As of December 1, 2018, 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 December 31, 2018. 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.

Print

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 $461,553,118 $157,319,096 $647,868,900 8.8% 1.4x
57 Stars Global Opportunities Fund, LLC 2007 $430,000,000 $409,027,288 $439,353,644 $606,058,920 7.5% 1.5x
AACP AP Investors, L.P. 2007 $14,108,080 $14,831,734 $16,600,660 $16,988,411 2.2% 1.1x
AACP China Debt Investors, LP 2008 $10,000,000 $15,834,187 $20,146,425 $20,166,483 8.4% 1.3x
AACP China Growth Investors 2007 $50,000,000 $51,914,925 $81,135,989 $83,533,150 8.0% 1.6x
AACP China Venture Investors A, LP 2008 $5,000,000 $4,296,128 $2,352,837 $6,883,954 6.6% 1.6x
AACP India Investors B 2007 $5,000,000 $5,132,389 $2,426,991 $10,207,621 8.4% 2.0x
AACP India Investors C 2009 $5,000,000 $5,118,950 $1,849,517 $10,084,095 13.2% 2.0x
AACP India Venture Investors A 2007 $5,000,000 $5,065,536 $5,653,594 $5,762,734 2.1% 1.1x
Aberdare Ventures IV, LP 2008 $50,000,000 $50,000,000 $23,169,038 $48,564,508 -0.7% 1.0x
Advent International GPE V-D, L.P. 2005 $81,002,531 $77,609,736 $183,254,304 $187,607,710 42.7% 2.4x
Advent International GPE VI-A, L.P. 2008 $500,000,000 $502,306,204 $948,552,202 $1,060,596,256 17.1% 2.1x
Advent International GPE VII-C, L.P. 2012 $450,000,000 $423,732,784 $322,150,165 $732,313,586 16.4% 1.7x
Advent International GPE VIII-B Limited Partnership 2016 $500,000,000 $324,500,000 $0 $361,157,802 9.1% 1 1.1x 1
Advent Latin America Private Equity Fund IV-D, L.P. 2007 $200,000,000 $205,315,197 $264,640,196 $308,013,047 9.3% 1.5x
Advent Latin America Private Equity Fund V-H L.P. 2010 $100,000,000 $96,200,000 $40,750,000 $109,918,677 3.0% 1.1x
Advent Latin American Private Equity Fund III-D L.P. 2006 $50,000,000 $49,385,090 $66,456,184 $72,885,044 10.0% 1.5x
Affinity Asia Pacific Fund III L.P. 2007 $150,000,000 $153,439,343 $192,125,086 $218,131,928 9.6% 1.4x
Aisling Capital II, LP 2006 $80,000,000 $100,994,319 $99,084,187 $102,637,267 0.3% 1.0x
Aisling Capital III, LP 2008 $90,000,000 $113,050,585 $183,897,524 $230,635,313 24.9% 2.0x
Alta V Limited Partnership 1992 $35,000,000 $35,000,000 $84,587,808 $84,607,590 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 $3,147,400,210 $3,174,699,792 27.4% 2.6x
Apollo European Principal Finance Fund, L.P. 2008 $85,145,104 $165,171,890 $200,017,990 $200,652,273 11.9% 1.2x
Apollo Investment Fund IV, L.P. 1998 $150,000,000 $154,312,417 $254,289,011 $254,463,232 8.5% 1.6x
Apollo Investment Fund V, L.P. 2001 $250,000,000 $388,993,978 $776,929,038 $779,412,964 37.5% 2.0x
Apollo Investment Fund VI, L.P. 2006 $520,000,000 $866,357,105 $1,160,921,751 $1,222,162,863 8.2% 1.4x
Apollo Investment Fund VII, L.P. 2008 $800,000,000 $1,191,536,703 $1,767,647,720 $1,910,303,760 22.2% 1.6x
Apollo Investment Fund VIII, L.P. 2013 $500,000,000 $457,028,279 $138,289,838 $563,229,696 10.2% 1.2x
Apollo Special Opportunities Managed Account, L.P. 2007 $800,000,000 $800,000,000 $871,211,677 $1,075,621,075 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 $371,328,696 $388,179,731 12.6% 1.5x
Ares Corporate Opportunities Fund II, L.P. 2006 $200,000,000 $224,922,280 $359,287,483 $373,165,746 13.1% 1.7x
Ares Corporate Opportunities Fund III, L.P. 2008 $400,000,000 $503,347,613 $726,255,924 $1,013,621,967 20.4% 2.0x
Ares Corporate Opportunities Fund V, L.P. 2017 $425,000,000 $179,681,836 $7,316,589 $176,593,381 N/M 1 N/M 1
Ares Corporate Opportunities Fund, L.P. 2003 $100,000,000 $135,853,818 $195,665,318 $201,665,683 13.1% 1.5x
Asia Alternatives Capital Partners II LP 2008 $48,933,451 $49,877,202 $61,681,075 $120,608,395 19.1% 2.4x
Asia Alternatives Capital Partners, LP 2007 $50,000,000 $53,413,208 $87,508,767 $97,492,184 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 $165,291,171 1.8% 1.1x
Baring Vostok Private Equity Fund IV L.P. / Supplemental 2007 $77,775,000 $86,299,453 $60,741,846 $104,220,195 3.6% 1.2x
BDC III C LP 2017 $161,802,361 $66,863,376 $6,641,886 $100,295,150 N/M 1 N/M 1
Birch Hill Equity Partners (US) III, LP 2005 $126,382,210 $142,107,448 $234,066,637 $259,617,333 11.8% 1.8x
Birch Hill Equity Partners (US) IV, LP 2011 $136,611,387 $127,550,872 $84,433,107 $195,030,233 10.5% 1.5x
Blackstone / GSO Capital Solutions Fund, LP 2010 $250,000,000 $359,648,608 $433,832,810 $454,373,455 10.7% 1.3x
Blackstone Capital Partners IV L.P. 2003 $200,000,000 $229,377,759 $544,920,450 $560,848,776 36.3% 2.4x
Blackstone Capital Partners V L.P. 2006 $600,000,000 $793,697,452 $1,165,456,780 $1,210,059,342 7.8% 1.5x
Blackstone Capital Partners VI L.P. 2011 $500,000,000 $519,098,471 $362,195,719 $816,581,683 13.6% 1.6x
Blackstone Capital Partners VII, L.P. 2016 $500,000,000 $228,060,920 $10,959,588 $278,533,085 22.8% 1 1.2x 1
Blackstone Communications Partners I L.P. 2000 $100,000,000 $111,226,418 $135,473,542 $136,321,049 6.6% 1.2x
Blackstone Tactical Opportunities Fund - C L.P. 2012 $800,000,000 $948,920,650 $770,120,259 $1,296,773,197 11.8% 1.4x
Blackstone Tactical Opportunities Fund II - C L.P. 2015 $500,000,000 $417,062,372 $119,713,444 $538,119,174 16.6% 1 1.3x 1
Blackstone Tactical Opportunities Fund III-C L.P. 2018 $350,000,000 $7,919,251 $93,974 $7,534,567 N/M 1 N/M 1
Bridgepoint Europe II 'A' LP 2001 $138,524,340 $129,223,845 $226,518,709 $227,983,644 29.3% 1.8x
Bridgepoint Europe III 'D' LP 2005 $221,839,136 $208,692,980 $208,033,076 $265,397,502 3.3% 1.3x
Bridgepoint Europe IV 'D' LP 2008 $489,912,316 $453,270,458 $457,639,798 $728,840,772 11.8% 1.6x
Bridgepoint Europe V 2014 $500,679,206 $460,523,855 $88,076,554 $616,831,618 23.0% 1 1.3x 1
California Asia Investors, L.P. 2008 $150,000,000 $147,507,406 $286,163,886 $649,045,155 30.1% 4.4x
California Community Venture Fund, LLC 2003 $100,000,000 $100,067,655 $81,372,283 $93,897,444 -1.1% 0.9x
California Emerging Ventures II, LLC 1999 $1,351,990,106 $1,390,894,083 $1,667,017,932 $1,716,104,477 3.9% 1.2x
California Emerging Ventures III, LLC 2001 $477,832,724 $585,607,639 $758,666,644 $822,413,771 7.3% 1.4x
California Emerging Ventures IV, LLC 2006 $461,817,391 $485,755,139 $655,556,013 $848,395,420 11.8% 1.7x
California Emerging Ventures, LLC 1999 $957,716,338 $1,095,530,038 $1,262,318,162 $1,268,943,208 3.5% 1.2x
California Mezzanine Investment Fund, L.P. 2016 $80,000,000 $48,044,505 $4,131,340 $48,366,904 0.6% 1 1.0x 1
CalPERS Clean Energy & Technology Fund, LLC 2007 $465,000,000 $468,423,814 $132,249,749 $192,740,295 -13.9% 0.4x
CalPERS Corporate Partners, LLC 2001 $500,000,000 $523,905,876 $830,705,519 $831,801,399 9.4% 1.6x
CalPERS Wellspring V, L.P. 2011 $24,975,000 $25,096,457 $30,886,732 $45,305,595 23.6% 1.8x
Capital Link Fund I, LLC 2007 $502,000,000 $599,495,486 $682,339,959 $854,450,847 7.5% 1.4x
Capital Link Fund II, LLC 2008 $435,000,000 $465,034,873 $553,730,083 $764,678,609 12.5% 1.6x
Carlyle Asia Growth Partners III, L.P. 2005 $75,000,000 $84,685,888 $76,263,225 $77,960,551 -1.5% 0.9x
Carlyle Asia Growth Partners IV, L.P. 2008 $150,000,000 $163,581,867 $152,099,776 $194,314,791 4.5% 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 $258,354,372 8.2% 1.5x
Carlyle Asia Partners III, L.P. 2008 $300,000,000 $369,645,587 $495,404,998 $540,129,447 11.2% 1.5x
Carlyle Asia Partners V, L.P. 2018 $250,000,000 $20,641,493 $0 $17,206,486 N/M 1 N/M 1
Carlyle Europe Partners II, L.P. 2003 $72,094,493 $93,138,828 $147,006,226 $147,941,612 19.7% 1.6x
Carlyle Europe Partners III, L.P. 2007 $418,207,418 $455,167,091 $698,849,417 $734,667,609 11.3% 1.6x
Carlyle Europe Real Estate Partners, L.P. 2002 $29,811,010 $40,959,165 $60,394,091 $60,394,091 13.9% 1.5x
Carlyle Europe Technology Partners II, L.P. 2008 $101,797,468 $110,014,285 $189,152,958 $202,301,363 16.1% 1.8x
Carlyle Global Financial Services Partners, L.P. 2008 $150,000,000 $191,308,812 $313,794,445 $320,978,660 13.7% 1.7x
Carlyle Japan Partners II, L.P. 2006 $157,524,187 $162,697,718 $171,231,605 $175,890,421 1.5% 1.1x
Carlyle Japan Partners, L.P. 2001 $25,384,195 $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 $37,628,241 8.0% 1.2x
Carlyle Partners IV L.P. 2005 $300,000,000 $315,676,076 $656,869,332 $663,184,356 14.5% 2.1x
Carlyle Partners V, L.P. 2007 $800,000,000 $1,064,757,461 $1,572,462,652 $1,706,748,048 12.9% 1.6x
Carlyle Partners VI, L.P. 2013 $547,000,000 $565,865,199 $224,689,543 $725,853,431 11.3% 1.3x
Carlyle Partners VII, L.P. 2018 $600,000,000 $18,958,652 $0 $4,960,767 N/M 1 N/M 1
Carlyle Realty Partners III, L.P. 2001 $50,000,000 $66,677,412 $132,923,563 $151,419,339 28.2% 2.3x
Carlyle Strategic Partners II, L.P. 2007 $75,000,000 $148,910,451 $190,708,651 $192,856,477 11.4% 1.3x
Carlyle Strategic Partners IV, L.P. 2016 $150,000,000 $52,258,138 $17,937,567 $54,973,380 7.0% 1 1.1x 1
Carlyle U.S. Equity Opportunities II, L.P. 2015 $200,000,000 $106,084,508 $13,113,818 $112,187,171 3.3% 1 1.1x 1
Carlyle U.S. Growth Fund III, L.P. 2006 $75,000,000 $92,197,113 $121,587,162 $123,082,588 7.3% 1.3x
Carlyle Venture Partners II, L.P. 2001 $50,000,000 $77,961,078 $77,144,623 $88,075,596 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 $266,862,123 $343,363,607 $366,312,389 6.7% 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 $76,880,176 $94,994,555 $104,816,034 4.5% 1.4x
CDH Fund V, L.P. 2014 $200,000,000 $208,371,309 $63,692,277 $272,762,703 11.7% 1 1.3x 1
Centerbridge Capital Partners III, L.P. 2015 $150,000,000 $83,879,395 $27,592,641 $103,673,886 11.0% 1 1.2x 1
Cerberus CAL II Partners, L.P. 2017 $500,000,000 $294,059,406 $14,851,485 $253,411,679 N/M 1 N/M 1
Cerberus CP Partners LP 2013 $600,000,000 $674,624,184 $384,146,422 $1,111,636,108 17.8% 1.6x
Cerberus Institutional Partners V, L.P. 2012 $400,000,000 $479,288,769 $456,576,101 $783,015,063 14.1% 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 $44,976,177 $53,367,142 4.7% 1.3x
Clarus Lifesciences II, L.P. 2008 $75,000,000 $71,452,500 $98,723,316 $128,014,613 14.6% 1.8x
Clayton, Dubilier & Rice Fund X, L.P. 2018 $150,000,000 $41,441,614 $0 $39,991,183 N/M 1 N/M 1
Clearlake Capital Partners III, LP 2012 $50,000,000 $68,886,673 $116,160,955 $183,323,776 42.7% 2.7x
Clearlake Capital Partners IV, L.P. 2015 $56,700,000 $64,284,537 $36,155,333 $95,192,285 32.0% 1 1.5x 1
Clearlake Capital Partners V, L.P. 2018 $75,000,000 $29,963,829 $286,533 $37,749,063 N/M 1 N/M 1
Clearlake Opportunities Partners (P), L.P. 2015 $56,700,000 $46,456,682 $17,335,614 $52,910,029 10.6% 1 1.1x 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 $81,307,137 4.7% 1.3x
Clearwater Capital Partners Fund III, L.P. 2006 $150,000,000 $150,000,000 $140,531,856 $182,209,346 3.0% 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 $418,803,187 $451,754,444 7.9% 1.4x
Craton Equity Investors I, L.P. 2007 $38,153,846 $39,334,061 $5,214,248 $5,330,070 -32.7% 0.1x
CVC Capital Partners Strategic Opportunities Compounding Capital L.P. 2017 $1,000,513,598 $895,724,195 $123,306,451 $1,009,596,612 N/M 1 N/M 1
CVC Capital Partners VI, L.P. 2014 $572,526,924 $589,768,451 $184,008,477 $762,676,591 14.7% 1 1.3x 1
CVC Capital Partners VII (A) L.P. 2018 $570,949,968 $88,688,117 $0 $95,912,433 N/M 1 N/M 1
CVC Credit Strategic Investment A L.P. 2014 $206,243,760 $166,936,340 $170,594,149 $238,829,461 20.4% 1 1.4x 1
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 $327,992,473 $406,391,792 $726,781,649 $727,058,730 17.2% 1.8x
CVC European Equity Partners Tandem Fund (B) L.P. 2007 $469,233,207 $570,429,899 $731,150,048 $735,324,528 6.8% 1.3x
CVC European Equity Partners V (B) L.P. 2008 $565,663,557 $710,181,414 $1,073,474,771 $1,252,267,961 16.2% 1.8x
EMAlternatives Investments, L.P. 2007 $100,000,000 $113,685,438 $95,775,135 $144,903,072 5.2% 1.3x
Essex Woodlands Health Ventures Fund VIII, L.P. 2008 $125,000,000 $127,269,507 $66,055,143 $132,620,632 0.8% 1.0x
First Reserve Fund XI, L.P. 2006 $500,000,000 $570,173,986 $370,742,876 $398,725,213 -8.9% 0.7x
First Reserve Fund XII, L.P. 2008 $300,000,000 $347,286,374 $178,447,813 $241,367,701 -8.8% 0.7x
First Reserve Fund XIII, LP 2014 $400,000,000 $272,869,533 $120,318,559 $329,216,395 12.9% 1 1.2x 1
Francisco Partners II, L.P. 2006 $175,000,000 $174,005,517 $243,168,759 $271,734,141 10.2% 1.6x
Francisco Partners III, L.P. 2011 $100,000,000 $91,574,775 $136,970,870 $215,459,725 20.6% 2.4x
Francisco Partners, L.P. 2000 $50,000,000 $52,654,785 $66,184,646 $66,576,570 4.4% 1.3x
GCM Grosvenor DEM II, L.P. 2014 $250,000,000 $139,686,915 $31,613,497 $156,518,140 10.7% 1 1.1x 1
GCM Grosvenor DEM, L.P. 2012 $100,000,000 $85,740,513 $32,655,806 $102,129,700 9.5% 1.2x
Generation Capital Partners, L.P. 1996 $50,000,000 $54,064,964 $65,798,632 $66,164,995 6.3% 1.2x
Golden State Investment Fund, LLC 2006 $533,058,824 $519,329,471 $662,102,234 $799,618,543 8.4% 1.5x
Green Equity Investors IV, L.P. 2003 $168,628,515 $170,691,565 $311,863,325 $319,266,810 11.2% 1.9x
Green Equity Investors V, L.P. 2007 $400,000,000 $446,335,956 $718,544,997 $975,693,453 18.8% 2.2x
GSO Capital Opportunities Fund II L.P. 2011 $250,000,000 $296,232,963 $275,265,885 $372,151,841 12.7% 1.3x
GSO Capital Opportunities Fund L.P. 2008 $100,000,000 $166,000,936 $228,800,483 $230,432,581 17.2% 1.4x
GSO Capital Solutions Fund II, L.P. 2014 $500,000,000 $436,123,789 $350,298,992 $489,017,113 8.3% 1 1.1x 1
GSO Energy Partners-C II LP 2016 $250,000,000 $190,917,753 $44,279,973 $220,000,809 10.8% 1 1.2x 1
GSO Energy Partners-C LP 2013 $400,000,000 $434,416,355 $148,204,898 $411,569,940 -2.4% 0.9x
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 $1,121,205,178 13.0% 1.8x
Hellman & Friedman Capital Partners VII 2011 $300,000,000 $285,536,422 $312,137,199 $730,963,860 24.8% 2.6x
Hellman & Friedman Capital Partners VIII, L.P. 2016 $500,000,000 $400,111,260 $36,396,895 $455,910,120 15.2% 1 1.1x 1
ICV Partners II, L.P. 2005 $31,220,000 $40,135,407 $61,947,907 $62,455,306 11.9% 1.6x
Insight Venture Partners Growth-Buyout Coinvestment Fund (B), L.P. 2015 $400,000,000 $340,000,000 $87,520,692 $712,031,971 36.2% 1 2.1x 1
Insight Venture Partners IX, L.P. 2015 $100,000,000 $95,849,061 $10,684,012 $164,332,060 26.3% 1 1.7x 1
Insight Venture Partners V, L.P. 2005 $46,500,000 $46,500,000 $133,719,006 $138,773,459 22.7% 3.0x
Insight Venture Partners VI, L.P. 2007 $68,000,000 $73,833,084 $166,902,436 $181,924,082 19.1% 2.5x
Insight Venture Partners X, L.P. 2018 $300,000,000 $107,500,000 $85,613 $110,331,532 N/M 1 N/M 1
Khosla Ventures III, L.P. 2009 $200,000,000 $197,000,000 $245,561,357 $314,064,413 8.3% 1.6x
Khosla Ventures Seed, L.P. 2009 $60,000,000 $60,000,000 $12,484,329 $44,726,668 -4.6% 0.7x
KKR 2006 Fund L.P. 2006 $400,000,000 $594,391,240 $779,289,399 $875,276,128 7.6% 1.5x
KKR Asian Fund II L.P. 2013 $500,000,000 $550,097,068 $215,579,914 $735,501,501 12.4% 1.3x
KKR Asian Fund L.P. 2007 $272,575,591 $353,342,800 $578,139,723 $598,870,792 13.7% 1.7x
KKR European Fund II, L.P. 2005 $201,643,752 $236,198,253 $293,806,510 $293,904,129 3.8% 1.2x
KKR European Fund III, L.P. 2008 $315,387,696 $418,847,189 $550,383,558 $608,813,440 10.2% 1.5x
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 $373,102,340 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 $193,204,490 $187,644,760 $285,193,628 7.9% 1.5x
KPS Special Situations Fund III, LP 2007 $175,000,000 $244,615,890 $372,814,252 $413,873,568 23.2% 1.7x
Lime Rock Partners IV AF, L.P. 2018 $83,686,107 $83,686,107 $0 $76,077,407 N/M 1 N/M 1
Lime Rock Partners IV, LP 2006 $43,000,000 $47,917,078 $139,501,029 $139,618,366 14.6% 2.9x
Lime Rock Partners V, L.P. 2008 $85,000,000 $94,762,372 $70,603,742 $95,424,721 0.1% 1.0x
Lindsay Goldberg IV, L.P. 2015 $250,000,000 $133,797,491 $55,153,045 $203,015,282 40.6% 1 1.5x 1
Lion Capital Fund II, L.P. 2007 $218,413,625 $260,612,520 $174,152,045 $181,747,833 -8.0% 0.7x
Madison Dearborn Capital Partners IV, L.P. 2000 $150,000,000 $173,964,778 $305,140,761 $310,214,569 13.9% 1.8x
Madison Dearborn Capital Partners V, L.P. 2006 $300,000,000 $351,554,197 $519,832,764 $525,095,033 7.2% 1.5x
Magnum Capital, L.P. 2007 $135,810,274 $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 $90,164,321 10.2% 1.7x
MHR Institutional Partners III LP 2006 $350,000,000 $371,000,000 $375,585,131 $496,965,182 5.8% 1.3x
New Mountain Partners II, L.P. 2005 $150,000,000 $138,727,183 $264,581,334 $266,936,134 13.7% 1.9x
New Mountain Partners III, L.P. 2007 $400,000,000 $452,366,039 $589,436,870 $853,159,916 13.4% 1.9x
Newbridge Asia IV, L.P. 2005 $180,000,000 $195,554,362 $409,519,551 $413,811,400 16.8% 2.1x
Oak Hill Capital Partners II, L.P. 2004 $75,000,000 $86,785,564 $134,286,634 $136,966,252 9.7% 1.6x
Oak Hill Capital Partners III, L.P. 2007 $300,000,000 $373,869,923 $422,396,131 $579,396,408 9.9% 1.5x
Oaktree Opportunities Fund VIIIb, L.P. 2011 $200,000,000 $200,000,000 $151,686,130 $265,798,327 6.1% 1.3x
Onex Partners IV, L.P. 2014 $300,000,000 $293,254,667 $33,194,735 $279,523,039 -2.3% 1 1.0x 1
Onex Partners V-B LP 2018 $500,000,000 $7,555,847 $0 $5,652,075 N/M 1 N/M 1
PAG Asia I LP 2012 $100,000,000 $113,804,000 $103,691,021 $194,640,695 20.1% 1.7x
Palladium Equity Partners III, L.P. 2004 $193,750,000 $253,343,074 $428,908,033 $448,704,544 15.8% 1.8x
Palladium Equity Partners V, L.P. 2018 $75,000,000 $15,841,632 $0 $12,897,953 N/M 1 N/M 1
Patria Brazilian Private Equity Fund V, L.P. 2015 $150,000,000 $36,222,796 $0 $45,088,046 15.3% 1 1.2x 1
Permira Europe III 2004 $126,989,866 $126,989,866 $218,890,726 $219,455,182 26.6% 1.7x
Permira IV L.P.2 2006 $283,511,524 $352,221,782 $482,941,953 $516,391,272 7.7% 1.5x
Permira V, L.P. 2014 $268,750,599 $253,773,978 $105,421,210 $413,274,779 15.7% 1 1.6x 1
Permira VI L.P. 1 2017 $504,608,126 $266,714,988 $0 $293,473,287 N/M 1 N/M 1
Polish Enterprise Fund V, L.P. 2004 $58,937,924 $69,977,405 $137,137,153 $137,137,153 15.3% 2.0x
Polish Enterprise Fund VI, L.P. 2006 $139,128,032 $145,666,797 $194,606,919 $208,734,369 5.7% 1.4x
Providence Equity Partners V 2005 $125,000,000 $157,825,582 $182,968,971 $185,316,364 3.1% 1.2x
Providence Equity Partners VI L.P. 2007 $320,000,000 $500,005,919 $515,695,617 $614,470,988 4.9% 1.2x
RFG Private Equity Limited Partnership No. 1A, 1B and 1C 2004 $33,957,378 $33,964,880 $48,603,437 $48,930,185 7.8% 1.4x
Rhone Partners III, L.P. 2006 $135,238,466 $145,326,327 $207,094,429 $207,094,429 9.8% 1.4x
Richardson Capital Private Equity Limited Partnership No.2A, 2B and 2C 2006 $41,173,846 $25,062,427 $13,326,888 $13,326,888 -11.4% 0.5x
Riverstone Global Energy and Power Fund V, L.P. 2012 $400,000,000 $464,360,681 $211,341,204 $495,518,085 2.3% 1.1x
Riverstone Global Energy and Power Fund VI, L.P. 2016 $500,000,000 $402,851,890 $120,291,006 $435,263,463 6.6% 1 1.1x 1
Riverstone/Carlyle Global Energy and Power Fund IV, L.P. 2008 $500,000,000 $598,458,684 $486,224,099 $685,155,226 3.8% 1.1x
Riverstone/Carlyle Renewable & Alternative Energy Fund II, L.P. 2008 $300,000,000 $328,532,570 $261,462,696 $393,489,754 4.2% 1.2x
Riverwood Capital Partners (Parallel - A) L.P. 2010 $150,000,000 $171,105,413 $285,612,210 $336,398,329 23.8% 2.0x
Sacramento Private Equity Partners, L.P. 2006 $605,000,000 $521,618,435 $745,183,248 $902,658,843 10.8% 1.7x
SAIF Partners III L.P. 2007 $100,000,000 $125,245,773 $109,422,855 $280,194,619 10.7% 2.2x
SAIF Partners IV L.P. 2010 $120,000,000 $147,356,026 $55,837,790 $217,236,860 8.0% 1.5x
Sankaty Managed Account (CalPERS), L.P. 2014 $500,000,001 $476,005,001 $243,440,000 $556,538,289 8.0% 1 1.2x 1
Silver Lake Partners II, L.P. 2004 $125,000,000 $135,403,984 $236,518,939 $238,185,860 11.1% 1.8x
Silver Lake Partners III, L.P. 2007 $480,000,000 $607,128,531 $940,866,012 $1,179,945,522 19.0% 1.9x
Silver Lake Partners IV, L.P. 2013 $320,000,000 $342,737,754 $150,974,325 $569,569,448 25.8% 1.7x
Silver Lake Partners V, L.P. 2018 $400,000,000 $95,029,747 $0 $90,307,806 N/M 1 N/M 1
Siris Partners III, L.P. 2015 $75,000,000 $68,691,108 $39,977,597 $78,959,731 9.7% 1 1.1x 1
Tailwind Capital Partners (PP), LP 2007 $77,510,000 $94,487,408 $142,246,325 $147,480,827 11.9% 1.6x
Tailwind Capital Partners II, LP 2014 $200,000,000 $184,136,057 $52,504,069 $230,847,469 10.3% 1.3x 1
Tailwind Capital Partners III, L.P. 2018 $200,000,000 $19,618,246 $0 $21,815,575 N/M 1 N/M 1
The Central Valley Fund II SBIC, LP 2012 $12,000,000 $7,736,315 $3,999,188 $13,405,611 13.5% 1.7x
The Resolute Fund II, L.P. 2008 $200,000,000 $219,366,434 $232,952,712 $316,597,334 8.7% 1.4x
The Rise Fund (A), L.P. 2018 $75,000,000 $29,181,537 $0 $32,212,642 N/M 1 N/M 1
Thomas H. Lee Equity Fund VI, L.P 2006 $240,000,000 $402,686,166 $482,596,095 $542,410,424 6.7% 1.3x
TowerBrook Investors II, L.P. 2005 $200,000,000 $195,324,455 $297,174,151 $314,789,813 9.8% 1.6x
TowerBrook Investors III, L.P. 2008 $300,000,000 $324,896,591 $392,373,297 $425,120,033 9.0% 1.3x
TowerBrook Investors IV (Onshore), L.P. 2013 $380,000,000 $221,129,724 $69,450,061 $326,716,926 26.2% 1.5x
Towerbrook Structured Opportunities Fund (Onshore), L.P. 2016 $221,786,667 $130,497,381 $41,670,604 $145,706,697 10.5% 1 1.1x 1
TPG Asia V, L.P. 2007 $360,000,000 $350,599,460 $398,413,552 $492,865,006 6.5% 1.4x
TPG Asia VII (A), L.P. 2018 $300,000,000 $68,995,819 $1,424,557 $66,292,961 N/M 1 N/M 1
TPG Biotechnology Partners II, L.P. 2006 $70,000,000 $71,888,857 $60,757,111 $79,226,863 1.6% 1.1x
TPG Biotechnology Partners III, L.P. 2008 $100,000,000 $98,517,191 $74,174,540 $127,824,248 5.4% 1.3x
TPG Growth IV, L.P. 2018 $75,000,000 $17,568,218 $0 $16,336,661 N/M 1 N/M 1
TPG Partners IV, L.P. 2003 $200,000,000 $225,811,312 $426,580,565 $432,681,939 15.4% 1.9x
TPG Partners V, L.P. 2006 $600,000,000 $811,329,685 $944,052,331 $1,005,286,933 3.7% 1.2x
TPG Partners VI, L.P. 2008 $825,000,000 $944,765,522 $1,137,218,244 $1,399,526,426 10.2% 1.5x
TPG STAR, L.P. 2007 $150,000,000 $171,879,025 $198,789,736 $250,458,002 9.2% 1.5x
Trident VI 2014 $250,000,000 $228,180,178 $87,312,621 $356,586,349 19.9% 1 1.6x 1
Trident VII, L.P. 2017 $270,000,000 $186,660,937 $2,214,387 $195,927,005 N/M 1 N/M 1
Triton Fund IV L.P. 2013 $91,454,543 $96,016,569 $48,410,225 $110,039,387 7.1% 1.1x
Valor Equity Partners IV L.P. 2017 $75,000,000 $40,839,153 $128,163 $50,986,067 N/M 1 N/M 1
VantagePoint CleanTech Partners, L.P. 2006 $25,000,000 $25,000,000 $12,704,911 $17,976,249 -7.3% 0.7x
VantagePoint Venture Partners 2006 (Q), L.P. 2006 $100,000,000 $100,000,000 $9,831,997 $37,048,702 -13.3% 0.4x
Vicente Capital Partners Growth Equity Fund, L.P. 2007 $40,422,297 $40,422,297 $24,143,229 $58,955,082 7.0% 1.5x
W Capital Partners II, L.P. 2007 $141,125,000 $140,615,876 $187,182,192 $196,411,182 10.5% 1.4x
Wellspring Capital Partners V, L.P. 2011 $150,000,000 $165,272,701 $186,786,978 $254,722,347 16.7% 1.5x
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 $207,832,629 12.8% 1.7x
Welsh, Carson, Anderson & Stowe XII, L.P. 2015 $350,000,000 $237,757,978 $49,259,329 $374,299,504 26.6% 1 1.6x 1
WLR Recovery Fund II, L.P. 2002 $50,000,000 $50,000,000 $120,565,266 $120,950,147 78.8% 2.4x
WLR Recovery Fund III, L.P. 2005 $198,000,000 $198,000,000 $129,463,682 $137,042,924 -7.6% 0.7x
WLR Recovery Fund IV, L.P. 2007 $400,000,000 $363,747,718 $469,262,358 $495,861,746 7.7% 1.4x
Yucaipa American Alliance Fund I, L.P. 2002 $200,000,000 $314,764,188 $299,299,456 $375,245,159 4.4% 1.2x
Yucaipa American Alliance Fund II, L.P. 2008 $400,000,000 $557,456,161 $434,770,000 $898,837,600 9.5% 1.6x
Yucaipa Corporate Initiatives Fund I, L.P. 2001 $200,000,000 $288,655,697 $189,015,311 $231,857,761 -3.3% 0.8x
Yucaipa Corporate Initiatives Fund II, L.P. 2008 $93,539,524 $91,320,511 $32,846,075 $85,645,866 -1.0% 0.9x

1Not Meaningful: Funds with a vintage year of 2014 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.