty Partners II, L.P. | Colony Distressed | real estate equity | 2007 | — | -13.7% | 0.26x | 0.26x |
| 5 Merit Energy Partners H, LP | Merit Energy Company | natural resources | 2010 | — | -13.7% | 0.69x | 0.12x |
| Innovation Alpha V L.P. | Integral | buyout | 2024 | — | -13.8% | 0.91x | 0.00x |
| STG VII, L.P. | Stg | buyout | 2023 | — | -13.8% | 0.88x | 0.00x |
| Ascentris Value Add Fund III LP | Ascentris | real estate equity | 2019 | — | -13.8% | 0.69x | 0.06x |
| TriCon Capital Fund VII | Tricon Capital | real estate equity | 2005 | — | -13.8% | 0.36x | 0.36x |
| Tri Continental Capital VII | Tri Continental Capital | fund of funds | 2009 | — | -13.9% | 0.17x | 0.16x |
| SCP Vitalife Partners Il Fund | SCP Vitalife Partners | buyout | 2007 | — | -14.0% | 0.14x | 0.00x |
| Paladin Homeland Security Fund (NY City) | Paladin Capital Group | buyout | 2004 | — | -14.2% | 0.38x | 0.38x |
| SCP Vitalife Partners II Fund | SCP Vitalife Partners | growth equity | 2007 | — | -14.2% | 0.14x | 0.00x |
| ACM Fund II Llc | Acm | natural resources | 2016 | — | -14.2% | 0.51x | 0.16x |
| Paladin Homeland Security Fund (NY), L.P | Paladin Capital Group | buyout | 2004 | — | -14.2% | 0.38x | — |
| Shamrock Capital Content Fund III, L.P. | Shamrock Capital | growth equity | 2022 | — | -14.4% | 0.89x | 0.02x |
| Clyde Blowers Capital Fund III | Clyde Blowers Capital | buyout | 2012 | — | -14.4% | 0.76x | 0.76x |
| Project Lion | — | growth equity | 2017 | — | -14.4% | 0.55x | 0.25x |
| Energy Capital Partners I, L.P. | Energy | infrastructure | 2006 | — | -14.7% | 0.55x | 0.55x |
| Ulu Ventures Fund IV | Ulu Ventures | venture capital | 2023 | — | -14.8% | 0.86x | 0.00x |
| Technology Partners Fund VI, L.P. | Technology Impact | growth equity | 1998 | — | -14.8% | 0.52x | 0.52x |
| Lone Star Opportunities V | Lone Star Japan Acquisitions | multi strategy | 2012 | — | -14.8% | 0.30x | 0.10x |
| M&G Real Estate Debt Fund II | M&G | real estate debt | 2013 | — | -15.0% | 0.80x | 0.79x |
| M&GReal Estate Debt Fund II | M&G | real estate debt | 2013 | — | -15.0% | 0.80x | 0.79x |
| S.W. Pelham Fund, LP | S.W. Pelham | buyout | 1998 | — | -15.0% | 0.40x | 0.40x |
| Coral's 2007 Institutional Momentum Fund | Coral's 2007 Institutional Momentum | tactical | 2008 | — | -15.1% | 0.38x | 0.38x |
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).