As of June 30, 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 June 30, 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 $484,437,112 $172,950,309 $696,162,537 8.9% 1.4x
57 Stars Global Opportunities Fund, LLC 2007 $430,000,000 $409,689,345 $462,297,881 $608,689,539 7.4% 1.5x
AACP AP Investors, L.P. 2007 $14,108,080 $14,831,734 $16,600,660 $16,984,878 2.2% 1.1x
AACP China Debt Investors, LP 2008 $10,000,000 $15,834,187 $20,146,425 $20,199,583 8.4% 1.3x
AACP China Growth Investors 2007 $50,000,000 $51,929,147 $81,612,215 $83,620,229 8.0% 1.6x
AACP China Venture Investors A, LP 2008 $5,000,000 $4,302,058 $3,634,199 $7,102,350 6.8% 1.7x
AACP India Investors B 2007 $5,000,000 $5,132,389 $2,426,991 $10,227,482 8.1% 2.0x
AACP India Investors C 2009 $5,000,000 $5,131,656 $1,985,865 $11,427,501 14.5% 2.2x
AACP India Venture Investors A 2007 $5,000,000 $5,065,536 $5,653,594 $5,749,667 2.0% 1.1x
Aberdare Ventures IV, LP 2008 $50,000,000 $50,000,000 $23,169,038 $49,060,046 -0.4% 1.0x
Advent International GPE V-D, L.P. 2005 $80,988,828 $77,609,736 $183,254,304 $187,144,232 42.7% 2.4x
Advent International GPE VI-A, L.P. 2008 $500,000,000 $502,306,204 $963,552,202 $1,057,435,200 16.9% 2.1x
Advent International GPE VII-C, L.P. 2012 $450,000,000 $423,732,784 $381,913,056 $753,966,206 16.1% 1.8x
Advent International GPE VIII-B Limited Partnership 2016 $500,000,000 $420,500,000 $0 $517,865,762 15.7% 1 1.2x 1
Advent Latin America Private Equity Fund IV-D, L.P. 2007 $200,000,000 $205,315,197 $264,640,196 $307,844,766 9.2% 1.5x
Advent Latin America Private Equity Fund V-H L.P. 2010 $100,000,000 $96,200,000 $48,000,000 $112,293,708 3.3% 1.2x
Advent Latin American Private Equity Fund III-D L.P. 2006 $50,000,000 $49,385,090 $66,456,184 $72,689,935 9.9% 1.5x
Affinity Asia Pacific Fund III L.P. 2007 $150,000,000 $153,542,397 $192,125,086 $219,563,970 9.6% 1.4x
Aisling Capital II, LP 2006 $80,000,000 $100,994,319 $99,084,187 $103,055,595 0.4% 1.0x
Aisling Capital III, LP 2008 $90,000,000 $113,073,646 $240,097,926 $251,776,636 26.5% 2.2x
Alta V Limited Partnership 1992 $35,000,000 $35,000,000 $84,587,808 $84,603,331 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 $3,158,528,657 $3,176,474,016 27.4% 2.6x
Apollo European Principal Finance Fund, L.P. 2008 $85,449,564 $165,208,888 $200,323,914 $200,686,837 11.9% 1.2x
Apollo Investment Fund IV, L.P. 1998 $150,000,000 $154,312,417 $254,289,011 $254,460,193 8.5% 1.6x
Apollo Investment Fund IX, L.P 2019 $550,000,000 $50,239,055 $5,695 $41,992,495 N/M 1 N/M 1
Apollo Investment Fund V, L.P. 2001 $250,000,000 $388,993,978 $776,929,038 $779,088,964 37.5% 2.0x
Apollo Investment Fund VI, L.P. 2006 $520,000,000 $866,357,105 $1,218,417,644 $1,228,120,799 8.3% 1.4x
Apollo Investment Fund VII, L.P. 2008 $800,000,000 $1,200,720,822 $1,783,635,977 $1,914,354,870 22.1% 1.6x
Apollo Investment Fund VIII, L.P. 2013 $500,000,000 $467,077,211 $153,805,600 $602,788,545 10.8% 1.3x
Apollo Special Opportunities Managed Account, L.P. 2007 $800,000,000 $800,000,000 $930,471,440 $1,083,320,236 3.8% 1.4x
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 $388,927,985 12.6% 1.5x
Ares Corporate Opportunities Fund II, L.P. 2006 $200,000,000 $225,406,541 $367,044,675 $372,384,343 13.1% 1.7x
Ares Corporate Opportunities Fund III, L.P. 2008 $400,000,000 $506,747,998 $796,107,610 $1,059,250,684 20.6% 2.1x
Ares Corporate Opportunities Fund V, L.P. 2017 $425,000,000 $282,894,269 $7,316,589 $305,220,467 8.5% 1 1.1x 1
Ares Corporate Opportunities Fund, L.P. 2003 $100,000,000 $135,853,818 $195,665,318 $198,393,617 12.9% 1.5x
Asia Alternatives Capital Partners II LP 2008 $48,933,451 $49,971,563 $65,597,337 $116,777,265 17.8% 2.3x
Asia Alternatives Capital Partners, LP 2007 $50,000,000 $53,423,431 $88,318,255 $98,168,451 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 $165,199,799 1.7% 1.1x
Baring Vostok Private Equity Fund IV L.P. / Supplemental 2007 $77,775,000 $90,551,381 $70,956,351 $107,827,636 3.4% 1.2x
BDC III C LP 2017 $162,133,345 $77,961,074 $14,344,540 $118,910,908 46.7% 1.5x
Birch Hill Equity Partners (US) III, LP 2005 $126,009,456 $142,146,954 $238,353,573 $264,415,334 12.0% 1.9x
Birch Hill Equity Partners (US) IV, LP 2011 $136,975,032 $129,782,311 $101,542,162 $228,683,939 13.1% 1.8x
Blackstone / GSO Capital Solutions Fund, LP 2010 $250,000,000 $357,750,398 $434,831,447 $451,205,914 10.6% 1.3x
Blackstone Capital Partners IV L.P. 2003 $200,000,000 $229,462,078 $555,334,280 $563,915,067 36.4% 2.5x
Blackstone Capital Partners V L.P. 2006 $600,000,000 $793,740,459 $1,183,063,403 $1,209,548,361 7.8% 1.5x
Blackstone Capital Partners VI L.P. 2011 $500,000,000 $527,001,256 $405,806,621 $837,130,942 13.1% 1.6x
Blackstone Capital Partners VII, L.P. 2016 $500,000,000 $285,131,703 $29,512,587 $355,139,145 19.7% 1 1.2x 1
Blackstone Communications Partners I L.P. 2000 $100,000,000 $111,226,418 $135,473,542 $136,153,931 6.5% 1.2x
Blackstone Tactical Opportunities Fund - C L.P. 2012 $800,000,000 $966,267,204 $919,524,834 $1,314,902,034 11.1% 1.4x
Blackstone Tactical Opportunities Fund II - C L.P. 2015 $500,000,000 $429,918,841 $166,097,405 $571,199,857 15.6% 1 1.3x 1
Blackstone Tactical Opportunities Fund III-C L.P. 2018 $500,000,000 $121,345,509 $931,241 $123,199,081 N/M 1 N/M 1
Bridgepoint Europe II 'A' LP 2001 $138,481,664 $129,223,845 $226,518,709 $228,063,268 29.3% 1.8x
Bridgepoint Europe III 'D' LP 2005 $221,725,333 $208,692,981 $208,033,076 $264,036,868 3.2% 1.3x
Bridgepoint Europe IV 'D' LP 2008 $489,469,411 $454,431,101 $555,938,668 $696,849,544 10.6% 1.5x
Bridgepoint Europe V 2014 $500,526,389 $460,523,855 $88,076,554 $633,738,346 19.2% 1.4x
Bridgepoint Europe VI 'H' LP 2019 $497,672,117 $38,921,958 $0 $32,881,257 N/M 1 N/M 1
California Asia Investors, L.P. 2008 $150,000,000 $147,906,436 $303,487,539 $601,104,446 27.8% 4.1x
California Community Venture Fund, LLC 2003 $100,000,000 $100,067,655 $83,148,808 $93,438,192 -1.2% 0.9x
California Emerging Ventures II, LLC 1999 $1,351,990,106 $1,390,902,004 $1,675,871,325 $1,716,898,972 3.9% 1.2x
California Emerging Ventures III, LLC 2001 $477,832,724 $585,865,937 $780,262,769 $822,522,207 7.3% 1.4x
California Emerging Ventures IV, LLC 2006 $461,954,891 $486,888,948 $682,966,177 $855,637,276 11.8% 1.8x
California Emerging Ventures, LLC 1999 $957,762,777 $1,095,637,624 $1,264,771,596 $1,268,735,313 3.5% 1.2x
California Mezzanine Investment Fund, L.P. 2016 $80,000,000 $48,324,280 $11,990,875 $50,075,388 2.5% 1 1.0x 1
CalPERS Clean Energy & Technology Fund, LLC 2007 $465,000,000 $468,423,814 $132,249,749 $193,565,903 -13.3% 0.4x
CalPERS Corporate Partners, LLC 2001 $500,000,000 $524,913,334 $831,121,319 $831,121,319 9.4% 1.6x
CalPERS Wellspring V, L.P. 2011 $24,975,000 $25,219,347 $32,018,157 $46,223,563 23.2% 1.8x
Capital Link Fund I, LLC 2007 $502,000,000 $599,421,300 $699,470,177 $864,318,953 7.5% 1.4x
Capital Link Fund II, LLC 2008 $435,000,000 $467,549,929 $634,777,310 $771,873,904 12.4% 1.7x
Carlyle Asia Growth Partners III, L.P. 2005 $75,000,000 $84,685,888 $76,263,225 $78,389,296 -1.4% 0.9x
Carlyle Asia Growth Partners IV, L.P. 2008 $150,000,000 $163,863,653 $155,959,466 $191,342,142 4.0% 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 $258,331,359 8.2% 1.5x
Carlyle Asia Partners III, L.P. 2008 $300,000,000 $370,084,592 $513,086,859 $545,521,963 11.3% 1.5x
Carlyle Asia Partners V, L.P. 2018 $250,000,000 $44,505,443 $0 $45,503,332 N/M 1 N/M 1
Carlyle Europe Partners II, L.P. 2003 $72,172,927 $93,146,528 $147,132,691 $147,981,838 19.7% 1.6x
Carlyle Europe Partners III, L.P. 2007 $418,305,769 $457,816,433 $698,938,092 $733,072,387 11.2% 1.6x
Carlyle Europe Partners V, S.C.Sp. 2019 $341,542,084 $27,434,522 $0 $22,984,848 N/M 1 N/M 1
Carlyle Europe Real Estate Partners, L.P. 2002 $29,851,469 $40,959,165 $60,394,091 $60,394,091 13.9% 1.5x
Carlyle Europe Technology Partners II, L.P. 2008 $101,824,586 $110,324,916 $195,337,773 $204,704,137 16.2% 1.9x
Carlyle Global Financial Services Partners, L.P. 2008 $150,000,000 $191,404,708 $313,794,445 $321,492,910 13.7% 1.7x
Carlyle Japan Partners II, L.P. 2006 $157,462,183 $162,697,718 $171,231,605 $173,270,546 1.2% 1.1x
Carlyle Japan Partners, L.P. 2001 $25,248,439 $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 $37,590,717 8.0% 1.2x
Carlyle Partners IV L.P. 2005 $300,000,000 $315,711,824 $657,607,542 $665,427,626 14.5% 2.1x
Carlyle Partners V, L.P. 2007 $800,000,000 $1,064,757,461 $1,605,192,762 $1,713,225,836 12.9% 1.6x
Carlyle Partners VI, L.P. 2013 $547,000,000 $574,380,120 $247,582,659 $743,497,234 10.4% 1.3x
Carlyle Partners VII, L.P. 2018 $600,000,000 $226,013,147 $0 $213,092,136 N/M 1 N/M 1
Carlyle Realty Partners III, L.P. 2001 $50,000,000 $66,679,972 $133,385,198 $157,624,004 28.3% 2.4x
Carlyle Strategic Partners II, L.P. 2007 $75,000,000 $148,910,451 $190,708,651 $193,355,918 11.5% 1.3x
Carlyle Strategic Partners IV, L.P. 2016 $150,000,000 $66,702,313 $31,270,327 $71,405,846 8.3% 1 1.1x 1
Carlyle U.S. Equity Opportunities II, L.P. 2015 $200,000,000 $125,736,779 $13,576,888 $128,539,665 1.2% 1 1.0x 1
Carlyle U.S. Growth Fund III, L.P. 2006 $75,000,000 $92,197,113 $121,587,162 $123,104,039 7.3% 1.3x
Carlyle Venture Partners II, L.P. 2001 $50,000,000 $77,961,078 $77,144,623 $87,261,052 2.4% 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 $360,948,590 6.4% 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 $105,107,751 4.5% 1.4x
CDH Fund V, L.P. 2014 $200,000,000 $213,627,187 $77,231,876 $294,378,416 12.3% 1.4x
Centerbridge Capital Partners III, L.P. 2015 $150,000,000 $97,681,368 $30,928,558 $131,452,642 14.7% 1 1.3x 1
Cerberus CAL II Partners, L.P. 2017 $500,000,000 $364,356,436 $14,851,485 $332,085,898 -9.7% 1 0.9x 1
Cerberus CP Partners LP 2013 $600,000,000 $674,624,184 $454,427,117 $1,150,028,076 17.3% 1.7x
Cerberus Institutional Partners V, L.P. 2012 $400,000,000 $479,288,769 $489,474,345 $792,813,379 13.8% 1.7x
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 $51,006,758 4.0% 1.3x
Clarus Lifesciences II, L.P. 2008 $75,000,000 $71,452,500 $121,656,139 $131,296,670 14.8% 1.8x
Clayton, Dubilier & Rice Fund X, L.P. 2018 $150,000,000 $59,764,971 $2,933,641 $67,241,829 N/M 1 N/M 1
Clearlake Capital Partners III, LP 2012 $50,000,000 $69,887,502 $152,175,438 $183,665,797 41.6% 2.6x
Clearlake Capital Partners IV, L.P. 2015 $56,700,000 $66,749,108 $37,157,401 $106,106,513 31.7% 1 1.6x 1
Clearlake Capital Partners V, L.P. 2018 $75,000,000 $36,035,171 $1,125,984 $54,729,135 N/M 1 N/M 1
Clearlake Opportunities Partners (P), L.P. 2015 $56,700,000 $46,456,682 $17,335,614 $55,294,840 11.2% 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 $80,733,847 4.6% 1.3x
Clearwater Capital Partners Fund III, L.P. 2006 $150,000,000 $150,000,000 $140,531,856 $178,727,293 2.7% 1.2x
Clearwater ICPL Co-Investment Fund, L.P. 2017 $8,594,302 $8,594,302 $8,594,302 $8,594,302 0.0% 1 1.0x 1
Coller International Partners V-A, L.P. 2006 $375,000,000 $322,288,690 $429,316,106 $463,202,333 8.3% 1.4x
Craton Equity Investors I, L.P. 2007 $38,153,846 $39,334,061 $5,214,248 $5,290,482 -32.9% 0.1x
CVC Capital Partners Strategic Opportunities Compounding Capital L.P. 2017 $1,000,144,883 $940,948,485 $136,496,369 $1,095,725,531 11.7% 1 1.2x 1
CVC Capital Partners VI, L.P. 2014 $572,592,533 $589,768,451 $195,101,324 $839,879,282 16.8% 1.4x
CVC Capital Partners VII (A) L.P. 2018 $569,114,829 $88,688,117 $1,933,804 $110,239,342 N/M 1 N/M 1
CVC Credit Strategic Investment A L.P. 2014 $206,094,185 $166,936,340 $231,441,485 $240,767,362 19.7% 1.4x
CVC European Equity Partners III LP 2001 $200,000,000 $234,497,567 $592,407,402 $605,511,684 41.0% 2.6x
CVC European Equity Partners IV (D) L.P. 2005 $328,281,066 $406,391,792 $726,781,649 $727,047,381 17.2% 1.8x
CVC European Equity Partners Tandem Fund (B) L.P. 2007 $469,616,470 $570,492,765 $734,978,678 $735,378,465 6.8% 1.3x
CVC European Equity Partners V (B) L.P. 2008 $566,184,427 $710,181,414 $1,148,941,158 $1,265,419,068 16.2% 1.8x
EMAlternatives Investments, L.P. 2007 $100,000,000 $114,304,495 $98,506,262 $145,947,217 5.1% 1.3x
Essex Woodlands Health Ventures Fund VIII, L.P. 2008 $125,000,000 $127,269,507 $66,055,143 $123,779,843 -0.5% 1.0x
First Reserve Fund XI, L.P. 2006 $500,000,000 $570,173,986 $383,195,222 $408,578,832 -7.9% 0.7x
First Reserve Fund XII, L.P. 2008 $300,000,000 $347,286,374 $179,012,428 $230,435,956 -9.9% 0.7x
First Reserve Fund XIII, LP 2014 $400,000,000 $343,257,077 $134,047,676 $401,846,056 11.0% 1.2x
Francisco Partners II, L.P. 2006 $175,000,000 $174,005,517 $243,168,759 $272,713,579 10.1% 1.6x
Francisco Partners III, L.P. 2011 $100,000,000 $92,569,802 $150,665,897 $225,747,221 20.8% 2.4x
Francisco Partners, L.P. 2000 $50,000,000 $52,654,785 $66,184,646 $66,636,775 4.4% 1.3x
GCM Grosvenor DEM II, L.P. 2014 $250,000,000 $153,191,761 $35,641,805 $174,218,438 9.7% 1.1x
GCM Grosvenor DEM III, L.P. 2019 $500,000,000 $20,466,878 $0 $18,716,093 N/M 1 N/M 1
GCM Grosvenor DEM, L.P. 2012 $100,000,000 $90,646,718 $36,606,686 $113,568,464 10.8% 1.3x
Generation Capital Partners, L.P. 1996 $50,000,000 $54,064,964 $66,134,674 $66,134,674 6.3% 1.2x
Golden State Investment Fund, LLC 2006 $533,058,824 $519,824,825 $681,945,789 $809,151,690 8.5% 1.6x
Green Equity Investors IV, L.P. 2003 $168,628,515 $170,691,565 $318,891,965 $320,219,955 11.2% 1.9x
Green Equity Investors V, L.P. 2007 $400,000,000 $446,335,956 $784,062,205 $987,358,086 18.7% 2.2x
GSO Capital Opportunities Fund II L.P. 2011 $250,000,000 $305,050,210 $293,290,551 $386,377,451 12.6% 1.3x
GSO Capital Opportunities Fund L.P. 2008 $100,000,000 $166,000,936 $228,800,483 $230,282,983 17.2% 1.4x
GSO Capital Solutions Fund II, L.P. 2014 $500,000,000 $454,172,241 $386,021,073 $489,445,569 5.3% 1.1x
GSO Energy Partners-C II LP 2016 $250,000,000 $202,394,623 $57,955,932 $240,510,593 10.8% 1 1.2x 1
GSO Energy Partners-C LP 2013 $400,000,000 $440,753,358 $151,512,781 $403,367,828 -3.5% 0.9x
Hellman & Friedman Capital Partners VI 2007 $600,000,000 $612,793,602 $1,086,316,063 $1,115,728,920 12.9% 1.8x
Hellman & Friedman Capital Partners VII 2011 $300,000,000 $285,961,937 $365,252,695 $800,671,990 25.4% 2.8x
Hellman & Friedman Capital Partners VIII, L.P. 2016 $500,000,000 $490,528,037 $46,974,988 $583,195,406 15.9% 1 1.2x 1
ICV Partners II, L.P. 2005 $31,220,000 $40,135,407 $61,947,907 $62,595,814 12.0% 1.6x
Insight Venture Partners Growth-Buyout Coinvestment Fund (B), L.P. 2015 $400,000,000 $358,000,000 $110,915,558 $834,739,950 36.2% 1 2.3x 1
Insight Venture Partners IX, L.P. 2015 $100,000,000 $98,599,061 $16,988,109 $200,242,404 29.7% 1 2.0x 1
Insight Venture Partners V, L.P. 2005 $46,500,000 $46,500,000 $133,719,005 $138,626,020 22.7% 3.0x
Insight Venture Partners VI, L.P. 2007 $68,000,000 $73,833,084 $166,902,436 $185,916,752 19.3% 2.5x
Insight Venture Partners X, L.P. 2018 $700,000,000 $221,305,603 $85,613 $237,737,628 N/M 1 N/M 1
Khosla Ventures III, L.P. 2009 $200,000,000 $197,000,000 $266,485,968 $331,979,987 9.0% 1.7x
Khosla Ventures Seed, L.P. 2009 $60,000,000 $60,000,000 $12,484,329 $44,217,474 -4.6% 0.7x
KKR 2006 Fund L.P. 2006 $400,000,000 $594,503,516 $783,522,356 $908,669,636 8.1% 1.5x
KKR Asian Fund II L.P. 2013 $500,000,000 $577,590,908 $254,655,560 $824,400,513 13.8% 1.4x
KKR Asian Fund L.P. 2007 $272,575,591 $353,483,241 $586,327,452 $598,118,842 13.6% 1.7x
KKR European Fund II, L.P. 2005 $201,736,390 $236,198,253 $293,806,510 $295,217,129 3.9% 1.2x
KKR European Fund III, L.P. 2008 $313,377,988 $420,268,643 $576,216,081 $607,018,493 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
KM Corporate Partners Fund II, LP 2007 $200,000,000 $193,817,584 $187,644,760 $284,158,163 7.6% 1.5x
KPS Special Situations Fund III, LP 2007 $175,000,000 $244,689,839 $396,344,675 $426,755,958 23.6% 1.7x
Lime Rock Partners IV AF, L.P. 2018 $83,686,107 $83,812,154 $126,047 $80,948,025 N/M 1 N/M 1
Lime Rock Partners IV, LP 2006 $43,000,000 $47,917,078 $139,501,029 $139,618,318 14.6% 2.9x
Lime Rock Partners V, L.P. 2008 $85,000,000 $94,814,537 $70,603,742 $88,513,206 -1.4% 0.9x
Lindsay Goldberg IV, L.P. 2015 $250,000,000 $148,761,691 $67,902,465 $221,358,519 32.1% 1 1.5x 1
Lion Capital Fund II, L.P. 2007 $218,574,203 $260,710,340 $174,152,045 $181,462,034 -8.0% 0.7x
Madison Dearborn Capital Partners IV, L.P. 2000 $150,000,000 $173,964,778 $305,140,761 $310,658,467 13.9% 1.8x
Madison Dearborn Capital Partners V, L.P. 2006 $300,000,000 $351,554,197 $519,832,764 $526,137,276 7.2% 1.5x
Magnum Capital, L.P. 2007 $135,845,255 $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 $99,482,654 11.1% 1.9x
MHR Institutional Partners III LP 2006 $350,000,000 $371,300,000 $375,885,131 $500,014,936 5.8% 1.3x
New Mountain Partners II, L.P. 2005 $150,000,000 $138,727,183 $264,581,334 $266,671,331 13.6% 1.9x
New Mountain Partners III, L.P. 2007 $400,000,000 $452,366,039 $589,436,870 $895,704,295 13.8% 2.0x
Newbridge Asia IV, L.P. 2005 $180,000,000 $195,554,362 $409,519,551 $412,592,866 16.8% 2.1x
Oak Hill Capital Partners II, L.P. 2004 $75,000,000 $86,785,564 $135,057,054 $137,054,058 9.7% 1.6x
Oak Hill Capital Partners III, L.P. 2007 $300,000,000 $376,782,966 $486,711,646 $581,172,448 9.7% 1.5x
Oaktree Opportunities Fund VIIIb, L.P. 2011 $200,000,000 $200,000,000 $193,972,967 $269,564,413 6.1% 1.3x
Onex Partners IV, L.P. 2014 $300,000,000 $293,254,667 $35,802,643 $313,436,869 2.6% 1.1x
Onex Partners V-B LP 2018 $500,000,000 $43,703,788 $0 $37,093,863 N/M 1 N/M 1
PAG Asia I LP 2012 $100,000,000 $113,804,000 $103,691,021 $201,876,173 19.9% 1.8x
Palladium Equity Partners III, L.P. 2004 $193,750,000 $253,239,932 $428,970,554 $442,826,994 15.6% 1.7x
Palladium Equity Partners V, L.P. 2018 $75,000,000 $27,048,189 $3,204,035 $23,860,444 N/M 1 N/M 1
Patria Brazilian Private Equity Fund V, L.P. 2015 $150,000,000 $54,052,215 $0 $66,631,936 14.9% 1 1.2x 1
Permira Europe III 2004 $126,989,866 $126,989,866 $218,890,726 $219,398,270 26.6% 1.7x
Permira Growth Opportunities I L.P. 1 2019 $200,000,000 $20,000,000 $0 $21,228,305 N/M 1 N/M 1
Permira IV L.P.2 2006 $283,753,993 $353,282,853 $482,941,953 $519,745,085 7.8% 1.5x
Permira V, L.P. 2014 $268,610,486 $258,007,398 $126,411,167 $480,449,407 18.3% 1.9x
Permira VI L.P. 1 2017 $503,038,600 $337,850,254 $0 $399,278,829 15.1% 1 1.2x 1
Polish Enterprise Fund V, L.P. 2004 $58,953,117 $69,977,405 $137,137,153 $137,137,153 15.3% 2.0x
Polish Enterprise Fund VI, L.P. 2006 $139,133,744 $145,666,797 $194,606,919 $205,006,278 5.4% 1.4x
Providence Equity Partners V 2005 $125,000,000 $157,825,582 $182,968,971 $185,027,912 3.1% 1.2x
Providence Equity Partners VI L.P. 2007 $320,000,000 $500,590,920 $526,015,571 $607,912,252 4.6% 1.2x
RFG Private Equity Limited Partnership No. 1A, 1B and 1C 2004 $33,957,039 $33,964,880 $48,603,437 $48,943,486 7.8% 1.4x
Rhone Partners III, L.P. 2006 $135,229,977 $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 $223,085,557 $455,422,850 -1.6% 1.0x
Riverstone Global Energy and Power Fund VI, L.P. 2016 $500,000,000 $451,489,934 $152,439,003 $436,631,560 -2.4% 1 1.0x 1
Riverstone/Carlyle Global Energy and Power Fund IV, L.P. 2008 $500,000,000 $596,224,677 $529,358,204 $679,721,109 3.6% 1.1x
Riverstone/Carlyle Renewable & Alternative Energy Fund II, L.P. 2008 $300,000,000 $329,055,228 $262,779,451 $392,134,569 4.0% 1.2x
Riverwood Capital Partners (Parallel - A) L.P. 2010 $150,000,000 $173,079,547 $285,612,210 $341,211,615 23.6% 2.0x
Sacramento Private Equity Partners, L.P. 2006 $605,000,000 $521,618,435 $784,609,484 $928,672,656 11.1% 1.8x
SAIF Partners III L.P. 2007 $100,000,000 $126,245,773 $111,051,919 $282,111,445 10.4% 2.2x
SAIF Partners IV L.P. 2010 $120,000,000 $147,356,026 $57,707,424 $223,486,585 8.0% 1.5x
Sankaty Managed Account (CalPERS), L.P. 2014 $500,000,001 $488,005,001 $306,440,000 $579,250,731 8.0% 1.2x
Silver Lake Partners II, L.P. 2004 $125,000,000 $135,417,964 $237,101,193 $238,086,212 11.1% 1.8x
Silver Lake Partners III, L.P. 2007 $480,000,000 $607,195,038 $1,079,075,802 $1,178,248,945 18.8% 1.9x
Silver Lake Partners IV, L.P. 2013 $320,000,000 $353,858,489 $200,626,223 $649,937,482 27.2% 1.8x
Silver Lake Partners V, L.P. 2018 $400,000,000 $160,150,098 $0 $173,430,020 N/M 1 N/M 1
Siris Partners III, L.P. 2015 $75,000,000 $72,491,689 $41,203,082 $87,179,769 11.5% 1 1.2x 1
Siris Partners IV, L.P. 2019 $100,000,000 $15,258,091 $0 $15,185,411 N/M 1 N/M 1
Tailwind Capital Partners (PP), LP 2007 $77,510,000 $94,755,040 $142,684,585 $147,100,934 11.8% 1.6x
Tailwind Capital Partners II, LP 2014 $200,000,000 $187,550,992 $61,852,941 $244,141,660 10.5% 1.3x
Tailwind Capital Partners III, L.P. 2018 $200,000,000 $33,251,711 $0 $39,692,878 N/M 1 N/M 1
TCV X, L.P. 2019 $175,000,000 $8,750,000 $0 $6,953,295 N/M 1 N/M 1
The Central Valley Fund II SBIC, LP 2012 $12,000,000 $7,736,315 $3,999,188 $14,677,424 14.5% 1.9x
The Resolute Fund II, L.P. 2008 $200,000,000 $219,388,533 $234,029,182 $320,851,654 8.7% 1.5x
The Rise Fund (A), L.P. 2018 $75,000,000 $39,274,809 $665,431 $44,439,816 N/M 1 N/M 1
Thomas H. Lee Equity Fund VI, L.P 2006 $240,000,000 $402,820,457 $518,708,653 $552,212,513 7.0% 1.4x
TowerBrook Investors II, L.P. 2005 $200,000,000 $195,738,362 $305,287,323 $315,171,975 9.7% 1.6x
TowerBrook Investors III, L.P. 2008 $300,000,000 $324,896,591 $392,373,297 $424,672,310 8.9% 1.3x
TowerBrook Investors IV (Onshore), L.P. 2013 $380,000,000 $277,545,028 $88,104,245 $422,442,022 27.3% 1.5x
Towerbrook Structured Opportunities Fund (Onshore), L.P. 2016 $221,786,667 $187,436,048 $45,365,997 $209,714,999 10.7% 1 1.1x 1
TPG Asia V, L.P. 2007 $360,000,000 $350,599,460 $424,099,251 $495,801,201 6.5% 1.4x
TPG Asia VII (A), L.P. 2018 $300,000,000 $88,385,740 $1,846,845 $87,665,661 N/M 1 N/M 1
TPG Biotechnology Partners II, L.P. 2006 $70,000,000 $71,888,857 $74,135,092 $85,443,513 2.7% 1.2x
TPG Biotechnology Partners III, L.P. 2008 $100,000,000 $100,076,482 $75,733,831 $144,682,176 7.2% 1.4x
TPG Golden Bear Partners, L.P. 2019 $200,000,000 $75,311,720 $0 $75,179,368 N/M 1 N/M 1
TPG Growth IV, L.P. 2018 $75,000,000 $31,248,849 $0 $31,344,777 N/M 1 N/M 1
TPG Partners IV, L.P. 2003 $200,000,000 $225,811,312 $426,580,565 $432,382,031 15.3% 1.9x
TPG Partners V, L.P. 2006 $600,000,000 $811,329,685 $975,391,739 $1,017,727,745 3.9% 1.3x
TPG Partners VI, L.P. 2008 $825,000,000 $944,765,522 $1,206,842,751 $1,413,100,334 10.2% 1.5x
TPG STAR, L.P. 2007 $150,000,000 $171,879,025 $198,789,736 $229,911,048 7.5% 1.3x
Trident VI 2014 $250,000,000 $236,194,945 $127,148,527 $394,088,211 20.4% 1.7x
Trident VII, L.P. 2017 $270,000,000 $186,660,937 $2,214,387 $209,618,375 13.3% 1 1.1x 1
Triton Fund IV L.P. 2013 $91,467,885 $96,301,216 $57,027,634 $119,311,263 9.7% 1.2x
Valor Equity Partners IV L.P. 2017 $75,000,000 $53,705,787 $128,163 $72,383,389 35.1% 1 1.3x 1
VantagePoint CleanTech Partners, L.P. 2006 $25,000,000 $25,000,000 $12,704,911 $17,878,201 -7.2% 0.7x
VantagePoint Venture Partners 2006 (Q), L.P. 2006 $100,000,000 $100,000,000 $9,831,997 $37,442,427 -12.5% 0.4x
Vicente Capital Partners Growth Equity Fund, L.P. 2007 $40,422,297 $40,801,085 $31,822,056 $59,071,032 6.7% 1.4x
Vista Equity Partners Fund VII-Z, L.P. 2019 $400,000,000 $55,915,910 $59,623 $53,397,709 N/M 1 N/M 1
W Capital Partners II, L.P. 2007 $141,125,000 $140,615,876 $188,842,195 $196,357,838 10.4% 1.4x
WCAS XIII, L.P. 2019 $400,000,000 $28,644,120 $0 $25,782,641 N/M 1 N/M 1
Wellspring Capital Partners V, L.P. 2011 $150,000,000 $166,179,081 $192,937,953 $259,667,814 16.6% 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 $205,352,013 12.3% 1.6x
Welsh, Carson, Anderson & Stowe XII, L.P. 2015 $350,000,000 $293,756,351 $130,299,178 $461,606,510 25.9% 1 1.6x 1
WLR Recovery Fund II, L.P. 2002 $50,000,000 $50,000,000 $120,565,266 $121,007,367 78.8% 2.4x
WLR Recovery Fund III, L.P. 2005 $198,000,000 $198,000,000 $129,463,682 $139,548,136 -7.0% 0.7x
WLR Recovery Fund IV, L.P. 2007 $400,000,000 $363,747,718 $469,283,142 $490,864,747 7.5% 1.3x
Yucaipa American Alliance Fund I, L.P. 2002 $200,000,000 $314,764,188 $360,325,251 $379,460,781 4.5% 1.2x
Yucaipa American Alliance Fund II, L.P. 2008 $400,000,000 $557,456,161 $516,285,484 $901,773,316 9.2% 1.6x
Yucaipa Corporate Initiatives Fund I, L.P. 2001 $200,000,000 $288,655,697 $219,686,742 $230,464,506 -3.4% 0.8x
Yucaipa Corporate Initiatives Fund II, L.P. 2008 $93,539,524 $91,320,511 $33,006,898 $81,348,286 -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.