Private Equity Program (PEP) Fund Performance Review
As of September 30, 2024, the since inception Net IRR is 11.1% and the Net Multiple is 1.5x.
The table below reflects the performance of all active PE partnership investments as of September 30, 2024. 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.
| Fund | Vintage Year | Capital Committed | Cash In | Cash Out | Cash Out & Remaining Value | Net IRR | Investment Multiple |
|---|---|---|---|---|---|---|---|
| 2SP I, L.P. | 2024 | $300,000,000 | $51,024,795 | $0 | $54,603,970 | N/M 1 | N/M 1 |
| 57 Stars Global Opportunities Fund 2 (CalPERS), LLC | 2009 | $500,000,000 | $526,676,521 | $506,320,972 | $778,823,239 | 6.4% | 1.5x |
| 57 Stars Global Opportunities Fund, LLC | 2007 | $430,000,000 | $414,573,755 | $556,926,370 | $570,961,338 | 5.9% | 1.4x |
| AACP AP Investors, L.P. | 2007 | $14,108,080 | $14,957,430 | $16,898,666 | $16,965,087 | 2.1% | 1.1x |
| AACP China Growth Investors | 2007 | $50,000,000 | $52,040,183 | $83,160,811 | $84,110,160 | 7.9% | 1.6x |
| AACP India Investors B | 2007 | $5,000,000 | $5,283,795 | $20,533,202 | $21,937,761 | 13.0% | 4.2x |
| AACP India Investors C | 2009 | $5,000,000 | $5,315,535 | $2,411,954 | $7,774,376 | 4.5% | 1.5x |
| AACP India Venture Investors A | 2007 | $5,000,000 | $5,065,536 | $5,653,594 | $5,904,093 | 2.3% | 1.2x |
| Acrew Capital Fund III, L.P. | 2024 | $70,000,000 | $5,148,666 | $0 | $4,465,818 | N/M 1 | N/M 1 |
| Advent Global Technology II Limited Partnership | 2022 | $150,000,000 | $78,792,076 | $0 | $97,216,990 | 13.1% 1 | 1.2x 1 |
1Not Meaningful: Funds with a vintage year of 2020 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.