Private Debt Program Fund Performance Review
The table below reflects the performance of all active Private Debt partnership investments as of June 30, 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 debt 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 debt 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 |
|---|---|---|---|---|---|---|---|
| Fund | Vintage Year | ||||||
| Antares Credit Opportunities CA LLC | 2021 | $885,000,000 | $619,775,567 | $123,325,017 | $734,071,470 | N/M 1 | N/M 1 |
| Antares Credit Opportunities CA LLC - Series 2 | 2021 | $795,000,000 | $510,356,293 | $106,456,161 | $614,774,844 | N/M 1 | N/M 1 |
| Antares Credit Opportunities CA LLC - Series 3 | 2021 | $500,000,000 | $354,912,181 | $66,999,014 | $397,733,224 | N/M 1 | N/M 1 |
| Antares Credit Opportunities CA LLC - Series 4 | 2021 | $500,000,000 | $407,744,799 | $66,656,375 | $454,179,925 | N/M 1 | N/M 1 |
| Ares Capital Europe V (D) Levered | 2021 | $1,084,000,000 | $808,484,873 | $59,280,204 | $930,623,673 | N/M 1 | N/M 1 |
| Ares Credit Investment Partnership (CP), L.P. | 2022 | $500,000,000 | $112,977,405 | $0 | $127,553,802 | N/M 1 | N/M 1 |
| Ares European Credit Investments VII (CP), L.P. | 2021 | $379,400,000 | $256,932,280 | $0 | $297,783,649 | N/M 1 | N/M 1 |
| Ares Senior Direct Lending Fund II | 2022 | $1,250,000,000 | $674,119,082 | $75,069,770 | $759,345,054 | N/M 1 | N/M 1 |
| Ares SME (Parallel), L.P. | 2022 | $750,000,000 | $228,752,659 | $9,027,271 | $255,579,657 | N/M 1 | N/M 1 |
| Blackstone Credit Series Fund-C LP - Series A | 2022 | $800,000,000 | $117,344,353 | $0 | $127,053,010 | N/M 1 | N/M 1 |
| Blackstone Credit Series Fund-C LP - Series B | 2022 | $200,000,000 | $29,821,265 | $0 | $32,268,783 | N/M 1 | N/M 1 |
| Blackstone Credit Series Fund-C LP - Series C | 2023 | $1,000,000,000 | $11,215,345 | $0 | $10,917,141 | N/M 1 | N/M 1 |
| Blackstone Real Estate Debt Strategies IV - C L.P. | 2020 | $1,000,000,000 | $688,549,003 | $121,796,455 | $759,551,689 | N/M 1 | N/M 1 |
| Blue Owl Diversified Lending (CP) | 2022 | $1,000,000,000 | $265,094,811 | $3,074,970 | $281,045,101 | N/M 1 | N/M 1 |
| Blue Owl Diversified Lending (CP) Co-Investment | 2022 | $600,000,000 | $159,056,887 | $2,104,791 | $170,060,225 | N/M 1 | N/M 1 |
| Blue Owl Diversified Lending (CP) Overflow | 2023 | $500,000,000 | $22,277,723 | $0 | $23,261,178 | N/M 1 | N/M 1 |
| Mesa West Real Estate Income Fund V (PF) | 2023 | $350,000,000 | $112,715,824 | $11,199,352 | $119,616,943 | N/M 1 | N/M 1 |
| Oaktree Gilead Investment Fund, L.P. - Series A | 2020 | $500,000,000 | $470,000,000 | $0 | $544,319,915 | N/M 1 | N/M 1 |
| OHA Co-Invest Opportunities Fund | 2021 | $2,000,000,000 | $425,186,108 | $0 | $492,151,875 | N/M 1 | N/M 1 |
| OHA Credit Opportunities CA (C), L.P. | 2021 | $176,750,000 | $137,497,925 | $2,648,057 | $175,614,740 | N/M 1 | N/M 1 |
| OHA Credit Solutions Fund II | 2022 | $500,000,000 | $130,578,421 | $0 | $142,214,233 | N/M 1 | N/M 1 |
| OHA Credit Solutions Fund II (CA Parallel) | 2022 | $500,000,000 | $132,572,168 | $0 | $151,430,185 | N/M 1 | N/M 1 |
| OHA Senior Private Lending Fund (CA 3) | 2021 | $500,000,000 | $143,959,743 | $0 | $163,751,526 | N/M 1 | N/M 1 |
| OHA Senior Private Lending Fund (CA 5) | 2021 | $500,000,000 | $143,902,157 | $0 | $163,285,163 | N/M 1 | N/M 1 |
| PIMCO DISCO Fund III Onshore Feeder L.P. | 2020 | $400,000,000 | $225,489 | $24,420,924 | $36,008,581 | N/M 1 | N/M 1 |
| Sixth Street Cottonwood Strategic Holdings I, L.P. | 2021 | $500,000,000 | $295,047,445 | $848,242 | $350,384,682 | N/M 1 | N/M 1 |
| Sixth Street Fundamental Strategies Partners (A), L.P. | 2020 | $350,000,000 | $221,502,696 | $12,549 | $243,787,620 | N/M 1 | N/M 1 |
| Sixth Street Mid-Stage Growth Partners (A), L.P. | 2023 | $350,000,000 | $34,643,511 | $0 | $33,730,499 | N/M 1 | N/M 1 |
| Sixth Street TAO Partners (B), L.P. | 2020 | $1,150,000,000 | $623,697,721 | $1,864,008 | $754,170,340 | N/M 1 | N/M 1 |
| West Street Co-Investment Partners (C), L.P. | 2020 | $500,000,000 | $198,728,533 | $20,592,108 | $218,787,119 | N/M 1 | N/M 1 |
| West Street Mezzanine Co-Investment Partners (C), LP | 2022 | $600,000,000 | $240,489,103 | $0 | $258,211,838 | N/M 1 | N/M 1 |
| West Street Mezzanine Partners VIII | 2022 | $2,000,000,000 | $250,000,000 | $0 | $276,625,053 | N/M 1 | N/M 1 |
| West Street Mezzanine Partners VIII, pro rata co-invest | 2022 | $500,000,000 | $62,500,000 | $0 | $71,138,824 | N/M 1 | N/M 1 |
| West Street Strategic Solutions Fund I-(C), L.P. | 2020 | $500,000,000 | $255,000,000 | $10,816,494 | $298,374,432 | N/M 1 | N/M 1 |
| West Street Strategic Solutions Fund I, L.P. | 2020 | $2,000,000,000 | $1,030,412,295 | $43,423,067 | $1,190,471,650 | N/M 1 | N/M 1 |
1Not Meaningful: Funds with a vintage year of 2019 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 debt funds are understood to be long-term investments.