As of March 31, 2019, the since inception Net IRR is 10.8% and the Net Multiple is 1.5x.

The table below reflects the performance of all active PE partnership investments as of March 31, 2019. 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 $468,668,404 $161,686,716 $696,654,684 9.9% 1.5x
57 Stars Global Opportunities Fund, LLC 2007 $430,000,000 $409,486,036 $447,103,184 $608,829,383 7.4% 1.5x
AACP AP Investors, L.P. 2007 $14,108,080 $14,831,734 $16,600,660 $16,977,898 2.2% 1.1x
AACP China Debt Investors, LP 2008 $10,000,000 $15,834,187 $20,146,425 $20,201,460 8.4% 1.3x
AACP China Growth Investors 2007 $50,000,000 $51,914,925 $81,135,989 $83,572,237 8.0% 1.6x
AACP China Venture Investors A, LP 2008 $5,000,000 $4,302,058 $3,634,199 $7,539,627 7.6% 1.8x
AACP India Investors B 2007 $5,000,000 $5,132,389 $2,426,991 $10,226,078 8.2% 2.0x
AACP India Investors C 2009 $5,000,000 $5,118,950 $1,849,517 $10,580,706 13.6% 2.1x
AACP India Venture Investors A 2007 $5,000,000 $5,065,536 $5,653,594 $5,758,261 2.0% 1.1x
Aberdare Ventures IV, LP 2008 $50,000,000 $50,000,000 $23,169,038 $51,574,905 0.7% 1.0x
Advent International GPE V-D, L.P. 2005 $80,938,586 $77,609,736 $183,254,304 $187,515,799 42.7% 2.4x
Advent International GPE VI-A, L.P. 2008 $500,000,000 $502,306,204 $963,552,202 $1,060,425,115 17.0% 2.1x
Advent International GPE VII-C, L.P. 2012 $450,000,000 $423,732,784 $336,100,165 $756,148,043 16.7% 1.8x
Advent International GPE VIII-B Limited Partnership 2016 $500,000,000 $400,000,000 $0 $467,617,544 13.5% 1 1.2x 1
Advent Latin America Private Equity Fund IV-D, L.P. 2007 $200,000,000 $205,315,197 $264,640,196 $307,856,246 9.2% 1.5x
Advent Latin America Private Equity Fund V-H L.P. 2010 $100,000,000 $96,200,000 $40,750,000 $113,151,674 3.5% 1.2x
Advent Latin American Private Equity Fund III-D L.P. 2006 $50,000,000 $49,385,090 $66,456,184 $72,856,652 9.9% 1.5x
Affinity Asia Pacific Fund III L.P. 2007 $150,000,000 $153,542,397 $192,125,086 $219,904,668 9.7% 1.4x
Aisling Capital II, LP 2006 $80,000,000 $100,994,319 $99,084,187 $103,337,926 0.4% 1.0x
Aisling Capital III, LP 2008 $90,000,000 $113,070,862 $237,672,076 $252,385,719 26.6% 2.2x
Alta V Limited Partnership 1992 $35,000,000 $35,000,000 $84,587,808 $84,607,241 25.5% 2.4x
Apollo Asia Opportunity Fund, LP 2007 $50,000,000 $50,000,000 $44,702,747 $44,702,747 -2.4% 0.9x
Apollo Credit Opportunity Fund I, L.P. 2008 $1,000,000,000 $1,225,580,618 $3,153,235,900 $3,178,256,481 27.4% 2.6x
Apollo European Principal Finance Fund, L.P. 2008 $86,566,215 $165,171,890 $200,017,990 $200,641,886 11.9% 1.2x
Apollo Investment Fund IV, L.P. 1998 $150,000,000 $154,312,417 $254,289,011 $254,460,065 8.5% 1.6x
Apollo Investment Fund IX, L.P 2019 $550,000,000 $50,239,055 $5,695 $43,223,994 N/M 1 N/M 1
Apollo Investment Fund V, L.P. 2001 $250,000,000 $388,993,978 $776,929,038 $779,259,894 37.5% 2.0x
Apollo Investment Fund VI, L.P. 2006 $520,000,000 $866,357,105 $1,160,921,751 $1,226,391,891 8.3% 1.4x
Apollo Investment Fund VII, L.P. 2008 $800,000,000 $1,192,017,977 $1,773,108,852 $1,915,382,946 22.2% 1.6x
Apollo Investment Fund VIII, L.P. 2013 $500,000,000 $458,077,858 $150,167,983 $579,190,438 10.6% 1.3x
Apollo Special Opportunities Managed Account, L.P. 2007 $800,000,000 $800,000,000 $908,742,857 $1,079,963,748 3.8% 1.3x
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 $380,278,283 $388,866,937 12.6% 1.5x
Ares Corporate Opportunities Fund II, L.P. 2006 $200,000,000 $224,922,280 $359,287,483 $373,175,284 13.1% 1.7x
Ares Corporate Opportunities Fund III, L.P. 2008 $400,000,000 $504,040,843 $765,299,054 $1,060,922,142 20.9% 2.1x
Ares Corporate Opportunities Fund V, L.P. 2017 $425,000,000 $238,830,986 $7,316,589 $248,567,174 N/M 1 N/M 1
Ares Corporate Opportunities Fund, L.P. 2003 $100,000,000 $135,853,818 $195,665,318 $199,993,063 13.0% 1.5x
Asia Alternatives Capital Partners II LP 2008 $48,933,451 $49,877,202 $61,681,075 $118,493,191 18.4% 2.4x
Asia Alternatives Capital Partners, LP 2007 $50,000,000 $53,423,431 $88,318,255 $98,008,547 11.6% 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 8.7% 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
Avenue Special Situations Fund VI (A), L.P. 2011 $150,000,000 $153,245,391 $154,296,758 $165,142,777 1.7% 1.1x
Baring Vostok Private Equity Fund IV L.P. / Supplemental 2007 $77,775,000 $90,197,666 $70,956,351 $112,384,282 4.2% 1.2x
BDC III C LP 2017 $164,140,596 $77,961,074 $6,641,886 $116,472,681 N/M 1 N/M 1
Birch Hill Equity Partners (US) III, LP 2005 $126,198,254 $142,107,448 $234,066,637 $259,071,184 11.8% 1.8x
Birch Hill Equity Partners (US) IV, LP 2011 $136,813,811 $127,550,872 $94,322,540 $223,130,978 13.1% 1.7x
Blackstone / GSO Capital Solutions Fund, LP 2010 $250,000,000 $359,660,493 $434,831,447 $454,132,540 10.7% 1.3x
Blackstone Capital Partners IV L.P. 2003 $200,000,000 $229,462,078 $554,622,856 $564,128,069 36.4% 2.5x
Blackstone Capital Partners V L.P. 2006 $600,000,000 $793,713,139 $1,180,886,267 $1,210,432,454 7.8% 1.5x
Blackstone Capital Partners VI L.P. 2011 $500,000,000 $519,595,019 $401,588,144 $838,285,687 13.8% 1.6x
Blackstone Capital Partners VII, L.P. 2016 $500,000,000 $283,569,203 $12,034,175 $340,029,738 20.1% 1 1.2x 1
Blackstone Communications Partners I L.P. 2000 $100,000,000 $111,226,418 $135,473,542 $136,244,621 6.5% 1.2x
Blackstone Tactical Opportunities Fund - C L.P. 2012 $800,000,000 $954,089,601 $807,659,062 $1,323,030,488 11.9% 1.4x
Blackstone Tactical Opportunities Fund II - C L.P. 2015 $500,000,000 $426,184,887 $159,830,645 $559,322,555 16.2% 1 1.3x 1
Blackstone Tactical Opportunities Fund III-C L.P. 2018 $500,000,000 $43,559,227 $752,064 $43,672,833 N/M 1 N/M 1
Bridgepoint Europe II 'A' LP 2001 $138,325,185 $129,223,845 $226,518,709 $227,957,554 29.3% 1.8x
Bridgepoint Europe III 'D' LP 2005 $221,308,053 $208,692,981 $208,033,076 $265,808,354 3.3% 1.3x
Bridgepoint Europe IV 'D' LP 2008 $487,845,426 $454,431,101 $505,079,223 $775,019,214 12.8% 1.7x
Bridgepoint Europe V 2014 $499,966,060 $460,523,855 $88,076,554 $615,747,764 19.8% 1.3x
Bridgepoint Europe VI 2019 $491,246,875 $38,921,958 $0 $34,090,687 N/M 1 N/M 1
California Asia Investors, L.P. 2008 $150,000,000 $147,809,714 $287,366,814 $624,897,947 28.9% 4.2x
California Community Venture Fund, LLC 2003 $100,000,000 $100,067,655 $83,148,808 $93,576,754 -1.2% 0.9x
California Emerging Ventures II, LLC 1999 $1,351,990,106 $1,390,902,004 $1,675,107,159 $1,717,445,376 3.9% 1.2x
California Emerging Ventures III, LLC 2001 $477,832,724 $585,865,937 $770,549,948 $824,018,406 7.3% 1.4x
California Emerging Ventures IV, LLC 2006 $461,886,141 $486,637,879 $670,025,910 $858,008,191 11.9% 1.8x
California Emerging Ventures, LLC 1999 $957,716,338 $1,095,562,147 $1,262,630,792 $1,269,585,158 3.5% 1.2x
California Mezzanine Investment Fund, L.P. 2016 $80,000,000 $48,182,515 $9,919,693 $49,210,680 1.7% 1 1.0x 1
CalPERS Clean Energy & Technology Fund, LLC 2007 $465,000,000 $468,423,814 $132,249,749 $191,801,843 -13.7% 0.4x
CalPERS Corporate Partners, LLC 2001 $500,000,000 $524,220,696 $830,705,519 $831,455,834 9.4% 1.6x
CalPERS Wellspring V, L.P. 2011 $24,975,000 $25,219,347 $31,023,992 $46,223,623 23.7% 1.8x
Capital Link Fund I, LLC 2007 $502,000,000 $599,168,356 $694,974,020 $860,042,310 7.5% 1.4x
Capital Link Fund II, LLC 2008 $435,000,000 $464,933,116 $569,056,195 $768,662,743 12.5% 1.7x
Carlyle Asia Growth Partners III, L.P. 2005 $75,000,000 $84,685,888 $76,263,225 $78,515,158 -1.3% 0.9x
Carlyle Asia Growth Partners IV, L.P. 2008 $150,000,000 $163,863,653 $155,384,349 $193,769,460 4.3% 1.2x
Carlyle Asia Partners (PV II), L.P. 2000 $75,000,000 $78,409,168 $214,068,678 $214,068,678 18.4% 2.7x
Carlyle Asia Partners II, L.P. 2006 $150,000,000 $168,387,337 $256,858,991 $258,356,685 8.2% 1.5x
Carlyle Asia Partners III, L.P. 2008 $300,000,000 $370,084,592 $513,086,859 $544,797,640 11.3% 1.5x
Carlyle Asia Partners V, L.P. 2018 $250,000,000 $28,994,208 $0 $27,038,463 N/M 1 N/M 1
Carlyle Europe Partners II, L.P. 2003 $72,460,495 $93,146,528 $147,132,691 $147,963,403 19.7% 1.6x
Carlyle Europe Partners III, L.P. 2007 $418,743,068 $456,702,371 $698,938,092 $733,901,595 11.2% 1.6x
Carlyle Europe Partners V, S.C.Sp. 2019 $337,142,703 $27,434,522 $0 $24,094,623 N/M 1 N/M 1
Carlyle Europe Real Estate Partners, L.P. 2002 $29,999,819 $40,959,165 $60,394,091 $60,394,091 13.9% 1.5x
Carlyle Europe Technology Partners II, L.P. 2008 $101,938,031 $110,324,916 $195,337,773 $202,435,821 16.1% 1.8x
Carlyle Global Financial Services Partners, L.P. 2008 $150,000,000 $191,308,812 $313,794,445 $321,305,917 13.7% 1.7x
Carlyle Japan Partners II, L.P. 2006 $157,553,829 $162,697,718 $171,231,605 $174,124,850 1.3% 1.1x
Carlyle Japan Partners, L.P. 2001 $25,449,097 $38,722,584 $76,795,315 $76,795,315 34.1% 2.0x
Carlyle Mexico Partners, L.P. 2005 $25,000,000 $30,834,225 $36,525,635 $37,623,797 8.0% 1.2x
Carlyle Partners IV L.P. 2005 $300,000,000 $315,711,824 $657,607,542 $663,838,588 14.5% 2.1x
Carlyle Partners V, L.P. 2007 $800,000,000 $1,064,757,461 $1,572,462,652 $1,708,549,464 12.9% 1.6x
Carlyle Partners VI, L.P. 2013 $547,000,000 $569,020,659 $232,404,236 $744,094,473 11.4% 1.3x
Carlyle Partners VII, L.P. 2018 $600,000,000 $80,675,679 $0 $67,940,782 N/M 1 N/M 1
Carlyle Realty Partners III, L.P. 2001 $50,000,000 $66,678,952 $133,148,803 $155,701,071 28.3% 2.3x
Carlyle Strategic Partners II, L.P. 2007 $75,000,000 $148,910,451 $190,708,651 $193,159,968 11.4% 1.3x
Carlyle Strategic Partners IV, L.P. 2016 $150,000,000 $59,742,421 $31,042,931 $66,814,132 14.4% 1 1.1x 1
Carlyle U.S. Equity Opportunities II, L.P. 2015 $200,000,000 $126,084,351 $13,576,888 $128,233,539 1.0% 1 1.0x 1
Carlyle U.S. Growth Fund III, L.P. 2006 $75,000,000 $92,197,113 $121,587,162 $123,111,735 7.3% 1.3x
Carlyle Venture Partners II, L.P. 2001 $50,000,000 $77,961,078 $77,144,623 $88,074,688 2.6% 1.1x
Carlyle/Riverstone Global Energy and Power Fund II 2003 $75,000,000 $123,149,609 $216,566,053 $216,566,053 52.7% 1.8x
Carlyle/Riverstone Global Energy and Power Fund III, L.P. 2005 $250,000,000 $267,017,815 $343,363,607 $363,510,140 6.5% 1.4x
Carlyle/Riverstone Renewable Energy Infrastructure Fund I 2006 $60,000,000 $60,191,011 $7,694,697 $7,694,697 -34.5% 0.1x
Castlelake I, L.P. 2007 $75,000,000 $76,880,657 $95,293,252 $104,878,909 4.5% 1.4x
CDH Fund V, L.P. 2014 $200,000,000 $213,627,187 $77,231,876 $285,983,237 12.0% 1.3x
Centerbridge Capital Partners III, L.P. 2015 $150,000,000 $94,260,993 $27,592,641 $122,231,730 13.7% 1 1.3x 1
Cerberus CAL II Partners, L.P. 2017 $500,000,000 $347,524,752 $14,851,485 $322,014,193 N/M 1 N/M 1
Cerberus CP Partners LP 2013 $600,000,000 $674,624,184 $413,842,472 $1,135,693,195 17.7% 1.7x
Cerberus Institutional Partners V, L.P. 2012 $400,000,000 $479,288,769 $473,825,619 $788,230,953 13.9% 1.6x
China Privatization Fund (Del), 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 $45,871,627 $51,708,584 4.3% 1.3x
Clarus Lifesciences II, L.P. 2008 $75,000,000 $71,452,500 $111,096,449 $131,348,693 14.9% 1.8x
Clayton, Dubilier & Rice Fund X, L.P. 2018 $150,000,000 $41,441,614 $2,606,414 $42,335,403 N/M 1 N/M 1
Clearlake Capital Partners III, LP 2012 $50,000,000 $68,886,673 $149,976,407 $184,711,048 42.4% 2.7x
Clearlake Capital Partners IV, L.P. 2015 $56,700,000 $66,749,108 $37,157,401 $104,716,392 33.9% 1 1.6x 1
Clearlake Capital Partners V, L.P. 2018 $75,000,000 $36,035,171 $1,125,984 $50,254,135 N/M 1 N/M 1
Clearlake Opportunities Partners (P), L.P. 2015 $56,700,000 $46,456,682 $17,335,614 $55,342,078 12.6% 1 1.2x 1
Clearwater Capital Partners Fund I, L.P. 2007 $7,381,847 $41,735,012 $35,355,880 $35,365,096 -5.1% 0.8x
Clearwater Capital Partners Fund II Holdings, L.P. 2005 $54,375,000 $63,247,676 $78,583,349 $80,850,059 4.7% 1.3x
Clearwater Capital Partners Fund III, L.P. 2006 $150,000,000 $150,000,000 $140,531,856 $179,848,674 2.8% 1.2x
Clearwater ICPL Co-Investment Fund, L.P. 2017 $8,594,302 $8,594,302 $8,594,302 $8,594,302 N/M 1 N/M 1
Coller International Partners V-A, L.P. 2006 $375,000,000 $322,288,690 $423,978,580 $460,540,968 8.2% 1.4x
Craton Equity Investors I, L.P. 2007 $38,153,846 $39,334,061 $5,214,248 $5,290,482 -33.0% 0.1x
CVC Capital Partners Strategic Opportunities Compounding Capital L.P. 2017 $999,175,993 $935,217,050 $123,306,451 $1,053,792,876 N/M 1 N/M 1
CVC Capital Partners VI, L.P. 2014 $572,833,098 $589,768,451 $184,008,477 $764,222,337 13.5% 1.3x
CVC Capital Partners VII (A) L.P. 2018 $562,385,987 $88,688,117 $836,472 $110,610,146 N/M 1 N/M 1
CVC Credit Strategic Investment A L.P. 2014 $205,545,741 $166,936,340 $176,228,250 $240,668,278 20.1% 1.4x
CVC European Equity Partners III LP 2001 $200,000,000 $234,497,567 $592,407,402 $606,095,639 41.0% 2.6x
CVC European Equity Partners IV (D) L.P. 2005 $329,339,237 $406,391,792 $726,781,649 $727,053,810 17.2% 1.8x
CVC European Equity Partners Tandem Fund (B) L.P. 2007 $471,024,006 $570,492,765 $734,978,678 $735,315,275 6.8% 1.3x
CVC European Equity Partners V (B) L.P. 2008 $568,094,284 $710,181,414 $1,091,554,348 $1,255,478,287 16.2% 1.8x
EMAlternatives Investments, L.P. 2007 $100,000,000 $114,132,507 $97,574,113 $145,876,465 5.2% 1.3x
Essex Woodlands Health Ventures Fund VIII, L.P. 2008 $125,000,000 $127,269,507 $66,055,143 $126,637,065 -0.1% 1.0x
First Reserve Fund XI, L.P. 2006 $500,000,000 $570,173,986 $380,715,449 $407,672,035 -8.0% 0.7x
First Reserve Fund XII, L.P. 2008 $300,000,000 $347,286,374 $179,012,428 $237,603,752 -9.1% 0.7x
First Reserve Fund XIII, LP 2014 $400,000,000 $303,474,074 $121,387,851 $370,501,839 13.6% 1.2x
Francisco Partners II, L.P. 2006 $175,000,000 $174,005,517 $243,168,759 $272,138,900 10.1% 1.6x
Francisco Partners III, L.P. 2011 $100,000,000 $91,574,775 $136,970,870 $221,127,155 20.8% 2.4x
Francisco Partners, L.P. 2000 $50,000,000 $52,654,785 $66,184,646 $66,576,420 4.4% 1.3x
GCM Grosvenor DEM II, L.P. 2014 $250,000,000 $142,995,352 $34,718,820 $162,309,274 10.4% 1.1x
GCM Grosvenor DEM, L.P. 2012 $100,000,000 $89,004,155 $33,403,518 $107,841,490 9.9% 1.2x
Generation Capital Partners, L.P. 1996 $50,000,000 $54,064,964 $65,798,632 $66,129,256 6.3% 1.2x
Golden State Investment Fund, LLC 2006 $533,058,824 $519,695,608 $680,566,886 $798,280,945 8.4% 1.5x
Green Equity Investors IV, L.P. 2003 $168,628,515 $170,691,565 $318,891,965 $320,256,254 11.2% 1.9x
Green Equity Investors V, L.P. 2007 $400,000,000 $446,335,956 $758,839,003 $992,144,629 18.9% 2.2x
GSO Capital Opportunities Fund II L.P. 2011 $250,000,000 $299,228,509 $291,774,030 $377,911,281 12.6% 1.3x
GSO Capital Opportunities Fund L.P. 2008 $100,000,000 $166,000,936 $228,800,483 $230,461,667 17.2% 1.4x
GSO Capital Solutions Fund II, L.P. 2014 $500,000,000 $447,414,157 $366,143,696 $502,470,036 8.2% 1.1x
GSO Energy Partners-C II LP 2016 $250,000,000 $190,917,753 $44,279,973 $227,118,658 11.6% 1 1.2x 1
GSO Energy Partners-C LP 2013 $400,000,000 $434,416,355 $148,204,898 $417,518,833 -1.7% 1.0x
Hellman & Friedman Capital Partners V LP 2004 $200,000,000 $183,940,613 $488,496,826 $488,496,826 27.9% 2.7x
Hellman & Friedman Capital Partners VI 2007 $600,000,000 $612,793,602 $1,082,365,600 $1,120,579,420 13.0% 1.8x
Hellman & Friedman Capital Partners VII 2011 $300,000,000 $285,662,558 $338,360,077 $760,542,741 25.0% 2.7x
Hellman & Friedman Capital Partners VIII, L.P. 2016 $500,000,000 $400,111,260 $36,396,895 $478,890,952 16.9% 1 1.2x 1
ICV Partners II, L.P. 2005 $31,220,000 $40,135,407 $61,947,907 $62,508,592 11.9% 1.6x
Insight Venture Partners Growth-Buyout Coinvestment Fund (B), L.P. 2015 $400,000,000 $340,000,000 $87,520,692 $807,841,822 39.1% 1 2.4x 1
Insight Venture Partners IX, L.P. 2015 $100,000,000 $95,849,061 $15,688,450 $188,798,630 30.4% 1 2.0x 1
Insight Venture Partners V, L.P. 2005 $46,500,000 $46,500,000 $133,719,005 $138,809,294 22.7% 3.0x
Insight Venture Partners VI, L.P. 2007 $68,000,000 $73,833,084 $166,902,436 $183,437,757 19.2% 2.5x
Insight Venture Partners X, L.P. 2018 $300,000,000 $130,000,000 $85,613 $142,787,346 N/M 1 N/M 1
Khosla Ventures III, L.P. 2009 $200,000,000 $197,000,000 $245,561,357 $313,632,044 8.2% 1.6x
Khosla Ventures Seed, L.P. 2009 $60,000,000 $60,000,000 $12,484,329 $44,431,821 -4.6% 0.7x
KKR 2006 Fund L.P. 2006 $400,000,000 $594,496,714 $783,261,765 $906,512,354 8.1% 1.5x
KKR Asian Fund II L.P. 2013 $500,000,000 $552,190,125 $220,651,593 $774,740,708 13.6% 1.4x
KKR Asian Fund L.P. 2007 $272,575,591 $353,372,715 $582,685,052 $598,967,420 13.7% 1.7x
KKR European Fund II, L.P. 2005 $202,076,062 $236,198,253 $293,806,510 $295,197,608 3.9% 1.2x
KKR European Fund III, L.P. 2008 $316,671,976 $418,954,764 $576,216,081 $605,243,317 10.0% 1.4x
KKR European Fund, L. P. 2001 $75,000,000 $99,833,639 $216,831,549 $216,831,549 24.7% 2.2x
KKR Millennium Fund L.P. 2002 $150,000,000 $208,148,389 $372,970,042 $373,104,205 16.4% 1.8x
Kline Hawkes Pacific, L.P. 2000 $100,000,000 $100,307,540 $67,750,223 $67,750,223 -4.8% 0.7x
KM Corporate Partners Fund II, LP 2007 $200,000,000 $193,457,334 $187,644,760 $285,273,264 7.8% 1.5x
KPS Special Situations Fund III, LP 2007 $175,000,000 $244,653,356 $393,155,717 $417,194,231 23.2% 1.7x
Lime Rock Partners IV AF, L.P. 2018 $83,686,107 $83,686,107 $0 $80,999,834 N/M 1 N/M 1
Lime Rock Partners IV, LP 2006 $43,000,000 $47,917,078 $139,501,029 $139,618,059 14.6% 2.9x
Lime Rock Partners V, L.P. 2008 $85,000,000 $94,814,537 $70,603,742 $94,750,759 0.0% 1.0x
Lindsay Goldberg IV, L.P. 2015 $250,000,000 $145,969,712 $60,679,635 $216,539,582 35.7% 1 1.5x 1
Lion Capital Fund II, L.P. 2007 $219,162,991 $260,612,520 $174,152,045 $181,659,077 -8.0% 0.7x
Madison Dearborn Capital Partners IV, L.P. 2000 $150,000,000 $173,964,778 $305,140,761 $310,679,709 13.9% 1.8x
Madison Dearborn Capital Partners V, L.P. 2006 $300,000,000 $351,554,197 $519,832,764 $525,819,154 7.2% 1.5x
Magnum Capital, L.P. 2007 $135,973,518 $145,003,006 $183,294,090 $183,294,090 5.2% 1.3x
MHR Institutional Partners II LP 2003 $50,000,000 $53,000,000 $71,332,870 $94,812,236 10.7% 1.8x
MHR Institutional Partners III LP 2006 $350,000,000 $371,000,000 $375,585,131 $505,973,128 6.0% 1.4x
New Mountain Partners II, L.P. 2005 $150,000,000 $138,727,183 $264,581,334 $266,741,053 13.6% 1.9x
New Mountain Partners III, L.P. 2007 $400,000,000 $452,366,039 $589,436,870 $858,162,383 13.3% 1.9x
Newbridge Asia IV, L.P. 2005 $180,000,000 $195,554,362 $409,519,551 $413,020,201 16.8% 2.1x
Oak Hill Capital Partners II, L.P. 2004 $75,000,000 $86,785,564 $134,344,997 $137,011,699 9.7% 1.6x
Oak Hill Capital Partners III, L.P. 2007 $300,000,000 $375,434,874 $473,101,948 $580,649,890 9.8% 1.5x
Oaktree Opportunities Fund VIIIb, L.P. 2011 $200,000,000 $200,000,000 $173,972,967 $264,874,288 5.9% 1.3x
Onex Partners IV, L.P. 2014 $300,000,000 $293,254,667 $33,549,571 $284,742,633 -1.3% 1.0x
Onex Partners V-B LP 2018 $500,000,000 $7,555,847 $0 $3,188,520 N/M 1 N/M 1
PAG Asia I LP 2012 $100,000,000 $113,804,000 $103,691,021 $213,180,343 22.1% 1.9x
Palladium Equity Partners III, L.P. 2004 $193,750,000 $253,343,074 $428,908,033 $448,216,338 15.8% 1.8x
Palladium Equity Partners V, L.P. 2018 $75,000,000 $26,982,949 $3,204,035 $24,193,756 N/M 1 N/M 1
Patria Brazilian Private Equity Fund V, L.P. 2015 $150,000,000 $46,980,029 $0 $55,334,427 12.1% 1 1.2x 1
Permira Europe III 2004 $126,989,866 $126,989,866 $218,890,726 $219,441,435 26.6% 1.7x
Permira IV L.P.2 2006 $284,669,775 $353,282,853 $482,941,953 $517,833,113 7.7% 1.5x
Permira V, L.P. 2014 $268,485,028 $254,556,629 $126,411,167 $432,113,137 16.2% 1.7x
Permira VI L.P. 1 2017 $500,365,756 $311,299,461 $0 $351,530,042 N/M 1 N/M 1
Polish Enterprise Fund V, L.P. 2004 $59,008,825 $69,977,405 $137,137,153 $137,137,153 15.3% 2.0x
Polish Enterprise Fund VI, L.P. 2006 $139,154,688 $145,666,797 $194,606,919 $206,065,910 5.5% 1.4x
Providence Equity Partners V 2005 $125,000,000 $157,825,582 $182,968,971 $185,057,356 3.1% 1.2x
Providence Equity Partners VI L.P. 2007 $320,000,000 $500,376,202 $515,718,241 $613,340,134 4.8% 1.2x
RFG Private Equity Limited Partnership No. 1A, 1B and 1C 2004 $33,957,210 $33,964,880 $48,603,437 $48,936,465 7.8% 1.4x
Rhone Partners III, L.P. 2006 $135,198,853 $145,326,327 $207,094,429 $207,094,429 9.8% 1.4x
Riverstone Global Energy and Power Fund V, L.P. 2012 $400,000,000 $477,021,965 $215,393,827 $487,900,579 0.8% 1.0x
Riverstone Global Energy and Power Fund VI, L.P. 2016 $500,000,000 $451,489,934 $135,148,024 $477,448,889 4.6% 1 1.1x 1
Riverstone/Carlyle Global Energy and Power Fund IV, L.P. 2008 $500,000,000 $598,458,684 $488,113,671 $683,671,757 3.7% 1.1x
Riverstone/Carlyle Renewable & Alternative Energy Fund II, L.P. 2008 $300,000,000 $329,055,228 $262,779,451 $393,719,700 4.1% 1.2x
Riverwood Capital Partners (Parallel - A) L.P. 2010 $150,000,000 $171,105,413 $285,612,210 $338,372,869 23.8% 2.0x
Sacramento Private Equity Partners, L.P. 2006 $605,000,000 $521,618,435 $767,254,145 $918,941,732 11.0% 1.8x
SAIF Partners III L.P. 2007 $100,000,000 $125,245,773 $109,422,855 $280,526,196 10.5% 2.2x
SAIF Partners IV L.P. 2010 $120,000,000 $147,356,026 $55,837,790 $213,948,987 7.4% 1.5x
Sankaty Managed Account (CalPERS), L.P. 2014 $500,000,001 $481,005,001 $289,440,000 $567,030,605 8.0% 1.2x
Silver Lake Partners II, L.P. 2004 $125,000,000 $135,417,964 $237,101,193 $238,241,601 11.1% 1.8x
Silver Lake Partners III, L.P. 2007 $480,000,000 $607,195,038 $1,079,075,802 $1,174,652,681 18.8% 1.9x
Silver Lake Partners IV, L.P. 2013 $320,000,000 $350,556,677 $194,994,012 $636,572,923 28.4% 1.8x
Silver Lake Partners V, L.P. 2018 $400,000,000 $160,150,098 $0 $169,086,113 N/M 1 N/M 1
Siris Partners III, L.P. 2015 $75,000,000 $68,691,108 $39,977,597 $80,264,316 10.0% 1 1.2x 1
Siris Partners IV, L.P. 2019 $100,000,000 $15,258,091 $0 $14,265,814 N/M 1 N/M 1
Tailwind Capital Partners (PP), LP 2007 $77,510,000 $94,487,408 $142,246,325 $147,141,639 11.8% 1.6x
Tailwind Capital Partners II, LP 2014 $200,000,000 $185,521,930 $58,614,229 $235,134,526 10.0% 1.3x
Tailwind Capital Partners III, L.P. 2018 $200,000,000 $27,982,968 $0 $31,516,383 N/M 1 N/M 1
TCV X, L.P. 2019 $175,000,000 $910,000 $0 $0 N/M 1 N/M 1
The Central Valley Fund II SBIC, LP 2012 $12,000,000 $7,736,315 $3,999,188 $14,114,263 14.2% 1.8x
The Resolute Fund II, L.P. 2008 $200,000,000 $219,366,434 $233,984,418 $318,747,221 8.7% 1.5x
The Rise Fund (A), L.P. 2018 $75,000,000 $38,480,945 $0 $42,229,306 N/M 1 N/M 1
Thomas H. Lee Equity Fund V, L.P. 2001 $200,000,000 $239,414,367 $381,002,360 $381,002,360 13.7% 1.6x
Thomas H. Lee Equity Fund VI, L.P 2006 $240,000,000 $402,776,263 $494,799,437 $554,227,463 7.1% 1.4x
TowerBrook Investors II, L.P. 2005 $200,000,000 $195,324,455 $297,174,151 $315,962,472 9.8% 1.6x
TowerBrook Investors III, L.P. 2008 $300,000,000 $324,896,591 $392,373,297 $425,051,456 9.0% 1.3x
TowerBrook Investors IV (Onshore), L.P. 2013 $380,000,000 $221,275,477 $85,233,487 $342,694,719 26.3% 1.5x
Towerbrook Structured Opportunities Fund (Onshore), L.P. 2016 $221,786,667 $165,641,879 $44,424,274 $181,531,600 9.3% 1 1.1x 1
TPG Asia V, L.P. 2007 $360,000,000 $350,599,460 $398,413,552 $495,569,391 6.6% 1.4x
TPG Asia VII (A), L.P. 2018 $300,000,000 $82,424,613 $1,846,845 $79,828,629 N/M 1 N/M 1
TPG Biotechnology Partners II, L.P. 2006 $70,000,000 $71,888,857 $70,829,671 $85,164,592 2.7% 1.2x
TPG Biotechnology Partners III, L.P. 2008 $100,000,000 $100,076,482 $75,733,831 $132,451,542 5.8% 1.3x
TPG Golden Bear Partners, L.P. 2019 $200,000,000 $35,411,471 $0 $35,299,183 N/M 1 N/M 1
TPG Growth IV, L.P. 2018 $75,000,000 $24,698,963 $0 $24,063,773 N/M 1 N/M 1
TPG Partners IV, L.P. 2003 $200,000,000 $225,811,312 $426,580,565 $432,326,818 15.4% 1.9x
TPG Partners V, L.P. 2006 $600,000,000 $811,329,685 $963,887,602 $1,013,814,452 3.8% 1.2x
TPG Partners VI, L.P. 2008 $825,000,000 $944,765,522 $1,184,457,135 $1,409,451,396 10.2% 1.5x
TPG STAR, L.P. 2007 $150,000,000 $171,879,025 $198,789,736 $250,108,330 9.1% 1.5x
Trident VI 2014 $250,000,000 $228,180,178 $87,312,621 $372,142,689 20.3% 1.6x
Trident VII, L.P. 2017 $270,000,000 $186,660,937 $2,214,387 $204,096,973 N/M 1 N/M 1
Triton Fund IV L.P. 2013 $91,535,555 $96,016,569 $52,894,856 $117,950,199 9.8% 1.2x
Valor Equity Partners IV L.P. 2017 $75,000,000 $48,617,417 $128,163 $59,867,934 N/M 1 N/M 1
VantagePoint CleanTech Partners, L.P. 2006 $25,000,000 $25,000,000 $12,704,911 $17,987,634 -7.1% 0.7x
VantagePoint Venture Partners 2006 (Q), L.P. 2006 $100,000,000 $100,000,000 $9,831,997 $36,995,993 -13.0% 0.4x
Vicente Capital Partners Growth Equity Fund, L.P. 2007 $40,422,297 $40,801,085 $31,682,978 $59,073,495 6.8% 1.4x
Vista Equity Partners Fund VII-Z, L.P. 2019 $400,000,000 $32,944,462 $1,437 $32,329,773 N/M 1 N/M 1
W Capital Partners II, L.P. 2007 $141,125,000 $140,615,876 $188,842,195 $196,375,329 10.4% 1.4x
WCAS XIII, L.P. 2019 $400,000,000 $28,644,120 $0 $27,193,049 N/M 1 N/M 1
Wellspring Capital Partners V, L.P. 2011 $150,000,000 $166,179,081 $187,503,507 $259,682,735 16.9% 1.6x
Welsh, Carson, Anderson & Stowe X, L.P. 2005 $175,000,000 $171,527,259 $293,986,157 $293,986,157 8.2% 1.7x
Welsh, Carson, Anderson & Stowe XI, L.P. 2009 $125,000,000 $125,000,000 $161,878,687 $206,084,023 12.5% 1.6x
Welsh, Carson, Anderson & Stowe XII, L.P. 2015 $350,000,000 $246,074,568 $49,259,329 $400,114,029 26.3% 1 1.6x 1
WLR Recovery Fund II, L.P. 2002 $50,000,000 $50,000,000 $120,565,266 $120,927,669 78.8% 2.4x
WLR Recovery Fund III, L.P. 2005 $198,000,000 $198,000,000 $129,463,682 $136,330,040 -7.8% 0.7x
WLR Recovery Fund IV, L.P. 2007 $400,000,000 $363,747,718 $469,262,358 $491,940,332 7.5% 1.4x
Yucaipa American Alliance Fund I, L.P. 2002 $200,000,000 $314,764,188 $299,314,180 $379,607,683 4.5% 1.2x
Yucaipa American Alliance Fund II, L.P. 2008 $400,000,000 $557,456,161 $435,038,951 $910,434,581 9.5% 1.6x
Yucaipa Corporate Initiatives Fund I, L.P. 2001 $200,000,000 $288,655,697 $189,032,208 $232,678,567 -3.2% 0.8x
Yucaipa Corporate Initiatives Fund II, L.P. 2008 $93,539,524 $91,320,511 $33,006,898 $81,499,007 -1.8% 0.9x

1Not Meaningful: Funds with a vintage year of 2015 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.