North Carolina Retirement Systems
Institutional investor⨠Fox Verdict
Sign up to see your fitFund commitments Β· as a limited partner Β· 441
as of Jun 2024Private-fund positions this organization discloses in its own public filings and reports β $60.4B committed, $28.1B reported NAV. Returns are this LP's own position, net of fees.
| Fund | Manager | Vintage | Committed | NAV | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|---|---|
| LBA NC Core Industrial LP | Lba Realty | 2021 | $1.2B | $1.3B | 7.0% | 1.16x | β |
| Rockwood Multifamily Core Plus | Rockwood | 2021 | $1.1B | $1B | 0.1% | β | β |
| PAAMCO - Newport Burgundy | Pacific Alternative Asset Management Company | 2010 | $950M | $466.2M | 2.5% | 1.20x | 0.71x |
| Gresham TAP Flex | Gresham House | 2010 | $800M | $208.4M | 0.4% | β | β |
| Campbell Timber Fund III, LLC | Campbell Global | 2006 | $796.9M | $856.6M | 0.2% | β | β |
| DL Blue Diamond Fund | β | 2016 | $725M | $921.6M | β | β | β |
| AG Pisgah, L.P. | Angelo Gordon | 2016 | $600M | $457.1M | 7.9% | 1.54x | 0.78x |
| NorthRock Core Fund, L.P. | Northrock Capital | 2008 | $600M | $427.4M | 5.6% | 1.50x | 0.88x |
| BlackRock TIPS Index | BlackRock | 2015 | $500M | $67.4M | 0.9% | β | β |
| Blackstone Granite Fund - Class A - Resources Select | The Blackstone Group | 2011 | $500M | β | 0.6% | β | β |
| Blackstone Real Estate Partners X L.P. | The Blackstone Group | 2022 | $500M | $121.3M | β | β | β |
| Credit Suisse Enhanced | Credit Suisse | 2011 | $500M | β | 0.5% | β | β |
| NCL Investments II, L.P. - Outside Opportunities Series A | NCL Investments | 2018 | $500M | $487.9M | 18.6% | 2.27x | 0.55x |
| NCL Investments III LP - PE Opportunities Series A | NCL Investments | 2021 | $500M | $653.2M | 13.0% | 1.21x | β |
| BREP Edens Investment Partners L.P. | The Blackstone Group | 2013 | $487.5M | $511.5M | 4.1% | 1.41x | 0.35x |
| Marathon Currituck Fund, LP | Marathon | 2014 | $453M | $609.6M | 3.7% | 1.40x | 0.11x |
| Morgan Stanley Real Estate Fund VI, L.P. | Morgan Stanley | 2007 | $440M | β | 0.3% | β | β |
| Bayview Opportunity Offshore Fund IVb LP | Bayview Opportunity Master | 2014 | $400M | $4.7M | 3.3% | 1.53x | 1.52x |
| Blackstone Granite Fund - Class D - Bayview | The Blackstone Group | 2014 | $400M | $420.7M | 3.7% | 1.38x | β |
| Blue Sky Credit Fund LP | Blue | 2022 | $400M | $249.2M | 8.5% | 1.13x | 0.46x |
| MS Global RE Securities | Morgan Stanley | 2007 | $400M | $2K | 0.8% | 1.07x | 1.07x |
| NorthRock Fund II, L.P. | Northrock Capital | 2012 | $400M | β | 22.2% | 1.53x | 1.53x |
| NorthRock Fund II, L.P. - Core | Northrock Capital | 2016 | $400M | β | 6.9% | 1.31x | 1.31x |
| NorthRock Fund III, L.P. | Northrock Capital | 2015 | $400M | β | 3.4% | 1.14x | 1.14x |
| NorthRock Fund IV, L.P. | Northrock Capital | 2015 | $400M | $554.4M | 1.8% | 1.07x | 0.23x |
| Panther BCM | β | 2019 | $397.4M | $575M | 7.7% | 1.45x | β |
| Monarch Debt Recovery Fund | Monarch Alternative Capital | 2011 | $380M | $796.9M | 6.1% | 2.10x | β |
| NC Garnet Fund | β | 2016 | $375M | $512.3M | β | β | β |
| Blackstone SP NCRASMA | The Blackstone Group | 2014 | $371.2M | $70.7M | 1.1% | β | β |
| Anchorage Capital Partners | Anchorage Illiquid | 2011 | $350M | $91.9M | 5.7% | 1.82x | 1.57x |
| Centerbridge Special Credit Partners III | Centerbridge Partners, L.P. | 2016 | $350M | $17.3M | 9.5% | 1.31x | 1.18x |
| Centerbridge Special Credit Partners IV LP | Centerbridge Partners, L.P. | 2022 | $350M | $248.6M | 11.7% | 1.13x | 0.04x |
| HPS Cardinal Fund LP Series A | HPS Investment Partners, LLC | 2016 | $350M | $980.1M | 6.7% | 1.32x | 0.09x |
| Varde Fund XI, L.P. | The Varde | 2014 | $350M | $44.7M | 1.1% | β | β |
| Brigade LCS Fund | Brigade Capital Management | 2011 | $330M | β | 4.2% | 1.37x | 1.37x |
| BlackRock Developed | BlackRock | 2016 | $312.4M | β | 8.1% | 1.35x | 1.35x |
| JP Morgan Strategic Property Fund | General Atlantic | 2006 | $305.1M | β | 8.8% | 2.89x | 2.40x |
| Blackstone Property Partners | The Blackstone Group | 2014 | $300M | $411.8M | 6.6% | 1.49x | 0.69x |
| Blackstone Real Estate Partners IX LP | The Blackstone Group | 2019 | $300M | $332.7M | 14.3% | 1.37x | 0.35x |
| Blackstone Real Estate Partners VII | The Blackstone Group | 2011 | $300M | $46.4M | 14.9% | 1.84x | 1.69x |
| Centerbridge Special Credit Partners IV Co-invest | Centerbridge Partners, L.P. | 2023 | $300M | $120.8M | 14.8% | 1.09x | β |
| EIG Energy Fund XVII LP | EIG Global Energy Partners | 2017 | $300M | $199.8M | 0.7% | β | β |
| IFM Global Infrastructure Fund | IFM Investors | 2015 | $300M | $568.5M | 0.5% | 1.97x | 0.45x |
| Landmark Equity Partners XVI, L.P. | Landmark Partners | 2017 | $300M | $32.6M | β | β | β |
| LBA NC Core Industrial, L.P. (Legacy) | Lba Realty | 2016 | $300M | β | 16.7% | 1.97x | 1.97x |
| Lone Star Real Estate Partners II | Lone Star Japan Acquisitions | 2010 | $300M | $419K | 25.8% | 1.56x | 1.56x |
| NCL Investments II, L.P. - PE Series | NCL Investments | 2018 | $300M | $181.7M | 12.0% | 1.34x | 0.54x |
| NCL Investments III LP - RA Series | NCL Investments | β | $300M | β | β | β | β |
| Prime Storage NC LP | Prime Storage NC | β | $300M | $120M | β | β | β |
| Vermillion Celadon | β | 2011 | $300M | β | 0.8% | β | β |
| AG Global Debt Strategy Partners, L.P. | Angelo Gordon | 2008 | $279.9M | $785.4M | 8.4% | 2.83x | 0.02x |
| Claren Road Credit Fund, Ltd. | Claren Road Asset Management | 2011 | $260M | β | 1.0% | β | β |
| Benefit Street Partners Debt Funds IV LP | Benefit Street Partners | 2016 | $250M | $205.4M | 8.6% | 1.34x | 0.65x |
| Blackstone Core Equity Partners - NC LP | The Blackstone Group | 2017 | $250M | β | β | β | β |
| BLACKSTONE REAL ESTATE PARTNERS EUROPE IV LP | The Blackstone Group | 2013 | $250M | $35.4M | 11.1% | 1.43x | 1.28x |
| EIG Energy Fund XVI | EIG Global Energy Partners | 2013 | $250M | $115.5M | 0.7% | β | β |
| GSO Energy Partners - B LP | The Blackstone Group | 2013 | $250M | $19.8M | 1.1% | β | β |
| Landmark Equity Partners XV, L.P. | Landmark Partners | 2013 | $250M | $133.5M | 3.4% | 1.00x | β |
| Landmark Real Asset SMA, L.P. | Landmark Partners | 2014 | $250M | $115M | 6.6% | 1.16x | β |
| LBA NC Core Industrial II LP | Lba Realty | 2018 | $250M | β | 15.8% | 1.49x | 1.49x |
| MTP Energy Fund LP | Magnetar Capital | 2013 | $250M | β | 0.9% | β | β |
| MTP Energy Opportunities Fund II LLC | Magnetar Capital | 2015 | $250M | $1.5M | 1.0% | 1.34x | 1.33x |
| NCL Investments II, L.P. - RA Series | NCL Investments | 2018 | $250M | $152.1M | 1.0% | 1.38x | 0.52x |
| NCL Investments III LP - PE Overflow Series | NCL Investments | 2021 | $250M | $134.5M | 2.3% | 1.05x | 0.08x |
| NCL Investments III LP - PE Series | NCL Investments | 2021 | $250M | $73M | 18.7% | 1.21x | β |
| NCL Investments, L.P. - PE Series | NCL Investments | 2014 | $250M | $63.9M | 10.3% | 1.34x | 1.10x |
| NCL Investments, L.P. - RA Series | NCL Investments | 2014 | $250M | $140.2M | 0.8% | β | β |
| Panther BCM Series B | β | 2020 | $250M | $13.3M | 12.2% | 1.23x | 1.18x |
| Rockwood Development Partners | Rockwood | 2016 | $250M | $330M | 7.2% | 1.50x | β |
| GCM Grosvenor - NC Innovation Fund II | GCM Grosvenor | 2015 | $247.5M | $158.3M | 18.3% | 1.82x | 1.06x |
| Centerbridge Special Credit Partners III - Flex | Centerbridge Partners, L.P. | 2020 | $245M | $210.5M | 15.2% | 1.39x | 0.65x |
| CIGNA Realty Investors Open-End Fund | CIGNA Realty Investors | 1987 | $243.9M | β | 2.6% | 1.16x | 1.16x |
| Claren Road Credit Opportunities Partners, L.P. | Claren Road Asset Management | 2013 | $231.8M | β | 0.7% | β | β |
| GCM Grosvenor - NC Innovation Fund | GCM Grosvenor | 2010 | $230M | $50.3M | 19.6% | 1.97x | 1.75x |
| BR World REIT | β | 2016 | $227.2M | $1.1B | 2.7% | 1.12x | β |
| HC NCBR | β | 2017 | $226M | $442.5M | 10.7% | 1.95x | β |
| Apollo Investment Fund VIII | Apollo | 2013 | $220M | $65.4M | 9.0% | 1.44x | 1.15x |
| UBS Trumbull Property Fund | UBS Trumbull Property | 1984 | $215M | β | 8.6% | 2.11x | 2.11x |
| NCL Investments III LP - Outside Opportunities Series B | NCL Investments | 2021 | $210M | $20.5M | 0.0% | β | β |
| NorthCreek Fund, L.P. | β | 2011 | $205M | β | 21.3% | 3.03x | 3.03x |
| Prudential Property Investment Separate Account | Prudential Private | 2004 | $204.9M | β | 9.7% | 1.74x | 1.74x |
| AG Capital Recovery Partners VI, L.P. | Angelo Gordon | 2008 | $200M | β | 7.0% | 1.38x | 1.38x |
| BCP Special Opportunities Fund II, L.P. | BCP | 2020 | $200M | $182.5M | 10.2% | 1.21x | 0.24x |
| Blackstone Granite Fund - Class B - Commodity Pod | The Blackstone Group | 2014 | $200M | β | 1.0% | β | β |
| Blackstone NC Property Partners, L.P. | The Blackstone Group | 2014 | $200M | β | 1.0% | β | β |
| Blackstone Real Estate Partners Europe V, L.P. | The Blackstone Group | 2016 | $200M | $115.4M | 7.3% | 1.31x | 0.73x |
| Blackstone Real Estate Partners VI | The Blackstone Group | 2007 | $200M | $178K | 13.0% | 2.07x | 2.07x |
| BLACKSTONE REAL ESTATE PARTNERS VIII LP | The Blackstone Group | 2015 | $200M | $139.3M | 13.7% | 1.62x | 1.03x |
| Brookfield Infrastructure Fund II-B, L.P. | Brookfield Asset Management | 2013 | $200M | $171.1M | 1.0% | β | β |
| CVI Credit Value Fund II | CVI | 2013 | $200M | $2.6M | 8.8% | 1.46x | 1.45x |
| HG Saturn 3 Fund LP | Hg Capital | 2022 | $200M | $78.4M | 0.9% | 1.01x | β |
| Highbridge Principle Strategies Kitty Hawk Credit Fund LP | Highbridge | 2016 | $200M | $305.3M | 9.3% | 1.35x | 0.53x |
| Highbridge Specialty Loan Fund | Highbridge | 2016 | $200M | $65.5M | 9.6% | 1.24x | 0.96x |
| MTP Emerald Fund LLC - Series III | Magnetar Capital | 2023 | $200M | $33.2M | 0.1% | β | β |
| MW North Carolina Debt Fund, LLC | β | 2016 | $200M | $181.1M | 2.1% | 1.11x | 0.28x |
| NCL Investments II LP - Outside Opportunities Series B | NCL Investments | 2019 | $200M | $191.7M | 8.4% | 1.29x | 0.15x |
| NCL Investments II, L.P. - PE Overflow Series | NCL Investments | 2018 | $200M | $182.5M | 9.8% | 1.43x | 0.36x |
| North Star Investment Co-Invest | North | 2013 | $200M | $67.7M | 1.2% | β | β |
| North Star Investment Holdings LLC | North | 2012 | $200M | $21M | 1.4% | β | β |
| Northbound NCRS Fund, L.P. | North | 2015 | $200M | $231.8M | 14.8% | 2.10x | 0.78x |
Largest 100 of 441 disclosed positions. Source: NC NCRS Performance and Fee Report - performance_fee_report_fy2024. TVPI = total value / paid-in; DPI = distributions / paid-in.
Media Β· Podcasts & interviews
from their channelSupplemental Retirement Board of Trustees Audit Subcommittee Meeting β July 13, 2026
NC DST
North Carolina Investment Authority Board Meeting β May 27, 2026
NC DST
State Health Plan Decisions β July 10, 2026
NC DST
Local Government Commission Meeting β July 7, 2026
NC DST
North Carolina Capital Facilities Finance Agency Meeting β July 7, 2026
NC DST
From the Vault: America 250 β Gold in North Carolina
NC DST