CalPERS

PE Program Fund Performance Review

Since inception in 1990 to March 31, 2014, the Private Equity (PE) Program has generated $29.1 billion in profits for CalPERS.

All information on this page is as of March 31, 2014.

March 31, 2014 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 March 31, 2014.  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 2010, 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 $227,349,230 $27,398,775 $242,367,585 4.2% 1.1x
57 Stars Global Opportunities Fund, LLC 2007 430,000,000 355,654,937 124,065,648 510,104,534 10.5 1.4x
AACP AP Investors, L.P. 2007 14,108,080 12,651,233 4,862,092 8,326,587 (8.2) 0.7x
AACP China Debt Investors, LP 2008 10,000,000 9,779,482 7,146,700 15,392,118 11.4 1.6x
AACP China Growth Investors 2007 50,000,000 35,981,254 11,174,972 62,622,382 10.0 1.7x
AACP China Venture Investors A, L.P. 2008 5,000,000 3,327,331 104,374 4,859,609 8.2 1.5x
AACP India Venture Investors A 2007 5,000,000 4,854,962 242,237 6,998,232 8.3 1.4x
AACP India Venture Investors B 2007 5,000,000 4,781,896 1,553,738 8,333,742 11.2 1.7x
AACP India Venture Investors C 2009 5,000,000 4,673,677 1,781,342 9,320,645 33.5 2.0x
Aberdare III 2005 22,500,000 21,993,750 10,181,789 17,408,357 (5.1) 0.8x
Aberdare IV 2008 50,000,000 38,000,000 19,177,065 56,221,251 15.8 1.5x
Acon-Bastion Partners II, L.P. 2006 70,000,000 64,979,822 74,838,125 105,190,039 12.3 1.6x
Advent Global Private Equity IV-A, L.P. 2002 25,000,000 24,000,000 76,454,573 77,921,393 52.1 3.2x
Advent International GPE V-D, L.P. 2005 82,030,165 76,449,644 170,123,411 192,753,071 44.4 2.5x
Advent International GPE VI-A, L.P. 2008 500,000,000 476,806,254 259,711,668 817,761,072 19.4 1.7x
Advent International GPE VII, L.P. 2012 450,000,000 173,250,000 4,500,000 225,658,590 35.5 N/M 1.3x N/M
Advent Latin America Private Equity IV-D 2007 200,000,000 195,315,196 186,873,530 306,046,635 13.0 1.6x
Advent Latin America V 2010 100,000,000 70,000,000 11,950,000 79,739,896 9.5 N/M 1.1x N/M
Advent Latin American Private Equity III 2006 50,000,000 45,285,090 56,956,184 68,808,834 11.1 1.5x
Affinity Asia Pacific Fund III, L.P. 2007 150,000,000 133,745,927 38,971,617 209,900,218 13.4 1.6x
Aisling Capital II, LP 2006 80,000,000 75,000,551 20,872,717 79,900,400 1.2 1.1x
Aisling Capital III, LP 2008 90,000,000 63,085,194 27,978,893 91,494,674 19.9 1.5x
Alta BioPharma Partners II, L.P. 2000 44,375,825 63,968,792 61,656,644 72,337,808 2.7 1.1x
Alta V Limited Partnership 1992 35,000,000 35,000,000 84,587,808 84,990,875 25.5 2.4x
American River Ventures I, LP 1 2001 15,000,000 15,000,000 134,980 134,980 (61.9) 0.0x
AP Investment Europe, Ltd. 2007 75,886,505 75,050,224 34,804,452 34,804,452 (20.9) 0.5x
APA Excelsior IV, L.P. 1995 25,000,000 25,000,000 49,131,472 49,492,498 20.2 2.0x
Apollo Asia Opportunity Fund, LP 2007 50,000,000 50,000,000 44,199,717 45,444,512 (2.0) 0.9x
Apollo Credit Opportunities Fund I, LP 2008 1,000,000,000 974,234,912 2,576,542,276 2,923,364,460 27.8 3.0x
Apollo European Principal Finance Fund 2008 69,486,952 58,616,316 50,795,464 86,965,068 11.1 1.5x
Apollo Investment Fund III, L.P. 1 1995 150,000,000 135,148,437 217,241,565 217,241,565 10.7 1.6x
Apollo Investment Fund IV, L.P. 1998 150,000,000 149,677,288 249,503,471 250,640,546 8.5 1.7x
Apollo Investment Fund V, L.P. 2001 250,000,000 232,343,022 596,673,864 627,135,781 37.6 2.7x
Apollo Investment Fund VI, L.P. 2006 520,000,000 609,559,497 584,897,759 1,000,058,065 10.2 1.6x
Apollo Investment Fund VII, L.P. 2008 800,000,000 706,623,892 893,120,320 1,401,101,566 26.0 2.0x
Apollo Investment Fund VIII 2013 500,000,000 17,740,992 22,601 14,356,494 (27.6) N/M 0.8x N/M
Apollo Special Opp. Managed Acct, L.P. 2007 800,000,000 800,000,000 409,124,781 1,262,044,266 7.9 1.6x
ArcLight Energy Partners Fund II, L.P. 2004 75,000,000 63,522,439 98,522,723 101,027,609 16.2 1.6x
ArcLight Energy Partners Fund III, L.P. 2006 200,000,000 172,829,596 172,834,344 255,696,726 7.8 1.5x
ArcLight Energy Partners Fund IV, L.P. 2007 250,000,000 192,812,454 205,472,861 282,075,969 11.1 1.5x
Ares Corp. Opportunities Fund I, L.P. 2003 100,000,000 96,184,024 144,350,482 160,655,191 13.4 1.7x
Ares Corp. Opportunities Fund II, L.P. 2006 200,000,000 176,361,308 263,875,744 327,555,207 14.2 1.9x
Ares Corp. Opportunities Fund III, L.P. 2008 400,000,000 339,698,068 244,709,575 596,972,760 22.7 1.8x
Ares Special Situations Fund, LP. 2007 150,000,000 150,000,000 227,243,675 256,558,320 12.3 1.7x
Asia Alternatives Capital Partners II LP 2008 50,000,000 36,280,516 7,092,262 53,120,485 16.8 1.5x
Asia Alternatives Capital Partners, LP 2007 50,000,000 46,782,102 22,141,417 78,921,314 12.9 1.7x
Asia Recovery Fund 2000 100,000,000 58,955,167 81,825,108 83,657,316 8.8 1.4x
Audax Credit Opportunities Fund, L.P. 2007 25,000,000 25,000,000 23,100,000 30,855,285 4.0 1.2x
Audax Mezzanine Fund II, L.P. 2006 100,000,000 83,364,446 95,375,860 110,983,920 8.2 1.3x
Audax Private Equity Fund III, L.P. 2007 125,000,000 129,170,067 72,284,142 206,117,306 13.7 1.6x
Aurora Equity Partners II L.P. 1 1998 75,000,000 82,906,578 116,792,278 116,792,278 4.7 1.4x
Aurora Equity Partners III, L.P. 2004 150,000,000 153,465,983 244,797,744 260,718,483 14.1 1.7x
Avenue Asia Special Situations Fund IV 2006 300,000,000 271,629,915 206,340,246 332,390,134 5.0 1.2x
Avenue Asia Special Situations III 2003 100,000,000 76,892,230 114,818,293 114,880,549 8.2 1.5x
Avenue Europe Special Situations Fund LP 2008 220,758,906 142,610,317 206,944,714 213,032,153 12.2 1.5x
Avenue Special Situations Fund V, LP 2007 400,000,000 400,000,000 529,236,968 534,011,876 11.4 1.3x
Avenue Special Situations Fund VI (A) 2011 150,000,000 153,245,391 21,587,022 188,050,580 8.2 N/M 1.2x N/M
Avenue Special Situations IV 2006 150,000,000 150,000,000 206,705,249 212,505,896 8.8 1.4x
Banc of America Community Venture Fund 2003 100,000,000 88,567,239 33,206,599 86,717,005 (.4) 1.0x
Baring Vostok Private Equity Fund IV 2007 77,775,000 70,344,741 25,436,493 105,277,801 12.0 1.5x
Birch Hill Equity Partners (US) IV, LP 2011 142,807,194 81,186,171 1,956,094 86,677,426 4.1 N/M 1.1x N/M
Birch Hill Equity Partners III, L.P. 2005 124,524,298 127,530,628 92,996,569 200,684,501 10.5 1.6x
Blackstone - GSO Capital Solutions LP 2010 250,000,000 211,635,198 97,518,955 314,335,782 17.8 N/M 1.5x N/M
Blackstone Capital Partners IV, L.P. 2003 200,000,000 181,188,746 409,050,511 511,523,490 37.2 2.8x
Blackstone Capital Partners V, L.P. 2006 600,000,000 697,905,061 439,483,966 986,387,186 6.9 1.4x
Blackstone Capital Partners VI, L.P. 2011 500,000,000 201,679,182 16,548,597 247,644,975 17.5 N/M 1.2x N/M
Blackstone Communications Partners I, LP 2000 100,000,000 99,637,879 110,328,039 119,773,256 5.9 1.2x
Blackstone Mezzanine Partners I, L.P. 1999 100,000,000 87,271,030 108,298,355 111,170,195 8.6 1.3x
Blackstone TOP Fund, L.P. 2012 800,000,000 355,369,303 3,465,718 382,916,590 10.9 N/M 1.1x N/M
Bridgepoint Europe I, L.P. 1 2000 41,290,447 31,046,051 57,393,802 57,393,802 17.1 1.8x
Bridgepoint Europe II 2001 117,795,422 104,836,864 202,067,469 213,012,971 29.7 2.0x
Bridgepoint Europe III 2005 205,953,378 187,216,319 105,081,956 220,677,763 2.9 1.2x
Bridgepoint Europe IV 2008 405,140,539 355,688,299 89,745,933 468,754,356 11.4 1.3x
Cadence Bancorp 2010 79,407,530 73,416,285 0 75,920,219 1.3 N/M 1.0x N/M
California Asia Investors, LP 2008 150,000,000 119,272,875 31,164,876 265,975,988 36.1 2.2x
California Emerging Ventures I, LLC 1999 957,443,941 925,412,775 1,056,297,013 1,144,385,941 4.2 1.2x
California Emerging Ventures II, LLC 2000 1,351,319,032 1,330,292,697 1,377,483,287 1,630,988,369 3.9 1.2x
California Emerging Ventures III, LLC 2001 476,941,454 454,041,449 414,261,447 662,456,602 7.8 1.5x
California Emerging Ventures IV, LLC 2006 459,226,766 423,572,674 215,927,586 625,671,507 11.9 1.5x
CalPERS Corporate Partners, L.P. 2001 500,000,000 478,648,188 593,676,111 860,691,041 11.0 1.8x
Capital Link 2007 502,000,000 495,606,666 247,534,187 708,190,377 9.7 1.4x
Capital Link Fund II, LP 2008 435,000,000 339,085,957 129,272,648 445,894,172 10.2 1.3x
Carlyle Asia Growth Partners III, L.P. 2005 75,000,000 69,215,310 28,636,221 62,608,907 (1.6) 0.9x
Carlyle Asia Growth Partners IV, L.P. 2008 150,000,000 104,622,353 13,654,223 125,444,028 7.1 1.2x
Carlyle Asia Partners (PV II), L.P. 2000 75,000,000 73,302,204 204,048,482 206,634,368 18.4 2.8x
Carlyle Asia Partners II, L.P. 2006 150,000,000 151,380,664 133,879,013 222,665,948 8.2 1.5x
Carlyle Asia Partners III, L.P. 2008 300,000,000 261,247,287 103,713,030 346,443,866 10.4 1.3x
Carlyle Asia Venture Partners II, L.P. 1 2001 42,500,000 34,688,741 70,673,439 70,673,439 17.6 2.0x
Carlyle Europe Partners II, L.P. 2003 69,266,490 64,668,493 90,620,425 117,115,725 20.4 1.8x
Carlyle Europe Partners III, L.P. 2007 417,038,565 370,097,394 132,950,669 519,368,021 9.2 1.4x
Carlyle Europe Realty Partners, L.P. 2002 30,432,383 30,941,440 50,376,365 50,376,365 13.9 1.6x
Carlyle Europe Technology Partners II 2008 101,439,432 82,079,992 47,536,733 136,001,512 15.5 1.7x
Carlyle Global Financial Services, LP 2008 150,000,000 141,344,061 83,630,197 196,552,047 11.2 1.4x
Carlyle Japan Partners II, L.P. 2006 150,476,681 121,881,541 24,490,755 106,491,583 (3.0) 0.9x
Carlyle Japan Partners, L.P. 2001 25,503,664 25,399,354 59,839,932 62,508,527 34.2 2.5x
Carlyle Mexico Partners, L.P. 2005 25,000,000 22,539,678 19,120,016 27,508,051 8.2 1.2x
Carlyle Partners II, L.P. 1996 80,000,000 80,013,955 206,120,141 206,956,491 25.3 2.6x
Carlyle Partners III, L.P. 2000 150,000,000 135,561,094 327,453,050 327,686,633 22.7 2.4x
Carlyle Partners IV, L.P. 2005 300,000,000 282,227,238 494,413,172 625,953,683 14.9 2.2x
Carlyle Partners V, L.P. 2007 800,000,000 794,484,900 453,256,939 1,205,560,446 12.9 1.5x
Carlyle Partners VI, L.P. 2013 547,000,000 24,357,057 0 17,336,031 (64.3) N/M 0.7x N/M
Carlyle Realty Qualified Ptrs III, L.P. 2001 50,000,000 46,794,025 86,365,393 103,237,568 28.0 2.2x
Carlyle Strategic Partners II, LP 2007 75,000,000 72,775,223 87,375,006 115,971,280 12.5 1.6x
Carlyle Strategic Partners, L.P. 2004 50,000,000 33,915,756 85,591,061 86,429,412 31.0 2.5x
Carlyle U.S. Growth Fund III, L.P. 2006 75,000,000 69,360,894 48,957,366 93,965,171 7.3 1.4x
Carlyle Venture Partners II, L.P. 2001 50,000,000 50,460,844 36,926,016 46,215,788 (1.7) 0.9x
Carlyle/Riverstone Glob Engy & Power II 2003 75,000,000 77,595,332 166,420,618 192,714,275 53.2 2.5x
Carlyle/Riverstone Glob Engy & Power III 2005 250,000,000 250,211,058 250,894,292 375,260,292 9.1 1.5x
Carlyle/Riverstone Renew Energy Infrast 2006 60,000,000 59,617,781 5,443,171 14,390,827 (24.2) 0.2x
Castlelake I, L.P. 2007 75,000,000 75,020,098 48,678,167 127,430,966 8.7 1.7x
CDH Fund V, L.P. 2014 200,000,000 32,558,933 0 30,765,863 (6.6) N/M 0.9x N/M
Central Valley Fund 2005 40,000,000 29,763,482 32,723,070 38,450,548 9.5 1.3x
Central Valley Fund II (SBIC), L.P. 2012 12,000,000 4,107,087 0 3,488,252 (12.9) N/M 0.8x N/M
Cerberus CP Partners, L.P. 2013 600,000,000 121,257,847 0 123,318,247 3.0 N/M 1.0x N/M
Cerberus Institutional Partners V, L.P. 2012 400,000,000 175,286,555 8,706,673 308,018,083 34.4 N/M 1.8x N/M
China Privatization Fund I, L.P. 1 2006 100,000,000 69,317,995 133,415,962 133,415,962 13.7 1.9x
Clarus Lifesciences I, L.P. 2006 45,000,000 40,629,150 37,809,490 55,817,405 6.5 1.4x
Clarus Lifesciences II, L.P. 2008 75,000,000 63,690,000 22,694,447 105,001,793 19.8 1.6x
Clean Energy & Technology Fund, LLC 2007 465,000,000 409,465,972 27,077,137 260,068,555 (11.6) 0.6x
Clearlake Capital Partners III, L.P. 2012 50,000,000 19,615,261 251,071 27,922,084 66.8 N/M 1.4x N/M
Clearwater Capital II 2005 54,375,000 54,374,999 55,901,143 73,258,973 5.2 1.3x
Clearwater Capital Partners I, LP 2001 41,735,000 41,735,012 31,088,158 39,346,973 (1.8) 0.9x
Clearwater Capital Partners III, LP 2006 150,000,000 150,000,000 88,437,554 200,165,170 5.6 1.3x
Clessidra Capital Partners I, L.P. 2005 68,317,141 72,062,908 67,604,385 80,504,070 39.7 1.1x
Clessidra Capital Partners II, L.P. 2008 199,064,851 112,054,009 42,569,107 171,147,746 19.3 1.5x
Coller International Partners III, L.P. 1 1999 100,000,000 100,866,310 144,458,132 144,672,053 13.9 1.4x
Coller International Partners IV, L.P. 2002 100,000,000 88,383,697 104,904,762 120,884,597 12.0 1.4x
Coller International Partners V, L.P. 2006 375,000,000 312,624,050 220,892,770 427,000,245 8.9 1.4x
Craton Equity Investors I, L.P. 2007 38,153,846 38,086,146 58,580 19,200,120 (16.5) 0.5x
CVC Capital Partners VI, L.P. 2014 649,924,617 4,386,770 0 2,151,554 (51.0) N/M 0.5x N/M
CVC European Equity Partners II L.P. 1998 150,000,000 139,330,357 323,963,812 329,717,780 19.0 2.4x
CVC European Equity Partners III L.P. 2001 200,000,000 191,823,147 551,711,218 559,759,130 41.1 2.9x
CVC European Equity Partners IV, L.P. 2005 309,775,813 350,207,582 540,968,937 647,630,303 17.6 1.8x
CVC European Equity Partners L.P. 1 1996 50,000,000 48,436,031 121,241,204 121,617,604 22.8 2.5x
CVC European Equity Partners Tandem Fund 2007 445,187,568 498,917,784 405,263,806 657,284,568 7.2 1.3x
CVC European Equity Partners V, L.P. 2008 546,456,651 521,295,092 287,653,373 683,998,641 11.0 1.3x
Darby Converging Europe Mezzanine Fund 2006 33,804,770 32,710,840 11,552,057 25,353,251 (4.7) 0.8x
DFJ Frontier Fund, L.P. 2002 20,000,000 20,000,000 3,081,271 15,413,079 (3.8) 0.8x
EM Alternatives 2007 100,000,000 81,718,066 17,669,304 104,221,643 7.5 1.3x
ESP Golden Bear Europe Fund 2007 687,532,085 430,735,299 83,792,066 487,454,572 4.5 1.1x
Essex Woodlands Health Ventures VIII, LP 2008 125,000,000 103,125,000 18,401,160 135,272,960 10.8 1.3x
Exxel Capital Partners V, L.P. 1 1998 75,000,000 81,860,844 4,741,826 4,874,392 (33.1) 0.1x
Fenway Partners Capital Fund, L.P. 1 1996 100,000,000 98,672,146 100,010,824 100,010,824 .3 1.0x
First Reserve Fund X, L.P. 2004 125,000,000 125,000,000 220,178,054 229,891,358 31.2 1.8x
First Reserve Fund XI, L.P. 2006 500,000,000 500,000,000 246,399,088 543,492,954 2.0 1.1x
First Reserve Fund XII, L.P. 2008 300,000,000 265,600,132 67,767,154 302,337,268 4.0 1.1x
Francisco Partners II, L.P. 2006 175,000,000 164,452,297 149,801,573 270,221,744 12.9 1.6x
Francisco Partners III, L.P. 2011 100,000,000 66,750,000 1,239,834 84,855,483 18.2 N/M 1.3x N/M
Francisco Partners, L.P. 2000 50,000,000 47,867,475 46,117,198 64,134,873 5.2 1.3x
Garage California Entrepreneurs Fund, LP 2002 10,000,000 10,000,000 5,604,461 10,536,219 .9 1.1x
GCM Grosvenor DEM, L.P. 2012 100,000,000 6,130,676 1,595,296 6,210,221 1.6 N/M 1.0x N/M
Generation Capital Partners, L.P. 1996 50,000,000 46,865,162 58,598,829 58,940,851 6.3 1.3x
Gleacher Mezzanine Fund I, LP 1 2001 45,000,000 38,364,562 57,635,072 57,644,963 20.1 1.5x
Golden State Investment Fund 2006 560,000,000 456,685,676 273,366,521 623,363,494 7.9 1.4x
Golder, Thoma, Cressey & Rauner Fund IV 1 1994 25,000,000 25,000,000 52,934,605 53,078,947 25.1 2.1x
Granite Global Ventures II 2004 30,000,000 28,650,025 15,247,599 43,335,313 6.7 1.5x
Granite Global Ventures III, L.P. 2006 60,000,000 58,500,050 43,283,423 127,095,194 19.5 2.2x
Green Equity Investors III, L.P. 1 1999 125,000,000 113,609,681 269,323,859 269,393,052 21.6 2.4x
Green Equity Investors IV, L.P. 2003 150,000,000 155,435,420 201,145,115 304,576,782 12.0 2.0x
Green Equity Investors V, L.P. 2007 400,000,000 391,590,066 320,808,196 668,344,284 19.1 1.7x
GSO Capital Opportunities Fund II, LP 2011 250,000,000 57,199,622 20,866,786 84,714,867 24.8 N/M 1.5x N/M
GSO Capital Opportunities Fund, L.P. 2008 100,000,000 118,708,526 140,115,034 181,680,652 18.5 1.5x
GSO Energy Partners - C, L.P. 2013 400,000,000 93,711,743 0 97,944,679 9.2 N/M 1.0x N/M
Health Evolution Partners - Growth 2008 505,000,000 432,430,986 67,794,118 453,912,782 2.0 1.0x
Health Evolution Partners FOF 2007 199,990,000 158,458,283 12,006,843 143,201,743 (3.0) 0.9x
Hellman & Friedman Capital Partners II 1991 87,335,732 87,335,732 239,151,380 239,191,768 22.5 2.7x
Hellman & Friedman Capital Partners V LP 2004 200,000,000 180,402,363 447,894,291 485,745,329 28.1 2.7x
Hellman & Friedman Capital Partners VI 2007 600,000,000 573,768,225 532,010,428 960,295,393 12.4 1.7x
Hellman & Friedman Capital Partners VII 2011 300,000,000 176,478,693 14,313,966 195,489,322 8.5 N/M 1.1x N/M
Huntsman Gay Capital Partners Fund, LP 2008 180,000,000 160,707,504 146,008,078 265,560,085 19.7 1.7x
ICV Partners II, L.P. 2005 31,220,000 28,306,871 14,705,848 42,882,538 11.0 1.5x
Insight V 2005 46,500,000 46,500,000 68,987,898 120,219,677 22.4 2.6x
Insight Venture Partners VI, L.P. 2007 68,000,000 65,350,831 23,863,855 150,611,934 21.8 2.3x
Khosla Ventures III, L.P. 2009 200,000,000 173,000,000 18,936,365 295,751,524 17.5 1.7x
Khosla Ventures Seed, L.P. 2009 60,000,000 52,800,000 10,480 71,298,922 11.1 1.4x
KKR 2006 Fund 2006 400,000,000 478,668,169 344,053,976 658,367,440 7.0 1.4x
KKR Asian Fund II, L.P. 2013 500,000,000 64,056,205 0 56,371,284 (29.0) N/M 0.9x N/M
KKR Asian Fund, LP 2007 275,000,000 289,437,232 108,332,419 451,398,434 13.3 1.6x
KKR European Fund II, L.P. 2005 198,476,504 207,792,772 168,410,165 275,330,367 4.8 1.3x
KKR European Fund III, LP 2008 336,231,433 319,454,725 32,949,896 394,233,086 8.5 1.2x
KKR European Fund, L. P. 2001 75,000,000 80,164,206 195,967,004 197,196,174 24.7 2.5x
KKR Millennium Fund 2002 150,000,000 154,208,052 247,434,908 305,135,919 16.6 2.0x
Kline Hawkes Pacific, L.P. 2000 100,000,000 100,000,000 45,952,675 68,321,722 (5.7) 0.7x
KM Corporate Partners Fund II, L.P. 2007 200,000,000 148,089,119 83,633,632 227,999,442 11.3 1.5x
KPS Special Situations Fund III, LP 2007 175,000,000 91,822,618 59,762,184 173,971,409 21.4 1.9x
Levine Leichtman Capital Deep Value 2005 75,000,000 85,670,519 62,569,282 85,932,108 .1 1.0x
Levine Leichtman Capital Partners II, LP 1998 150,000,000 166,149,648 195,073,789 213,012,194 5.7 1.3x
Levine Leichtman Capital Partners III LP 2003 50,000,000 53,369,133 49,052,304 77,863,460 9.9 1.5x
Levine Leichtman Capital Partners IV LP 2008 75,000,000 55,952,413 37,033,108 101,616,712 22.2 1.8x
Lexington Capital Partners II, L.P. 1998 150,000,000 148,267,500 193,976,684 197,748,653 8.2 1.3x
Lexington Capital Partners III, LP 1999 100,000,000 98,618,460 120,255,148 124,292,561 8.7 1.3x
Lexington Capital Partners IV 2000 100,000,000 98,112,227 169,195,261 175,177,573 19.2 1.8x
Lexington Capital Partners V, L.P. 2002 50,000,000 49,756,618 75,111,101 83,266,330 19.5 1.7x
Lexington Middle Markets Investors, L.P. 2005 50,000,000 49,543,870 46,847,098 71,668,502 11.3 1.4x
Lime Rock Partners III 2004 25,000,000 25,000,000 7,912,089 17,266,989 (6.6) 0.7x
Lime Rock Partners IV, LP 2006 43,000,000 41,600,425 13,869,712 69,307,972 10.4 1.7x
Lime Rock Partners V, LP 2008 85,000,000 72,191,152 3,504,429 78,972,766 2.5 1.1x
Lion Capital Fund II, L.P. 2007 210,023,181 192,677,759 16,980,790 143,351,757 (5.6) 0.7x
Lombard Asia III 2007 46,875,000 37,600,997 66,342,707 83,303,991 22.4 2.2x
Lombard Thailand Partners, L.P. 2001 75,000,000 64,905,857 151,999,474 152,103,612 16.1 2.3x
Lombard/Pacific Partners, L.P. 1 1995 400,000,000 355,375,350 465,817,908 465,817,908 5.9 1.3x
Madison Dearborn Capital Partners IV, LP 2000 150,000,000 145,812,345 259,486,639 283,871,366 14.3 1.9x
Madison Dearborn Capital Partners V, LP. 2006 300,000,000 267,001,724 129,580,883 399,394,899 7.0 1.5x
Magnum Capital, LP 2007 133,985,936 123,399,473 36,666,381 136,597,607 3.0 1.1x
MHR Institutional Partners II, L.P. 2003 50,000,000 50,000,000 58,898,119 95,663,378 13.5 1.9x
MHR Institutional Partners III, L.P. 2006 350,000,000 220,948,093 129,436,558 392,911,902 9.9 1.8x
New Mountain Partners II, L.P. 2005 150,000,000 120,141,656 216,471,015 236,624,557 13.2 2.0x
New Mountain Partners III, L.P. 2007 400,000,000 358,769,372 110,593,032 499,335,438 11.0 1.4x
Newbridge Asia III, L.P. 2003 75,000,000 60,749,287 265,654,447 266,005,754 30.9 4.4x
Newbridge Asia IV, L.P. 2005 180,000,000 170,542,090 247,914,201 392,877,443 18.0 2.3x
NGEN II, LP 1 2005 15,000,000 14,536,131 917,788 1,193,637 (59.1) 0.1x
Nogales Investors Fund I, LP 2001 25,000,000 24,814,581 9,202,318 14,779,286 (9.4) 0.6x
Oak Hill Capital Partners II, L.P. 2004 75,000,000 74,261,640 101,509,957 122,478,513 9.9 1.6x
Oak Hill Capital Partners III, L.P. 2007 300,000,000 220,697,759 63,738,283 309,579,226 7.8 1.4x
Oaktree Opportunities Fund VIII-B 2011 200,000,000 200,000,000 0 243,357,007 13.0 N/M 1.2x N/M
Pacific Comm Ventures Invest Ptrs II 2002 10,000,000 10,127,744 4,179,207 6,784,649 (7.6) 0.7x
PAG Asia I LP 2012 100,000,000 45,210,803 21,642,881 54,879,529 13.5 N/M 1.2x N/M
Palladium Equity Partners III, L.P. 2004 193,750,000 165,724,405 143,559,475 360,168,826 19.8 2.2x
Permira Europe I 1997 89,829,777 83,924,472 216,464,549 217,925,179 74.5 2.6x
Permira Europe III 2004 127,313,944 125,343,047 177,246,415 216,114,330 27.3 1.7x
Permira IV 2006 273,284,088 339,846,920 225,277,010 458,851,044 7.5 1.4x
Permira U.K. Venture IV 1 1996 31,456,666 31,456,666 46,019,437 46,243,932 10.6 1.5x
Perseus-Soros BioPharmaceutical Fund, LP 2001 40,000,000 42,877,809 69,486,314 71,868,069 18.4 1.7x
Pinnacle Venture II-B 2005 50,000,000 45,000,000 44,857,570 56,630,452 5.6 1.3x
Polish Enterprise Fund IV 2000 50,000,000 55,203,225 149,112,657 149,188,474 27.7 2.7x
Polish Enterprise Fund VI, L.P. 2006 140,474,006 127,947,125 18,639,509 133,138,656 .9 1.0x
Polish Enterprise V 2004 58,681,780 64,612,587 106,329,891 136,989,484 16.4 2.1x
Providence Equity Partners V, L.P. 2005 125,000,000 114,214,499 86,654,441 145,640,639 3.9 1.3x
Providence Equity Partners VI, L.P. 2007 320,000,000 342,303,139 183,834,978 421,185,056 4.9 1.2x
RFG Private Equity Group 2004 33,965,106 33,790,679 36,929,590 48,879,505 9.0 1.4x
Rhone Capital III, LP 2006 135,662,784 141,496,868 134,988,352 181,658,956 7.9 1.3x
Richardson Capital Private Equity LP 2 2006 45,039,268 24,461,243 9,562,671 14,595,910 (10.1) 0.6x
Riverstone Global Energy and Power V 2012 400,000,000 203,814,984 3,266,618 264,489,891 29.3 N/M 1.3x N/M
Riverstone/Carlyle Glob Engy & Power IV 2008 500,000,000 437,420,578 247,796,334 630,498,851 12.8 1.4x
Riverstone/Carlyle Renew & Alt Energy II 2008 300,000,000 235,287,297 69,935,496 294,513,439 7.2 1.3x
Riverwood Capital Partners, LP 2010 150,000,000 125,524,660 8,416,473 187,007,159 22.3 N/M 1.5x N/M
Sacramento Private Equity Partners 2006 605,000,000 470,957,679 190,511,045 662,969,907 10.0 1.4x
SAIF Partners III 2007 100,000,000 100,085,082 7,849,817 139,177,783 6.2 1.4x
SAIF Partners IV, LP 2010 120,000,000 90,088,626 2,493,049 108,715,339 8.8 N/M 1.2x N/M
Silver Lake Credit Fund, L.P. 2008 100,000,000 100,000,000 139,549,272 140,261,134 6.9 1.4x
Silver Lake Partners 1 1999 73,170,392 66,260,301 153,819,356 153,819,356 25.1 2.3x
Silver Lake Partners II, L.P. 2004 125,000,000 110,355,010 122,889,933 187,979,224 10.3 1.7x
Silver Lake Partners III, L.P. 2007 480,000,000 442,791,468 367,230,742 711,607,216 17.7 1.6x
Silver Lake Partners IV 2013 320,000,000 16,247,429 0 12,524,728 (23.6) N/M 0.8x N/M
Silver Lake Sumeru Fund, L.P. 2007 220,000,000 193,633,293 110,203,967 272,811,619 10.8 1.4x
SPV VCOC, L.P. 1 2000 28,188,263 30,601,370 43,598,606 43,598,606 20.5 1.4x
T3 Partners II, L.P. 2001 57,000,000 49,540,480 149,503,109 157,370,512 95.1 3.2x
Tailwind Capital Partners I, L.P. 2007 77,510,000 73,788,754 52,428,011 119,930,482 14.2 1.6x
Technology Partners Fund V, L.P. 1994 12,396,600 18,000,000 24,946,429 25,002,481 6.9 1.4x
Technology Partners Fund VI, L.P. 1998 20,567,755 25,000,000 12,764,422 13,841,866 (12.1) 0.6x
The Resolute Fund II, L.P. 2008 200,000,000 175,677,290 31,602,599 239,024,888 10.3 1.4x
Thomas H. Lee Equity Partners V, L.P. 2001 200,000,000 209,566,657 322,625,474 352,728,027 13.8 1.7x
Thomas H. Lee Equity Partners VI, L.P. 2006 240,000,000 256,600,463 105,744,851 333,786,605 5.7 1.3x
TowerBrook Investors II, L.P. 2005 200,000,000 186,978,659 161,201,451 283,948,922 9.9 1.5x
TowerBrook Investors III, L.P. 2008 300,000,000 294,359,418 131,409,274 382,615,703 13.8 1.3x
TowerBrook Investors IV, L.P. 2013 380,000,000 1,644,831 0 -1,846,090 N/A N/M 0.0x N/M
TowerBrook Investors, L.P. 1 2001 55,000,000 66,317,135 189,539,838 189,539,838 41.2 2.9x
TPG Asia V, L.P. 2007 360,000,000 329,446,247 84,608,225 354,304,942 2.2 1.1x
TPG Biotechnology Partners II, L.P. 2006 70,000,000 67,658,106 37,780,235 117,809,171 11.3 1.7x
TPG Biotechnology Partners III, LP 2008 100,000,000 79,977,429 13,034,987 126,692,162 16.3 1.6x
TPG Biotechnology Partners, L.P. 2002 70,000,000 73,001,279 64,239,848 137,230,340 10.5 1.9x
TPG Partners III, L.P. 2000 150,000,000 127,709,021 318,564,506 332,356,021 24.6 2.6x
TPG Partners IV, L.P. 2003 200,000,000 185,253,863 318,139,078 395,382,042 16.3 2.1x
TPG Partners V, L.P. 2006 600,000,000 657,076,786 307,017,150 747,515,913 2.4 1.1x
TPG Partners VI, L.P. 2008 825,000,000 660,972,354 203,775,491 876,374,652 10.3 1.3x
TPG STAR, L.P. 2007 150,000,000 134,190,267 81,677,983 216,918,781 13.3 1.6x
TPG Ventures, L.P. 2001 245,000,000 246,568,518 258,296,598 295,381,428 3.5 1.2x
Triton Fund IV L.P. 2013 102,766,234 10,946,917 323,791 10,298,332 (6.7) N/M 0.9x N/M
VantagePoint CleanTech Partners, L.P. 2006 25,000,000 23,250,000 12,704,911 26,036,501 2.9 1.1x
VantagePoint Venture Partners 2006 (Q) 2006 100,000,000 90,000,000 4,845,181 56,811,468 (12.3) 0.6x
Vicente Capital Partners Growth Equity 2007 40,422,297 32,303,392 2,339,211 44,842,087 11.3 1.4x
W Capital Partners II, L.P. 2007 141,125,000 126,102,796 118,936,070 180,378,060 12.7 1.4x
W Capital Partners, L.P. 2004 25,000,000 23,662,500 16,646,209 19,939,256 (5.4) 0.8x
Wayzata Opportunities Fund II, LLC 2007 250,000,000 95,750,000 175,521,149 316,622,767 16.7 3.3x
Wayzata Opportunities Fund, LLC 2006 75,000,000 69,885,000 102,767,659 130,804,834 10.4 1.9x
Wellspring Capital Partners V, L.P. 2011 150,000,000 47,743,428 0 39,331,014 (10.8) N/M 0.8x N/M
Welsh, Carson, Anderson & Stowe IX, L.P. 2000 125,000,000 123,750,000 182,570,159 197,982,501 11.0 1.6x
Welsh, Carson, Anderson & Stowe VI 1993 50,000,000 50,000,000 100,604,698 100,621,481 12.9 2.0x
Welsh, Carson, Anderson & Stowe VIII, LP 1998 150,000,000 150,000,000 193,747,164 193,931,538 3.2 1.3x
Welsh, Carson, Anderson & Stowe X, L.P. 2005 175,000,000 171,500,000 116,594,648 252,748,514 6.9 1.5x
Welsh, Carson, Anderson & Stowe XI, L.P. 2009 125,000,000 107,324,232 30,895,921 147,609,685 14.1 1.4x
WLR Recovery Fund II, L.P. 2002 50,000,000 50,000,000 111,108,928 117,001,363 78.8 2.3x
WLR Recovery Fund III, L.P. 2005 198,000,000 198,000,000 115,276,289 168,099,724 (3.5) 0.8x
WLR Recovery Fund IV, LP 2007 400,000,000 361,737,135 271,167,587 503,901,197 9.9 1.4x
Yucaipa American Alliance Fund I, L.P. 2002 200,000,000 199,035,680 124,124,581 287,894,153 8.1 1.4x
Yucaipa American Alliance Fund II, LP 2008 400,000,000 376,768,828 114,830,659 668,375,706 16.9 1.8x
Yucaipa American Special Situations 2002 50,000,000 47,851,179 35,876,297 40,298,530 (5.1) 0.8x
Yucaipa Corporate Initiative Fund 2001 200,000,000 204,610,221 61,251,586 160,917,816 (3.2) 0.8x
Yucaipa Corporate Initiatives Fund II LP 2008 100,000,000 80,063,588 394,348 62,968,721 (7.1) 0.8x
 

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.