The CalPERS Emerging Manager funds are managed by Grosvenor Capital Management (CFIG) and focused on domestic emerging managers.

Jessica Holsey, Principal
CalPERSReferrals@gcmlp.com
GCM Grosvenor
767 Fifth Avenue, 14th Floor
New York, NY  10153
(646) 362-3656

The table shows fund performance information for GCM Grosvenor Private Markets as of March 31, 2023.

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Fund Vintage Year Capital Committed Cash In Cash Out Cash Out & Remaining Value Net IRR Investment Multiple
Fund Vintage Year            
Aldrich Capital Partners Fund, LP 2018 $8,663,366 $8,499,500 $0 $12,583,192 13.9% 1.5x
Arcadius (SW) Energy Capital, LP 2018 $14,851,485 $13,026,038 $0 $11,697,650 -2.4% 0.9x
Argand Partners Fund, LP 2017 $14,851,485 $12,737,295 $462,721 $18,784,206 8.5% 1.5x
Avance Investment Partners, L.P. 2021 $34,684,685 $10,693,948 $297,850 $12,344,205 N/M1 N/M
Avante Mezzanine Partners SBIC II, LP 2015 $14,563,107 $11,955,437 $12,320,388 $20,662,934 15.6% 1.7x
Cornell Capital Partners II LP 2022 $34,684,685 $12,139,640 $0 $12,852,986 N/M1 N/M
Crayhill Capital Management LP Master Co-Investment 2018 $3,300,330 $3,292,481 $3,867,234 $3,940,640 12.6% 1.2x
Crayhill Principal Strategies Fund LP 2017 $6,600,660 $4,137,136 $5,357,538 $5,357,538 12.1% 1.3x
CRG Partners III (Holdings 2) L.P. 2016 $11,165,049 $2,717,892 $2,840,171 $6,919,904 9.6% 2.5x
EIV Capital Fund II, LP 2014 $14,851,485 $13,118,936 $8,455,919 $17,694,792 8.8% 1.3x
Gemspring Capital Fund I, LP 2017 $14,851,485 $12,299,510 $28,837,802 $48,869,906 75.5% 4.0x
Gemspring Capital Fund II, LP 2020 $19,819,820 $11,672,882 $7,513 $12,829,436 7.9%1 1.1x
Grain Communications Opportunity Fund II, L.P. 2018 $19,801,980 $17,975,011 $8,135 $30,477,468 19.9% 1.7x
HPH II FF, LP 2019 $34,684,685 $31,686,317 $7,612,260 $53,064,480 23.9%1 1.7x
Juggernaut Capital Partners III, L.P. 2015 $8,663,366 $6,397,281 $10,070,893 $16,673,317 18.1% 2.6x
Kingswood Capital Opportunities Fund I, L.P. 2019 $34,684,685 $17,717,916 $39,668,177 $103,071,599 292.3%1 5.8x
Kingswood Capital Opportunities Fund II, L.P. 2022 $9,909,910 $2,006,744 $188 $1,825,869 N/M1 N/M
Maranon Mezzanine Fund II, L.P. 2014 $9,223,301 $7,774,395 $12,292,808 $14,062,058 14.6% 1.8x
Mill Point Capital Partners II, L.P. 2021 $19,819,820 $9,238,627 $0 $10,184,018 N/M1 N/M
Mill Point Capital Partners, L.P. 2017 $14,851,485 $13,910,815 $11,617,439 $30,844,792 25.8% 2.2x
New Heritage Capital Fund 2014 $9,320,388 $8,814,135 $13,539,150 $18,625,006 18.4% 2.1x
New Heritage Capital Fund III, L.P. 2019 $9,900,990 $7,720,386 $1,767,779 $13,964,880 32.8%1 1.8x
NHC III GCM Co-Investors, L.P. 2019 $4,950,495 $3,772,646 $275,972 $7,227,646 31.3%1 1.9x
NovaQuest Pharma Opportunities Fund IV, L.P. 2015 $9,320,388 $9,146,035 $1,944,146 $5,253,834 -11.1% 0.6x
ParkerGale Capital, LP 2015 $14,851,485 $14,851,485 $12,562,788 $22,673,930 9.8% 1.5x
Peak Rock Capital Credit Fund II, L.P. 2017 $2,970,297 $2,008,017 $1,609,914 $2,638,653 22.9% 1.3x
Peak Rock Capital Fund II, LP 2017 $11,881,188 $8,542,932 $10,050,068 $14,754,613 33.9% 1.7x
Peak Rock Capital Fund III LP 2021 $14,864,865 $5,381,736 $916,172 $6,789,147 N/M1 N/M
Peak Rock Capital Fund LP 2013 $9,223,301 $8,488,498 $9,117,216 $13,295,087 17.2% 1.6x
Recognize Partners I, L.P. 2021 $19,819,820 $6,776,615 $8,574 $5,697,406 N/M1 N/M
Resolve Growth Partners Fund I (Side Car), L.P. 2019 $5,662,806 $3,843,213 $0 $5,498,130 19.1%1 1.4x
Resolve Growth Partners Fund I, L.P. 2019 $14,157,014 $11,089,921 $133,994 $14,001,742 11.3%1 1.3x
Resurgens Technology Partners, L.P. 2018 $8,663,366 $8,194,208 $9,199,050 $19,120,066 35.7% 2.3x
Revelstoke Capital Partners Fund I, L.P. 2015 $14,851,485 $14,587,129 $23,914,448 $37,108,730 19.2% 2.5x
Reverence Capital Partners Opportunities Fund II, L.P. 2018 $14,851,485 $11,482,206 $1,274,643 $22,768,355 27.1% 2.0x
Siris Partners II, L.P. 2012 $9,320,388 $8,086,717 $7,530,926 $9,146,721 3.3% 1.1x
SkyKnight Capital Fund III, L.P. 2021 $9,909,910 $7,012,697 $1,465,274 $10,521,911 N/M1 N/M
Stellex Capital Partners II LP 2021 $84,234,234 $51,138,680 $2,237,806 $55,314,198 N/M1 N/M
Stellex Capital Partners LP 2015 $14,563,107 $10,064,276 $6,590,294 $22,524,578 23.6% 2.2x
The Central Valley Fund III (SBIC), LP 2017 $9,900,990 $6,930,693 $0 $9,050,448 6.6% 1.3x
Tritium I, L.P. 2015 $8,663,366 $7,831,887 $12,873,974 $21,712,533 26.8% 2.8x
Valor Equity Partners III L.P. 2013 $9,320,388 $9,376,740 $13,925,242 $20,876,568 13.8% 2.2x
Vistria Fund II, LP 2017 $14,851,485 $13,510,161 $17,011,135 $33,263,455 31.5% 2.5x
Vistria Fund III, LP 2020 $34,684,685 $30,637,165 $0 $41,257,227 15.7%1 1.3x

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.