CalPERS

PE Program Fund Performance Review

Since inception in 1990 to June 30, 2014, the Private Equity (PE) Program has generated $31 billion in profits for CalPERS.

All information on this page is as of June 30, 2014.

June 30, 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 June 30, 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 $249,422,102 $27,398,775 $278,091,056 6.8% 1.1x
57 Stars Global Opportunities Fund, LLC 2007 430,000,000 363,261,997 144,975,778 522,439,795 10.3 1.4x
AACP AP Investors, L.P. 2007 14,108,080 12,651,233 4,862,092 8,545,631 (7.5) 0.7x
AACP China Debt Investors, LP 2008 10,000,000 9,779,482 7,146,700 15,289,823 10.9 1.6x
AACP China Growth Investors 2007 50,000,000 35,981,254 11,174,972 63,123,579 9.8 1.8x
AACP China Venture Investors A, L.P. 2008 5,000,000 3,427,289 104,374 4,900,772 7.5 1.4x
AACP India Venture Investors A 2007 5,000,000 4,894,504 242,237 8,214,644 11.3 1.7x
AACP India Venture Investors B 2007 5,000,000 4,931,597 1,553,738 8,558,110 11.0 1.7x
AACP India Venture Investors C 2009 5,000,000 4,673,677 1,781,342 9,732,144 32.9 2.1x
Aberdare III 2005 22,500,000 21,993,750 10,181,789 17,517,871 (4.9) 0.8x
Aberdare IV 2008 50,000,000 38,625,000 19,177,065 57,009,206 15.0 1.5x
Acon-Bastion Partners II, L.P. 2006 70,000,000 64,979,822 74,838,125 110,207,273 13.1 1.7x
Advent Global Private Equity IV-A, L.P. 2002 25,000,000 24,000,000 76,454,573 77,921,917 52.1 3.2x
Advent International GPE V-D, L.P. 2005 81,991,948 76,449,644 170,123,411 191,764,867 44.1 2.5x
Advent International GPE VI-A, L.P. 2008 500,000,000 476,806,254 274,711,668 848,525,063 19.7 1.8x
Advent International GPE VII, L.P. 2012 450,000,000 181,800,000 4,500,000 248,480,978 33.9 N/M 1.4x N/M
Advent Latin America Private Equity IV-D 2007 200,000,000 195,315,196 186,873,530 317,244,682 13.6 1.6x
Advent Latin America V 2010 100,000,000 70,000,000 11,950,000 86,919,400 13.7 N/M 1.2x N/M
Advent Latin American Private Equity III 2006 50,000,000 45,285,090 56,956,184 68,893,393 11.1 1.5x
Affinity Asia Pacific Fund III, L.P. 2007 150,000,000 136,079,732 132,379,550 218,233,621 13.8 1.6x
Aisling Capital II, LP 2006 80,000,000 75,681,416 25,314,767 80,665,052 1.2 1.1x
Aisling Capital III, LP 2008 90,000,000 67,234,324 29,661,214 101,899,803 21.5 1.5x
Alta BioPharma Partners II, L.P. 2000 44,375,825 63,968,792 61,656,644 70,779,728 2.2 1.1x
Alta V Limited Partnership 1992 35,000,000 35,000,000 84,587,808 84,989,937 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. 1 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 49,591,710 20.2 2.0x
Apollo Asia Opportunity Fund, LP 2007 50,000,000 50,000,000 44,199,717 45,169,559 (2.1) 0.9x
Apollo Credit Opportunities Fund I, LP 2008 1,000,000,000 974,234,912 2,585,368,408 2,947,779,246 27.9 3.0x
Apollo European Principal Finance Fund 2008 69,411,044 58,519,664 52,869,226 90,356,032 11.9 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 150,000,000 149,677,288 249,503,471 250,613,209 8.5 1.7x
Apollo Investment Fund V, L.P. 2001 250,000,000 232,499,241 601,356,593 627,398,141 37.6 2.7x
Apollo Investment Fund VI, L.P. 2006 520,000,000 609,559,497 618,000,725 990,178,094 9.8 1.6x
Apollo Investment Fund VII, L.P. 2008 800,000,000 707,440,218 901,254,151 1,456,338,923 26.5 2.1x
Apollo Investment Fund VIII 2013 500,000,000 21,264,411 22,601 16,419,890 (30.0) N/M 0.8x N/M
Apollo Special Opp. Managed Acct, L.P. 2007 800,000,000 800,000,000 409,351,187 1,275,826,249 7.9 1.6x
ArcLight Energy Partners Fund II, L.P. 2004 75,000,000 63,522,439 98,522,723 101,271,940 16.2 1.6x
ArcLight Energy Partners Fund III, L.P. 2006 200,000,000 172,829,596 172,834,344 260,145,012 8.0 1.5x
ArcLight Energy Partners Fund IV, L.P. 2007 250,000,000 192,812,454 214,910,582 303,134,123 12.7 1.6x
Ares Corp. Opportunities Fund I, L.P. 2003 100,000,000 96,184,024 144,350,482 159,762,514 13.3 1.7x
Ares Corp. Opportunities Fund II, L.P. 2006 200,000,000 176,498,431 271,147,470 329,370,968 14.1 1.9x
Ares Corp. Opportunities Fund III, L.P. 2008 400,000,000 340,767,535 265,035,929 616,142,758 22.8 1.8x
Ares Special Situations Fund, LP. 2007 150,000,000 150,000,000 227,243,675 257,798,442 12.4 1.7x
Asia Alternatives Capital Partners II LP 2008 50,000,000 37,627,146 7,472,385 56,136,071 16.7 1.5x
Asia Alternatives Capital Partners, LP 2007 50,000,000 47,071,675 25,189,592 85,377,797 14.1 1.8x
Asia Recovery Fund 2000 100,000,000 58,955,167 81,825,108 83,751,559 8.8 1.4x
Audax Credit Opportunities Fund, L.P. 2007 25,000,000 25,000,000 27,650,000 32,041,055 4.7 1.3x
Audax Mezzanine Fund II, L.P. 2006 100,000,000 84,843,422 99,185,821 112,669,651 8.2 1.3x
Audax Private Equity Fund III, L.P. 2007 125,000,000 129,170,067 72,284,142 218,968,703 14.7 1.7x
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 150,000,000 153,465,983 249,644,552 260,823,994 14.0 1.7x
Avenue Asia Special Situations Fund IV 2006 300,000,000 271,629,915 206,340,246 332,089,244 4.9 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 220,758,906 142,610,317 209,446,021 213,288,637 12.2 1.5x
Avenue Special Situations Fund V, LP 2007 400,000,000 400,000,000 529,236,968 533,150,239 11.3 1.3x
Avenue Special Situations Fund VI (A) 2011 150,000,000 153,245,391 37,717,304 200,597,362 10.0 N/M 1.3x N/M
Avenue Special Situations IV 2006 150,000,000 150,000,000 206,705,249 212,194,232 8.7 1.4x
Banc of America Community Venture Fund 2003 100,000,000 88,604,637 37,521,464 88,013,156 (.1) 1.0x
Baring Vostok Private Equity Fund IV 2007 77,775,000 73,807,764 26,477,653 110,607,184 11.9 1.5x
Birch Hill Equity Partners (US) IV, LP 2011 145,038,221 81,384,118 8,852,083 96,334,256 9.5 N/M 1.2x N/M
Birch Hill Equity Partners III, L.P. 2005 124,686,862 127,530,628 92,996,569 211,178,025 11.3 1.7x
Blackstone - GSO Capital Solutions LP 2010 250,000,000 214,938,649 126,286,239 326,664,092 17.9 N/M 1.5x N/M
Blackstone Capital Partners IV, L.P. 2003 200,000,000 181,237,238 418,685,789 512,800,944 37.1 2.8x
Blackstone Capital Partners V, L.P. 2006 600,000,000 697,905,061 477,933,479 1,004,964,427 7.1 1.4x
Blackstone Capital Partners VI, L.P. 2011 500,000,000 239,014,770 21,319,338 303,201,030 19.9 N/M 1.3x N/M
Blackstone Communications Partners I, LP 2000 100,000,000 99,637,879 110,328,039 119,772,185 5.9 1.2x
Blackstone Mezzanine Partners I, L.P. 1999 100,000,000 87,271,030 108,298,355 111,168,015 8.6 1.3x
Blackstone TOP Fund, L.P. 2012 800,000,000 461,215,480 4,203,285 507,932,935 13.5 N/M 1.1x N/M
Bridgepoint Europe I, L.P. 1 2000 41,307,219 31,046,051 57,393,802 57,393,802 17.1 1.8x
Bridgepoint Europe II 2001 117,709,869 104,836,864 202,067,469 212,865,644 29.6 2.0x
Bridgepoint Europe III 2005 205,829,675 187,216,319 105,081,956 227,029,764 3.3 1.2x
Bridgepoint Europe IV 2008 404,814,053 355,688,299 137,208,248 502,185,562 13.3 1.4x
Cadence Bancorp 2010 79,407,530 73,416,285 0 76,950,421 1.6 N/M 1.0x N/M
California Asia Investors, LP 2008 150,000,000 122,959,577 33,016,084 273,763,510 33.9 2.2x
California Emerging Ventures I, LLC 1999 957,451,785 925,752,965 1,062,927,644 1,144,410,790 4.2 1.2x
California Emerging Ventures II, LLC 2000 1,351,369,032 1,330,342,697 1,397,975,796 1,638,952,830 3.9 1.2x
California Emerging Ventures III, LLC 2001 477,039,317 454,058,385 436,841,614 667,230,143 7.8 1.5x
California Emerging Ventures IV, LLC 2006 459,367,391 424,161,435 238,866,663 648,903,323 12.4 1.5x
CalPERS Corporate Partners, L.P. 2001 500,000,000 478,771,322 627,470,812 841,069,033 10.6 1.8x
Capital Link 2007 502,000,000 490,565,987 251,742,757 711,390,672 9.6 1.5x
Capital Link Fund II, LP 2008 435,000,000 338,468,427 140,082,089 472,570,649 11.7 1.4x
Carlyle Asia Growth Partners III, L.P. 2005 75,000,000 69,665,813 29,113,513 64,250,441 (1.3) 0.9x
Carlyle Asia Growth Partners IV, L.P. 2008 150,000,000 102,097,974 15,122,423 127,338,776 7.8 1.2x
Carlyle Asia Partners (PV II), L.P. 2000 75,000,000 73,302,204 204,048,482 206,633,808 18.4 2.8x
Carlyle Asia Partners II, L.P. 2006 150,000,000 151,380,664 133,879,013 222,967,707 8.0 1.5x
Carlyle Asia Partners III, L.P. 2008 300,000,000 261,343,478 112,914,433 348,568,614 10.0 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 69,233,793 64,594,271 97,213,612 121,098,476 20.8 1.9x
Carlyle Europe Partners III, L.P. 2007 416,701,284 372,101,087 230,926,373 560,857,600 10.7 1.5x
Carlyle Europe Realty Partners, L.P. 1 2002 30,432,383 30,941,440 50,376,365 50,376,365 13.9 1.6x
Carlyle Europe Technology Partners II 2008 101,306,986 83,346,534 48,948,250 141,333,217 15.7 1.7x
Carlyle Global Financial Services, LP 2008 150,000,000 141,473,961 88,790,846 201,510,448 11.5 1.4x
Carlyle Japan Partners II, L.P. 2006 150,980,624 122,536,245 26,174,577 110,413,643 (2.2) 0.9x
Carlyle Japan Partners, L.P. 2001 25,522,204 25,399,354 60,178,391 62,419,726 34.1 2.5x
Carlyle Mexico Partners, L.P. 2005 25,000,000 22,624,210 19,538,393 28,128,228 8.6 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 150,000,000 135,561,094 327,453,050 327,697,515 22.7 2.4x
Carlyle Partners IV, L.P. 2005 300,000,000 282,246,271 537,638,307 624,701,038 14.8 2.2x
Carlyle Partners V, L.P. 2007 800,000,000 798,431,294 501,002,088 1,231,976,934 12.9 1.5x
Carlyle Partners VI, L.P. 2013 547,000,000 112,377,822 0 100,979,136 (43.3) N/M 0.9x N/M
Carlyle Realty Qualified Ptrs III, L.P. 2001 50,000,000 46,796,869 86,520,660 104,530,599 28.0 2.2x
Carlyle Strategic Partners II, LP 2007 75,000,000 72,775,223 89,038,295 116,921,520 12.5 1.6x
Carlyle Strategic Partners, L.P. 2004 50,000,000 33,915,756 85,591,061 86,415,200 31.0 2.5x
Carlyle U.S. Growth Fund III, L.P. 2006 75,000,000 69,360,894 48,957,366 94,883,728 7.4 1.4x
Carlyle Venture Partners II, L.P. 2001 50,000,000 50,460,844 36,926,016 53,495,013 1.0 1.1x
Carlyle/Riverstone Glob Engy & Power II 2003 75,000,000 77,833,786 166,420,618 191,754,117 53.2 2.5x
Carlyle/Riverstone Glob Engy & Power III 2005 250,000,000 250,211,058 250,894,292 381,854,477 9.3 1.5x
Carlyle/Riverstone Renew Energy Infrast 2006 60,000,000 59,617,781 5,443,171 12,016,702 (26.8) 0.2x
Castlelake I, L.P. 2007 75,000,000 75,020,098 51,513,815 128,370,974 8.7 1.7x
CDH Fund V, L.P. 2014 200,000,000 42,207,339 0 39,496,535 (8.6) N/M 0.9x N/M
Central Valley Fund 2005 40,000,000 29,763,482 33,088,868 41,299,012 11.5 1.4x
Central Valley Fund II (SBIC), L.P. 2012 12,000,000 4,107,087 0 3,668,721 (7.5) N/M 0.9x N/M
Cerberus CP Partners, L.P. 2013 600,000,000 168,188,540 0 172,380,327 4.7 N/M 1.0x N/M
Cerberus Institutional Partners V, L.P. 2012 400,000,000 175,286,555 8,706,673 316,913,717 31.7 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 54,697,462 6.0 1.3x
Clarus Lifesciences II, L.P. 2008 75,000,000 65,340,000 29,139,807 109,777,941 19.6 1.7x
Clean Energy & Technology Fund, LLC 2007 465,000,000 412,703,472 35,283,601 263,546,603 (11.0) 0.6x
Clearlake Capital Partners III, L.P. 2012 50,000,000 22,875,283 1,237,369 29,594,651 36.6 N/M 1.3x N/M
Clearwater Capital II 2005 54,375,000 54,374,999 56,488,047 75,353,588 5.6 1.4x
Clearwater Capital Partners I, LP 2001 41,735,000 41,735,012 31,449,497 39,836,166 (1.4) 1.0x
Clearwater Capital Partners III, LP 2006 150,000,000 150,000,000 92,937,554 206,018,180 6.0 1.4x
Clessidra Capital Partners I, L.P. 2005 68,309,055 72,131,880 67,604,385 80,586,024 39.2 1.1x
Clessidra Capital Partners II, L.P. 2008 198,775,206 113,700,428 81,061,452 177,123,571 19.1 1.6x
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 88,383,697 109,552,417 120,507,595 11.8 1.4x
Coller International Partners V, L.P. 2006 375,000,000 312,624,050 253,705,270 444,796,022 9.7 1.4x
Craton Equity Investors I, L.P. 2007 38,153,846 38,161,701 68,580 17,190,510 (18.0) 0.5x
CVC Capital Partners VI, L.P. 2014 684,567,291 4,386,770 0 76,252 (98.3) N/M 0.0x N/M
CVC European Equity Partners II L.P. 1998 150,000,000 139,330,357 325,048,708 330,772,406 19.0 2.4x
CVC European Equity Partners III L.P. 2001 200,000,000 191,823,147 551,711,218 560,666,710 41.1 2.9x
CVC European Equity Partners IV, L.P. 2005 309,520,599 350,207,582 540,968,937 652,832,568 17.6 1.9x
CVC European Equity Partners L.P. 1996 50,000,000 48,436,031 121,241,204 121,568,620 22.8 2.5x
CVC European Equity Partners Tandem Fund 2007 444,894,996 499,159,164 422,712,204 661,424,268 7.2 1.3x
CVC European Equity Partners V, L.P. 2008 545,562,005 551,347,361 304,225,531 742,964,818 11.9 1.3x
Darby Converging Europe Mezzanine Fund 2006 33,797,548 32,710,840 11,552,057 24,041,290 (5.6) 0.7x
DFJ Frontier Fund, L.P. 2002 20,000,000 20,000,000 3,081,271 15,404,029 (3.7) 0.8x
EM Alternatives 2007 100,000,000 84,835,280 18,994,230 109,124,464 7.5 1.3x
ESP Golden Bear Europe Fund 2007 685,860,443 442,372,928 91,908,266 522,563,883 5.7 1.2x
Essex Woodlands Health Ventures VIII, LP 2008 125,000,000 105,000,000 18,401,160 141,025,147 11.0 1.3x
Exxel Capital Partners V, L.P. 1 1998 75,000,000 81,860,844 4,741,826 4,874,392 (32.7) 0.1x
Fenway Partners Capital Fund, L.P. 1 1996 100,000,000 98,672,146 100,016,245 100,016,245 .3 1.0x
First Reserve Fund X, L.P. 2004 125,000,000 125,000,000 220,310,190 229,818,657 31.2 1.8x
First Reserve Fund XI, L.P. 2006 500,000,000 500,000,000 252,599,638 555,814,272 2.4 1.1x
First Reserve Fund XII, L.P. 2008 300,000,000 269,434,433 72,806,674 316,306,078 4.7 1.2x
Francisco Partners II, L.P. 2006 175,000,000 165,519,344 176,479,557 277,096,867 13.1 1.7x
Francisco Partners III, L.P. 2011 100,000,000 75,750,000 1,239,834 99,696,811 19.8 N/M 1.3x N/M
Francisco Partners, L.P. 2000 50,000,000 47,867,475 47,693,198 63,330,425 4.9 1.3x
Garage California Entrepreneurs Fund, LP 2002 10,000,000 10,000,000 5,604,461 10,536,283 .8 1.1x
GCM Grosvenor DEM, L.P. 2012 100,000,000 9,243,126 1,595,296 8,962,814 (4.3) N/M 1.0x N/M
Generation Capital Partners, L.P. 1996 50,000,000 46,865,162 58,598,829 58,917,577 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 1 2006 560,000,000 462,834,459 294,314,966 649,898,969 8.4 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 42,457,514 6.3 1.5x
Granite Global Ventures III, L.P. 2006 60,000,000 58,500,075 46,250,551 126,875,306 18.8 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 150,000,000 155,435,420 231,825,798 312,443,688 12.2 2.0x
Green Equity Investors V, L.P. 2007 400,000,000 381,833,937 326,415,210 677,907,751 19.2 1.8x
GSO Capital Opportunities Fund II, LP 2011 250,000,000 70,228,807 21,830,809 100,225,846 23.6 N/M 1.4x N/M
GSO Capital Opportunities Fund, L.P. 2008 100,000,000 119,945,126 146,817,801 183,730,807 18.4 1.5x
GSO Capital Solutions Fund II, L.P. 2014 500,000,000 10,588,911 0 14,851,162 40.3 N/M 1.4x N/M
GSO Energy Partners - C, L.P. 2013 400,000,000 87,416,580 0 96,181,545 13.6 N/M 1.1x N/M
Health Evolution Partners - Growth 2008 505,000,000 448,332,940 67,794,118 478,907,546 2.6 1.1x
Health Evolution Partners FOF 2007 199,990,000 162,058,117 12,006,843 142,730,419 (3.6) 0.9x
Hellman & Friedman Capital Partners II 1 1991 87,335,732 87,335,732 239,151,380 239,191,768 22.5 2.7x
Hellman & Friedman Capital Partners V LP 2004 200,000,000 180,508,121 459,647,079 486,567,859 28.1 2.7x
Hellman & Friedman Capital Partners VI 2007 600,000,000 574,118,124 662,855,977 996,426,135 13.0 1.7x
Hellman & Friedman Capital Partners VII 2011 300,000,000 191,324,181 14,313,966 221,912,157 11.2 N/M 1.2x N/M
Huntsman Gay Capital Partners Fund, LP 2008 180,000,000 164,823,109 146,008,078 270,542,344 19.1 1.6x
ICV Partners II, L.P. 2005 31,220,000 28,306,871 14,846,921 43,815,251 11.1 1.5x
Insight V 2005 46,500,000 46,500,000 82,939,728 125,121,115 22.7 2.7x
Insight Venture Partners VI, L.P. 2007 68,000,000 65,350,831 29,866,511 156,206,732 21.7 2.4x
Khosla Ventures III, L.P. 2009 200,000,000 173,000,000 18,936,365 295,053,281 16.2 1.7x
Khosla Ventures Seed, L.P. 2009 60,000,000 57,900,000 10,480 82,987,467 13.3 1.4x
KKR 2006 Fund 2006 400,000,000 481,513,541 354,527,911 675,816,773 7.3 1.4x
KKR Asian Fund II, L.P. 2013 500,000,000 132,434,970 0 131,275,724 (2.8) N/M 1.0x N/M
KKR Asian Fund, LP 2007 275,000,000 294,822,550 236,594,056 471,751,357 13.7 1.6x
KKR European Fund II, L.P. 2005 198,056,408 207,893,370 175,136,263 277,372,740 4.9 1.3x
KKR European Fund III, LP 2008 335,895,855 324,770,571 77,788,557 421,932,350 9.9 1.3x
KKR European Fund, L. P. 2001 75,000,000 80,164,206 196,435,537 197,392,481 24.7 2.5x
KKR Millennium Fund 2002 150,000,000 154,208,052 256,021,412 306,692,944 16.6 2.0x
Kline Hawkes Pacific, L.P. 2000 100,000,000 100,000,000 45,952,675 67,626,579 (5.8) 0.7x
KM Corporate Partners Fund II, L.P. 2007 200,000,000 151,842,390 88,487,844 230,331,577 10.7 1.5x
KPS Special Situations Fund III, LP 2007 175,000,000 95,501,673 62,174,655 187,067,947 22.0 2.0x
Levine Leichtman Capital Deep Value 2005 75,000,000 85,670,519 71,641,079 85,944,943 .1 1.0x
Levine Leichtman Capital Partners II, LP 1998 150,000,000 166,149,648 195,073,789 213,151,564 5.7 1.3x
Levine Leichtman Capital Partners III LP 2003 50,000,000 53,369,133 50,176,986 79,171,592 10.1 1.5x
Levine Leichtman Capital Partners IV LP 2008 75,000,000 55,952,413 49,134,514 103,841,398 22.1 1.9x
Lexington Capital Partners II, L.P. 1998 150,000,000 148,267,500 194,385,773 197,546,678 8.2 1.3x
Lexington Capital Partners III, LP 1999 100,000,000 98,618,460 120,408,995 124,416,715 8.7 1.3x
Lexington Capital Partners IV 2000 100,000,000 98,112,227 170,196,091 175,366,558 19.2 1.8x
Lexington Capital Partners V, L.P. 2002 50,000,000 49,756,618 76,109,839 83,362,333 19.4 1.7x
Lexington Middle Markets Investors, L.P. 2005 50,000,000 49,543,870 47,945,478 72,035,783 11.2 1.5x
Lime Rock Partners III 2004 25,000,000 25,000,000 7,912,089 17,892,860 (5.8) 0.7x
Lime Rock Partners IV, LP 2006 43,000,000 41,710,455 15,259,367 73,897,912 11.3 1.8x
Lime Rock Partners V, LP 2008 85,000,000 72,423,176 8,346,735 83,988,959 3.8 1.2x
Lion Capital Fund II, L.P. 2007 209,854,915 192,197,337 23,768,808 150,062,601 (4.5) 0.8x
Lombard Asia III 2007 46,875,000 41,024,115 69,191,674 89,405,986 22.8 2.2x
Lombard Thailand Partners, L.P. 2001 75,000,000 64,905,857 151,999,474 152,166,406 16.2 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 150,000,000 145,812,345 259,486,639 284,513,030 14.3 2.0x
Madison Dearborn Capital Partners V, LP. 2006 300,000,000 267,424,170 140,575,149 404,311,320 7.0 1.5x
Magnum Capital, LP 2007 133,920,312 123,909,127 36,835,022 138,456,643 3.1 1.1x
MHR Institutional Partners II, L.P. 2003 50,000,000 50,000,000 58,898,119 97,037,727 13.5 1.9x
MHR Institutional Partners III, L.P. 2006 350,000,000 220,948,093 141,527,856 404,132,266 10.1 1.8x
New Mountain Partners II, L.P. 2005 150,000,000 120,141,656 216,471,015 238,048,354 13.3 2.0x
New Mountain Partners III, L.P. 2007 400,000,000 358,769,372 110,593,032 493,413,309 10.0 1.4x
Newbridge Asia III, L.P. 2003 75,000,000 60,749,287 265,654,447 266,002,928 30.9 4.4x
Newbridge Asia IV, L.P. 2005 180,000,000 170,335,426 270,479,733 388,896,985 17.6 2.3x
NGEN II, LP 2005 15,000,000 14,536,131 917,788 1,205,330 (56.3) 0.1x
Nogales Investors Fund I, LP 2001 25,000,000 24,814,581 9,202,318 14,772,877 (9.2) 0.6x
Oak Hill Capital Partners II, L.P. 2004 75,000,000 74,345,346 101,509,957 124,708,521 10.1 1.7x
Oak Hill Capital Partners III, L.P. 2007 300,000,000 236,636,214 102,928,091 348,828,352 9.1 1.5x
Oaktree Opportunities Fund VIII-B 2011 200,000,000 200,000,000 0 248,801,852 12.5 N/M 1.2x N/M
Pacific Comm Ventures Invest Ptrs II 2002 10,000,000 10,284,251 4,990,828 7,691,106 (5.2) 0.7x
PAG Asia I LP 2012 100,000,000 45,210,803 21,642,881 54,831,690 12.2 N/M 1.2x N/M
Palladium Equity Partners III, L.P. 2004 193,750,000 166,181,459 144,492,375 369,348,605 19.8 2.2x
Permira Europe I 1997 89,829,777 83,924,472 216,464,549 217,916,252 74.5 2.6x
Permira Europe III 2004 127,300,932 125,343,047 177,246,415 220,153,107 27.4 1.8x
Permira IV 2006 273,175,131 339,846,920 250,139,676 464,374,317 7.5 1.4x
Permira U.K. Venture IV 1 1996 31,456,666 31,456,666 46,019,437 46,249,682 10.6 1.5x
Permira V, L.P. 2014 307,378,728 65,826,195 0 60,299,856 (8.4) N/M 0.9x N/M
Perseus-Soros BioPharmaceutical Fund, LP 2001 40,000,000 42,734,464 69,567,218 71,447,693 18.3 1.7x
Pinnacle Venture II-B 2005 50,000,000 45,000,000 44,857,570 56,092,419 5.4 1.2x
Polish Enterprise Fund IV 2000 50,000,000 55,203,225 149,112,657 149,186,542 27.7 2.7x
Polish Enterprise Fund VI, L.P. 2006 140,385,172 129,053,621 18,639,509 148,979,119 3.2 1.2x
Polish Enterprise V 2004 58,179,753 64,940,195 110,921,881 138,734,627 16.5 2.1x
Providence Equity Partners V, L.P. 2005 125,000,000 114,214,499 86,654,441 141,339,463 3.4 1.2x
Providence Equity Partners VI, L.P. 2007 320,000,000 344,035,445 198,840,235 439,027,175 5.6 1.3x
RFG Private Equity Group 2004 33,971,177 33,821,955 36,929,590 49,302,277 9.0 1.5x
Rhone Capital III, LP 2006 135,620,356 141,539,525 164,777,955 196,915,464 10.0 1.4x
Richardson Capital Private Equity LP 2 2006 45,783,967 24,510,615 10,433,306 14,978,547 (9.5) 0.6x
Riverstone Global Energy and Power V 2012 400,000,000 193,745,540 11,837,349 273,584,222 30.3 N/M 1.4x N/M
Riverstone/Carlyle Glob Engy & Power IV 2008 500,000,000 446,309,836 308,141,581 649,180,290 12.7 1.5x
Riverstone/Carlyle Renew & Alt Energy II 2008 300,000,000 241,170,997 88,471,485 296,108,998 6.4 1.2x
Riverwood Capital Partners, LP 2010 150,000,000 128,745,935 8,416,473 239,869,247 32.1 N/M 1.9x N/M
Sacramento Private Equity Partners 2006 605,000,000 486,926,468 214,932,151 691,537,151 10.1 1.4x
SAIF Partners III 2007 100,000,000 102,994,244 18,191,826 146,770,811 6.5 1.4x
SAIF Partners IV, LP 2010 120,000,000 99,688,626 2,493,049 116,551,488 7.2 N/M 1.2x N/M
Silver Lake Credit Fund, L.P. 2008 100,000,000 100,000,000 139,568,161 140,279,975 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 125,000,000 110,355,010 131,671,235 198,099,735 11.1 1.8x
Silver Lake Partners III, L.P. 2007 480,000,000 468,087,868 413,676,535 748,713,233 17.5 1.6x
Silver Lake Partners IV 2013 320,000,000 48,745,905 0 59,517,307 47.1 N/M 1.2x N/M
Silver Lake Sumeru Fund, L.P. 2007 220,000,000 205,091,801 110,203,967 281,079,077 10.0 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 49,540,480 149,503,109 157,916,449 95.1 3.2x
Tailwind Capital Partners I, L.P. 2007 77,510,000 74,609,990 54,725,369 122,387,185 14.1 1.6x
Technology Partners Fund V, L.P. 1994 12,396,600 18,000,000 24,946,429 24,985,092 6.9 1.4x
Technology Partners Fund VI, L.P. 1998 20,567,755 25,000,000 12,764,422 13,836,701 (12.0) 0.6x
The Resolute Fund II, L.P. 2008 200,000,000 178,354,466 31,641,975 244,251,723 10.0 1.4x
Thomas H. Lee Equity Partners V, L.P. 2001 200,000,000 209,566,657 329,357,109 353,182,103 13.8 1.7x
Thomas H. Lee Equity Partners VI, L.P. 2006 240,000,000 277,952,419 121,664,617 371,202,074 6.5 1.3x
TowerBrook Investors II, L.P. 2005 200,000,000 187,343,036 161,201,453 303,712,198 11.0 1.6x
TowerBrook Investors III, L.P. 2008 300,000,000 297,032,900 138,468,476 393,427,249 13.8 1.3x
TowerBrook Investors IV, L.P. 2013 380,000,000 2,882,676 0 -1,216,789 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 360,000,000 332,783,843 84,608,225 372,786,299 3.3 1.1x
TPG Biotechnology Partners II, L.P. 2006 70,000,000 67,831,911 37,780,235 116,423,095 10.7 1.7x
TPG Biotechnology Partners III, LP 2008 100,000,000 84,567,034 13,701,858 131,036,019 15.1 1.5x
TPG Biotechnology Partners, L.P. 2002 70,000,000 73,001,279 70,201,163 138,164,187 10.4 1.9x
TPG Partners III, L.P. 2000 150,000,000 127,709,021 327,875,246 332,381,100 24.6 2.6x
TPG Partners IV, L.P. 2003 200,000,000 185,200,759 322,555,951 393,095,202 16.1 2.1x
TPG Partners V, L.P. 2006 600,000,000 657,519,831 318,737,313 797,457,110 3.5 1.2x
TPG Partners VI, L.P. 2008 825,000,000 707,494,238 203,775,491 975,002,640 11.5 1.4x
TPG STAR, L.P. 2007 150,000,000 137,278,229 85,512,934 230,048,568 13.9 1.7x
TPG Ventures, L.P. 2001 245,000,000 246,568,518 260,219,549 299,474,070 3.7 1.2x
Triton Fund IV L.P. 2013 102,187,443 14,617,367 323,791 14,949,781 3.1 N/M 1.0x N/M
VantagePoint CleanTech Partners, L.P. 2006 25,000,000 23,250,000 12,704,911 26,043,327 2.8 1.1x
VantagePoint Venture Partners 2006 (Q) 2006 100,000,000 90,000,000 4,845,181 56,502,786 (11.7) 0.6x
Vicente Capital Partners Growth Equity 2007 40,422,297 32,465,100 2,449,915 43,411,457 9.3 1.3x
W Capital Partners II, L.P. 2007 141,125,000 126,102,796 118,936,070 180,510,334 12.4 1.4x
W Capital Partners, L.P. 2004 25,000,000 23,662,500 16,646,209 19,902,791 (5.4) 0.8x
Wayzata Opportunities Fund II, LLC 2007 250,000,000 95,750,000 212,800,899 333,275,464 17.2 3.5x
Wayzata Opportunities Fund, LLC 2006 75,000,000 69,885,000 103,435,159 130,977,222 10.4 1.9x
Wellspring Capital Partners V, L.P. 2011 150,000,000 56,588,259 0 47,569,113 (10.0) N/M 0.8x N/M
Welsh, Carson, Anderson & Stowe IX, L.P. 2000 125,000,000 123,750,000 184,298,493 202,586,057 11.2 1.6x
Welsh, Carson, Anderson & Stowe VI 1993 50,000,000 50,000,000 100,604,698 100,621,387 12.9 2.0x
Welsh, Carson, Anderson & Stowe VIII, LP 1998 150,000,000 150,000,000 193,747,164 193,931,556 3.2 1.3x
Welsh, Carson, Anderson & Stowe X, L.P. 2005 175,000,000 171,500,000 124,139,138 254,286,889 6.9 1.5x
Welsh, Carson, Anderson & Stowe XI, L.P. 2009 125,000,000 108,381,012 38,250,334 152,518,639 14.1 1.4x
WLR Recovery Fund II, L.P. 2002 50,000,000 50,000,000 111,108,928 118,122,614 78.8 2.4x
WLR Recovery Fund III, L.P. 2005 198,000,000 198,000,000 115,276,289 170,205,469 (3.2) 0.9x
WLR Recovery Fund IV, LP 2007 400,000,000 361,761,655 313,172,885 509,378,046 9.9 1.4x
Yucaipa American Alliance Fund I, L.P. 2002 200,000,000 199,035,680 124,124,581 288,177,825 7.9 1.4x
Yucaipa American Alliance Fund II, LP 2008 400,000,000 383,250,729 114,830,659 689,578,060 16.6 1.8x
Yucaipa American Special Situations 2002 50,000,000 47,851,179 35,876,297 40,292,669 (5.1) 0.8x
Yucaipa Corporate Initiative Fund 2001 200,000,000 204,610,221 61,251,586 160,995,131 (3.1) 0.8x
Yucaipa Corporate Initiatives Fund II LP 2008 100,000,000 80,063,588 5,953,190 64,404,293 (6.0) 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.