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
TCV X	TCV	venture capital	2019	—	23.7%	2.90x	0.58x
Trident VI Fund, L.P.	Trident	multi strategy	2007	—	23.7%	2.28x	1.23x
FS Equity Partners VI	Forstmann Little	buyout	2009	—	23.7%	3.41x	3.40x
JLL Partners Fund VI, L.P.	JLL Partners	private equity	2008	—	23.7%	1.92x	1.92x
Project Milano	—	buyout	2020	—	23.7%	2.90x	0.00x
Technology Crossover Ventures X	Technology Crossover Ventures	venture capital	2018	—	23.7%	2.76x	0.61x
Waterland Private Equity Fund VI LP	Waterland	buyout	2015	—	23.7%	2.40x	1.84x
ASP Co-Invest II 2009	Adams Street Partners	co investment	2009	—	23.7%	2.45x	2.04x
Hg Mercury 3 A L.P.	Hg Capital	buyout	2021	—	23.7%	1.66x	0.52x
RREEF Global Opportunities Fund II, LLC Senior Nts	Rreef	multi strategy	2010	—	23.6%	1.55x	1.55x
Summit Partners Growth Eqty Fd IX-A,L.P.	Summit Partners	growth equity	2017	—	23.6%	2.16x	1.34x
Altaris III	Altaris Capital Partners	buyout	2014	—	23.6%	2.41x	1.71x
Ind Vent - Secondary VIII	IND VENT	secondaries	—	—	23.6%	—	—
Oberland Capital Healthcare Solutions Co-Invest LP	Oberland Capital	co investment	—	—	23.5%	1.35x	0.56x
Permira Europe II	Permira	buyout	2000	—	23.5%	1.99x	1.99x
KPS Special Situations Fund III, L.P.	KPS Capital Partners	special situations	2007	—	23.5%	2.07x	2.07x
KKR Element Co-Invest	Kohlberg Kravis Roberts	co investment	2016	—	23.5%	—	2.39x
TPG Rise Climate Co-Invest	TPG	infrastructure	2022	—	23.5%	1.43x	0.27x
Audax Private Equity Fund VI	Audax Group	buyout	2019	—	23.5%	1.70x	0.64x
Lake Jackson, L.P.	Lake Jackson LP	buyout	2004	—	23.5%	1.29x	1.05x
Carousel Capital Partners III, L.P.	Carousel	buyout	2006	—	23.5%	2.33x	2.33x
Pantheon Europe V	Pantheon Ventures	secondaries	2000	—	23.5%	—	—
ASP Venture Innovation	Asper Renewable Power	venture capital	2016	—	23.4%	2.90x	0.69x
INSTITUTIONAL VENTURE PARTNERS XV, L.P.	IVP (Institutional Venture Partners)	—	—	—	23.4%	2.92x	2.03x
Lightyear Fund III, L.P.	Lightyear	buyout	2011	—	23.4%	2.24x	2.22x
Blackstone Strategic Partners Real Estate VIII	The Blackstone Group	secondaries	2023	—	23.4%	1.20x	0.04x
Thoma Bravo Explore Fund	Thoma Bravo	growth equity	2020	—	23.4%	1.75x	0.27x
(Lexington) Co-Investment Partners LP (Pools III & IV)	Lexington Partners	co investment	2002	—	23.4%	2.18x	2.18x
Lexington Co-Investment Partners II (Pools III & IV), L.P.	Lexington Partners	co investment	2001	—	23.4%	2.18x	2.17x
H.I.G. Middle Market LBO Fund II	H.I.G. Capital	buyout	2014	—	23.4%	1.71x	1.53x
Ironsides Partnership Fund IV, L.P.	Ironsides Co	buyout	2017	—	23.4%	1.82x	1.09x
Energy Capital Partners V	Energy	infrastructure	2023	—	23.4%	1.38x	0.15x
The Column Group, L.P.	The Column Group	private equity	2005	—	23.4%	2.10x	0.79x
J.H. Whitney V	J.H. Whitney	buyout	2000	—	23.3%	1.94x	1.94x
FTV IV	FTV Capital	buyout	2013	—	23.3%	3.40x	3.14x
Landmark Equity Partners XI	Landmark Partners	secondaries	2002	—	23.3%	1.54x	1.54x
Silicon Valley Bank Capital Partners III, L.P.	Silicon Valley Bank	buyout	2012	—	23.3%	2.92x	1.25x
TA/Advent VIII, L.P.	Advent	buyout	1997	—	23.3%	2.30x	2.28x
Shamrock CCF II Co-Invest I-A, L.P.	Shamrock Capital	co investment	2021	—	23.2%	2.11x	2.03x
SoftTech VC Plus	Uncork Capital	venture capital	2016	—	23.2%	2.36x	1.56x
Madison Dearborn Capital Partners VI, L.P.	Madison Dearborn Partners	buyout	2008	—	23.2%	2.20x	2.16x
Vestar Capital Partners VI, L.P.	Vestar Capital Partners	buyout	2012	—	23.2%	2.00x	1.77x
EnCap Energy Capital Fund VI, L.P.	EnCap Energy Capital	natural resources	2006	—	23.2%	1.82x	1.82x
FTV V	FTV Capital	buyout	2016	—	23.2%	2.63x	1.46x
Summit Growth Equity IX	Summit Partners	growth equity	2015	—	23.1%	1.93x	1.34x
Summit Partners	Summit Partners	growth equity	2017	—	23.1%	1.97x	1.61x
StepStone Capital Partners V, L.P.	Stepstone Group	buyout	2022	—	23.1%	1.43x	0.04x
FS Equity Partners VI LP	Freeman Spogli	buyout	2009	—	23.1%	3.08x	3.08x
Insight Venture Partners IX	Insight Partners	venture capital	2015	—	23.0%	4.00x	2.61x
Thoma Bravo Fund XIIIr	Thoma Bravo	buyout	2018	—	23.0%	1.90x	0.95x
Greenoaks Capital Opportunities Fund V L.P.	Green	mezzanine	2023	—	23.0%	1.25x	—
Taurus Mining Fund No. 2 NR	Taurus Mining	natural resources	2019	—	23.0%	1.17x	0.94x
4D Global Energy Investments Fund, PLC	4D Global Energy Advisors	buyout	2008	—	23.0%	1.71x	0.28x
OceanSound Partners Fund	OceanSound Partners	buyout	2019	—	23.0%	1.98x	0.55x
Waterland Private Equity VI, L.P.	Waterland	buyout	2004	—	23.0%	2.26x	1.84x
Abbott Secondary Opportunities, L.P.	Abbott	multi strategy	2016	—	23.0%	1.72x	1.43x
DRA Growth & Income Fund III, LLC	DRA Advisors	growth equity	2000	—	23.0%	2.78x	2.78x
Adams Street Co-Investment Fund V	Adams Street Partners	co investment	2022	—	23.0%	1.45x	0.00x
Reverence Capital Partners Opportunities Fund II	Reverence Capital Partners	multi strategy	2018	—	22.9%	2.37x	0.76x
Altaris Health Partners IV	Altaris Capital Partners	buyout	2018	—	22.9%	1.93x	1.08x
Lightspeed Opportunity Fund II, LP	Lightspeed Venture Partners	multi strategy	—	—	22.9%	1.36x	0.00x
Granite Global Ventures V	Granite Ventures Llc	venture capital	2014	—	22.9%	1.63x	0.12x
Searchlight Capital Partners III, L.P.	Searchlight Capital Partners	buyout	2020	—	22.9%	1.80x	0.56x
Francisco Partners III LP	Francisco Partners	buyout	2011	—	22.9%	3.43x	3.16x
ICG Europe Fund VIII Feeder SCSp	Intermediate Capital Group	buyout	2021	—	22.9%	1.41x	0.15x
Altaris IV	Altaris Capital Partners	buyout	2017	—	22.9%	2.03x	1.03x
Charterhouse Capital Partners X PE	Charterhouse Capital Partners	buyout	2015	—	22.9%	1.69x	0.31x
Florida Sunshine State Fund L.P. - Tranche B	Florida Growth	buyout	2023	—	22.9%	1.14x	0.00x
ISAF III (USD) LP	Eisaf	direct lending	2022	—	22.9%	1.16x	0.68x
Banner Ridge Secondary Fund V Co	Banner Ridge Partners	secondaries	2023	—	22.9%	—	—
USV 2014, LP	Union Square Ventures (USV)	venture capital	2014	—	22.8%	4.14x	2.28x
Khosla Ventures VI, L.P.	Khosla Ventures	venture capital	—	—	22.8%	2.66x	0.05x
Carlyle Partners III LP	Carlyle Group	buyout	2000	—	22.8%	2.30x	2.30x
CVC European Equity Partners (D) L.P.	CVC	buyout	1996	—	22.8%	2.22x	2.22x
Summit Partners Growth Equity Fund IX	Summit Partners	growth equity	2015	—	22.7%	2.01x	1.37x
UNION SQUARE VENTURES 2014 LP	Union Square Ventures (USV)	venture capital	2014	—	22.7%	4.12x	2.29x
Riverwood Capital Partners (Parallel - A) L.P.	Riverwood Capital	buyout	2010	—	22.7%	1.96x	1.71x
Sycamore Partners, L.P.	Sycamore	buyout	2011	—	22.7%	1.96x	1.51x
KPS Special Situations Fund III-Supplemental LP	KPS Capital Partners	special situations	2009	—	22.7%	2.67x	2.67x
TCV VII, L.P.	Technology Crossover Ventures	venture capital	2007	—	22.7%	2.93x	2.93x
Pacific Equity Partners V	Pacific	buyout	—	—	22.6%	—	—
KKR Americas Fund XII	Kohlberg Kravis Roberts	buyout	2017	—	22.6%	2.41x	1.07x
Apollo Investment Fund VII	Apollo	buyout	2008	—	22.6%	1.75x	1.75x
Fairview Special Opportunities Fund LP	Fairview Capital Partners	buyout	2011	—	22.6%	4.71x	2.36x
H.I.G. Capital Partners V	H.I.G. Capital	growth equity	2013	—	22.6%	1.93x	1.76x
KPS Special Situations Supplemental Fund III, L.P.	KPS Capital Partners	special situations	2006	—	22.6%	2.67x	2.66x
Reverence Capital Partners Opportunities Fund II, L	Reverence Capital Partners	multi strategy	2019	—	22.6%	2.09x	0.61x
HarbourVest Int'l PEP IV- Partnership Fund L.P.	HarbourVest Partners (Canada)	fund of funds	2001	—	22.6%	1.70x	1.71x
BCP Fund II, L.P.	BCP	buyout	2018	—	22.6%	1.81x	0.37x
JMI Equity Fund IX-A, L.P.	JMI Equity	venture capital	2019	—	22.5%	2.13x	0.92x
Warren Equity Partners Fund IV, L.P.	Warren	buyout	2023	—	22.5%	1.49x	0.01x
ECI 9 A L.P.	ECI Partners	tactical	2008	—	22.5%	2.13x	2.13x
USV Opportunity 2022	Union Square Ventures (USV)	tactical	2022	—	22.5%	1.53x	0.00x
KKR 1980 Related Fund	Kohlberg Kravis Roberts	secondaries	1981	—	22.5%	3.44x	3.44x
Apollo Investment Fund VII LP	Apollo	buyout	2008	—	22.5%	1.75x	1.75x
Abbott Capital PE VI	Abbott	fund of funds	2008	—	22.5%	1.94x	1.77x
Venture Investment Managers LP	Venture First	venture capital	2015	—	22.5%	—	—
Dyal III Pension Investors LP	Dyal Capital	co investment	2015	—	22.5%	2.23x	1.13x
Project Cavaliers	—	buyout	2019	—	22.5%	2.64x	1.07x
Nautic Partners IX, L.P.	Nautic Partners	buyout	2019	—	22.4%	1.78x	0.65x

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).