CalPERS

PE Program Fund Performance Review

Since inception in 1990 to December 31, 2013, the Private Equity (PE) Program has generated $28 billion in profits for CalPERS.

All information on this page is as of December 31, 2013.

December 31, 2013 is the latest private equity performance information available. At the end of each quarter, the General Partners report on the value of invested capital. They have up to 120 days to provide Limited Partners with financial data, so there is generally a two-quarter "lag" in performance reporting.

How to Read the Performance Review Table
The table, which is updated quarterly, provides information on the status of the CalPERS private equity commitments. The left-hand column lists all funds to which CalPERS has committed capital. The column "Capital Committed" identifies the original amount CalPERS agreed to invest in each fund. "Cash In" represents capital contributed for investments and management fees. "Cash Out" represents distributions CalPERS has received back from the fund.

Reported performance may reflect a variety of factors. One fund may be in the formative stage when management fees have a larger negative impact on results in the initial years. Another fund may be realizing investments in some companies and distributing the proceeds to investors. Performance may also be influenced by the performance cycle within industries or the strategies in which funds invest, such as technology versus manufacturing, or venture capital versus buyout. There are no generally accepted standards, practices, or policies for reporting private equity valuations. Generally, private equity partnerships take 10 to 12 years to realize full value. Most General Partners tend to have a conservative valuation approach, and as a result interim reported values could differ materially from the values realized when portfolio companies are sold. For these reasons it is not always meaningful to compare the interim returns or multiples for funds, particularly for funds of different vintage years or investment strategies.

In evaluating private equity performance, CalPERS emphasizes using both the realized IRR along with "Cash Out & Remaining Value" divided by the Cash In. Interim IRRs by themselves are not the best indicators of how a fund is performing or how it will perform over its full life.

Note: The table below reflects the performance of all active PE partnership investments as of December 31, 2013.  The table does not include any exited partnership investments. The reported value figures shown are representative of CalPERS' position in each investment. For funds formed during or after a vintage year of 2009, the investment multiple was noted as "N/M" which means Not Meaningful. Industry practice dictates that these funds are in the early stages of their investment life cycle and any performance analysis done on these funds would not generate meaningful results as private equity funds are understood to be long-term investments. The term "N/A" means Not Available. Partnership investments ending with a 1 are using cash adjusted market values.

Fund
Description
Vin-
tage
Year
Capital
Committed
Cash In Cash Out Cash Out &
Remaining
Value
Net IRR Foot-
notes
Invest-
ment
Multiple
Foot-
notes
57 Stars Global Opportunities Fund 2 LLC 2009 $500,000,000 $207,550,475 $26,300,553 $223,340,185 5.2% N/M 1.10x N/M
57 Stars Global Opportunities Fund, LLC 2007 430,000,000 351,007,034 112,357,399 490,829,781 10.2 1.40x
AACP AP Investors, L.P. 2007 14,108,080 12,651,233 4,862,092 13,189,097 .8 1.00x
AACP China Debt Investors, LP 2008 10,000,000 9,779,482 6,784,915 14,893,439 10.9 1.50x
AACP China Growth Investors 2007 50,000,000 36,532,781 9,631,461 57,512,163 8.5 1.60x
AACP China Venture Investors A, L.P. 2008 5,000,000 3,759,416 104,374 4,233,920 3.0 1.10x
AACP India Venture Investors A 2007 5,000,000 4,854,962 242,237 6,662,004 7.6 1.40x
AACP India Venture Investors B 2007 5,000,000 4,781,896 1,553,738 8,315,348 11.6 1.70x
AACP India Venture Investors C 2009 5,000,000 4,473,927 1,781,342 8,288,063 31.7 N/M 1.90x N/M
Aberdare III 2005 22,500,000 21,993,750 7,985,469 16,136,431 (7.1) 0.70x
Aberdare IV 2008 50,000,000 35,625,000 15,178,962 52,211,897 15.5 1.50x
Acon-Bastion Partners II, L.P. 2006 70,000,000 64,633,935 63,246,324 103,394,676 12.2 1.60x
Advent Global Private Equity IV-A, L.P. 2002 25,000,000 24,000,000 76,454,573 77,920,356 52.1 3.20x
Advent International GPE V-D, L.P. 2005 82,028,904 76,449,644 168,725,169 196,891,116 45.1 2.60x
Advent International GPE VI-A, L.P. 2008 500,000,000 476,806,254 228,461,668 827,163,893 21.0 1.70x
Advent International GPE VII, L.P. 2012 450,000,000 130,050,000 0 169,628,515 36.4 N/M 1.30x N/M
Advent Latin America Private Equity IV-D 2007 200,000,000 195,315,196 186,873,530 306,959,205 13.4 1.60x
Advent Latin America V 2010 100,000,000 64,500,000 11,950,000 68,698,104 4.9 N/M 1.10x N/M
Advent Latin American Private Equity III 2006 50,000,000 45,285,090 56,956,184 69,276,931 11.4 1.50x
Affinity Asia Pacific Fund III, L.P. 2007 150,000,000 132,933,348 38,913,090 215,985,916 15.1 1.60x
Aisling Capital II, LP 2006 80,000,000 72,673,382 17,189,098 74,587,638 .5 1.00x
Aisling Capital III, LP 2008 90,000,000 57,215,934 19,031,444 74,729,230 14.3 1.30x
Alta BioPharma Partners II, L.P. 2000 44,375,825 63,968,792 61,656,644 68,108,636 1.5 1.10x
Alta V Limited Partnership 1992 35,000,000 35,000,000 84,587,808 84,991,824 25.5 2.40x
American River Ventures I, LP 1 2001 15,000,000 15,000,000 134,980 134,980 (61.9) 0.00x
AP Investment Europe, Ltd. 1 2007 75,886,505 75,050,224 34,600,986 34,600,986 (21.2) 0.50x
APA Excelsior IV, L.P. 1995 25,000,000 25,000,000 49,131,472 49,573,682 20.2 2.00x
Apollo Asia Opportunity Fund, LP 2007 50,000,000 50,000,000 44,199,717 45,351,927 (2.1) 0.90x
Apollo Credit Opportunities Fund I, LP 2008 1,000,000,000 974,234,912 2,565,760,107 2,914,664,982 27.9 3.00x
Apollo European Principal Finance Fund 2008 69,484,537 58,725,545 40,905,293 84,534,466 10.6 1.40x
Apollo Investment Fund III, L.P. 1995 150,000,000 135,148,437 211,317,767 217,241,565 10.7 1.60x
Apollo Investment Fund IV, L.P. 1998 150,000,000 149,677,288 249,503,471 251,045,119 8.5 1.70x
Apollo Investment Fund V, L.P. 2001 250,000,000 232,343,022 592,836,338 621,300,712 37.6 2.70x
Apollo Investment Fund VI, L.P. 2006 520,000,000 609,559,497 552,949,532 1,013,310,807 10.7 1.70x
Apollo Investment Fund VII, L.P. 2008 800,000,000 700,936,824 815,847,766 1,363,731,784 25.9 1.90x
Apollo Investment Fund VIII 2013 500,000,000 7,417,951 0 5,332,362 (28.1) N/M 0.70x N/M
Apollo Special Opp. Managed Acct, L.P. 2007 800,000,000 800,000,000 408,895,030 1,218,693,377 7.5 1.50x
ArcLight Energy Partners Fund II, L.P. 2004 75,000,000 63,522,439 98,522,723 103,939,628 16.8 1.60x
ArcLight Energy Partners Fund III, L.P. 2006 200,000,000 172,829,596 159,710,122 251,857,587 7.6 1.50x
ArcLight Energy Partners Fund IV, L.P. 2007 250,000,000 192,812,454 205,472,861 274,255,453 10.6 1.40x
Ares Corp. Opportunities Fund I, L.P. 2003 100,000,000 96,184,024 144,350,482 159,490,124 13.4 1.70x
Ares Corp. Opportunities Fund II, L.P. 2006 200,000,000 176,165,622 239,672,374 323,953,033 14.1 1.80x
Ares Corp. Opportunities Fund III, L.P. 2008 400,000,000 346,277,383 241,910,252 587,999,515 22.9 1.70x
Ares Special Situations Fund, LP. 2007 150,000,000 150,000,000 213,020,344 255,962,281 12.4 1.70x
Ares/CalPER CLO 1 2007 140,000,000 140,000,000 164,692,130 170,457,702 4.9 1.20x
Asia Alternatives Capital Partners II LP 2008 50,000,000 36,043,530 4,857,435 47,587,101 13.4 1.30x
Asia Alternatives Capital Partners, LP 2007 50,000,000 46,141,489 20,412,565 64,921,593 8.8 1.40x
Asia Recovery Fund 2000 100,000,000 58,955,167 81,825,108 83,806,991 8.8 1.40x
Audax Credit Opportunities Fund, L.P. 2007 25,000,000 25,000,000 19,950,000 30,986,484 4.1 1.20x
Audax Mezzanine Fund II, L.P. 2006 100,000,000 83,314,875 92,256,670 110,032,155 8.1 1.30x
Audax Private Equity Fund III, L.P. 2007 125,000,000 129,170,067 72,284,142 201,326,489 13.6 1.60x
Aurora Equity Partners II L.P. 1998 75,000,000 82,906,578 116,792,278 116,792,278 4.7 1.40x
Aurora Equity Partners III, L.P. 2004 150,000,000 153,411,399 243,356,366 259,015,673 14.0 1.70x
Avenue Asia Special Situations Fund IV 2006 300,000,000 271,629,915 201,679,641 331,435,164 5.1 1.20x
Avenue Asia Special Situations III 2003 100,000,000 76,892,230 114,818,293 114,880,549 8.2 1.50x
Avenue Europe Special Situations Fund LP 2008 220,758,906 142,610,317 206,944,714 212,571,484 12.2 1.50x
Avenue Special Situations Fund V, LP 2007 400,000,000 400,000,000 527,505,821 534,069,910 11.4 1.30x
Avenue Special Situations Fund VI (A) 2011 150,000,000 153,245,391 8,304,769 181,523,740 7.5 N/M 1.20x N/M
Avenue Special Situations IV 2006 150,000,000 150,000,000 205,683,280 212,902,218 8.8 1.40x
Banc of America Community Venture Fund 2003 100,000,000 88,250,059 31,830,576 85,041,897 (.8) 1.00x
Baring Vostok Private Equity Fund IV 2007 77,775,000 69,544,682 25,436,493 117,005,162 16.1 1.70x
Birch Hill Equity Partners (US) IV, LP 2011 145,391,793 76,352,454 1,956,094 79,821,065 3.1 N/M 1.00x N/M
Birch Hill Equity Partners III, L.P. 2005 124,724,952 126,981,800 88,434,713 187,058,346 9.3 1.50x
Blackstone - GSO Capital Solutions LP 2010 250,000,000 210,935,930 56,964,012 303,847,820 17.9 N/M 1.40x N/M
Blackstone Capital Partners IV, L.P. 2003 200,000,000 181,055,935 408,514,006 509,148,895 37.3 2.80x
Blackstone Capital Partners V, L.P. 2006 600,000,000 697,465,114 352,819,884 968,926,725 6.8 1.40x
Blackstone Capital Partners VI, L.P. 2011 500,000,000 134,671,709 9,271,465 161,144,157 12.4 N/M 1.20x N/M
Blackstone Communications Partners I, LP 2000 100,000,000 99,637,879 110,328,039 118,782,972 5.7 1.20x
Blackstone Mezzanine Partners I, L.P. 1999 100,000,000 87,271,030 108,298,355 111,169,901 8.6 1.30x
Blackstone TOP Fund, L.P. 2012 800,000,000 253,312,066 3,280,937 273,933,190 11.7 N/M 1.10x N/M
Bridgepoint Europe I, L.P. 1 2000 41,286,165 31,046,051 56,605,524 57,400,073 17.1 1.80x
Bridgepoint Europe II 2001 117,792,601 104,836,864 202,067,469 213,003,273 29.7 2.00x
Bridgepoint Europe III 2005 205,949,299 187,216,319 105,081,956 220,883,198 3.0 1.20x
Bridgepoint Europe IV 2008 405,458,952 322,416,601 67,813,986 435,345,058 12.4 1.40x
Cadence Bancorp 2010 79,407,530 73,416,285 0 75,085,580 .9 N/M 1.00x N/M
California Asia Investors, LP 1 2008 150,000,000 114,257,705 24,138,236 220,462,855 31.2 1.90x
California Emerging Ventures I, LLC 1999 957,443,941 925,261,128 1,055,416,522 1,144,934,144 4.2 1.20x
California Emerging Ventures II, LLC 2000 1,351,269,032 1,330,174,991 1,353,181,266 1,621,574,013 3.8 1.20x
California Emerging Ventures III, LLC 2001 476,803,634 453,521,837 394,214,869 652,228,306 7.6 1.40x
California Emerging Ventures IV, LLC 2006 459,086,141 416,668,733 202,819,718 597,403,587 11.4 1.40x
CalPERS Corporate Partners, L.P. 2001 500,000,000 478,095,210 592,636,611 878,434,057 11.5 1.80x
Capital Link 2007 500,000,000 495,606,666 230,817,310 699,990,630 9.8 1.40x
Capital Link Fund II, LP 2008 435,000,000 339,055,033 128,330,037 419,453,052 8.5 1.20x
Carlyle Asia Growth Partners III, L.P. 2005 75,000,000 68,727,629 18,376,673 63,080,688 (1.4) 0.90x
Carlyle Asia Growth Partners IV, L.P. 2008 150,000,000 88,486,739 4,299,125 113,486,426 9.1 1.30x
Carlyle Asia Partners (PV II), L.P. 2000 75,000,000 73,302,204 199,314,779 206,631,000 18.4 2.80x
Carlyle Asia Partners II, L.P. 2006 150,000,000 150,995,769 133,810,326 221,455,838 8.2 1.50x
Carlyle Asia Partners III, L.P. 2008 300,000,000 259,777,606 80,932,853 343,683,285 10.9 1.30x
Carlyle Asia Venture Partners II, L.P. 2001 42,500,000 34,688,741 70,673,439 70,673,439 17.6 2.00x
Carlyle Europe Partners II, L.P. 2003 69,257,270 64,662,760 88,317,146 116,032,852 20.4 1.80x
Carlyle Europe Partners III, L.P. 2007 416,940,373 376,651,539 126,425,534 487,261,821 7.5 1.30x
Carlyle Europe Realty Partners, L.P. 2002 30,432,383 30,941,440 50,376,365 50,376,365 13.9 1.60x
Carlyle Europe Technology Partners II 2008 101,444,635 82,079,992 47,536,733 130,173,788 14.8 1.60x
Carlyle Global Financial Services, LP 2008 150,000,000 142,012,476 78,629,981 195,527,366 11.4 1.40x
Carlyle Japan Partners II, L.P. 2006 149,919,260 121,206,826 11,586,094 103,153,005 (3.7) 0.90x
Carlyle Japan Partners, L.P. 2001 25,481,114 25,399,354 59,839,932 61,494,034 34.1 2.40x
Carlyle Mexico Partners, L.P. 2005 25,000,000 22,402,712 19,056,951 27,285,324 8.3 1.20x
Carlyle Partners II, L.P. 1996 80,000,000 80,013,955 206,120,141 206,938,362 25.3 2.60x
Carlyle Partners III, L.P. 2000 150,000,000 135,561,094 327,453,050 327,686,633 22.7 2.40x
Carlyle Partners IV, L.P. 2005 300,000,000 282,227,238 437,933,807 615,767,817 14.8 2.20x
Carlyle Partners V, L.P. 2007 800,000,000 795,018,929 441,274,633 1,144,471,959 11.9 1.40x
Carlyle Partners VI, L.P. 2013 547,000,000 4,085,640 0 2,983,658 (27.0) N/M 0.70x N/M
Carlyle Realty Qualified Ptrs III, L.P. 2001 50,000,000 46,768,536 86,181,824 103,645,855 28.1 2.20x
Carlyle Strategic Partners II, LP 2007 75,000,000 72,623,790 85,165,210 116,672,898 12.9 1.60x
Carlyle Strategic Partners, L.P. 2004 50,000,000 33,915,756 85,344,043 86,454,014 31.0 2.50x
Carlyle U.S. Growth Fund III, L.P. 2006 75,000,000 69,360,894 48,957,366 92,846,265 7.2 1.30x
Carlyle Venture Partners II, L.P. 2001 50,000,000 50,460,844 36,926,016 46,146,857 (1.7) 0.90x
Carlyle/Riverstone Glob Engy & Power II 2003 75,000,000 77,595,332 166,420,618 191,277,535 53.3 2.50x
Carlyle/Riverstone Glob Engy & Power III 2005 250,000,000 249,612,636 250,739,365 376,733,414 9.4 1.50x
Carlyle/Riverstone Renew Energy Infrast 2006 60,000,000 59,617,781 5,443,171 15,409,548 (23.7) 0.30x
Castlelake I, L.P. 2007 75,000,000 75,000,000 40,518,303 114,866,917 7.2 1.50x
Central Valley Fund 2005 40,000,000 29,763,482 30,528,282 40,480,849 11.2 1.40x
Central Valley Fund II (SBIC), L.P. 2012 11,500,000 3,528,621 0 3,200,195 (8.2) N/M 0.90x N/M
Cerberus CP Partners, L.P. 2013 600,000,000 95,532,435 0 93,494,891 (5.4) N/M 1.00x N/M
Cerberus Institutional Partners V, L.P. 2012 400,000,000 175,286,555 8,706,673 284,840,948 33.8 N/M 1.60x N/M
China Privatization Fund I, L.P. 1 2006 100,000,000 69,317,995 133,415,962 133,415,962 13.7 1.90x
Clarus Lifesciences I, L.P. 2006 45,000,000 40,629,150 35,302,220 55,629,360 6.5 1.40x
Clarus Lifesciences II, L.P. 2008 75,000,000 61,965,000 22,694,447 95,884,440 18.3 1.50x
Clean Energy & Technology Fund, LLC 2007 465,000,000 404,301,787 26,254,699 257,647,259 (12.1) 0.60x
Clearlake Capital Partners III, L.P. 2012 50,000,000 16,861,219 118,376 20,195,440 41.7 N/M 1.20x N/M
Clearwater Capital II 2005 54,375,000 54,374,999 55,901,143 72,912,076 5.2 1.30x
Clearwater Capital Partners I, LP 2001 41,735,000 41,735,012 31,088,158 39,179,873 (1.9) 0.90x
Clearwater Capital Partners III, LP 2006 150,000,000 150,000,000 88,437,554 199,517,787 5.7 1.30x
Clessidra Capital Partners I, L.P. 2005 68,316,857 72,062,908 67,604,385 80,613,730 40.3 1.10x
Clessidra Capital Partners II, L.P. 2008 199,060,962 111,416,033 42,569,107 140,812,111 12.0 1.30x
Coller International Partners III, L.P. 1 1999 100,000,000 100,866,310 143,291,953 144,672,053 13.9 1.40x
Coller International Partners IV, L.P. 2002 100,000,000 88,383,697 104,366,141 120,489,238 12.0 1.40x
Coller International Partners V, L.P. 2006 375,000,000 310,995,027 199,705,270 418,225,192 8.7 1.30x
Craton Equity Investors I, L.P. 2007 38,153,846 38,086,146 58,580 19,355,509 (17.4) 0.50x
CS DEM, L.P. 2012 100,000,000 3,830,492 1,595,296 4,021,788 4.5 N/M 1.00x N/M
CVC European Equity Partners II L.P. 1998 150,000,000 139,330,357 309,168,701 329,759,167 19.0 2.40x
CVC European Equity Partners III L.P. 2001 200,000,000 191,823,147 551,711,218 559,276,777 41.1 2.90x
CVC European Equity Partners IV, L.P. 2005 309,767,772 350,078,962 529,075,616 645,274,871 17.7 1.80x
CVC European Equity Partners L.P. 1996 50,000,000 48,436,031 121,241,204 121,617,522 22.8 2.50x
CVC European Equity Partners Tandem Fund 2007 445,179,512 498,113,680 405,263,806 651,622,393 7.2 1.30x
CVC European Equity Partners V, L.P. 2008 546,573,896 496,157,877 287,653,373 655,647,947 11.4 1.30x
Darby Converging Europe Mezzanine Fund 2006 33,804,532 32,710,840 11,552,057 25,801,464 (4.5) 0.80x
DFJ Frontier Fund, L.P. 2002 20,000,000 20,000,000 3,081,271 15,385,267 (4.0) 0.80x
EM Alternatives 1 2007 100,000,000 80,408,940 15,100,603 99,783,989 7.0 1.20x
ESP Golden Bear Europe Fund 2007 687,791,399 408,307,665 78,533,000 457,627,699 4.2 1.10x
Essex Woodlands Health Ventures VIII, LP 2008 125,000,000 97,500,000 18,401,160 125,860,609 10.5 1.30x
Exxel Capital Partners V, L.P. 1 1998 75,000,000 81,860,844 4,741,826 4,874,392 (33.5) 0.10x
Fenway Partners Capital Fund, L.P. 1 1996 100,000,000 98,672,146 100,010,824 100,010,824 .3 1.00x
First Reserve Fund X, L.P. 2004 125,000,000 125,000,000 219,717,563 230,319,489 31.3 1.80x
First Reserve Fund XI, L.P. 2006 500,000,000 500,000,000 243,288,814 549,619,823 2.3 1.10x
First Reserve Fund XII, L.P. 2008 300,000,000 270,691,032 42,533,751 314,733,539 5.0 1.20x
Francisco Partners II, L.P. 2006 175,000,000 164,452,297 130,677,474 262,739,191 12.6 1.60x
Francisco Partners III, L.P. 2011 100,000,000 62,500,000 1,239,834 76,907,552 17.7 N/M 1.20x N/M
Francisco Partners, L.P. 2000 50,000,000 47,867,475 44,347,198 64,003,965 5.2 1.30x
Garage California Entrepreneurs Fund, LP 2002 10,000,000 10,000,000 5,604,461 10,452,851 .7 1.00x
Generation Capital Partners, L.P. 1996 50,000,000 46,865,162 58,598,829 58,941,912 6.3 1.30x
Gleacher Mezzanine Fund I, LP 2001 45,000,000 38,364,562 57,635,072 57,644,963 20.1 1.50x
Golden State Investment Fund 2006 560,000,000 450,020,469 200,086,505 554,947,719 5.5 1.20x
Golder, Thoma, Cressey & Rauner Fund IV 1994 25,000,000 25,000,000 52,934,605 53,078,947 25.1 2.10x
Granite Global Ventures II 2004 30,000,000 28,650,025 12,967,143 43,446,221 6.9 1.50x
Granite Global Ventures III, L.P. 2006 60,000,000 58,500,025 41,076,787 117,929,077 18.3 2.00x
Green Equity Investors III, L.P. 1999 125,000,000 113,609,681 269,323,859 269,393,052 21.6 2.40x
Green Equity Investors IV, L.P. 2003 150,000,000 155,435,420 179,393,561 293,939,048 11.6 1.90x
Green Equity Investors V, L.P. 2007 400,000,000 391,590,066 310,376,052 675,105,175 20.2 1.70x
GSO Capital Opportunities Fund II, LP 2011 250,000,000 47,132,525 19,864,635 71,656,359 25.2 N/M 1.50x N/M
GSO Capital Opportunities Fund, L.P. 2008 100,000,000 109,499,996 126,295,634 171,780,093 18.7 1.60x
GSO Energy Partners - C, L.P. 2013 400,000,000 73,967,314 0 77,093,733 8.4 N/M 1.00x N/M
Health Evolution Partners - Growth 2008 505,000,000 425,681,661 67,794,118 490,371,335 6.5 1.20x
Health Evolution Partners FOF 2007 199,990,000 146,389,398 11,487,394 122,687,442 (5.2) 0.80x
Hellman & Friedman Capital Partners II 1991 87,335,732 87,335,732 239,151,380 239,191,768 22.5 2.70x
Hellman & Friedman Capital Partners V LP 2004 200,000,000 180,142,164 424,967,525 485,308,198 28.2 2.70x
Hellman & Friedman Capital Partners VI 2007 600,000,000 572,915,754 470,861,223 872,880,822 10.5 1.50x
Hellman & Friedman Capital Partners VII 2011 300,000,000 126,305,386 14,313,966 138,759,723 6.8 N/M 1.10x N/M
Huntsman Gay Capital Partners Fund, LP 2008 180,000,000 160,707,504 146,008,078 259,467,859 19.6 1.60x
ICV Partners II, L.P. 2005 31,220,000 28,132,124 14,705,848 41,094,273 10.4 1.50x
Insight V 2005 46,500,000 46,500,000 59,669,631 115,805,659 22.1 2.50x
Insight Venture Partners VI, L.P. 2007 68,000,000 65,350,831 23,863,855 158,839,048 24.4 2.40x
Khosla Ventures III, L.P. 2009 200,000,000 173,000,000 18,936,365 280,832,405 16.9 N/M 1.60x N/M
Khosla Ventures Seed, L.P. 2009 60,000,000 51,000,000 10,480 66,690,793 10.5 N/M 1.30x N/M
KKR 2006 Fund 2006 400,000,000 478,325,371 332,304,217 647,375,233 6.8 1.40x
KKR Asian Fund II, L.P. 2013 500,000,000 23,644,264 0 17,262,710 (27.9) N/M 0.70x N/M
KKR Asian Fund, LP 2007 275,000,000 289,313,670 106,697,894 433,796,230 12.8 1.50x
KKR European Fund II, L.P. 2005 198,496,033 207,597,724 147,153,052 274,004,270 4.8 1.30x
KKR European Fund III, LP 2008 336,829,691 281,027,332 32,949,896 336,532,985 7.1 1.20x
KKR European Fund, L. P. 2001 75,000,000 80,158,807 195,967,004 197,190,879 24.7 2.50x
KKR Millennium Fund 2002 150,000,000 154,208,052 231,527,922 302,567,920 16.6 2.00x
Kline Hawkes Pacific, L.P. 2000 100,000,000 100,000,000 45,952,675 68,498,107 (5.8) 0.70x
KM Corporate Partners Fund II, L.P. 2007 200,000,000 147,490,597 80,561,167 231,039,629 12.1 1.60x
KPS Special Situations Fund III, LP 2007 175,000,000 92,138,269 53,488,979 171,091,097 21.9 1.90x
Levine Leichtman Capital Deep Value 2005 75,000,000 85,400,274 62,095,640 85,066,094 (.1) 1.00x
Levine Leichtman Capital Partners II, LP 1998 150,000,000 166,149,648 195,073,789 212,873,053 5.7 1.30x
Levine Leichtman Capital Partners III LP 2003 50,000,000 53,369,133 48,269,518 76,939,734 9.9 1.40x
Levine Leichtman Capital Partners IV LP 2008 75,000,000 55,952,413 32,427,500 100,629,235 23.1 1.80x
Lexington Capital Partners II, L.P. 1998 150,000,000 148,267,500 193,294,871 197,615,003 8.2 1.30x
Lexington Capital Partners III, LP 1999 100,000,000 98,618,460 119,793,610 124,272,957 8.7 1.30x
Lexington Capital Partners IV 2000 100,000,000 98,112,227 169,195,261 175,171,709 19.2 1.80x
Lexington Capital Partners V, L.P. 2002 50,000,000 49,756,618 74,350,285 83,163,865 19.6 1.70x
Lexington Middle Markets Investors, L.P. 2005 50,000,000 48,998,415 45,854,370 69,604,870 10.9 1.40x
Lime Rock Partners III 2004 25,000,000 25,000,000 7,070,646 17,097,472 (7.0) 0.70x
Lime Rock Partners IV, LP 2006 43,000,000 41,114,808 11,421,182 66,518,016 10.1 1.60x
Lime Rock Partners V, LP 2008 85,000,000 71,589,725 2,298,237 77,663,960 2.4 1.10x
Lion Capital Fund II, L.P. 2007 210,034,477 191,711,569 16,980,790 148,071,944 (5.1) 0.80x
Lombard Asia III 2007 46,875,000 36,395,351 66,342,707 82,316,498 22.7 2.30x
Lombard Thailand Partners, L.P. 2001 75,000,000 64,905,857 151,999,474 152,211,987 16.2 2.30x
Lombard/Pacific Partners, L.P. 1995 400,000,000 355,375,350 465,817,908 465,817,908 5.9 1.30x
Madison Dearborn Capital Partners IV, LP 2000 150,000,000 145,812,345 254,201,736 282,010,479 14.2 1.90x
Madison Dearborn Capital Partners V, LP. 2006 300,000,000 266,686,915 110,510,274 388,890,369 6.8 1.50x
Magnum Capital, LP 2007 133,991,582 122,814,451 36,666,381 136,116,717 3.2 1.10x
MHR Institutional Partners II, L.P. 2003 50,000,000 50,000,000 51,278,230 98,618,624 14.2 2.00x
MHR Institutional Partners III, L.P. 2006 350,000,000 213,948,093 83,228,102 407,066,811 11.1 1.90x
New Mountain Partners II, L.P. 2005 150,000,000 120,108,074 179,723,497 236,586,946 13.3 2.00x
New Mountain Partners III, L.P. 2007 400,000,000 358,339,890 107,426,689 492,220,785 11.3 1.40x
Newbridge Asia III, L.P. 2003 75,000,000 60,749,287 261,836,707 262,622,935 30.8 4.30x
Newbridge Asia IV, L.P. 2005 180,000,000 170,798,937 227,660,408 389,682,205 18.1 2.30x
NGEN II, LP 2005 15,000,000 14,536,131 917,788 1,193,637 (61.6) 0.10x
Nogales Investors Fund I, LP 2001 25,000,000 24,814,581 9,202,318 14,793,278 (9.5) 0.60x
Oak Hill Capital Partners II, L.P. 2004 75,000,000 74,153,700 97,493,063 122,649,094 10.0 1.70x
Oak Hill Capital Partners III, L.P. 2007 300,000,000 219,119,694 63,523,736 303,156,732 7.8 1.40x
Oaktree Opportunities Fund VIII-B 2011 200,000,000 190,000,000 0 225,006,931 12.5 N/M 1.20x N/M
Pacific Comm Ventures Invest Ptrs II 2002 10,000,000 10,127,744 4,179,207 6,229,912 (9.8) 0.60x
PAG Asia I LP 2012 100,000,000 41,121,512 3,736,062 51,383,396 16.4 N/M 1.20x N/M
Palladium Equity Partners III, L.P. 2004 193,750,000 165,589,445 143,559,475 347,364,794 19.6 2.10x
Permira Europe I 1997 89,829,777 83,924,472 216,464,549 217,927,257 74.5 2.60x
Permira Europe III 2004 127,313,515 125,343,047 177,246,415 216,970,178 27.5 1.70x
Permira IV 2006 273,282,715 339,542,806 212,573,020 454,552,037 7.5 1.30x
Permira U.K. Venture IV 1996 31,456,666 31,456,666 46,019,437 46,242,464 10.6 1.50x
Perseus-Soros BioPharmaceutical Fund, LP 2001 40,000,000 42,877,804 68,081,472 71,923,835 18.4 1.70x
Pinnacle Venture II-B 2005 50,000,000 45,000,000 44,857,570 56,222,529 5.5 1.20x
Polish Enterprise Fund IV 2000 50,000,000 55,203,225 149,112,657 149,190,770 27.7 2.70x
Polish Enterprise Fund VI, L.P. 2006 140,470,943 127,947,125 18,639,509 126,437,958 (.3) 1.00x
Polish Enterprise V 2004 59,358,199 64,528,339 105,775,258 136,789,572 16.6 2.10x
Providence Equity Partners V, L.P. 2005 125,000,000 113,930,281 86,654,441 148,508,426 4.3 1.30x
Providence Equity Partners VI, L.P. 2007 320,000,000 342,352,188 125,114,606 411,941,405 4.5 1.20x
RFG Private Equity Group 2004 33,971,877 33,790,679 36,103,069 49,439,157 9.3 1.50x
Rhone Capital III, LP 2006 135,661,372 141,496,868 134,988,352 181,652,346 8.1 1.30x
Richardson Capital Private Equity LP 2 2006 45,838,180 24,461,243 9,025,822 14,192,626 (10.9) 0.60x
Riverstone Global Energy and Power V 2012 400,000,000 185,674,747 3,266,618 229,439,946 28.1 N/M 1.20x N/M
Riverstone/Carlyle Glob Engy & Power IV 2008 500,000,000 437,420,578 247,796,334 646,460,285 14.3 1.50x
Riverstone/Carlyle Renew & Alt Energy II 2008 300,000,000 231,918,324 68,170,164 291,587,693 7.7 1.30x
Riverwood Capital Partners, LP 2010 150,000,000 107,302,415 8,416,473 163,081,116 23.4 N/M 1.50x N/M
Sacramento Private Equity Partners 2006 605,000,000 460,927,180 166,711,869 636,676,098 9.8 1.40x
SAIF Partners III 2007 100,000,000 100,085,082 7,849,817 143,017,405 7.0 1.40x
SAIF Partners IV, LP 2010 120,000,000 86,488,626 2,493,049 101,817,187 8.2 N/M 1.20x N/M
Silver Lake Credit Fund, L.P. 2008 100,000,000 100,000,000 129,890,374 136,643,847 6.4 1.40x
Silver Lake Partners 1999 73,170,392 66,260,301 153,819,356 153,819,356 25.1 2.30x
Silver Lake Partners II, L.P. 2004 125,000,000 110,355,010 120,467,121 181,129,629 9.9 1.60x
Silver Lake Partners III, L.P. 2007 480,000,000 442,791,468 331,856,657 694,894,178 17.6 1.60x
Silver Lake Partners IV 2013 320,000,000 15,045,478 0 12,459,756 (17.2) N/M 0.80x N/M
Silver Lake Sumeru Fund, L.P. 2007 220,000,000 193,414,772 90,198,052 262,234,274 10.0 1.40x
SPV VCOC, L.P. 1 2000 28,188,263 30,601,370 43,489,189 43,596,845 20.5 1.40x
T3 Partners II, L.P. 2001 57,000,000 49,540,480 149,503,109 156,812,799 95.1 3.20x
Tailwind Capital Partners I, L.P. 2007 77,510,000 74,699,609 46,534,781 115,214,546 13.3 1.50x
Technology Partners Fund V, L.P. 1994 12,396,600 18,000,000 24,946,429 24,989,912 6.9 1.40x
Technology Partners Fund VI, L.P. 1998 20,567,755 25,000,000 12,764,422 13,842,018 (12.2) 0.60x
The Resolute Fund II, L.P. 2008 200,000,000 173,831,009 31,588,680 233,570,637 10.5 1.30x
Thomas H. Lee Equity Partners V, L.P. 2001 200,000,000 209,566,657 319,118,420 344,446,777 13.5 1.60x
Thomas H. Lee Equity Partners VI, L.P. 2006 240,000,000 256,600,463 96,431,404 330,321,266 5.7 1.30x
TowerBrook Investors II, L.P. 2005 200,000,000 186,614,250 159,937,272 272,450,448 9.2 1.50x
TowerBrook Investors III, L.P. 2008 300,000,000 292,908,192 124,953,626 376,523,888 14.2 1.30x
TowerBrook Investors IV, L.P. 2013 380,000,000 1,087,423 0 -624,145 N/A N/M 0.00x N/M
TowerBrook Investors, L.P. 2001 55,000,000 62,051,991 182,147,351 182,147,351 40.3 2.90x
TPG Asia V, L.P. 2007 360,000,000 329,446,247 43,445,841 338,143,545 .8 1.00x
TPG Biotechnology Partners II, L.P. 2006 70,000,000 67,658,106 26,161,646 114,710,182 11.1 1.70x
TPG Biotechnology Partners III, LP 2008 100,000,000 76,997,840 13,034,987 104,775,720 11.4 1.40x
TPG Biotechnology Partners, L.P. 2002 70,000,000 72,512,057 61,868,033 127,036,567 9.6 1.80x
TPG Partners III, L.P. 2000 150,000,000 127,709,021 318,564,506 331,583,403 24.6 2.60x
TPG Partners IV, L.P. 2003 200,000,000 185,253,863 285,127,506 386,615,827 16.1 2.10x
TPG Partners V, L.P. 2006 600,000,000 656,393,769 246,995,526 708,232,777 1.5 1.10x
TPG Partners VI, L.P. 2008 825,000,000 650,629,407 180,810,723 829,876,617 9.4 1.30x
TPG STAR, L.P. 2007 150,000,000 132,337,497 81,677,983 210,716,145 13.3 1.60x
TPG Ventures, L.P. 2001 245,000,000 246,568,518 257,754,809 291,594,186 3.3 1.20x
Triton Fund IV L.P. 2013 102,746,244 10,946,917 323,791 10,501,404 (4.9) N/M 1.00x N/M
VantagePoint CleanTech Partners, L.P. 2006 25,000,000 23,250,000 12,704,911 26,055,609 3.0 1.10x
VantagePoint Venture Partners 2006 (Q) 2006 100,000,000 90,000,000 4,845,181 57,022,425 (13.1) 0.60x
Vicente Capital Partners Growth Equity 2007 40,422,297 32,141,685 86,113 44,626,115 12.1 1.40x
W Capital Partners II, L.P. 2007 141,125,000 125,699,798 118,936,070 182,147,229 13.4 1.40x
W Capital Partners, L.P. 2004 25,000,000 23,662,500 16,646,209 19,959,854 (5.5) 0.80x
Wayzata Opportunities Fund II, LLC 2007 250,000,000 95,750,000 129,801,899 313,657,668 16.8 3.30x
Wayzata Opportunities Fund, LLC 2006 75,000,000 69,885,000 97,442,659 130,671,377 10.5 1.90x
Wellspring Capital Partners V, L.P. 2011 150,000,000 55,537,881 8,623,681 48,439,863 (10.5) N/M 0.90x N/M
Welsh, Carson, Anderson & Stowe IX, L.P. 2000 125,000,000 123,750,000 174,777,433 198,872,854 11.1 1.60x
Welsh, Carson, Anderson & Stowe VI 1993 50,000,000 50,000,000 100,424,033 100,621,489 12.9 2.00x
Welsh, Carson, Anderson & Stowe VIII, LP 1998 150,000,000 150,000,000 193,747,164 193,931,314 3.2 1.30x
Welsh, Carson, Anderson & Stowe X, L.P. 2005 175,000,000 171,500,000 110,920,111 250,462,586 6.9 1.50x
Welsh, Carson, Anderson & Stowe XI, L.P. 2009 125,000,000 105,562,933 23,719,264 144,891,390 15.1 N/M 1.40x N/M
WLR Recovery Fund II, L.P. 2002 50,000,000 50,000,000 111,108,928 117,193,328 78.8 2.30x
WLR Recovery Fund III, L.P. 2005 198,000,000 198,000,000 114,034,447 168,060,906 (3.6) 0.80x
WLR Recovery Fund IV, LP 2007 400,000,000 348,379,513 199,302,354 494,359,593 10.5 1.40x
Yucaipa American Alliance Fund I, L.P. 2002 200,000,000 199,035,680 124,124,581 285,032,098 8.1 1.40x
Yucaipa American Alliance Fund II, LP 2008 400,000,000 365,792,351 95,107,728 659,498,687 18.1 1.80x
Yucaipa American Special Situations 2002 50,000,000 47,851,179 35,876,297 40,493,700 (5.0) 0.80x
Yucaipa Corporate Initiative Fund 2001 200,000,000 202,025,245 53,669,693 159,048,804 (3.2) 0.80x
Yucaipa Corporate Initiatives Fund II LP 2008 100,000,000 79,763,449 394,348 61,474,510 (8.3) 0.80x
 

N/M    Internal rates of return (IRR) and multiples are not meaningful in the early years of a fund nor are they indicative of future performance.

On a quarterly basis, The PrivateEdge Group at State Street Corporation provides CalPERS with a summary of the PE portfolio, which is based on cash flow data and activity data that is provided by The PrivateEdge Group, Grove Street Advisors, and various PE program external resources and staff.

Figures in the table will not aggregate to the amounts listed in the Current External Private Equity Managers area since that review contains additional investments, including direct investments in private companies. As a result of confidentiality agreements, CalPERS does not disclose the identity of companies or individual portfolio company performance figures. These agreements may be required by certain investors or by the fund manager to maximize returns by protecting a competitive advantage in identifying, analyzing, investing and exiting businesses. Compliance with the confidentiality agreement is a condition of investing in private equity funds.