CalPERS

PE Program Fund Performance Review

Since inception in 1990 to September 30, 2014, the Private Equity (PE) Program has generated $31.4 billion in profits for CalPERS.

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

September 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 September 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 $260,191,561 $32,015,541 $293,884,456 7.0% 1.1x
57 Stars Global Opportunities Fund, LLC 2007 430,000,000 365,185,247 148,148,408 518,922,784 9.6 1.4x
AACP AP Investors, L.P. 2007 14,108,080 12,651,233 4,862,092 9,169,669 (6.0) 0.7x
AACP China Debt Investors, LP 2008 10,000,000 9,785,447 9,284,986 15,408,785 10.8 1.6x
AACP China Growth Investors 2007 50,000,000 35,981,254 11,174,972 65,127,651 10.0 1.8x
AACP China Venture Investors A, L.P. 2008 5,000,000 3,427,289 104,374 4,792,689 6.7 1.4x
AACP India Venture Investors A 2007 5,000,000 4,927,970 504,325 8,609,961 11.6 1.7x
AACP India Venture Investors B 2007 5,000,000 4,939,747 1,703,438 8,515,784 10.5 1.7x
AACP India Venture Investors C 2009 5,000,000 4,736,915 1,781,342 10,110,318 31.9 2.1x
Aberdare III 2005 22,500,000 21,993,750 10,181,789 17,061,647 (5.3) 0.8x
Aberdare IV 2008 50,000,000 41,500,000 19,177,065 60,313,158 14.5 1.5x
Acon-Bastion Partners II, L.P. 2006 70,000,000 65,973,910 74,859,051 112,306,289 13.1 1.7x
Advent Global Private Equity IV-A, L.P. 2002 25,000,000 24,000,000 76,454,573 77,920,150 52.0 3.2x
Advent International GPE V-D, L.P. 2005 81,547,166 76,449,644 171,071,676 189,954,092 43.8 2.5x
Advent International GPE VI-A, L.P. 2008 500,000,000 478,306,254 280,237,676 865,617,518 19.3 1.8x
Advent International GPE VII, L.P. 2012 450,000,000 252,000,000 9,450,000 319,540,810 26.4 N/M 1.3x N/M
Advent Latin America Private Equity IV-D 2007 200,000,000 195,315,196 186,873,530 307,719,545 12.5 1.6x
Advent Latin America V 2010 100,000,000 74,500,000 11,950,000 91,901,098 12.4 N/M 1.2x N/M
Advent Latin American Private Equity III 2006 50,000,000 45,285,090 56,956,184 68,509,546 10.8 1.5x
Affinity Asia Pacific Fund III, L.P. 2007 150,000,000 136,582,021 133,521,096 219,293,723 13.5 1.6x
Aisling Capital II, LP 2006 80,000,000 75,681,416 25,314,767 81,358,361 1.3 1.1x
Aisling Capital III, LP 2008 90,000,000 72,227,065 45,554,116 115,135,028 23.4 1.6x
Alta BioPharma Partners II, L.P. 2000 44,375,825 63,968,792 61,656,644 70,462,493 2.1 1.1x
Alta V Limited Partnership 1992 35,000,000 35,000,000 84,587,808 84,989,210 25.5 2.4x
American River Ventures I, LP 2001 15,000,000 15,000,000 134,980 134,980 (61.9) 0.0x
APA Excelsior IV, L.P.1 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 44,992,962 (2.2) 0.9x
Apollo Credit Opportunities Fund I, LP 2008 1,000,000,000 974,234,912 2,841,803,155 2,937,982,517 27.7 3.0x
Apollo European Principal Finance Fund 2008 68,551,703 58,950,890 67,488,778 92,503,968 12.1 1.6x
Apollo Investment Fund IV, L.P. 1998 150,000,000 149,677,288 249,503,471 250,653,391 8.5 1.7x
Apollo Investment Fund V, L.P. 2001 250,000,000 232,499,241 608,068,743 625,959,515 37.6 2.7x
Apollo Investment Fund VI, L.P. 2006 520,000,000 609,559,497 659,563,348 973,060,768 9.3 1.6x
Apollo Investment Fund VII, L.P. 2008 800,000,000 711,572,894 969,510,653 1,455,810,918 25.8 2.0x
Apollo Investment Fund VIII 2013 500,000,000 45,327,046 22,601 42,461,815 (15.0) N/M 0.9x N/M
Apollo Special Opp. Managed Acct, L.P. 2007 800,000,000 800,000,000 409,561,968 1,282,353,610 7.7 1.6x
ArcLight Energy Partners Fund II, L.P. 2004 75,000,000 63,522,439 98,522,723 101,288,047 16.2 1.6x
ArcLight Energy Partners Fund III, L.P. 2006 200,000,000 172,829,596 192,552,352 261,476,644 8.0 1.5x
ArcLight Energy Partners Fund IV, L.P. 2007 250,000,000 192,812,454 243,493,767 305,167,787 12.7 1.6x
Ares Corp. Opportunities Fund I, L.P. 2003 100,000,000 96,184,024 144,350,482 158,266,015 13.1 1.6x
Ares Corp. Opportunities Fund II, L.P. 2006 200,000,000 176,626,107 272,099,278 321,510,309 13.6 1.8x
Ares Corp. Opportunities Fund III, L.P. 2008 400,000,000 346,474,028 265,035,929 630,890,209 22.3 1.8x
Ares Special Situations Fund, LP. 2007 150,000,000 150,000,000 230,297,948 260,270,664 12.5 1.7x
Asia Alternatives Capital Partners II LP 2008 50,000,000 39,072,311 8,865,973 59,062,084 16.4 1.5x
Asia Alternatives Capital Partners, LP 2007 50,000,000 47,247,399 27,682,140 86,151,702 13.8 1.8x
Asia Recovery Fund 2000 100,000,000 58,955,167 81,825,108 87,171,938 9.2 1.5x
Audax Credit Opportunities Fund, L.P. 2007 25,000,000 25,000,000 30,800,000 31,754,267 4.5 1.3x
Audax Mezzanine Fund II, L.P. 2006 100,000,000 84,881,667 101,724,295 112,782,640 8.2 1.3x
Audax Private Equity Fund III, L.P. 2007 125,000,000 129,479,863 98,170,440 235,979,509 16.0 1.8x
Aurora Equity Partners II L.P. 1998 75,000,000 82,906,578 116,792,278 116,792,278 4.7 1.4x
Aurora Equity Partners III, L.P. 2004 150,000,000 153,508,849 249,687,418 260,926,981 14.0 1.7x
Avenue Asia Special Situations Fund IV 2006 300,000,000 271,629,915 211,733,552 337,066,447 5.1 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 220,758,906 142,610,317 209,446,021 213,310,409 12.2 1.5x
Avenue Special Situations Fund V, LP 2007 400,000,000 400,000,000 529,236,968 532,939,458 11.3 1.3x
Avenue Special Situations Fund VI (A) 2011 150,000,000 153,245,391 66,271,911 191,591,739 7.7 N/M 1.3x N/M
Avenue Special Situations IV 2006 150,000,000 150,000,000 206,705,249 211,997,597 8.7 1.4x
Banc of America Community Venture Fund 2003 100,000,000 89,082,291 39,671,078 89,537,942 .1 1.0x
Baring Vostok Private Equity Fund IV 2007 77,775,000 73,807,764 26,477,653 100,791,347 8.7 1.4x
Birch Hill Equity Partners (US) IV, LP 2011 142,254,090 88,602,682 8,852,083 102,056,751 7.6 N/M 1.2x N/M
Birch Hill Equity Partners III, L.P. 2005 124,496,452 128,248,258 103,798,666 221,738,261 11.9 1.7x
Blackstone - GSO Capital Solutions LP 2010 250,000,000 215,736,067 156,832,827 325,324,733 16.7 N/M 1.5x N/M
Blackstone Capital Partners IV, L.P. 2003 200,000,000 181,282,023 422,066,210 508,245,536 36.9 2.8x
Blackstone Capital Partners V, L.P. 2006 600,000,000 698,672,864 531,914,256 1,016,951,384 7.2 1.5x
Blackstone Capital Partners VI, L.P. 2011 500,000,000 270,211,209 23,928,527 345,506,435 19.4 N/M 1.3x N/M
Blackstone Communications Partners I, LP 2000 100,000,000 99,637,879 110,328,039 119,770,345 5.9 1.2x
Blackstone Mezzanine Partners I, L.P. 1999 100,000,000 87,271,030 108,298,355 111,166,207 8.6 1.3x
Blackstone TOP Fund, L.P. 2012 800,000,000 499,868,708 6,017,480 583,850,770 17.6 N/M 1.2x N/M
Bridgepoint Europe II 2001 116,714,174 104,836,864 202,067,469 212,051,196 29.6 2.0x
Bridgepoint Europe III 2005 204,389,978 187,216,319 111,145,556 217,290,112 2.5 1.2x
Bridgepoint Europe IV 2008 401,014,297 355,688,299 169,416,258 474,568,456 10.4 1.3x
Cadence Bancorp 2010 79,407,530 73,416,285 0 79,545,417 2.6 N/M 1.1x N/M
California Asia Investors, LP 2008 150,000,000 127,156,125 36,033,264 289,513,950 32.9 2.3x
California Emerging Ventures I, LLC 1999 957,457,722 916,930,627 1,057,863,135 1,135,481,453 4.1 1.2x
California Emerging Ventures II, LLC 2000 1,351,419,032 1,330,423,070 1,424,618,960 1,636,467,832 3.9 1.2x
California Emerging Ventures III, LLC 2001 477,089,317 460,550,711 468,854,396 669,237,392 7.6 1.5x
California Emerging Ventures IV, LLC 2006 459,508,016 429,380,381 261,877,735 668,393,068 12.4 1.6x
CalPERS Corporate Partners, L.P. 2001 500,000,000 479,309,348 644,094,737 807,377,809 9.9 1.7x
Capital Link 2007 502,000,000 490,565,987 251,742,757 720,248,524 9.5 1.5x
Capital Link Fund II, LP 2008 435,000,000 347,367,245 163,831,022 497,389,954 12.1 1.4x
Carlyle Asia Growth Partners III, L.P. 2005 75,000,000 69,665,813 38,810,817 63,357,486 (1.5) 0.9x
Carlyle Asia Growth Partners IV, L.P. 2008 150,000,000 103,391,928 16,199,335 133,379,999 8.5 1.3x
Carlyle Asia Partners (PV II), L.P. 2000 75,000,000 73,302,204 204,048,482 206,691,990 18.3 2.8x
Carlyle Asia Partners II, L.P. 2006 150,000,000 152,167,413 136,388,789 224,271,058 7.9 1.5x
Carlyle Asia Partners III, L.P. 2008 300,000,000 262,371,262 139,463,241 355,058,935 10.0 1.4x
Carlyle Asia Venture Partners II, L.P. 2001 42,500,000 34,688,741 70,673,439 70,673,439 17.6 2.0x
Carlyle Europe Partners II, L.P. 2003 68,840,764 64,594,271 97,213,612 117,509,391 20.1 1.8x
Carlyle Europe Partners III, L.P. 2007 412,693,014 372,131,047 237,546,820 564,556,990 10.5 1.5x
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 99,976,710 84,116,352 62,833,370 133,920,248 13.3 1.6x
Carlyle Global Financial Services, LP 2008 150,000,000 143,373,222 89,019,677 202,500,847 10.9 1.4x
Carlyle Japan Partners II, L.P. 2006 148,672,744 122,551,152 30,066,105 103,071,656 (3.5) 0.8x
Carlyle Japan Partners, L.P. 2001 25,435,279 25,399,354 60,178,391 62,039,452 34.1 2.4x
Carlyle Mexico Partners, L.P. 2005 25,000,000 22,624,210 19,538,393 28,087,944 8.3 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 150,000,000 135,561,094 327,453,050 327,695,574 22.7 2.4x
Carlyle Partners IV, L.P. 2005 300,000,000 282,246,271 537,638,307 619,453,451 14.6 2.2x
Carlyle Partners V, L.P. 2007 800,000,000 768,794,063 557,549,099 1,224,953,974 13.0 1.6x
Carlyle Partners VI, L.P. 2013 547,000,000 161,059,116 0 147,365,361 (24.3) N/M 0.9x N/M
Carlyle Realty Qualified Ptrs III, L.P. 2001 50,000,000 46,797,461 86,709,085 104,582,493 27.9 2.2x
Carlyle Strategic Partners II, LP 2007 75,000,000 72,915,238 90,071,421 116,045,875 12.2 1.6x
Carlyle Strategic Partners, L.P. 2004 50,000,000 33,915,756 85,591,061 86,401,635 31.0 2.5x
Carlyle U.S. Growth Fund III, L.P. 2006 75,000,000 69,888,530 61,845,764 96,243,801 7.4 1.4x
Carlyle Venture Partners II, L.P. 2001 50,000,000 52,586,799 43,847,301 57,215,801 1.5 1.1x
Carlyle/Riverstone Glob Engy & Power II 2003 75,000,000 77,975,443 166,424,721 188,188,648 53.1 2.4x
Carlyle/Riverstone Glob Engy & Power III 2005 250,000,000 250,599,493 255,191,817 370,399,966 8.6 1.5x
Carlyle/Riverstone Renew Energy Infrast 2006 60,000,000 59,617,781 5,443,171 10,685,022 (28.3) 0.2x
Castlelake I, L.P. 2007 75,000,000 75,027,299 53,705,841 121,012,096 7.5 1.6x
CDH Fund V, L.P. 2014 200,000,000 50,945,116 0 47,846,311 (8.1) N/M 0.9x N/M
Central Valley Fund 2005 40,000,000 29,763,482 33,088,868 39,126,743 9.8 1.3x
Central Valley Fund II (SBIC), L.P. 2012 12,000,000 4,107,087 0 3,675,291 (6.3) N/M 0.9x N/M
Cerberus CP Partners, L.P. 2013 600,000,000 229,079,629 0 236,656,666 6.3 N/M 1.0x N/M
Cerberus Institutional Partners V, L.P. 2012 400,000,000 213,592,599 8,706,673 364,193,233 29.3 N/M 1.7x N/M
China Privatization Fund I, L.P. 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 37,976,695 54,381,674 5.8 1.3x
Clarus Lifesciences II, L.P. 2008 75,000,000 67,215,000 29,139,807 110,334,725 18.1 1.6x
Clean Energy & Technology Fund, LLC 2007 465,000,000 418,672,932 43,623,891 267,657,838 (10.5) 0.6x
Clearlake Capital Partners III, L.P. 2012 50,000,000 32,988,550 4,503,698 41,562,002 34.6 N/M 1.3x N/M
Clearwater Capital II 2005 54,375,000 54,374,999 56,488,047 75,780,072 5.7 1.4x
Clearwater Capital Partners I, LP 2001 41,735,000 41,735,012 31,449,497 38,978,295 (2.0) 0.9x
Clearwater Capital Partners III, LP 2006 150,000,000 150,000,000 107,937,554 206,851,687 5.9 1.4x
Clessidra Capital Partners I, L.P. 2005 68,219,483 72,200,278 68,346,010 79,745,502 38.2 1.1x
Clessidra Capital Partners II, L.P. 2008 195,584,451 114,339,386 125,319,702 172,543,749 17.4 1.5x
Coller International Partners IV, L.P. 2002 100,000,000 88,383,697 111,725,019 120,404,908 11.8 1.4x
Coller International Partners V, L.P. 2006 375,000,000 314,237,774 264,102,824 444,744,800 9.3 1.4x
Craton Equity Investors I, L.P. 2007 38,153,846 38,161,701 68,580 15,795,237 (18.7) 0.4x
CVC Capital Partners VI, L.P. 2014 635,508,018 49,391,433 12,726 40,766,661 (35.6) N/M 0.8x N/M
CVC European Equity Partners II L.P. 1998 150,000,000 139,330,357 325,048,708 331,164,678 19.0 2.4x
CVC European Equity Partners III L.P. 2001 200,000,000 191,823,147 551,711,218 559,924,946 41.1 2.9x
CVC European Equity Partners IV, L.P. 2005 306,552,504 350,292,184 570,243,084 648,790,723 17.4 1.9x
CVC European Equity Partners L.P.1 1996 50,000,000 48,436,031 121,241,204 121,543,295 22.8 2.5x
CVC European Equity Partners Tandem Fund 2007 441,508,310 499,819,767 469,511,992 649,595,964 6.6 1.3x
CVC European Equity Partners V, L.P. 2008 540,740,420 558,158,448 336,736,722 717,517,734 9.8 1.3x
Darby Converging Europe Mezzanine Fund 2006 33,713,494 32,710,840 15,637,157 22,878,925 (6.3) 0.7x
DFJ Frontier Fund, L.P. 2002 20,000,000 20,000,000 3,081,271 15,403,632 (3.6) 0.8x
EM Alternatives 2007 100,000,000 85,635,781 20,241,143 109,879,071 7.1 1.3x
ESP Golden Bear Europe Fund 2007 667,899,622 461,642,108 102,485,792 518,850,960 3.9 1.1x
Essex Woodlands Health Ventures VIII, LP 2008 125,000,000 109,375,000 35,603,330 140,954,756 9.2 1.3x
Exxel Capital Partners V, L.P.1 1998 75,000,000 81,860,844 4,741,826 4,874,392 (32.2) 0.1x
First Reserve Fund X, L.P. 2004 125,000,000 125,000,000 221,838,574 230,810,380 31.2 1.8x
First Reserve Fund XI, L.P. 2006 500,000,000 500,000,000 255,111,873 530,490,090 1.3 1.1x
First Reserve Fund XII, L.P. 2008 300,000,000 279,226,863 79,957,013 328,446,614 4.6 1.2x
First Reserve Fund XIII, LP 2014 400,000,000 20,792,826 0 14,659,715 (32.4) N/M 0.7x N/M
Francisco Partners II, L.P. 2006 175,000,000 165,519,344 176,479,557 278,048,049 13.0 1.7x
Francisco Partners III, L.P. 2011 100,000,000 76,462,889 4,559,497 101,494,271 17.7 N/M 1.3x N/M
Francisco Partners, L.P. 2000 50,000,000 47,867,475 47,693,198 62,916,798 4.8 1.3x
Garage California Entrepreneurs Fund, LP 2002 10,000,000 10,000,000 5,604,461 10,536,346 .8 1.1x
GCM Grosvenor DEM, L.P. 2012 100,000,000 11,941,836 1,595,296 12,058,561 1.3 N/M 1.0x N/M
Generation Capital Partners, L.P. 1996 50,000,000 46,865,162 58,598,829 58,912,193 6.3 1.3x
Gleacher Mezzanine Fund I, LP1 2001 45,000,000 38,364,562 57,635,072 57,644,963 20.1 1.5x
Golden State Investment Fund 2006 560,000,000 464,899,896 302,805,593 659,379,906 8.4 1.4x
Golder, Thoma, Cressey & Rauner Fund IV1 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 39,528,622 5.1 1.4x
Granite Global Ventures III, L.P. 2006 60,000,000 58,500,100 50,199,413 124,303,404 17.7 2.1x
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 150,000,000 155,435,420 231,825,798 312,486,042 12.1 2.0x
Green Equity Investors V, L.P. 2007 400,000,000 381,833,937 326,415,210 676,014,927 18.5 1.8x
GSO Capital Opportunities Fund II, LP 2011 250,000,000 82,175,846 27,428,432 126,145,965 28.7 N/M 1.5x N/M
GSO Capital Opportunities Fund, L.P. 2008 100,000,000 120,180,978 148,411,658 185,658,350 18.4 1.5x
GSO Capital Solutions Fund II, L.P. 2014 500,000,000 34,469,119 0 60,127,968 164.3 N/M 1.7x N/M
GSO Energy Partners - C, L.P. 2013 400,000,000 92,013,932 0 102,893,424 12.3 N/M 1.1x N/M
Health Evolution Partners - Growth 2008 505,000,000 448,332,940 67,794,118 482,480,750 2.7 1.1x
Health Evolution Partners FOF 2007 199,990,000 169,979,721 12,006,843 148,232,404 (3.8) 0.9x
Hellman & Friedman Capital Partners II1 1991 87,335,732 87,335,732 239,151,380 239,191,768 22.5 2.7x
Hellman & Friedman Capital Partners V LP 2004 200,000,000 180,508,121 465,621,746 485,603,715 28.0 2.7x
Hellman & Friedman Capital Partners VI 2007 600,000,000 574,320,335 766,302,845 993,924,913 12.8 1.7x
Hellman & Friedman Capital Partners VII 2011 300,000,000 192,401,762 28,490,738 225,720,220 10.4 N/M 1.2x N/M
Huntsman Gay Capital Partners Fund, LP 2008 180,000,000 164,823,109 146,008,078 272,317,133 18.7 1.7x
ICV Partners II, L.P. 2005 31,220,000 30,911,097 24,565,516 47,098,014 11.1 1.5x
Insight V 2005 46,500,000 46,500,000 92,892,768 128,405,184 22.9 2.8x
Insight Venture Partners VI, L.P. 2007 68,000,000 63,784,520 66,007,248 156,591,164 21.2 2.5x
Khosla Ventures III, L.P. 2009 200,000,000 179,000,000 42,001,575 310,629,645 16.1 1.7x
Khosla Ventures Seed, L.P. 2009 60,000,000 57,900,000 5,429,400 91,914,557 15.7 1.6x
KKR 2006 Fund 2006 400,000,000 493,856,953 367,764,954 686,307,835 7.1 1.4x
KKR Asian Fund II, L.P. 2013 500,000,000 162,169,796 0 178,211,682 24.2 N/M 1.1x N/M
KKR Asian Fund, LP 2007 275,000,000 289,104,521 247,518,496 482,134,739 14.2 1.7x
KKR European Fund II, L.P. 2005 198,265,230 208,001,594 179,460,392 261,637,965 3.9 1.3x
KKR European Fund III, LP 2008 333,162,015 332,265,697 113,884,770 435,095,296 9.7 1.3x
KKR European Fund, L. P. 2001 75,000,000 80,164,206 196,435,537 197,397,444 24.7 2.5x
KKR Millennium Fund 2002 150,000,000 154,208,052 258,256,410 308,885,862 16.6 2.0x
Kline Hawkes Pacific, L.P. 2000 100,000,000 100,000,000 46,620,692 67,557,062 (5.8) 0.7x
KM Corporate Partners Fund II, L.P. 2007 200,000,000 152,180,963 91,091,379 220,632,005 9.3 1.4x
KPS Special Situations Fund III, LP 2007 175,000,000 93,477,519 63,912,954 206,082,374 24.1 2.2x
Levine Leichtman Capital Deep Value 2005 75,000,000 85,717,093 72,134,422 86,573,464 .3 1.0x
Levine Leichtman Capital Partners II, LP 1998 150,000,000 166,149,648 195,073,789 213,301,557 5.7 1.3x
Levine Leichtman Capital Partners III LP 2003 50,000,000 53,369,133 50,672,274 79,513,388 10.0 1.5x
Levine Leichtman Capital Partners IV LP 2008 75,000,000 56,900,625 61,278,462 103,936,794 21.0 1.8x
Lexington Capital Partners II, L.P. 1998 150,000,000 148,267,500 194,522,135 197,690,528 8.2 1.3x
Lexington Capital Partners III, LP 1999 100,000,000 98,618,460 120,408,995 124,351,942 8.7 1.3x
Lexington Capital Partners IV 2000 100,000,000 98,112,227 171,363,731 175,691,912 19.2 1.8x
Lexington Capital Partners V, L.P. 2002 50,000,000 49,756,618 76,949,765 83,610,591 19.4 1.7x
Lexington Middle Markets Investors, L.P. 2005 50,000,000 49,543,870 49,456,779 72,747,901 11.2 1.5x
Lime Rock Partners III 2004 25,000,000 25,000,000 10,723,141 16,376,030 (7.3) 0.7x
Lime Rock Partners IV, LP 2006 43,000,000 41,859,048 15,909,723 82,364,472 12.9 2.0x
Lime Rock Partners V, LP 2008 85,000,000 74,144,224 15,439,108 83,214,905 2.9 1.1x
Lion Capital Fund II, L.P. 2007 208,481,118 192,049,457 31,269,712 138,307,790 (5.7) 0.7x
Lombard Asia III 2007 46,875,000 41,075,207 69,191,674 87,560,977 22.1 2.1x
Lombard Thailand Partners, L.P. 2001 75,000,000 64,905,857 151,999,474 152,172,883 16.2 2.3x
Lombard/Pacific Partners, L.P. 1995 400,000,000 355,375,350 465,817,908 465,817,908 5.9 1.3x
Madison Dearborn Capital Partners IV, LP 2000 150,000,000 145,812,345 259,905,730 286,816,011 14.3 2.0x
Madison Dearborn Capital Partners V, LP. 2006 300,000,000 267,834,445 160,509,958 409,083,388 7.0 1.5x
Magnum Capital, LP 2007 133,236,029 125,192,110 37,649,495 131,359,775 1.3 1.0x
MHR Institutional Partners II, L.P. 2003 50,000,000 50,000,000 58,898,119 97,622,967 13.4 2.0x
MHR Institutional Partners III, L.P. 2006 350,000,000 220,948,093 145,397,070 406,218,015 9.9 1.8x
New Mountain Partners II, L.P. 2005 150,000,000 120,179,968 217,385,677 239,356,201 13.3 2.0x
New Mountain Partners III, L.P. 2007 400,000,000 358,769,372 110,593,032 472,588,814 8.2 1.3x
Newbridge Asia III, L.P. 2003 75,000,000 60,749,287 265,654,447 265,997,219 30.9 4.4x
Newbridge Asia IV, L.P. 2005 180,000,000 170,301,224 273,921,055 394,986,702 17.7 2.3x
NGEN II, LP1 2005 15,000,000 14,536,131 917,788 1,205,330 (54.1) 0.1x
Nogales Investors Fund I, LP 2001 25,000,000 24,814,581 9,202,318 14,770,564 (9.0) 0.6x
Oak Hill Capital Partners II, L.P. 2004 75,000,000 74,405,924 108,155,438 125,049,114 10.1 1.7x
Oak Hill Capital Partners III, L.P. 2007 300,000,000 268,197,512 134,632,488 388,009,494 9.3 1.4x
Oaktree Opportunities Fund VIII-B 2011 200,000,000 200,000,000 0 249,628,848 11.1 N/M 1.2x N/M
Onex Partners IV, L.P. 2014 300,000,000 1,866,499 0 527,993 (71.7) N/M 0.3x N/M
Pacific Comm Ventures Invest Ptrs II 2002 10,000,000 10,284,251 4,990,828 7,018,589 (7.1) 0.7x
PAG Asia I LP 2012 100,000,000 55,191,430 21,642,881 67,033,765 13.3 N/M 1.2x N/M
Palladium Equity Partners III, L.P. 2004 193,750,000 166,496,137 220,906,246 395,144,196 20.6 2.4x
Permira Europe I 1997 89,829,777 83,924,472 216,464,549 217,800,707 74.5 2.6x
Permira Europe III 2004 127,152,774 125,750,567 188,652,567 219,077,224 27.1 1.7x
Permira IV 2006 271,819,606 339,846,920 266,581,266 445,053,009 6.4 1.3x
Permira U.K. Venture IV1 1996 31,456,666 31,456,666 46,019,437 46,237,738 10.6 1.5x
Permira V, L.P. 2014 290,181,201 90,225,231 0 80,852,908 (11.6) N/M 0.9x N/M
Perseus-Soros BioPharmaceutical Fund, LP 2001 40,000,000 42,734,464 69,567,218 72,440,322 18.5 1.7x
Pinnacle Venture II-B 2005 50,000,000 45,000,000 44,857,570 57,172,193 5.7 1.3x
Polish Enterprise Fund IV 2000 50,000,000 55,203,225 149,112,657 149,180,030 27.7 2.7x
Polish Enterprise Fund VI, L.P. 2006 139,389,237 129,053,621 18,639,509 148,420,435 3.0 1.2x
Polish Enterprise V 2004 58,557,734 64,990,569 119,540,602 133,688,249 15.8 2.1x
Providence Equity Partners V, L.P. 2005 125,000,000 113,950,571 104,159,966 142,292,752 3.4 1.2x
Providence Equity Partners VI, L.P. 2007 320,000,000 349,919,897 211,427,605 443,064,597 5.3 1.3x
RFG Private Equity Group 2004 33,964,180 33,821,955 36,929,590 48,686,023 8.7 1.4x
Rhone Capital III, LP 2006 135,125,378 141,539,525 164,777,955 194,426,452 9.6 1.4x
Richardson Capital Private Equity LP 2 2006 44,786,496 24,510,615 10,433,306 14,831,366 (9.5) 0.6x
Riverstone Global Energy and Power V 2012 400,000,000 209,197,072 15,268,851 312,874,171 31.8 N/M 1.5x N/M
Riverstone/Carlyle Glob Engy & Power IV 2008 500,000,000 481,878,228 319,188,575 692,305,700 12.6 1.4x
Riverstone/Carlyle Renew & Alt Energy II 2008 300,000,000 243,136,119 96,940,134 306,851,598 6.9 1.3x
Riverwood Capital Partners, LP 2010 150,000,000 131,342,751 52,463,481 321,471,409 43.2 N/M 2.4x N/M
Sacramento Private Equity Partners 2006 605,000,000 491,697,410 245,675,394 711,707,955 10.2 1.4x
SAIF Partners III 2007 100,000,000 100,085,082 17,543,635 142,942,239 6.2 1.4x
SAIF Partners IV, LP 2010 120,000,000 106,714,806 3,519,229 123,762,922 6.5 N/M 1.2x N/M
Silver Lake Credit Fund, L.P. 2008 100,000,000 100,000,000 139,568,161 140,279,889 6.9 1.4x
Silver Lake Partners 1999 73,170,392 66,260,301 153,819,356 153,819,356 25.1 2.3x
Silver Lake Partners II, L.P. 2004 125,000,000 110,355,010 131,671,235 194,597,296 10.7 1.8x
Silver Lake Partners III, L.P. 2007 480,000,000 468,087,868 421,794,154 793,119,596 18.7 1.7x
Silver Lake Partners IV 2013 320,000,000 53,365,700 0 74,785,063 73.6 N/M 1.4x N/M
Silver Lake Sumeru Fund, L.P. 2007 220,000,000 212,318,286 116,313,835 292,157,037 9.9 1.4x
T3 Partners II, L.P. 2001 57,000,000 49,540,480 149,503,109 157,330,269 95.0 3.2x
Tailwind Capital Partners I, L.P. 2007 77,510,000 74,630,133 79,487,238 124,483,817 14.1 1.7x
Tailwind Capital Partners II, LP 2014 150,000,000 17,664,023 0 14,612,598 (17.8) N/M 0.8x N/M
Technology Partners Fund V, L.P. 1994 12,396,600 18,000,000 24,946,429 24,979,562 6.9 1.4x
Technology Partners Fund VI, L.P. 1998 20,567,755 25,000,000 12,764,422 13,836,059 (11.8) 0.6x
The Resolute Fund II, L.P. 2008 200,000,000 178,272,646 42,813,060 250,711,449 10.2 1.4x
Thomas H. Lee Equity Partners V, L.P. 2001 200,000,000 209,566,657 346,368,127 352,236,857 13.8 1.7x
Thomas H. Lee Equity Partners VI, L.P. 2006 240,000,000 277,952,419 166,156,111 381,559,717 6.9 1.4x
TowerBrook Investors II, L.P. 2005 200,000,000 146,781,928 167,131,637 264,638,064 10.9 1.8x
TowerBrook Investors III, L.P. 2008 300,000,000 218,237,309 79,096,766 312,361,401 12.6 1.4x
TowerBrook Investors IV, L.P. 2013 380,000,000 31,131,298 0 25,655,673 (51.8) N/M 0.8x N/M
TPG Asia V, L.P. 2007 360,000,000 332,783,843 108,485,524 374,303,463 3.2 1.1x
TPG Biotechnology Partners II, L.P. 2006 70,000,000 68,815,734 37,780,235 105,386,857 8.3 1.5x
TPG Biotechnology Partners III, LP 2008 100,000,000 86,057,676 17,271,552 136,306,196 15.0 1.6x
TPG Biotechnology Partners, L.P. 2002 70,000,000 73,001,279 84,407,491 128,914,381 9.3 1.8x
TPG Partners III, L.P. 2000 150,000,000 127,709,021 327,875,246 332,019,619 24.5 2.6x
TPG Partners IV, L.P. 2003 200,000,000 185,200,759 322,555,951 389,727,585 15.9 2.1x
TPG Partners V, L.P. 2006 600,000,000 659,342,500 323,964,675 785,604,623 3.1 1.2x
TPG Partners VI, L.P. 2008 825,000,000 720,756,440 253,409,693 993,203,387 11.0 1.4x
TPG STAR, L.P. 2007 150,000,000 136,562,654 110,414,029 223,691,991 12.8 1.6x
TPG Ventures, L.P. 2001 245,000,000 246,568,518 260,219,549 295,857,302 3.5 1.2x
Trident VI, LP 2014 250,000,000 1,216,431 0 252,290 (79.3) N/M 0.2x N/M
Triton Fund IV L.P. 2013 95,901,573 25,379,733 322,128 24,998,576 (2.5) N/M 1.0x N/M
VantagePoint CleanTech Partners, L.P. 2006 25,000,000 23,250,000 12,704,911 26,047,266 2.8 1.1x
VantagePoint Venture Partners 2006 (Q) 2006 100,000,000 95,000,000 4,845,181 60,411,107 (11.4) 0.6x
Vicente Capital Partners Growth Equity 2007 40,422,297 38,531,026 2,449,915 53,157,641 11.0 1.4x
W Capital Partners II, L.P. 2007 141,125,000 126,102,796 118,936,070 180,026,273 12.0 1.4x
W Capital Partners, L.P. 2004 25,000,000 23,662,500 16,646,209 19,830,991 (5.5) 0.8x
Wayzata Opportunities Fund II, LLC 2007 250,000,000 95,750,000 220,568,649 341,291,769 17.3 3.6x
Wayzata Opportunities Fund, LLC 2006 75,000,000 69,885,000 105,025,159 129,371,115 10.1 1.9x
Wellspring Capital Partners V, L.P. 2011 150,000,000 57,383,002 0 53,732,260 (3.4) N/M 0.9x N/M
Welsh, Carson, Anderson & Stowe IX, L.P. 2000 125,000,000 123,750,000 184,298,493 204,692,880 11.3 1.7x
Welsh, Carson, Anderson & Stowe VI 1993 50,000,000 50,000,000 100,604,698 100,621,350 12.9 2.0x
Welsh, Carson, Anderson & Stowe VIII, LP 1998 150,000,000 150,000,000 193,747,164 193,931,875 3.2 1.3x
Welsh, Carson, Anderson & Stowe X, L.P. 2005 175,000,000 171,500,000 131,652,788 256,415,847 6.9 1.5x
Welsh, Carson, Anderson & Stowe XI, L.P. 2009 125,000,000 108,381,012 42,978,115 156,740,029 14.2 1.4x
WLR Recovery Fund II, L.P. 2002 50,000,000 50,000,000 111,666,488 118,350,046 78.8 2.4x
WLR Recovery Fund III, L.P. 2005 198,000,000 198,000,000 119,350,920 166,964,325 (3.5) 0.8x
WLR Recovery Fund IV, LP 2007 400,000,000 361,761,655 341,483,677 495,918,193 9.0 1.4x
Yucaipa American Alliance Fund I, L.P. 2002 200,000,000 199,035,680 124,124,581 278,247,214 7.1 1.4x
Yucaipa American Alliance Fund II, LP 2008 400,000,000 384,541,739 117,435,211 688,926,268 15.7 1.8x
Yucaipa American Special Situations 2002 50,000,000 47,851,179 35,876,297 40,479,592 (4.9) 0.8x
Yucaipa Corporate Initiative Fund 2001 200,000,000 204,610,221 61,810,182 157,239,212 (3.4) 0.8x
Yucaipa Corporate Initiatives Fund II LP 2008 100,000,000 80,326,109 5,953,190 65,113,027 (5.5) 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.