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

All Private equity Private credit Real assets Opportunistic

Fund	Manager	Strategy	Vintage	Committed	Net IRR	TVPI	DPI
Battery Ventures XII	Battery Ventures	venture capital	2018	—	22.4%	2.80x	1.39x
Blackstone Capital Partners Asia I	The Blackstone Group	buyout	2017	—	22.4%	2.00x	1.03x
AG TALF Partners, L.P.	TPG	direct lending	2009	—	22.4%	1.32x	1.32x
Menlo Inflection III, L.P.	Menlo	tactical	2022	—	22.4%	1.30x	0.05x
BlackRock Long Term Capital, SCSP	BlackRock	tactical	2019	—	22.4%	2.11x	1.75x
Summa Equity Fund II-No 1 AB	Summa Equity	buyout	2020	—	22.4%	1.59x	1.27x
GTCR Fund VIII, L.P.	GTCR	buyout	2003	—	22.4%	1.80x	1.81x
Rhone Partners V PE	Rhone	buyout	2015	—	22.4%	1.65x	0.40x
Arc'S Corporate Opportunities Fund 111, L.P.	—	multi strategy	2008	—	22.4%	2.14x	1.14x
Gridiron Capital Fund IV, L.P.	Gridiron Capital	buyout	2019	—	22.4%	1.95x	0.53x
TPG AG Credit Solutions Fund III, L.P.	TPG	direct lending	2025	—	22.4%	1.22x	—
TA XIII-A	TA Associates	growth equity	2019	—	22.4%	1.90x	0.75x
Blue Run Ventures IV	BlueRun Ventures	venture capital	2008	—	22.3%	2.45x	2.36x
Mesirow Capital Partners Co-Invest VIII	Mesirow	buyout	2001	—	22.3%	2.02x	2.02x
RCP Advisors Fund VIII, L.P.	RCP	buyout	2008	—	22.3%	2.31x	1.33x
TDR Capital III	TDR	buyout	2013	—	22.3%	2.56x	1.26x
Crow Holdings Realty Partners VIII, L.P.	Crow Holdings	real estate equity	2017	—	22.3%	1.54x	1.53x
Inflexion Partnership Capital Fund LP	Inflexion	buyout	2015	—	22.3%	1.89x	1.58x
Apax Europe VIII	Apax	buyout	2005	—	22.3%	—	—
Tenex Capital Partners II	Tenex Capital Management	buyout	2016	—	22.2%	2.18x	1.54x
Altaris Const III	Altaris	buyout	2016	—	22.2%	2.94x	1.70x
JFL VI	Jfl	buyout	2023	—	22.2%	1.25x	0.17x
NYCERS - 2019 Emerging Manager Program6	NYCERS - 2019 Emerging Manager Program6	tactical	2019	—	22.2%	1.44x	0.24x
American Industrial Partners Capital Fund VII LP	American Industrial Partners	buyout	2019	—	22.2%	1.71x	0.44x
Cressey & Company Fund IV LP	Cressey & Company	buyout	2009	—	22.2%	2.24x	2.24x
Project Health	—	distressed debt	2012	—	22.2%	1.49x	1.49x
NorthRock Fund II, L.P.	Northrock Capital	real estate equity	2012	—	22.2%	1.53x	1.53x
Industry Ventures Secondary VIII, L.P.	Industry PH	venture capital	2016	—	22.1%	1.96x	1.36x
Trident VI, L.P.	Trident	buyout	2014	—	22.1%	2.77x	2.38x
NYCERS - 2019 Emerging Manager Program	NYCERS - 2019 Emerging Manager Program6	fund of funds	2019	—	22.1%	1.45x	0.22x
Scale Venture Partners III	Scale	venture capital	2009	—	22.1%	2.74x	2.74x
Incline Equity Partners IV	Incline	buyout	2017	—	22.1%	1.95x	1.49x
Ka - Kclop II	Kayne Anderson Capital Advisors	fund of funds	—	—	22.1%	—	—
TA Associates XIII, L.P.	TA Associates	buyout	2019	—	22.1%	1.90x	0.76x
Khosla Ventures IV	Khosla Ventures	venture capital	2011	—	22.0%	4.07x	3.17x
Adams Street 2015 Non-US Fund	Adams Street Partners	growth equity	2015	—	22.0%	2.70x	1.38x
Oak HC-FT Partners	Oak HC/FT	buyout	2014	—	22.0%	2.74x	2.08x
Cerberus CAL II Partners, L.P.	Cerberus	buyout	2017	—	22.0%	2.63x	1.52x
KPS Special Situations Fund IV	KPS Capital Partners	special situations	2014	—	22.0%	2.07x	1.60x
Searchlight Capital III LP	Searchlight Capital Partners	buyout	2020	—	22.0%	1.91x	0.75x
Evergreen Pacific Partners II, L.P.	Evergreen Pacific	buyout	2008	—	22.0%	2.00x	2.05x
HighVista US PE Fund IX	HighVista	direct lending	2020	—	21.9%	—	—
SOFINNOVA VENTURE PARTNERS VIII LP	Sofinnova Ventures	venture capital	2011	—	21.9%	1.66x	1.66x
The Rise Fund I, L.P.	The Rise Fund	growth equity	2007	—	21.9%	1.65x	0.36x
PIMCO BRAVO	PIMCO Europe	fund of funds	2011	—	21.9%	1.80x	1.79x
Audax Private Equity Fund V	Audax Group	buyout	2016	—	21.9%	2.10x	1.59x
Centerbridge Capital Partners IV - N Co-Invest, L.P.	Centerbridge Partners, L.P.	buyout	2021	—	21.9%	1.56x	0.51x
Centerbridge Capital Partners IV Co-Invest	Centerbridge Partners, L.P.	buyout	2021	—	21.9%	1.56x	0.51x
Inflexion Supplemental Fund IV	Inflexion	buyout	2016	—	21.9%	1.93x	1.48x
KPS IV	KPS Capital Partners	tactical	2014	—	21.9%	2.09x	1.62x
Hastings Equity IV, L.P.	Hastings	co investment	2019	—	21.9%	2.07x	0.52x
BlackRock Asset Investors, L.P.	BlackRock	tactical	1995	—	21.9%	1.40x	1.37x
Thoma Bravo Discover Fund II	Thoma Bravo	growth equity	2018	—	21.9%	2.18x	1.11x
Spectrum Equity Investors VI, L.P.	Spectrum Equity	growth equity	2010	—	21.8%	2.75x	2.72x
GTCR Fund VII, L.P.	GTCR	buyout	2000	—	21.8%	2.40x	2.36x
Warburg Pincus Financial Sector II, L.P.	Warburg Pincus	growth equity	2021	—	21.8%	1.60x	0.39x
Mission Bay Capital III	Mission Bay Capital	buyout	2018	—	21.8%	2.11x	0.28x
H.I.G. Growth Buyouts & Equity Fund II PE	H.I.G. Capital	growth equity	2011	—	21.8%	2.30x	0.65x
Lone Star Fund VI (U.S.), L.P.	Lone Star Japan Acquisitions	buyout	2008	—	21.8%	1.60x	1.58x
Ampersand 2011	Ampersand	buyout	2011	—	21.8%	3.24x	3.24x
Project Arch	—	buyout	2017	—	21.8%	2.34x	1.00x
Insight Venture Partners X	Insight Partners	venture capital	2018	—	21.8%	2.83x	1.11x
Centre Lane Credit Partners III, L.P.	Centre Lane	direct lending	2022	—	21.8%	1.30x	0.70x
Adams Street SBCERA 2	Adams Street Partners	fund of funds	2023	—	21.8%	—	1.27x
Aldrich Capital Partners Fund LP	Aldrich	co investment	2017	—	21.7%	2.44x	1.12x
Kayne Renewable Opportunities Partners (TE), L.P.	Kayne Anderson Capital Advisors	natural resources	2019	—	21.7%	—	1.35x
TCW Special Credits Fund III	TCW Special Credits	specialty finance	1991	—	21.7%	2.07x	2.07x
GCM Grosvenor DEM III, L.P.	GCM Grosvenor	fund of funds	2019	—	21.7%	1.69x	0.46x
Inflexion Partnership Capital Fund I PE	Inflexion	buyout	2014	—	21.7%	1.72x	0.98x
Hispania II	Hispania	real estate equity	2009	—	21.6%	1.81x	1.81x
KRG Capital Fund II, L.P.	KRG	buyout	2001	—	21.6%	1.51x	1.51x
Littlejohn Fund VI, L.P.	Littlejohn	buyout	2019	—	21.6%	1.70x	0.44x
Reverence Capital Partners Opportunities Fund V (PE III)	Reverence Capital Partners	multi strategy	2021	—	21.6%	1.52x	0.05x
Insight Continuation Fund II	Insight Partners	venture capital	2023	—	21.6%	1.44x	0.13x
TrueBridge Special Purpose (F) LLC	TrueBridge Capital Partners	venture capital	2012	—	21.6%	5.24x	2.91x
Lexington Capital Partners X Co-Invest	Lexington Partners	secondaries	2022	—	21.6%	1.34x	0.00x
Permira European Fund II	Permira	buyout	2000	—	21.6%	2.00x	2.01x
ArchiMed MED Platform II	ArchiMed Pte. Ltd.	venture capital	2022	—	21.6%	1.30x	0.01x
GTCR Fund X, L.P.	GTCR	buyout	2011	—	21.6%	2.10x	2.09x
Hicks, Muse, Tate & Furst Europe Fund	Hicks Muse Tate Furst	buyout	1999	—	21.6%	1.75x	1.75x
Green Equity Investors III LP	Leonard Green	buyout	1999	—	21.6%	2.26x	2.26x
Inflexion Partnership Capital Fund I LP	Inflexion	buyout	2015	—	21.6%	1.86x	1.55x
Storm Ventures Fund V, L.P.	Storm Ventures	venture capital	2015	—	21.6%	4.51x	0.98x
VIP III LP	VIP	multi strategy	2017	—	21.6%	2.24x	0.73x
ARCH VENTURE FUND VIII LP	ARCH Venture Partners	—	—	—	21.6%	3.19x	2.44x
DRA Growth & Income Fund VII, LLC	DRA Advisors	growth equity	2011	—	21.6%	2.24x	2.24x
LCP X Co-Invest Partners B, L.P.	LCP	co investment	2022	—	21.6%	1.34x	0.09x
TCC Opportunities, L.P.	TCC	multi strategy	2021	—	21.5%	1.29x	0.06x
4D Global Enerb'Y Investments Fund, PLC	4D Global Energy Advisors	private equity	2008	—	21.5%	7.00x	0.28x
Webster Capital III	Webster Capital Management	buyout	2014	—	21.5%	2.45x	2.45x
Sprout Capital VII, L.P.	Sprout	buyout	1995	—	21.5%	2.70x	2.67x
TA XIII, L.P.	TA Associates	growth equity	2019	—	21.4%	1.98x	0.73x
The Engine Fund I	The Engine	buyout	2017	—	21.4%	2.69x	0.00x
Altaris Health Partners III	Altaris	buyout	2014	—	21.4%	2.03x	2.03x
Bernhard Capital Partners Fund II, L.P.	Bernhard	buyout	2018	—	21.4%	1.78x	0.49x
CalPERS Wellspring V, L.P.	Calpers Wellspring	buyout	2011	—	21.4%	1.99x	1.77x
KIA IX (Hammer) Investor	KIA	tactical	2016	—	21.4%	—	2.73x
Project Ascent	—	buyout	2023	—	21.4%	1.60x	0.00x
Thoma Bravo Discover Fund IV, L.P.	Thoma Bravo	growth equity	2022	—	21.3%	1.34x	0.20x
Kohlberg Investors X, L.P.	Kohlberg Investors	buyout	2023	—	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).