As of March 31, 2023, the since inception Net IRR is 11.0% and the Net Multiple is 1.5x.

The table below reflects the performance of all active PE partnership investments as of March 31, 2023. At the end of each quarter, the General Partners report on the value of invested capital. The General Partners have 120 days to provide Limited Partners with financial data, so there is generally a 2-quarter delay in performance reporting.

The table is updated quarterly and provides information on the status of all active CalPERS private equity commitments; it doesn't include any exited partnership investments.

  • The Fund column lists the names of all active partnership investments.
  • Vintage Year is the year in which CalPERS’ first cash flow for the investment occurred.
  • Capital Committed identifies the original amount CalPERS committed to each fund.
  • Cash In represents capital contributed for investments and management fees.
  • Cash Out represents distributions CalPERS has received back from the fund.
  • Cash Out & Remaining Value represents the distributions CalPERS has received plus the reported value of the invested capital.
  • Net IRR is the Net Internal Rate of Return based on CalPERS’ actual cash flows and the reported value of the invested capital.
  • Investment Multiple is the Cash Out & Remaining Value divided by the Cash In.

In evaluating private equity performance, CalPERS emphasizes using both the realized Internal Rate of Return (IRR) and Investment Multiple. Interim IRRs by themselves are not the best indicators of current or future fund performance.

The IRR is calculated based on CalPERS records of cash flows and financial statements from the investment managers.

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Fund Vintage Year Capital Committed Cash In Cash Out Cash Out & Remaining Value Net IRR Investment Multiple
Fund Vintage Year            
57 Stars Global Opportunities Fund 2 (CalPERS), LLC 2009 $500,000,000 $517,954,356 $448,355,746 $818,155,375 7.9% 1.6x
57 Stars Global Opportunities Fund, LLC 2007 $430,000,000 $414,176,027 $553,544,971 $574,183,669 6.0% 1.4x
AACP AP Investors, L.P. 2007 $14,108,080 $14,918,901 $16,898,666 $16,946,866 2.1% 1.1x
AACP China Growth Investors 2007 $50,000,000 $52,013,542 $82,990,619 $84,159,913 7.9% 1.6x
AACP India Investors B 2007 $5,000,000 $5,214,969 $17,632,036 $21,046,626 12.9% 4.0x
AACP India Investors C 2009 $5,000,000 $5,269,076 $2,213,113 $9,041,846 6.9% 1.7x
AACP India Venture Investors A 2007 $5,000,000 $5,065,536 $5,653,594 $5,874,670 2.3% 1.2x
Advent Global Technology II Limited Partnership 2022 $150,000,000 $50,302,551 $0 $57,872,698 N/M 1 N/M 1
Advent International GPE IX Limited Partnership 2019 $550,000,000 $500,535,271 $54,978,033 $746,199,677 24.4% 1 1.5x 1
Advent International GPE V-D, L.P. 2005 $80,823,926 $77,609,736 $185,526,402 $187,725,183 42.7% 2.4x
Advent International GPE VI-A, L.P. 2008 $500,000,000 $502,306,204 $1,006,375,016 $1,057,639,145 16.5% 2.1x
Advent International GPE VII-C, L.P. 2012 $450,000,000 $432,732,784 $695,510,966 $788,302,009 13.6% 1.8x
Advent International GPE VIII-B Limited Partnership 2016 $500,000,000 $500,000,000 $365,227,167 $1,008,428,258 18.6% 2.0x
Advent International GPE X Limited Partnership 2022 $650,000,000 $48,750,000 $0 $39,837,962 N/M 1 N/M 1
AlpInvest Secondaries Fund (onshore) VII, L.P. 2021 $500,000,000 $260,249,495 $48,377,182 $341,071,267 N/M 1 N/M 1
Apollo European Principal Finance Fund, L.P. 2008 $89,118,488 $165,281,284 $200,770,615 $200,927,706 11.9% 1.2x
Apollo Investment Fund IV, L.P. 1998 $150,000,000 $154,085,315 $254,289,011 $254,368,785 8.5% 1.7x
Apollo Investment Fund IX, L.P 2019 $550,000,000 $478,237,163 $171,559,531 $700,310,635 25.0% 1 1.5x 1
Apollo Investment Fund V, L.P. 2001 $250,000,000 $388,164,138 $776,929,038 $779,055,122 37.5% 2.0x
Apollo Investment Fund VI, L.P. 2006 $520,000,000 $866,357,105 $1,218,417,644 $1,227,782,735 8.2% 1.4x
Apollo Investment Fund VIII, L.P. 2013 $350,000,000 $495,988,715 $596,825,692 $727,005,136 9.9% 1.5x
Apollo Special Opportunities Managed Account, L.P. 2007 $800,000,000 $800,000,000 $1,048,252,297 $1,085,464,683 3.7% 1.4x
ArcLight Energy Partners Fund III, L.P. 2006 $200,000,000 $212,312,180 $314,980,433 $314,980,433 8.6% 1.5x
ArcLight Energy Partners Fund IV, L.P. 2007 $250,000,000 $255,794,752 $388,365,992 $388,847,672 12.6% 1.5x
Ares Corporate Opportunities Fund II, L.P. 2006 $200,000,000 $224,934,390 $371,763,173 $371,763,173 13.0% 1.7x
Ares Corporate Opportunities Fund III, L.P. 2008 $400,000,000 $512,078,628 $1,059,418,691 $1,063,409,926 20.2% 2.1x
Ares Corporate Opportunities Fund V, L.P. 2017 $425,000,000 $463,306,544 $214,042,869 $625,066,498 9.6% 1.3x
Ares Corporate Opportunities Fund VI, L.P. 2021 $250,000,000 $215,578,656 $49,150,403 $246,221,041 N/M 1 N/M 1
Ares Corporate Opportunities Fund, L.P. 2003 $100,000,000 $135,853,818 $195,665,318 $195,785,085 12.8% 1.4x
Arsenal Capital Partners Growth LP 2022 $50,000,000 $9,353,609 $14,380 $4,304,599 N/M 1 N/M 1
Arsenal Capital Partners VI LP 2022 $150,000,000 $43,737,019 $28,594 $43,570,858 N/M 1 N/M 1
ASF VIII B L.P. 2020 $300,000,000 $158,924,090 $38,517,420 $237,584,073 26.4% 1 1.5x 1
Asia Alternatives Capital Partners II LP 2008 $48,933,451 $50,357,470 $112,373,630 $127,887,992 16.9% 2.5x
Asia Alternatives Capital Partners, LP 2007 $50,000,000 $53,499,274 $93,559,821 $97,917,863 11.2% 1.8x
Avenue Asia Special Situations Fund IV, L.P. 2006 $300,000,000 $271,629,915 $297,297,571 $297,297,571 2.0% 1.1x
Avenue Special Situations Fund IV, L.P. 2006 $150,000,000 $150,000,000 $212,523,413 $212,523,413 8.6% 1.4x
Avenue Special Situations Fund V, L.P. 2007 $400,000,000 $473,059,573 $607,116,534 $607,116,534 11.3% 1.3x
Bain Capital Tech Opportunities Fund II, L.P. 2023 $150,000,000 $24,000,000 $0 $22,797,258 N/M 1 N/M 1
Baring Vostok Private Equity Fund IV L.P. / Supplemental 2007 $77,775,000 $91,865,849 $98,602,133 $99,668,885 1.5% 1.1x
Base10 Advancement Initiative II, L.P. 2023 $50,000,000 $6,750,000 $0 $5,944,939 N/M 1 N/M 1
Base10 Partners III, L.P. 2022 $50,000,000 $11,551,652 $0 $9,939,260 N/M 1 N/M 1
Bay State Partners, L.P. 2022 $250,000,000 $90,909,091 $0 $90,848,085 N/M 1 N/M 1
BDC III C LP 2017 $130,332,445 $117,263,205 $165,995,918 $284,258,421 35.3% 2.4x
BDC IV D LP 2021 $197,746,778 $69,562,712 $0 $64,753,631 N/M 1 N/M 1
BE VI 'H' L.P. 2019 $392,422,920 $328,421,897 $33,915,784 $509,654,382 23.2% 1 1.6x 1
Bear Technology Fund, L.P. 2021 $100,000,000 $65,092,900 $0 $63,635,767 N/M 1 N/M 1
Berkshire Fund X, L.P. 2021 $500,000,000 $156,197,331 $6,104,285 $168,230,551 N/M 1 N/M 1
Birch Hill Equity Partners (US) III, LP 2005 $126,308,287 $142,339,925 $269,654,907 $270,737,054 12.1% 1.9x
Birch Hill Equity Partners (US) IV, LP 2011 $136,801,125 $131,929,148 $278,577,215 $332,175,525 15.5% 2.5x
Blackstone Capital Partners V L.P. 2006 $38,400,000 $794,822,847 $1,222,737,110 $1,222,739,350 7.8% 1.5x
Blackstone Capital Partners VI L.P. 2011 $375,000,000 $542,973,269 $812,534,570 $965,266,110 12.6% 1.8x
Blackstone Capital Partners VII, L.P. 2016 $375,000,000 $524,157,993 $499,971,636 $874,993,189 16.9% 1.7x
Blackstone Capital Partners VIII, L.P. 2021 $262,500,000 $339,809,848 $240,665,339 $404,983,755 N/M 1 N/M 1
Blackstone Communications Partners I L.P. 2000 $100,000,000 $111,226,418 $135,473,542 $136,245,558 6.5% 1.2x
Blackstone Core Equity Partners II, L.P. 2021 $1,000,000,000 $299,569,594 $1,171,555 $334,095,405 N/M 1 N/M 1
Blackstone Tactical Opportunities Fund - C L.P. 2012 $800,000,000 $989,527,735 $1,225,033,591 $1,323,575,682 9.3% 1.3x
Blackstone Tactical Opportunities Fund II - C L.P. 2015 $500,000,000 $479,325,953 $605,140,385 $731,384,860 13.5% 1.5x
Blackstone Tactical Opportunities Fund III-C (Surge) L.P. 2019 $500,000,000 $360,360,946 $87,873,705 $426,564,124 10.0% 1 1.2x 1
Blackstone Tactical Opportunities Fund III-C L.P. 2018 $175,000,000 $348,874,980 $269,718,339 $440,135,219 13.6% 1.3x
BOND III, LP 2022 $75,000,000 $4,500,000 $0 $3,378,761 N/M 1 N/M 1
Bridgepoint Europe III 'C' L.P. 2015 $26,038,812 $16,760,648 $13,270,286 $19,269,322 3.6% 1.1x
Bridgepoint Europe III 'D' LP 2005 $194,316,953 $191,932,333 $194,762,790 $230,433,994 2.2% 1.2x
Bridgepoint Europe IV 'B' L.P. 2015 $85,904,104 $67,960,669 $78,211,557 $96,394,910 13.3% 1.4x
Bridgepoint Europe IV 'D' LP 2008 $398,339,557 $391,605,384 $543,455,711 $612,455,076 9.7% 1.6x
BRV Lotus Fund III, L.P. 2022 $100,000,000 $73,419,619 $450,253 $69,823,112 N/M 1 N/M 1
Butterfly II, LP 2022 $125,000,000 $57,598,730 $196,857 $62,258,655 N/M 1 N/M 1
CA Co-Investment Limited Partnership 2022 $650,000,000 $100,810,000 $0 $99,980,778 N/M 1 N/M 1
California Asia Investors, L.P. 2008 $150,000,000 $149,505,387 $598,385,886 $637,981,203 26.6% 4.3x
California Community Venture Fund, LLC 2003 $100,000,000 $100,067,655 $88,478,382 $93,454,567 -1.1% 0.9x
California Emerging Ventures II, LLC 1999 $1,339,569,396 $1,391,089,668 $1,718,145,285 $1,718,145,285 3.9% 1.2x
California Emerging Ventures IV, LLC 2006 $462,853,016 $488,832,422 $841,922,330 $921,922,204 12.0% 1.9x
California Emerging Ventures, LLC 1999 $952,944,894 $1,096,189,129 $1,270,832,900 $1,270,832,900 3.5% 1.2x
California Partners, L.P. 2020 $600,000,000 $214,097,199 $0 $243,521,950 7.7% 1 1.1x 1
CalPERS Clean Energy & Technology Fund, LLC 2007 $465,000,000 $468,423,814 $132,249,749 $146,716,065 -17.1% 0.3x
CalPERS Corporate Partners, LLC 2001 $500,000,000 $533,507,990 $831,997,162 $831,997,403 9.3% 1.6x
CalPERS Wellspring V, L.P. 2011 $24,975,000 $26,651,935 $45,022,207 $53,682,982 22.1% 2.0x
Canaan Gold Coast L.P. 2023 $100,000,000 $10,500,000 $0 $10,500,000 N/M 1 N/M 1
Capital Link Fund I, LLC 2007 $502,000,000 $600,796,721 $839,885,437 $902,144,152 7.7% 1.5x
Capital Link Fund II, LLC 2008 $435,000,000 $472,189,335 $762,878,324 $791,556,066 11.9% 1.7x
CapVest Equity Partners V SCSp 2023 $325,894,993 $5,197,008 $0 $0 N/M 1 N/M 1
Carlyle Asia Growth Partners III, L.P. 2005 $75,000,000 $84,766,869 $78,177,512 $78,177,512 -1.4% 0.9x
Carlyle Asia Partners III, L.P. 2008 $150,000,000 $372,734,107 $583,747,380 $585,519,613 12.0% 1.6x
Carlyle Asia Partners V, L.P. 2018 $125,000,000 $175,209,055 $155,626,644 $237,085,065 21.2% 1.4x
Carlyle Europe Partners II, L.P. 2003 $45,955,513 $93,147,145 $148,601,012 $148,921,342 19.7% 1.6x
Carlyle Europe Partners III, L.P. 2007 $257,116,717 $461,007,537 $742,081,294 $744,452,196 11.1% 1.6x
Carlyle Europe Partners V, S.C.Sp. 2019 $173,073,048 $267,818,117 $196,041,293 $334,068,145 13.5% 1 1.2x 1
Carlyle Mexico Partners, L.P. 2005 $25,000,000 $30,874,091 $37,552,281 $37,552,281 7.9% 1.2x
Carlyle Partners IV L.P. 2005 $300,000,000 $315,731,007 $665,380,421 $665,380,421 14.5% 2.1x
Carlyle Partners V, L.P. 2007 $800,000,000 $1,067,512,609 $1,722,411,532 $1,761,863,911 12.9% 1.7x
Carlyle Partners VI, L.P. 2013 $300,850,000 $596,384,488 $1,071,299,248 $1,211,380,932 16.7% 2.0x
Carlyle Partners VII, L.P. 2018 $300,000,000 $595,908,974 $476,772,439 $823,153,591 15.0% 1.4x
Carlyle Partners VIII, L.P. 2022 $375,000,000 $55,299,612 $61,435 $50,975,290 N/M 1 N/M 1
Carlyle Strategic Partners IV, L.P. 2016 $150,000,000 $182,378,996 $81,815,149 $207,047,967 7.3% 1.1x
Carlyle U.S. Equity Opportunities II, L.P. 2015 $200,000,000 $210,185,452 $196,405,519 $352,192,142 15.2% 1.7x
CDH Fund V, L.P. 2014 $200,000,000 $227,966,964 $219,570,531 $322,483,966 8.1% 1.4x
Cedar Street Partners LP 2021 $250,000,000 $138,741,406 $0 $163,812,831 N/M 1 N/M 1
Centerbridge Capital Partners III, L.P. 2015 $150,000,000 $198,565,667 $187,541,133 $335,159,918 17.8% 1.7x
Cerberus CAL II Partners, L.P. 2017 $500,000,000 $423,762,376 $363,050,419 $855,254,280 19.6% 2.0x
Cerberus CAL III Partners, L.P. 2019 $500,000,000 $437,098,690 $15,408,997 $344,717,037 -12.4% 1 0.8x 1
Cerberus CP Partners LP 2013 $600,000,000 $674,624,184 $1,042,349,527 $1,593,624,224 18.7% 2.4x
Cerberus Institutional Partners V, L.P. 2012 $400,000,000 $479,288,769 $762,304,122 $940,176,710 14.5% 2.0x
China Privatization Fund (Del), L.P. 2006 $100,000,000 $69,317,995 $133,415,962 $133,415,962 13.7% 1.9x
Clayton, Dubilier & Rice Fund X, L.P. 2018 $150,000,000 $160,772,790 $151,952,167 $355,749,909 37.8% 2.2x
Clayton, Dubilier & Rice Fund XI, L.P. 2021 $500,000,000 $356,672,251 $6,126,020 $374,525,975 N/M 1 N/M 1
Clearlake Capital Partners III, LP 2012 $50,000,000 $70,596,517 $201,138,284 $204,598,074 40.8% 2.9x
Clearlake Capital Partners IV, L.P. 2015 $56,700,000 $88,149,023 $140,254,299 $185,447,120 30.4% 2.1x
Clearlake Capital Partners V, L.P. 2018 $75,000,000 $105,970,099 $133,852,112 $227,745,523 42.8% 2.1x
Clearlake Capital Partners VII, L.P. 2022 $350,000,000 $179,807,057 $8,519 $186,297,323 N/M 1 N/M 1
Clearlake Opportunities Partners (P), L.P. 2015 $56,700,000 $80,640,403 $54,574,371 $107,847,709 10.6% 1.3x
Clearwater Capital Partners Fund I, L.P. 2007 $7,381,847 $41,735,012 $35,355,880 $35,355,880 -5.1% 0.8x
Clearwater Capital Partners Fund III, L.P. 2006 $150,000,000 $150,000,000 $152,531,855 $166,777,082 1.6% 1.1x
Clearwater ICPL Co-Investment Fund, L.P. 2017 $8,594,302 $8,594,302 $8,594,302 $8,594,302 0.0% 1.0x
Coller International Partners V-A, L.P. 2006 $375,000,000 $322,288,690 $441,631,793 $443,037,795 7.5% 1.4x
Craton Equity Investors I, L.P. 2007 $38,153,846 $39,336,050 $5,300,141 $5,300,141 -32.8% 0.1x
Crestline Pacific Co-Investment, L.P. 2022 $500,000,000 $2,494,995 $46,036 $46,036 N/M 1 N/M 1
Crosspoint Capital Fund II, LP 2023 $300,000,000 $71,574,486 $0 $60,729,412 N/M 1 N/M 1
CVC Capital Partners Asia V L.P. 2020 $200,000,000 $139,074,597 $1,164,129 $175,500,228 24.0% 1 1.3x 1
CVC Capital Partners Strategic Opportunities Compounding Capital L.P. 2017 $1,002,426,006 $1,056,174,925 $548,405,074 $1,704,359,843 12.2% 1.6x
CVC Capital Partners VI, L.P. 2014 $575,894,020 $657,634,703 $726,529,519 $1,305,195,906 17.4% 2.0x
CVC Capital Partners VII (A) L.P. 2018 $558,091,123 $541,005,756 $139,564,516 $943,567,531 23.5% 1.7x
CVC Capital Partners VIII (A) L.P. 2021 $810,199,433 $460,785,949 $533,754 $501,018,063 N/M 1 N/M 1
CVC Credit Strategic Investment A L.P. 2014 $204,294,121 $166,936,340 $240,442,261 $240,533,868 19.6% 1.4x
CVC European Equity Partners III LP 2001 $200,000,000 $234,497,567 $592,407,402 $606,298,567 41.0% 2.6x
CVC European Equity Partners IV (D) L.P. 2005 $331,793,204 $406,865,452 $726,781,649 $727,205,416 17.2% 1.8x
CVC European Equity Partners Tandem Fund (B) L.P. 2007 $474,236,187 $570,492,765 $734,978,678 $735,204,965 6.8% 1.3x
CVC European Equity Partners V (B) L.P. 2008 $572,452,830 $710,667,384 $1,289,498,170 $1,300,603,282 16.4% 1.8x
Dragoneer Opportunities Fund VI, L.P. 2022 $50,000,000 $6,288,396 $0 $3,905,957 N/M 1 N/M 1
DS Opportunities (C) LP 2021 $490,753,376 $108,903,478 $0 $182,453,180 N/M 1 N/M 1
EMAlternatives Investments, L.P. 2007 $100,000,000 $116,540,310 $125,604,261 $139,271,192 3.5% 1.2x
EQT IX (No.2) USD SCSp 2021 $750,000,000 $734,524,212 $72,693,771 $875,604,923 N/M 1 N/M 1
EQT X (No.2) USD SCSp 2022 $500,000,000 $8,361,657 $8,361,657 $8,361,657 N/M 1 N/M 1
Essex Woodlands Health Ventures Fund VIII, L.P. 2008 $125,000,000 $127,644,136 $111,021,861 $111,021,861 -2.5% 0.9x
First Reserve Fund XI, L.P. 2006 $500,000,000 $570,173,986 $390,721,510 $390,946,983 -9.4% 0.7x
First Reserve Fund XIII, LP 2014 $400,000,000 $498,695,574 $193,049,900 $461,688,065 -2.6% 0.9x
Forecastle, L.P. 2020 $500,000,000 $278,597,650 $1,923,847 $356,508,445 14.2% 1 1.3x 1
Fourth Street Partners - CPS L.P. 2021 $500,000,000 $450,000,000 $0 $503,936,548 N/M 1 N/M 1
Francisco Partners Agility II, L.P. 2020 $50,000,000 $31,825,000 $0 $40,737,798 22.0% 1 1.3x 1
Francisco Partners II, L.P. 2006 $175,000,000 $174,005,517 $286,178,031 $287,276,158 10.4% 1.7x
Francisco Partners III, L.P. 2011 $100,000,000 $95,284,663 $284,081,776 $327,916,333 23.4% 3.4x
Francisco Partners VI, L.P. 2021 $250,000,000 $183,875,000 $0 $210,932,218 N/M 1 N/M 1
Francisco Partners, L.P. 2000 $50,000,000 $52,654,785 $66,630,510 $66,630,510 4.4% 1.3x
GCM Grosvenor DEM II, L.P. 2014 $250,000,000 $255,707,834 $197,814,941 $431,268,432 17.6% 1.7x
GCM Grosvenor DEM III, L.P. 2019 $550,000,000 $368,782,560 $77,766,247 $585,453,754 32.3% 1 1.6x 1
GCM Grosvenor DEM, L.P. 2012 $100,000,000 $114,138,585 $108,257,311 $161,040,219 10.2% 1.4x
General Atlantic Managed Account 2020 $750,000,000 $595,240,654 $7,117,059 $632,957,274 4.0% 1 1.1x 1
Genstar Capital Partners X, L.P. 2021 $100,000,000 $56,742,576 $0 $60,110,859 N/M 1 N/M 1
Genstar X Opportunities Fund I, L.P. 2021 $150,000,000 $89,203,376 $0 $94,516,464 N/M 1 N/M 1
Grandval II, L.P. 2019 $1,050,000,000 $601,513,959 $0 $848,349,389 17.9% 1 1.4x 1
Grandval, L.P. 2018 $50,000,000 $49,754,644 $0 $76,180,406 22.9% 1.5x
GranTain Co-Invest L.P. 2021 $200,000,000 $110,030,442 $0 $109,508,354 N/M 1 N/M 1
Green Equity Investors CF II, L.P. 2021 $60,537,375 $60,708,143 $0 $70,500,236 N/M 1 N/M 1
Green Equity Investors CF, L.P. 2021 $186,639,450 $171,831,949 $84,579,303 $231,036,696 N/M 1 N/M 1
Green Equity Investors V, L.P. 2007 $400,000,000 $445,789,540 $1,023,767,776 $1,029,905,560 18.5% 2.3x
Green Equity Investors VIII, L.P. 2020 $600,000,000 $523,147,986 $5,111,178 $597,768,075 8.8% 1 1.1x 1
Greenleaf Co-Invest Partners, L.P. 2021 $975,000,000 $455,065,026 $8,369,204 $514,057,105 N/M 1 N/M 1
GSO Energy Partners-C II LP 2016 $250,000,000 $230,397,236 $238,231,369 $293,180,843 7.8% 1.3x
GSO Energy Partners-C LP 2013 $400,000,000 $476,063,119 $322,072,517 $408,357,904 -3.9% 0.9x
H.I.G. Europe Middle Market LBO Fund, L.P. 2021 $107,838,388 $26,180,414 $580,271 $31,567,974 N/M 1 N/M 1
Healthcare and Fintech, L.P. 2022 $200,000,000 $49,532,263 $0 $98,841,025 N/M 1 N/M 1
Hellman & Friedman Capital Partners IX, L.P. 2020 $650,000,000 $665,983,315 $38,891,434 $900,997,122 15.2% 1 1.4x 1
Hellman & Friedman Capital Partners VI 2007 $600,000,000 $612,793,602 $1,121,320,404 $1,121,320,404 12.9% 1.8x
Hellman & Friedman Capital Partners VII 2011 $300,000,000 $286,813,769 $899,272,456 $962,494,589 24.7% 3.4x
Hellman & Friedman Capital Partners VIII, L.P. 2016 $500,000,000 $513,348,224 $271,720,922 $882,004,909 14.0% 1.7x
Hellman & Friedman Capital Partners X, L.P. 2021 $1,000,000,000 $715,882,283 $0 $730,262,543 N/M 1 N/M 1
ICV Partners II, L.P. 2005 $31,220,000 $40,135,407 $62,039,828 $62,039,828 11.8% 1.5x
Insight Partners XI, L.P. 2020 $400,000,000 $389,200,000 $1,069,415 $562,871,377 18.2% 1 1.4x 1
Insight Partners XII Buyout Annex Fund, L.P. 2021 $150,000,000 $95,250,000 $0 $86,881,930 N/M 1 N/M 1
Insight Partners XII, L.P. 2021 $600,000,000 $416,729,845 $663,047 $359,351,148 N/M 1 N/M 1
Insight Venture Partners Growth-Buyout Coinvestment Fund (B), L.P. 2015 $400,000,000 $423,640,000 $629,514,103 $1,500,517,593 30.4% 3.5x
Insight Venture Partners IX, L.P. 2015 $100,000,000 $105,668,637 $122,155,823 $378,319,555 26.1% 3.6x
Insight Venture Partners VI, L.P. 2007 $68,000,000 $73,833,084 $186,730,689 $186,730,689 19.2% 2.5x
Insight Venture Partners X, L.P. 2018 $250,000,000 $261,808,718 $113,327,321 $633,402,292 28.0% 2.4x
Jade Equity Investors, L.P. 2020 $155,000,000 $116,513,509 $26,097,729 $154,107,060 26.6% 1 1.3x 1
K5 Private Investors, L.P. 2021 $150,000,000 $71,576,002 $0 $77,326,137 N/M 1 N/M 1
Khosla Ventures III, L.P. 2009 $200,000,000 $199,100,000 $345,213,302 $380,083,245 10.1% 1.9x
Khosla Ventures Seed, L.P. 2009 $60,000,000 $60,000,000 $12,484,329 $113,739,379 6.3% 1.9x
KKR 2006 Fund L.P. 2006 $400,000,000 $595,398,103 $940,536,675 $940,834,291 8.2% 1.6x
KKR Asian Fund II L.P. 2013 $350,000,000 $639,824,296 $594,427,849 $744,926,165 4.2% 1.2x
KKR Asian Fund IV SCSp 2021 $300,000,000 $109,767,819 $831,005 $118,796,262 N/M 1 N/M 1
KKR Asian Fund L.P. 2007 $272,575,591 $355,648,095 $601,148,863 $601,311,663 13.6% 1.7x
KKR European Fund II, L.P. 2005 $202,851,239 $236,198,253 $294,468,724 $295,201,266 3.9% 1.2x
KKR European Fund III, L.P. 2008 $316,853,311 $420,858,018 $590,797,902 $596,738,151 9.5% 1.4x
KKR European Fund V (USD) SCSp 2020 $300,000,000 $261,090,139 $50,990,934 $321,303,183 11.7% 1 1.2x 1
KKR North America Fund XIII SCSp 2022 $600,000,000 $201,044,697 $0 $206,783,782 N/M 1 N/M 1
KM Corporate Partners Fund II, LP 2007 $200,000,000 $195,212,804 $238,176,799 $275,444,771 6.0% 1.4x
KPS Special Situations Fund III, LP 2007 $175,000,000 $244,824,897 $428,047,797 $428,415,036 23.5% 1.7x
Lightspeed Opportunity Fund II, LP 2022 $200,000,000 $44,000,000 $0 $43,333,625 N/M 1 N/M 1
Lightspeed Venture Partners Select V, L.P. 2022 $100,000,000 $27,000,000 $0 $23,850,106 N/M 1 N/M 1
Lightspeed Venture Partners XIV-A (Inception), L.P. 2022 $45,000,000 $15,300,000 $0 $14,234,876 N/M 1 N/M 1
Lightspeed Venture Partners XIV-B (Ignite), L.P. 2022 $55,000,000 $14,850,000 $0 $13,222,331 N/M 1 N/M 1
Lime Rock Partners IV, LP 2006 $43,000,000 $47,917,078 $139,501,029 $139,600,966 14.6% 2.9x
Lindsay Goldberg IV, L.P. 2015 $250,000,000 $209,693,825 $353,763,756 $448,690,214 32.2% 2.1x
Lindsay Goldberg V L.P. 2020 $250,000,000 $124,570,314 $34,105,273 $171,436,133 26.4% 1 1.4x 1
LongRange Capital Fund I, L.P. 2020 $1,500,000,000 $588,567,574 $0 $589,414,005 0.2% 1 1.0x 1
Madison Dearborn Capital Partners IV, L.P. 2000 $150,000,000 $174,113,440 $311,241,724 $311,241,724 13.9% 1.8x
Madison Dearborn Capital Partners V, L.P. 2006 $300,000,000 $351,612,894 $530,094,898 $540,614,310 7.4% 1.5x
Madison Dearborn Capital Partners VIII, LP 2020 $400,000,000 $266,600,081 $31,686,968 $276,664,631 3.3% 1 1.0x 1
MHR Institutional Partners III LP 2006 $0 $371,406,149 $501,002,843 $501,002,843 5.3% 1.3x
Middlefield Road Private Opportunities Fund, L.P. 2021 $800,000,000 $106,456,220 $0 $107,589,080 N/M 1 N/M 1
Moreton Bay SPV, LP 2023 $530,000,000 $481,070,122 $0 $480,903,847 N/M 1 N/M 1
Muir Woods Partners, L.P. 2023 $250,000,000 $40,119,600 $0 $40,034,611 N/M 1 N/M 1
New Mountain Partners II, L.P. 2005 $150,000,000 $138,799,061 $265,503,539 $265,503,539 13.6% 1.9x
New Mountain Partners III, L.P. 2007 $400,000,000 $468,482,943 $1,054,284,551 $1,071,078,358 14.6% 2.3x
New Mountain Partners VI, L.P. 2021 $600,000,000 $371,166,065 $3,508,818 $425,280,644 N/M 1 N/M 1
Newbridge Asia IV, L.P. 2005 $180,000,000 $195,554,362 $413,553,987 $413,553,987 16.8% 2.1x
NM Pacific, L.P. 2021 $200,000,000 $185,917,906 $0 $246,214,319 N/M 1 N/M 1
NMP III Continuation Fund, L.P. 2021 $90,723,142 $73,885,724 $24,826,526 $103,351,727 N/M 1 N/M 1
Nordic Bear SCSp 2021 $1,000,000,000 $594,363,256 $6,281,884 $628,660,821 N/M 1 N/M 1
Oak HC/FT Partners V, L.P. 2022 $200,000,000 $19,623,090 $248 $22,461,709 N/M 1 N/M 1
Oak Hill Capital Partners II, L.P. 2004 $75,000,000 $86,803,036 $137,023,865 $137,196,687 9.7% 1.6x
Oaktree Latigo Investment Fund, L.P. 2020 $1,000,000,000 $480,000,000 $167,500,000 $613,224,342 13.4% 1 1.3x 1
Oaktree Opportunities Fund VIIIb, L.P. 2011 $200,000,000 $200,000,000 $240,374,146 $329,366,832 8.2% 1.6x
OHA Black Bear Fund, L.P. 2020 $1,000,000,000 $260,000,000 $107,425,743 $372,032,709 15.1% 1 1.4x 1
Onex Partners IV, L.P. 2014 $300,000,000 $307,294,407 $247,704,554 $440,341,452 8.2% 1.4x
Onex Partners V-B LP 2018 $500,000,000 $448,982,585 $52,110,259 $551,546,999 9.8% 1.2x
Orchard Park, L.P. 2023 $303,000,000 $260,778,443 $0 $305,099,400 N/M 1 N/M 1
PAG Asia I LP 2012 $100,000,000 $120,393,766 $201,841,431 $226,359,591 18.1% 1.9x
PAG Asia III LP 2019 $380,000,000 $331,182,005 $40,071,799 $385,419,255 8.4% 1 1.2x 1
Palladium Equity Partners III, L.P. 2004 $193,750,000 $253,925,400 $443,590,623 $443,630,591 15.5% 1.7x
Palladium Equity Partners V, L.P. 2018 $75,000,000 $65,071,347 $16,618,888 $80,773,215 8.7% 1.2x
Patient Square Equity Partners, LP 2023 $300,000,000 $122,377,628 $0 $113,138,499 N/M 1 N/M 1
Patria Brazilian Private Equity Fund V, L.P. 2015 $150,000,000 $139,939,070 $7,591,213 $255,791,276 16.8% 1.8x
Permira Europe III 2004 $126,989,866 $126,989,866 $219,269,985 $219,607,315 26.6% 1.7x
Permira Growth Opportunities I L.P. 1 2019 $200,000,000 $180,066,438 $52,662,033 $211,300,344 8.0% 1 1.2x 1
Permira Growth Opportunities II SCSP 2022 $155,000,000 $48,050,000 $0 $33,437,333 N/M 1 N/M 1
Permira IV L.P.2 2006 $286,763,225 $354,598,629 $492,791,364 $554,899,021 8.2% 1.6x
Permira V, L.P. 2014 $268,984,315 $271,386,888 $567,713,002 $741,262,199 21.4% 2.7x
Permira VI L.P. 1 2017 $497,996,284 $474,767,921 $281,397,546 $902,629,437 18.6% 1.9x
Permira VII L.P.1 2020 $622,321,148 $582,155,014 $45,924,191 $602,102,695 1.9% 1 1.0x 1
Permira VIII-2 SCSp 2023 $703,773,066 $181,398,349 $0 $178,143,089 N/M 1 N/M 1
Project Quail Opportunities, L.P. 2022 $600,000,000 $220,828,958 $0 $220,237,924 N/M 1 N/M 1
Prysm Capital Fund I, L.P. 2023 $100,000,000 $74,161,981 $0 $48,901,224 N/M 1 N/M 1
PSG Encore L.P. 2022 $100,000,000 $32,870,283 $73,985 $28,901,013 N/M 1 N/M 1
PSG V L.P. 2021 $100,000,000 $42,966,742 $3,202,689 $45,705,810 N/M 1 N/M 1
Q-Street Capital, L.P. 2021 $400,000,000 $125,309,191 $0 $143,234,318 N/M 1 N/M 1
Red Admiral Fund LP 2023 $250,000,000 $130,000,000 $0 $129,963,081 N/M 1 N/M 1
Redwood Lane Capital, L.P. 2022 $550,000,000 $327,546,336 $0 $340,043,931 N/M 1 N/M 1
Redwood Opportunities SCSp 2020 $600,000,000 $495,103,380 $0 $543,942,983 8.3% 1 1.1x 1
Riverstone Global Energy and Power Fund V, L.P. 2012 $400,000,000 $529,262,992 $305,359,454 $437,868,340 -4.6% 0.8x
Riverstone Global Energy and Power Fund VI, L.P. 2016 $500,000,000 $634,368,674 $376,769,900 $699,818,103 3.1% 1.1x
Sacramento Private Equity Partners, L.P. 2006 $605,000,000 $526,175,477 $915,949,427 $1,024,383,159 11.6% 1.9x
SAIF Partners III L.P. 2007 $100,000,000 $127,020,773 $144,603,813 $224,592,763 6.5% 1.8x
SAIF Partners IV L.P. 2010 $120,000,000 $151,856,026 $108,968,640 $220,268,580 5.1% 1.5x
Samson Partners, L.P. 2020 $238,801,883 $172,079,078 $7,504,791 $224,965,344 12.5% 1 1.3x 1
Sequoia Capital China Seed Fund III, L.P. 2022 $12,000,000 $1,200,000 $0 $972,548 N/M 1 N/M 1
Sequoia Capital China Venture Fund IX, L.P. 2022 $32,000,000 $4,160,000 $0 $3,698,330 N/M 1 N/M 1
Sierra Partners, L.P. 2020 $150,000,000 $52,933,604 $19,290,698 $73,965,332 34.4% 1 1.4x 1
Silver Lake Partners II, L.P. 2004 $125,000,000 $135,417,964 $237,692,578 $237,692,578 11.0% 1.8x
Silver Lake Partners III, L.P. 2007 $480,000,000 $612,514,478 $1,154,411,456 $1,185,062,400 18.5% 1.9x
Silver Lake Partners IV, L.P. 2013 $320,000,000 $375,709,819 $406,720,497 $915,038,244 22.3% 2.4x
Silver Lake Partners V, L.P. 2018 $400,000,000 $398,888,547 $147,476,306 $602,778,997 14.8% 1.5x
Silver Lake Partners VI, L.P. 2021 $800,000,000 $656,655,476 $56,486,715 $681,087,833 N/M 1 N/M 1
Silver Lake Technology Investors IV, LP 2013 $80,000,000 $86,212,546 $116,576,260 $262,658,636 29.4% 3.0x
Silver Lake Technology Investors V, L.P. 2018 $100,000,000 $93,000,793 $41,006,683 $163,175,949 18.2% 1.8x
Siris Partners IV, L.P. 2019 $100,000,000 $84,090,019 $11,900,619 $128,852,581 17.8% 1 1.5x 1
SL SPV-1, L.P. 2017 $38,675,166 $83,017,218 $6,187,918 $90,599,501 1.6% 1.1x
SL SPV-2, L.P. 2019 $28,417,191 $50,131,559 $7,625,774 $97,293,572 18.3% 1 1.9x 1
SPRINGBLUE A, L.P. 2021 $50,000,000 $23,544,224 $0 $19,466,305 N/M 1 N/M 1
SPRINGBLUE B, L.P. 2021 $50,000,000 $36,125,000 $0 $33,021,522 N/M 1 N/M 1
Summit Partners Growth Equity Fund X-A, L.P. 2020 $250,000,000 $232,248,806 $58,798,247 $312,095,269 20.6% 1 1.3x 1
Summit Partners Growth Equity Fund XI-A, L.P. 2022 $400,000,000 $72,839,142 $0 $76,540,524 N/M 1 N/M 1
Sunrise Boulevard PE Partners L.P. 2021 $500,000,000 $343,364,726 $0 $385,794,162 N/M 1 N/M 1
TA Select Opportunities Fund II-A, L.P. 2021 $50,000,000 $20,000,000 $0 $19,313,024 N/M 1 N/M 1
TA XIV-A, L.P. 2021 $150,000,000 $87,000,000 $0 $79,352,878 N/M 1 N/M 1
Tailwind Capital Partners (PP), LP 2007 $77,510,000 $97,570,000 $145,519,018 $145,519,018 11.2% 1.5x
Tailwind Capital Partners II, LP 2014 $150,000,000 $155,098,876 $176,773,119 $267,560,863 13.1% 1.7x
Tailwind Capital Partners III, L.P. 2018 $200,000,000 $183,634,815 $87,639,978 $278,943,754 21.9% 1.5x
TCC Opportunities, L.P. 2021 $500,000,000 $208,369,094 $860,142 $240,005,412 N/M 1 N/M 1
TCP II Co-Invest B, L.P. 2015 $50,000,000 $54,679,173 $50,754,101 $124,907,618 17.2% 2.3x
TCV X, L.P. 2019 $175,000,000 $131,343,267 $16,049,834 $249,762,700 23.9% 1 1.9x 1
TCV XI, L.P. 2021 $300,000,000 $153,554,264 $0 $139,486,346 N/M 1 N/M 1
The Rise Fund (A), L.P. 2018 $75,000,000 $76,422,346 $41,210,438 $118,716,436 15.4% 1.6x
The Veritas Capital Fund VIII, L.P. 2022 $625,000,000 $267,239,314 $128,363 $257,962,904 N/M 1 N/M 1
Thoma Bravo Fund XIV, L.P. 2021 $600,000,000 $590,862,589 $169 $592,365,667 N/M 1 N/M 1
Thoma Bravo Fund XV, L.P. 2022 $600,000,000 $321,972,773 $130,010 $320,300,653 N/M 1 N/M 1
Thomas H. Lee Equity Fund VI, L.P 2006 $240,000,000 $402,954,172 $556,367,009 $556,367,009 7.0% 1.4x
Tiger Global Private Investment Partners XV, L.P. 2022 $300,000,000 $262,500,000 $0 $209,546,193 N/M 1 N/M 1
Top Castle Sidecar VII, L.P. 2020 $500,000,000 $76,319,327 $36,028,492 $125,054,135 38.2% 1 1.6x 1
TowerBrook Investors II, L.P. 2005 $200,000,000 $195,738,362 $326,079,210 $327,971,315 10.1% 1.7x
TowerBrook Investors IV (Onshore), L.P. 2013 $380,000,000 $310,237,887 $285,745,584 $644,191,167 20.0% 2.1x
Towerbrook Investors V (Onshore) LP 2019 $400,000,000 $350,638,409 $22,062,588 $412,714,991 11.3% 1 1.2x 1
Towerbrook Structured Opportunities Fund (Onshore), L.P. 2016 $221,786,667 $283,396,957 $194,908,732 $366,333,881 9.5% 1.3x
Towerbrook Structured Opportunities Fund II (Onshore) LP 2019 $250,000,000 $183,519,303 $24,748,986 $207,064,175 9.7% 1 1.1x 1
TPG Asia V, L.P. 2007 $360,000,000 $350,599,460 $467,245,058 $502,971,228 6.4% 1.4x
TPG Biotechnology Partners II, L.P. 2006 $70,000,000 $71,952,784 $86,914,132 $86,914,132 2.9% 1.2x
TPG Biotechnology Partners III, L.P. 2008 $100,000,000 $100,076,482 $165,447,497 $225,771,878 11.7% 2.3x
TPG Golden Bear Partners, L.P. 2019 $500,000,000 $484,183,925 $41,206,194 $750,074,859 25.5% 1 1.5x 1
TPG Growth IV, L.P. 2018 $75,000,000 $75,675,410 $36,201,900 $113,918,568 16.0% 1.5x
TPG Growth V, L.P. 2021 $200,000,000 $129,525,994 $18,306,248 $167,576,227 N/M 1 N/M 1
TPG Healthcare Partners, L.P. 2019 $100,000,000 $82,749,163 $25,889,933 $111,706,409 25.7% 1 1.3x 1
TPG Partners IV, L.P. 2003 $200,000,000 $225,811,661 $428,892,245 $429,285,460 15.3% 1.9x
TPG Partners V, L.P. 2006 $600,000,000 $811,329,685 $1,005,384,966 $1,007,187,534 3.7% 1.2x
TPG Partners VIII, L.P. 2019 $150,000,000 $363,498,544 $322,749,159 $478,723,001 27.4% 1 1.3x 1
TPG STAR, L.P. 2007 $150,000,000 $171,879,025 $206,101,044 $223,647,232 6.6% 1.3x
TPG Tech Adjacencies II, L.P. 2023 $200,000,000 $69,093,763 $0 $65,667,370 N/M 1 N/M 1
Triangle Investment Opportunities, L.P. 2023 $400,000,000 $300,359,171 $0 $300,323,807 N/M 1 N/M 1
Trident IX, L.P. 2022 $500,000,000 $163,146,025 $0 $151,917,230 N/M 1 N/M 1
Trident VI 2014 $250,000,000 $263,470,127 $326,903,433 $673,345,626 22.9% 2.6x
Trident VII, L.P. 2017 $270,000,000 $317,563,668 $144,746,018 $594,681,858 20.6% 1.9x
Trident VIII, L.P. 2020 $400,000,000 $375,849,897 $29,429,389 $484,988,439 14.1% 1 1.3x 1
Triton Fund IV L.P. 2013 $92,158,633 $105,425,068 $78,948,128 $139,967,966 8.2% 1.3x
Triton Fund V, LP 2019 $281,329,956 $217,371,492 $53,989,233 $315,392,091 21.1% 1 1.5x 1
Valor Equity Partners IV L.P. 2017 $75,000,000 $71,695,984 $6,104,458 $166,322,763 21.8% 2.3x
Vicente Capital Partners Growth Equity Fund, L.P. 2007 $40,422,297 $40,801,085 $56,560,761 $56,983,639 5.7% 1.4x
VIP IV LP 2020 $302,818,321 $206,573,317 $0 $235,106,084 13.0% 1 1.1x 1
Vista Equity Partners Fund VII-Z, L.P. 2019 $400,000,000 $365,909,026 $41,570,525 $463,541,244 10.5% 1 1.3x 1
W Capital Partners II, L.P. 2007 $141,125,000 $140,777,821 $196,424,678 $196,424,678 10.3% 1.4x
WCAS XIII, L.P. 2019 $400,000,000 $366,241,237 $148,814,466 $522,473,232 18.3% 1 1.4x 1
WCAS XIV, L.P. 2022 $400,000,000 $36,178,363 $0 $24,071,407 N/M 1 N/M 1
Welsh, Carson, Anderson & Stowe XI, L.P. 2009 $125,000,000 $125,000,000 $201,830,558 $210,488,455 11.7% 1.7x
Welsh, Carson, Anderson & Stowe XII, L.P. 2015 $350,000,000 $350,162,050 $527,628,238 $865,404,733 27.6% 2.5x
Whitney Global Partners L.P. 2021 $806,439,257 $415,140,049 $493,241 $477,324,025 N/M 1 N/M 1
Wigmore Street (BDC III) LP 2017 $32,653,566 $30,231,745 $41,290,438 $66,860,826 29.7% 2.2x
Wigmore Street BDC IV Co-Investment No.1 LP 2021 $49,512,471 $13,794,504 $0 $13,519,746 N/M 1 N/M 1
Wigmore Street Co-investment No. 1 LP 2016 $99,411,369 $93,696,159 $143,998,663 $212,431,749 24.7% 2.3x
Wigmore Street VI Co-Investment No. 1 LP 2019 $98,974,225 $92,466,689 $0 $143,021,153 19.9% 1 1.5x 1
Yucaipa American Alliance Fund I, L.P. 2002 $200,000,000 $314,764,188 $360,325,251 $361,539,963 3.5% 1.1x
Yucaipa American Alliance Fund II, L.P. 2008 $400,000,000 $560,638,831 $605,966,169 $926,482,457 7.9% 1.7x
Yucaipa Corporate Initiatives Fund I, L.P. 2001 $200,000,000 $288,655,697 $220,089,977 $226,033,050 -3.6% 0.8x
Yucaipa Corporate Initiatives Fund II, L.P. 2008 $93,539,524 $91,400,621 $81,687,571 $83,009,291 -1.3% 0.9x

1Not Meaningful: Funds with a vintage year of 2018 or later are in the initial stages of their investment life cycle. Any performance analysis done on these funds would not generate meaningful results as private equity funds are understood to be long-term investments.

2Partnership investment is using a cash adjusted market value.