Fund returns by vintage
Median net returns by vintage year across 6,688 private funds, as disclosed by their public-pension and foundation LPs. Young vintages sit in the J-curve — fees hit before gains do. Fund-level rows are on the fund performance page.
| Vintage | Funds | Median net IRR | Median TVPI | Median DPI |
|---|---|---|---|---|
| 2025 | 103 | 1.0% | 1.00x | 0.00x |
| 2024 | 358 | 9.0% | 1.05x | 0.00x |
| 2023 | 372 | 14.1% | 1.14x | 0.01x |
| 2022 | 414 | 10.8% | 1.17x | 0.02x |
| 2021 | 481 | 9.6% | 1.23x | 0.11x |
| 2020 | 430 | 10.3% | 1.30x | 0.25x |
| 2019 | 380 | 12.4% | 1.40x | 0.38x |
| 2018 | 349 | 12.9% | 1.49x | 0.59x |
| 2017 | 286 | 14.0% | 1.63x | 0.85x |
| 2016 | 287 | 13.1% | 1.64x | 0.98x |
| 2015 | 333 | 12.9% | 1.65x | 1.09x |
| 2014 | 310 | 9.9% | 1.58x | 1.16x |
| 2013 | 244 | 10.8% | 1.49x | 1.28x |
| 2012 | 242 | 11.8% | 1.66x | 1.40x |
| 2011 | 222 | 11.8% | 1.66x | 1.49x |
| 2010 | 171 | 10.1% | 1.55x | 1.38x |
| 2009 | 122 | 10.7% | 1.59x | 1.36x |
| 2008 | 279 | 10.5% | 1.56x | 1.39x |
| 2007 | 278 | 7.6% | 1.40x | 1.32x |
| 2006 | 306 | 7.2% | 1.46x | 1.38x |
| 2005 | 228 | 5.3% | 1.34x | 1.29x |
| 2004 | 145 | 8.3% | 1.49x | 1.41x |
| 2003 | 88 | 8.5% | 1.53x | 1.42x |
| 2002 | 65 | 12.1% | 1.53x | 1.37x |
| 2001 | 103 | 12.3% | 1.64x | 1.53x |
| 2000 | 92 | 7.4% | 1.50x | 1.39x |
Frequently asked questions
- What net IRR did 2018-vintage funds achieve?
- The median net IRR across 349 funds of vintage 2018 with LP-disclosed returns is 12.9%, at a median TVPI of 1.49x.
- Where do these fund returns come from?
- From the quarterly and annual reports of public pensions and foundations (CalPERS, CalSTRS, Oregon PERF, UC Regents, and others) — the limited partners' own calculations, covering 6,688 funds. Young vintages read low because of the J-curve: fees are charged before gains are realized.