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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
AllPrivate equityPrivate creditReal assetsOpportunistic
FundManagerStrategyVintageCommittedNet IRRTVPIDPI
Battery Ventures XIIBattery Venturesventure capital2018—22.4%2.80x1.39x
Blackstone Capital Partners Asia IThe Blackstone Groupbuyout2017—22.4%2.00x1.03x
AG TALF Partners, L.P.TPGdirect lending2009—22.4%1.32x1.32x
Menlo Inflection III, L.P.Menlotactical2022—22.4%1.30x0.05x
BlackRock Long Term Capital, SCSPBlackRocktactical2019—22.4%2.11x1.75x
Summa Equity Fund II-No 1 ABSumma Equitybuyout2020—22.4%1.59x1.27x
GTCR Fund VIII, L.P.GTCRbuyout2003—22.4%1.80x1.81x
Rhone Partners V PERhonebuyout2015—22.4%1.65x0.40x
Arc'S Corporate Opportunities Fund 111, L.P.—multi strategy2008—22.4%2.14x1.14x
Gridiron Capital Fund IV, L.P.Gridiron Capitalbuyout2019—22.4%1.95x0.53x
TPG AG Credit Solutions Fund III, L.P.TPGdirect lending2025—22.4%1.22x—
TA XIII-ATA Associatesgrowth equity2019—22.4%1.90x0.75x
Blue Run Ventures IVBlueRun Venturesventure capital2008—22.3%2.45x2.36x
Mesirow Capital Partners Co-Invest VIIIMesirowbuyout2001—22.3%2.02x2.02x
RCP Advisors Fund VIII, L.P.RCPbuyout2008—22.3%2.31x1.33x
TDR Capital IIITDRbuyout2013—22.3%2.56x1.26x
Crow Holdings Realty Partners VIII, L.P.Crow Holdingsreal estate equity2017—22.3%1.54x1.53x
Inflexion Partnership Capital Fund LPInflexionbuyout2015—22.3%1.89x1.58x
Apax Europe VIIIApaxbuyout2005—22.3%——
Tenex Capital Partners IITenex Capital Managementbuyout2016—22.2%2.18x1.54x
Altaris Const IIIAltaris Capital Partnersbuyout2016—22.2%2.94x1.70x
JFL VIJflbuyout2023—22.2%1.25x0.17x
NYCERS - 2019 Emerging Manager Program6NYCERS - 2019 Emerging Manager Program6tactical2019—22.2%1.44x0.24x
American Industrial Partners Capital Fund VII LPAmerican Industrial Partnersbuyout2019—22.2%1.71x0.44x
Cressey & Company Fund IV LPCressey & Companybuyout2009—22.2%2.24x2.24x
Project Health—distressed debt2012—22.2%1.49x1.49x
NorthRock Fund II, L.P.Northrock Capitalreal estate equity2012—22.2%1.53x1.53x
Industry Ventures Secondary VIII, L.P.Industry Venturesventure capital2016—22.1%1.96x1.36x
Trident VI, L.P.Tridentbuyout2014—22.1%2.77x2.38x
NYCERS - 2019 Emerging Manager ProgramNYCERS - 2019 Emerging Manager Program6fund of funds2019—22.1%1.45x0.22x
Scale Venture Partners IIIScaleventure capital2009—22.1%2.74x2.74x
Incline Equity Partners IVInclinebuyout2017—22.1%1.95x1.49x
Ka - Kclop IIKayne Anderson Capital Advisorsfund of funds——22.1%——
TA Associates XIII, L.P.TA Associatesbuyout2019—22.1%1.90x0.76x
Khosla Ventures IVKhosla Venturesventure capital2011—22.0%4.07x3.17x
Adams Street 2015 Non-US FundAdams Street Partnersgrowth equity2015—22.0%2.70x1.38x
Oak HC-FT PartnersOak HC/FTbuyout2014—22.0%2.74x2.08x
Cerberus CAL II Partners, L.P.Cerberusbuyout2017—22.0%2.63x1.52x
KPS Special Situations Fund IVKPS Capital Partnersspecial situations2014—22.0%2.07x1.60x
Searchlight Capital III LPSearchlight Capital Partnersbuyout2020—22.0%1.91x0.75x
Evergreen Pacific Partners II, L.P.Evergreen Pacificbuyout2008—22.0%2.00x2.05x
HighVista US PE Fund IXHighVistadirect lending2020—21.9%——
SOFINNOVA VENTURE PARTNERS VIII LPSofinnova Venturesventure capital2011—21.9%1.66x1.66x
The Rise Fund I, L.P.The Rise Fundgrowth equity2007—21.9%1.65x0.36x
PIMCO BRAVOPIMCO Europefund of funds2011—21.9%1.80x1.79x
Audax Private Equity Fund VAudax Groupbuyout2016—21.9%2.10x1.59x
Centerbridge Capital Partners IV - N Co-Invest, L.P.Centerbridge Partners, L.P.buyout2021—21.9%1.56x0.51x
Centerbridge Capital Partners IV Co-InvestCenterbridge Partners, L.P.buyout2021—21.9%1.56x0.51x
Inflexion Supplemental Fund IVInflexionbuyout2016—21.9%1.93x1.48x
KPS IVKPS Capital Partnerstactical2014—21.9%2.09x1.62x
Hastings Equity IV, L.P.Hastingsco investment2019—21.9%2.07x0.52x
BlackRock Asset Investors, L.P.BlackRocktactical1995—21.9%1.40x1.37x
Thoma Bravo Discover Fund IIThoma Bravogrowth equity2018—21.9%2.18x1.11x
Spectrum Equity Investors VI, L.P.Spectrum Equitygrowth equity2010—21.8%2.75x2.72x
GTCR Fund VII, L.P.GTCRbuyout2000—21.8%2.40x2.36x
Warburg Pincus Financial Sector II, L.P.Warburg Pincusgrowth equity2021—21.8%1.60x0.39x
Mission Bay Capital IIIMission Bay Capitalbuyout2018—21.8%2.11x0.28x
H.I.G. Growth Buyouts & Equity Fund II PEH.I.G. Capitalgrowth equity2011—21.8%2.30x0.65x
Lone Star Fund VI (U.S.), L.P.Lone Star Japan Acquisitionsbuyout2008—21.8%1.60x1.58x
Ampersand 2011Ampersandbuyout2011—21.8%3.24x3.24x
Project Arch—buyout2017—21.8%2.34x1.00x
Insight Venture Partners XInsight Partnersventure capital2018—21.8%2.83x1.11x
Centre Lane Credit Partners III, L.P.Centre Lanedirect lending2022—21.8%1.30x0.70x
Adams Street SBCERA 2Adams Street Partnersfund of funds2023—21.8%—1.27x
Aldrich Capital Partners Fund LPAldrichco investment2017—21.7%2.44x1.12x
Kayne Renewable Opportunities Partners (TE), L.P.Kayne Anderson Capital Advisorsnatural resources2019—21.7%—1.35x
TCW Special Credits Fund IIITCW Special Creditsspecialty finance1991—21.7%2.07x2.07x
GCM Grosvenor DEM III, L.P.GCM Grosvenorfund of funds2019—21.7%1.69x0.46x
Inflexion Partnership Capital Fund I PEInflexionbuyout2014—21.7%1.72x0.98x
Hispania IIHispaniareal estate equity2009—21.6%1.81x1.81x
KRG Capital Fund II, L.P.KRGbuyout2001—21.6%1.51x1.51x
Littlejohn Fund VI, L.P.Littlejohnbuyout2019—21.6%1.70x0.44x
Reverence Capital Partners Opportunities Fund V (PE III)Reverence Capital Partnersmulti strategy2021—21.6%1.52x0.05x
Insight Continuation Fund IIInsight Partnersventure capital2023—21.6%1.44x0.13x
TrueBridge Special Purpose (F) LLCTrueBridge Capital Partnersventure capital2012—21.6%5.24x2.91x
Lexington Capital Partners X Co-InvestLexington Partnerssecondaries2022—21.6%1.34x0.00x
Permira European Fund IIPermirabuyout2000—21.6%2.00x2.01x
ArchiMed MED Platform IIARCHIMED Japanventure capital2022—21.6%1.30x0.01x
GTCR Fund X, L.P.GTCRbuyout2011—21.6%2.10x2.09x
Hicks, Muse, Tate & Furst Europe FundHicks Muse Tate Furstbuyout1999—21.6%1.75x1.75x
Green Equity Investors III LPLeonard Greenbuyout1999—21.6%2.26x2.26x
Inflexion Partnership Capital Fund I LPInflexionbuyout2015—21.6%1.86x1.55x
Storm Ventures Fund V, L.P.Storm Venturesventure capital2015—21.6%4.51x0.98x
VIP III LPVIPmulti strategy2017—21.6%2.24x0.73x
ARCH VENTURE FUND VIII LPARCH Venture Partners———21.6%3.19x2.44x
DRA Growth & Income Fund VII, LLCDRA Advisorsgrowth equity2011—21.6%2.24x2.24x
LCP X Co-Invest Partners B, L.P.LCPco investment2022—21.6%1.34x0.09x
TCC Opportunities, L.P.TCCmulti strategy2021—21.5%1.29x0.06x
4D Global Enerb'Y Investments Fund, PLC4D Global Energy Advisorsprivate equity2008—21.5%7.00x0.28x
Webster Capital IIIWebster Capital Managementbuyout2014—21.5%2.45x2.45x
Sprout Capital VII, L.P.Sproutbuyout1995—21.5%2.70x2.67x
TA XIII, L.P.TA Associatesgrowth equity2019—21.4%1.98x0.73x
The Engine Fund IThe Enginebuyout2017—21.4%2.69x0.00x
Altaris Health Partners IIIAltaris Capital Partnersbuyout2014—21.4%2.03x2.03x
Bernhard Capital Partners Fund II, L.P.Bernhardbuyout2018—21.4%1.78x0.49x
CalPERS Wellspring V, L.P.Calpers Wellspringbuyout2011—21.4%1.99x1.77x
KIA IX (Hammer) InvestorKIAtactical2016—21.4%—2.73x
Project Ascent—buyout2023—21.4%1.60x0.00x
Thoma Bravo Discover Fund IV, L.P.Thoma Bravogrowth equity2022—21.3%1.34x0.20x
Kohlberg Investors X, L.P.Kohlberg Investorsbuyout2023—21.3%1.16x—

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).