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 |
|---|---|---|---|---|---|---|---|
| Perseus 2000 Expansion Fund, L.L.C. | Perseus | private equity | 2004 | — | -15.1% | 0.50x | 0.28x |
| Constitution Fund V, LLC Series D | Constitution | buyout | 2019 | — | -15.2% | 0.50x | 0.00x |
| ECI 12 | ECI | tactical | 2024 | — | -15.2% | 0.84x | 0.00x |
| Graycliff Private Equity Partners V | Graycliff Partners | buyout | 2025 | — | -15.4% | 0.90x | 0.00x |
| Hudson Clean Energy Partners | Hudson Clean Energy Partners | natural resources | 2009 | — | -15.4% | 0.42x | 0.15x |
| Blue Sage Capital IV, L.P. | Blue Sage Capital | buyout | 2024 | — | -15.6% | 0.84x | 0.00x |
| OVP Venture Partners VI, L.P. | OVP Venture Partners | venture capital | 2001 | — | -15.6% | 0.30x | 0.28x |
| Crestview Partners III (Co-Investment B), L.P. | Crestview Partners | buyout | 2014 | — | -15.7% | 0.31x | 0.31x |
| Strategic Credit Opportunities | Strategic | multi strategy | 2019 | — | -16.0% | — | — |
| Sentient Global Resources Fund IV, L.P. | Sentient Global Resources | buyout | 2011 | — | -16.0% | 0.40x | 0.10x |
| Barings Lake P&F Real Estate | Barings | real estate equity | 2010 | — | -16.3% | 0.20x | 0.23x |
| MacFarlane Urban Real Estate Fund II, L.P. | Macfarlane Urban | real estate equity | 2006 | — | -16.5% | 0.27x | 0.27x |
| Olympic Venture Partners V | OVP Venture Partners | venture capital | 2000 | — | -16.7% | 0.27x | 0.27x |
| Crestview II | Crestview Partners | buyout | 2013 | — | -16.8% | — | — |
| BlackFinFinancial Services Fund IV | BlackFin Capital Partners | private equity | 2024 | — | -17.0% | 0.86x | 0.00x |
| Sequoia Capital Franchise Fund | Sequoia Capital | venture capital | 1999 | — | -17.0% | 0.71x | 0.37x |
| Stellex Capital Partners III | Stellex Capital Management | buyout | 2024 | — | -17.1% | 0.89x | 0.06x |
| Merit Energy Partners F-I | Merit Energy Company | natural resources | 2006 | — | -17.2% | 0.40x | 0.43x |
| VantagePoint Cleantech Partners II | VantagePoint Capital Partners | venture capital | 2008 | — | -17.4% | 0.24x | 0.24x |
| PSG VI L.P. | PSG Equity | growth equity | 2023 | — | -17.5% | 1.00x | 0.20x |
| Kleiner Perkins Caufield & Byers X-A, L.P. | Kleiner Perkins | private equity | 2000 | — | -17.5% | 0.59x | 0.00x |
| SCP Vitalife Partners II, L.P. | SCP Vitalife Partners | venture capital | 2007 | — | -17.7% | 0.07x | 0.07x |
| HighBAR Partners II, L.P. | HighBar Partners | buyout | 2009 | — | -17.9% | 0.40x | 0.40x |
| Cendana Sandstorm, LP | CENDANA LONGHORNS LP | tactical | 2024 | — | -18.0% | — | — |
| First Reserve Fund XII | First Reserve Corporation | buyout | 2008 | — | -18.0% | 0.52x | 0.52x |
| First Reserve Fund XII LP | First Reserve Corporation | natural resources | 2008 | — | -18.0% | 0.52x | 0.52x |
| TrueBridge Capital Partners Fund VIII (Parallel), L.P. | TrueBridge Capital Partners | fund of funds | 2023 | — | -18.1% | 0.87x | 0.00x |
| Versa Capital Fund II, L.P. | Versa Capital Management | buyout | 2008 | — | -18.3% | 0.50x | 0.45x |
| Windjammer Capital Fund VI | Windjammer Capital | buyout | 2023 | — | -18.5% | 0.75x | 0.00x |
| Aldus/New York Fire Fund, L.P. | Aldus Equity | buyout | 2005 | — | -18.5% | 0.09x | — |
| EnerVest Energy Institutional Fund XII-A LP | EnerVest | natural resources | 2010 | — | -18.6% | 0.64x | 0.63x |
| Leeds Equity Partners VIII, L.P. | Leeds | buyout | 2024 | — | -18.6% | 0.81x | 0.00x |
| CalPERS Clean Energy & Technology Fund, LLC | CalPERS Clean Energy & Technology | venture capital | 2007 | — | -18.7% | 0.29x | 0.28x |
| Pioneer Infrastructure Partners II SCSp | Pioneer Infrastructure | infrastructure | — | — | -18.7% | 1.04x | 0.43x |
| Sunstone Partners III | Sunstone Capital | venture capital | 2022 | — | -18.8% | 0.83x | 0.00x |
| Craton Equity Investors II, L.P. | Craton | buyout | 2012 | — | -19.1% | 0.26x | 0.26x |
| The Column Group Fund V | The Column Group | venture capital | 2022 | — | -19.1% | 0.77x | 0.00x |
| Square Mile Partners II, L.P. | Square Mile Capital Management | real estate equity | 2007 | — | -19.1% | 0.27x | 0.27x |
| Horsley Bridge Venture 15, L.P. | HORSLEY BRIDGE VENTURE | venture capital | 2024 | — | -19.2% | — | — |
| Global Infrastructure Partners Sonic | GIP | infrastructure | 2020 | — | -19.2% | 0.37x | — |
| Liberty Partners Pool IV | Liberty | buyout | 1998 | — | -19.2% | 0.67x | 0.67x |
| Green Cities IV, L.P. | Green Cities | real estate equity | 2018 | — | -19.2% | 0.54x | 0.03x |
| Rubenstein Properties Fund II, L.P. | Rubenstein Partners | real estate equity | — | — | -19.3% | 0.91x | 0.83x |
| Project Danube | — | buyout | 2015 | — | -19.5% | 0.19x | 0.00x |
| Barings Lake Luciana | Barings | multi strategy | 2006 | — | -19.7% | 0.20x | 0.19x |
| EnerVest Energy Institutional Fund XII, Ltd | EnerVest | natural resources | 2012 | — | -19.7% | 0.64x | 0.63x |
| RiverGlade Capital II, L.P. | RiverGlade | buyout | — | — | -19.7% | 0.79x | — |
| Sofinnova Venture Partners VI | Sofinnova Ventures | venture capital | 1999 | — | -19.8% | 0.10x | 0.15x |
| Venture Strategy Partners III | Venture First | venture capital | 2004 | — | -19.8% | 0.84x | 0.84x |
| Project Pathway | — | buyout | 2020 | — | -19.8% | 0.30x | 0.00x |
| Alphi Capital I, L.P. | Alphi Capital | buyout | 2023 | — | -20.0% | 0.80x | 0.00x |
| Pharos Capital Partners III, LP | Pharos Capital Group | buyout | 2012 | — | -20.0% | 0.70x | 0.71x |
| CDK Southern Cross | CDK Southern Cross | multi strategy | 2008 | — | -20.1% | 0.00x | 0.00x |
| Connecticut Financial Development, LP | Connecticut | buyout | 1993 | — | -20.1% | 0.20x | 0.20x |
| Ascribe Opportunities Fund III, L.P. | Ascribe | multi strategy | 2014 | — | -20.2% | 0.85x | 0.85x |
| Lone Star Growth Capital | Lone Star Japan Acquisitions | growth equity | 2006 | — | -20.5% | 0.60x | 0.64x |
| Arsenal Capital Partners Growth | Arsenal | growth equity | 2021 | — | -20.6% | 0.73x | 0.30x |
| CLP 2014 | CLP 2014 (fka Perseus | buyout | 2006 | — | -20.7% | 0.39x | 0.39x |
| CLP 2014 (fka Perseus VII) | CLP 2014 (fka Perseus | buyout | 2006 | — | -20.7% | 0.38x | — |
| GCOF III Co-Invest (TC), L.P. | GCOF | buyout | 2021 | — | -20.8% | 0.61x | 0.00x |
| LightBay Investment Partners II | LightBay | buyout | 2021 | — | -21.4% | 0.85x | 0.00x |
| Forstmann Little Equity Partnership VI, L.P. | Forstmann Little | buyout | 2000 | — | -21.6% | 0.30x | 0.30x |
| Enhanced Equity Fund II, L.P. | Enhanced | buyout | 2010 | — | -21.6% | 0.55x | 0.55x |
| Pearl Energy Investment IV, L.P. | PEARL ENERGY INVESTMENTS | natural resources | — | — | -21.9% | 0.88x | — |
| Sungate | Sun Capital | buyout | 2005 | — | -22.3% | 0.00x | 0.05x |
| Gordon+Morris Investment Partnership | Gordon+Morris | tactical | 1994 | — | -22.6% | 0.40x | 0.42x |
| Project Dolphin (HGGC I) | Project Dolphin (HGGC | buyout | 2002 | — | -22.9% | 0.30x | 0.30x |
| Longroad Capital Partners III, L.P. | Longroad | buyout | 2009 | — | -23.1% | 0.51x | 0.51x |
| DCVC | Dcvc Bio | venture capital | 2024 | — | -23.1% | 0.88x | 0.06x |
| M/C Partners IX | Mc Credit | venture capital | 2024 | — | -23.1% | 0.77x | 0.00x |
| Kleiner Perkins Caufield & Byers IX-A | Kleiner Perkins | private equity | 1999 | — | -23.3% | 0.40x | 0.00x |
| Heritage Fund III, L.P. | Heritage | buyout | 1999 | — | -23.5% | 0.50x | 0.48x |
| Nogales Investors Fund II, L.P. | General Atlantic | buyout | 2006 | — | -24.1% | 0.10x | 0.10x |
| SIF-Ascension LP | SVB | fund of funds | 2021 | — | -24.2% | 0.77x | 0.00x |
| Hudson Clean Energy | Hudson Clean Energy Partners | natural resources | 2009 | — | -24.2% | 0.20x | 0.22x |
| H.I.G. Middle Market LBO Fund IVO | — | buyout | 2022 | — | -24.4% | 0.80x | 0.02x |
| Novalpina Capital Fund I | Novalpina Capital | buyout | 2017 | — | -24.5% | 0.56x | 0.16x |
| Parthenon Investors VII | Parthenon | buyout | 2023 | — | -24.7% | 0.84x | 0.00x |
| Triumph Capital II | Triumph | buyout | 2001 | — | -25.1% | 0.40x | 0.40x |
| EPIC Ventures Fund VII, L.P. | EPIC VENTURES | venture capital | 2025 | — | -25.2% | 0.88x | — |
| Forstmann Little Sub. D&E MBO VII, LP | Forstmann Little | buyout | 1999 | — | -25.6% | 0.40x | 0.40x |
| Southern Cross Latin America Private Equity Fund IV, L.P. - WSIB Secondary | Southern Capital | buyout | 2011 | — | -25.6% | 0.20x | 0.22x |
| Morgan Stanley Real Estate Mezzanine Fund, L.P. | Morgan Stanley | real estate equity | 2011 | — | -25.8% | 0.44x | 0.44x |
| Morgan Stanley Real Estate Mezzanine Partners A LP | Morgan Stanley | mezzanine | 2008 | — | -25.8% | 0.44x | 0.44x |
| Syncom Venture PE | Syncom Venture Partners | venture capital | 2006 | — | -26.5% | 0.03x | 0.03x |
| Bridgepoint Europe II 'C' L.P. | Bridgepoint | co investment | 2015 | — | -27.4% | 0.36x | 0.36x |
| CBRE Strategic Partners U.S. Fund IV, L.P. | CBRE Global Investors | real estate equity | 2005 | — | -27.8% | 0.07x | 0.07x |
| Ascent Capital Holdings, LLC | Ascent India | buyout | 2007 | — | -28.0% | 0.24x | 0.24x |
| Mill Point Capital Partners III, L.P. | Mill Point Capital | buyout | 2024 | — | -28.3% | 0.72x | 0.00x |
| Montefiore Investment Expansion S.L.P. | Monteflore Investment | growth equity | 2023 | — | -28.4% | 0.66x | 0.00x |
| Perseus 2000 Expansion, L.L.C. | Perseus | private equity | 2004 | — | -28.7% | 0.39x | 0.39x |
| Perseus 2000 Expansion | Perseus | private equity | 2004 | — | -28.7% | 0.39x | 0.39x |
| Project Engage | — | buyout | 2022 | — | -29.0% | 0.31x | 0.00x |
| CB Blizzard Co-Invest | CB Blizzard Co-Invest | co investment | 2019 | — | -29.3% | 0.69x | 0.64x |
| Hancock Park Capital III, L.P. | Hancock Park | buyout | 2005 | — | -29.5% | 0.23x | 0.23x |
| GreenOak II | Green | buyout | 2013 | — | -29.6% | 0.38x | 0.34x |
| Clarion Beat Lofts | Clarion Partners | real estate equity | 2005 | — | -30.8% | 0.10x | 0.13x |
| Rubenstein Properties Fund III, L.P. | Rubenstein Partners | real estate equity | 2015 | — | -30.9% | 0.13x | 0.04x |
| Sequoia Capital X | Sequoia Capital | venture capital | 2000 | — | -31.0% | 0.55x | 0.02x |
| Tailwind Capital Partners Fund IV, L.P. | Tailwind Capital | buyout | 2025 | — | -31.1% | 0.70x | — |
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).