As of June 30, 2021, the since inception Net IRR is 11.4% and the Net Multiple is 1.5x.

The table below reflects the performance of all active PE partnership investments as of June 30, 2021. 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 $505,570,919 $345,481,167 $776,588,544 8.4% 1.5x
57 Stars Global Opportunities Fund, LLC 2007 $430,000,000 $413,100,943 $531,447,968 $589,998,319 6.5% 1.4x
AACP AP Investors, L.P. 2007 $14,108,080 $14,865,637 $16,898,666 $16,927,933 2.1% 1.1x
AACP China Debt Investors, LP 2008 $10,000,000 $15,912,196 $20,202,625 $20,202,625 8.3% 1.3x
AACP China Growth Investors 2007 $50,000,000 $51,950,708 $81,890,513 $83,916,904 7.9% 1.6x
AACP China Venture Investors A, LP 2008 $5,000,000 $4,325,120 $5,207,944 $5,207,944 2.6% 1.2x
AACP India Investors B 2007 $5,000,000 $5,174,333 $3,732,238 $22,467,313 14.1% 4.3x
AACP India Investors C 2009 $5,000,000 $5,131,656 $1,985,865 $11,388,709 11.5% 2.2x
AACP India Venture Investors A 2007 $5,000,000 $5,065,536 $5,653,594 $5,837,550 2.2% 1.2x
Aberdare Ventures IV, LP 2008 $50,000,000 $50,000,000 $23,169,038 $50,469,369 0.2% 1.0x
Advent International GPE IX Limited Partnership 2019 $550,000,000 $232,441,399 $43,978,033 $450,029,043 74.5% 1 1.9x 1
Advent International GPE V-D, L.P. 2005 $81,137,193 $77,609,736 $184,029,126 $186,998,233 42.7% 2.4x
Advent International GPE VI-A, L.P. 2008 $500,000,000 $502,306,204 $1,006,375,016 $1,058,253,281 16.7% 2.1x
Advent International GPE VII-C, L.P. 2012 $450,000,000 $423,732,784 $521,379,349 $866,659,486 16.2% 2.0x
Advent International GPE VIII-B Limited Partnership 2016 $500,000,000 $474,500,002 $174,033,064 $1,064,368,031 28.5% 2.2x
Advent Latin America Private Equity Fund IV-D, L.P. 2007 $200,000,000 $205,315,197 $292,840,196 $311,099,189 9.1% 1.5x
Advent Latin America Private Equity Fund V-H L.P. 2010 $100,000,000 $96,200,000 $55,500,000 $114,346,380 3.0% 1.2x
Advent Latin American Private Equity Fund III-D L.P. 2006 $50,000,000 $49,385,090 $71,206,184 $72,941,351 9.8% 1.5x
Affinity Asia Pacific Fund III L.P. 2007 $150,000,000 $155,064,800 $211,331,584 $219,420,321 9.2% 1.4x
Aisling Capital II, LP 2006 $80,000,000 $100,994,319 $99,084,187 $101,759,330 0.1% 1.0x
Aisling Capital III, LP 2008 $90,000,000 $113,022,526 $252,501,604 $253,343,482 26.4% 2.2x
AlpInvest Secondaries Fund (onshore) VII, L.P. 2021 $500,000,000 $32,913,670 $288,756 $46,325,575 N/M 1 N/M 1
Alta V Limited Partnership 1992 $35,000,000 $35,000,000 $84,587,808 $84,587,808 25.5% 2.4x
Apollo European Principal Finance Fund, L.P. 2008 $82,148,488 $165,247,829 $200,503,086 $200,826,052 11.9% 1.2x
Apollo Investment Fund IV, L.P. 1998 $150,000,000 $154,085,315 $254,289,011 $254,339,913 8.5% 1.7x
Apollo Investment Fund IX, L.P 2019 $550,000,000 $264,240,973 $35,203,081 $333,811,850 27.5% 1 1.3x 1
Apollo Investment Fund V, L.P. 2001 $250,000,000 $388,164,138 $776,929,038 $779,072,184 37.5% 2.0x
Apollo Investment Fund VI, L.P. 2006 $520,000,000 $866,357,105 $1,218,417,644 $1,228,223,459 8.3% 1.4x
Apollo Investment Fund VII, L.P. 2008 $800,000,000 $1,203,335,917 $1,864,807,444 $1,948,143,191 21.9% 1.6x
Apollo Investment Fund VIII, L.P. 2013 $500,000,000 $482,485,742 $409,784,411 $768,181,932 13.2% 1.6x
Apollo Special Opportunities Managed Account, L.P. 2007 $800,000,000 $800,000,000 $1,026,527,479 $1,078,942,610 3.7% 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 $388,365,992 $388,847,672 12.6% 1.5x
Ares Corporate Opportunities Fund II, L.P. 2006 $200,000,000 $224,963,782 $371,474,471 $371,728,821 13.0% 1.7x
Ares Corporate Opportunities Fund III, L.P. 2008 $400,000,000 $512,078,628 $1,059,418,691 $1,082,445,351 20.4% 2.1x
Ares Corporate Opportunities Fund V, L.P. 2017 $425,000,000 $432,133,825 $106,313,544 $523,240,575 9.2% 1 1.2x 1
Ares Corporate Opportunities Fund VI, L.P. 2021 $250,000,000 $67,485,691 $0 $81,829,172 N/M 1 N/M 1
Ares Corporate Opportunities Fund, L.P. 2003 $100,000,000 $135,853,818 $195,665,318 $196,474,949 12.8% 1.4x
ASF VIII B L.P. 2020 $300,000,000 $62,444,679 $7,736,975 $116,267,983 N/M 1 N/M 1
Asia Alternatives Capital Partners II LP 2008 $48,933,451 $50,288,692 $94,149,961 $167,640,170 20.8% 3.3x
Asia Alternatives Capital Partners, LP 2007 $50,000,000 $53,499,274 $89,960,413 $99,629,258 11.5% 1.9x
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 $173,368,170 2.6% 1.1x
Baring Vostok Private Equity Fund IV L.P. / Supplemental 2007 $77,775,000 $91,865,849 $95,583,966 $110,936,596 3.4% 1.2x
BDC III C LP 2017 $132,191,497 $103,805,039 $73,507,677 $227,666,422 43.3% 1 2.2x 1
BDC IV D LP 2021 $221,268,509 $8,902,959 $0 $6,176,850 N/M 1 N/M 1
BE VI 'H' L.P. 2019 $405,963,633 $210,323,353 $30,862,110 $257,218,966 21.7% 1 1.2x 1
Bear Technology Fund, L.P. 2021 $100,000,000 $43,780,000 $0 $43,712,418 N/M 1 N/M 1
Birch Hill Equity Partners (US) III, LP 2005 $125,525,396 $142,211,315 $258,558,118 $271,348,324 12.1% 1.9x
Birch Hill Equity Partners (US) IV, LP 2011 $137,258,036 $131,593,320 $142,930,434 $318,766,424 16.1% 2.4x
Blackstone / GSO Capital Solutions Fund, LP 2010 $250,000,000 $362,730,003 $437,389,265 $439,877,928 9.4% 1.2x
Blackstone Capital Partners IV L.P. 2003 $200,000,000 $229,547,943 $560,616,687 $563,608,191 36.3% 2.5x
Blackstone Capital Partners V L.P. 2006 $600,000,000 $794,478,236 $1,202,191,950 $1,220,490,021 7.8% 1.5x
Blackstone Capital Partners VI L.P. 2011 $500,000,000 $541,021,185 $618,646,170 $941,851,044 13.1% 1.7x
Blackstone Capital Partners VII, L.P. 2016 $500,000,000 $513,178,843 $116,895,718 $798,284,040 21.2% 1.6x
Blackstone Capital Partners VIII, L.P. 2021 $750,000,000 $91,415,893 $0 $116,260,972 N/M 1 N/M 1
Blackstone Communications Partners I L.P. 2000 $100,000,000 $111,226,418 $135,473,542 $136,272,273 6.5% 1.2x
Blackstone Tactical Opportunities Fund - C L.P. 2012 $800,000,000 $984,838,668 $1,137,532,842 $1,415,672,756 11.4% 1.4x
Blackstone Tactical Opportunities Fund II - C L.P. 2015 $500,000,000 $466,896,122 $376,406,513 $725,404,017 15.7% 1.6x
Blackstone Tactical Opportunities Fund III-C (Surge) L.P. 2019 $500,000,000 $219,208,292 $50,042,456 $247,036,697 12.5% 1 1.1x 1
Blackstone Tactical Opportunities Fund III-C L.P. 2018 $350,000,000 $249,116,741 $45,156,693 $355,133,512 32.2% 1 1.4x 1
Bridgepoint Europe II 'A' LP 2001 $110,522,080 $127,309,360 $227,397,574 $227,397,574 29.3% 1.8x
Bridgepoint Europe II 'C' L.P. 2015 $28,421,664 $1,914,485 $683,202 $683,202 -27.4% 0.4x
Bridgepoint Europe III 'C' L.P. 2015 $28,422,318 $16,760,648 $13,270,286 $20,216,855 5.5% 1.2x
Bridgepoint Europe III 'D' LP 2005 $194,535,233 $191,932,333 $194,762,790 $236,067,350 2.6% 1.2x
Bridgepoint Europe IV 'B' L.P. 2015 $93,535,512 $68,658,293 $75,434,322 $96,035,512 14.3% 1.4x
Bridgepoint Europe IV 'D' LP 2008 $400,216,959 $394,251,551 $532,921,340 $611,089,403 9.8% 1.5x
Bridgepoint Europe V 2014 $400,557,722 $371,584,920 $241,993,009 $731,179,812 21.8% 2.0x
California Asia Investors, L.P. 2008 $150,000,000 $149,265,951 $553,442,330 $732,268,311 28.3% 4.9x
California Community Venture Fund, LLC 2003 $100,000,000 $100,067,655 $86,701,858 $92,574,483 -1.3% 0.9x
California Emerging Ventures II, LLC 1999 $1,339,569,396 $1,391,089,668 $1,718,145,285 $1,718,145,285 3.9% 1.2x
California Emerging Ventures III, LLC 2001 $510,129,981 $618,607,154 $806,127,852 $865,625,345 7.4% 1.4x
California Emerging Ventures IV, LLC 2006 $462,504,891 $487,986,614 $784,366,511 $936,452,003 12.4% 1.9x
California Emerging Ventures, LLC 1999 $952,944,894 $1,096,189,129 $1,270,832,900 $1,270,832,900 3.5% 1.2x
California Mezzanine Investment Fund, L.P. 2016 $80,000,000 $48,615,086 $40,271,837 $56,899,661 6.3% 1.2x
California Partners, L.P. 2020 $350,000,000 $85,849,945 $0 $91,917,490 N/M 1 N/M 1
CalPERS Clean Energy & Technology Fund, LLC 2007 $465,000,000 $468,423,814 $132,249,749 $170,062,161 -14.3% 0.4x
CalPERS Corporate Partners, LLC 2001 $500,000,000 $529,169,169 $831,932,862 $831,932,862 9.3% 1.6x
CalPERS Wellspring V, L.P. 2011 $24,975,000 $26,502,085 $43,201,023 $52,082,407 22.7% 2.0x
Capital Link Fund I, LLC 2007 $502,000,000 $600,773,004 $811,351,482 $914,621,165 8.0% 1.5x
Capital Link Fund II, LLC 2008 $435,000,000 $470,396,375 $677,787,479 $794,386,464 12.2% 1.7x
Carlyle Asia Growth Partners III, L.P. 2005 $75,000,000 $84,766,869 $78,177,512 $78,177,512 -1.4% 0.9x
Carlyle Asia Growth Partners IV, L.P. 2008 $150,000,000 $164,550,110 $162,073,102 $181,253,524 2.4% 1.1x
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 $257,965,237 8.2% 1.5x
Carlyle Asia Partners III, L.P. 2008 $300,000,000 $370,429,797 $516,692,576 $556,021,880 11.4% 1.5x
Carlyle Asia Partners V, L.P. 2018 $250,000,000 $98,903,029 $27,851,657 $138,891,398 28.9% 1 1.4x 1
Carlyle Europe Partners II, L.P. 2003 $71,323,746 $93,146,528 $147,395,262 $148,256,954 19.7% 1.6x
Carlyle Europe Partners III, L.P. 2007 $417,033,312 $459,301,028 $699,833,265 $739,396,202 11.1% 1.6x
Carlyle Europe Partners V, S.C.Sp. 2019 $351,125,222 $176,833,335 $502,891 $186,118,786 5.1% 1 1.1x 1
Carlyle Europe Technology Partners II, L.P. 2008 $101,478,262 $110,519,643 $203,697,499 $205,142,546 16.2% 1.9x
Carlyle Global Financial Services Partners, L.P. 2008 $150,000,000 $191,950,088 $322,013,690 $322,645,709 13.7% 1.7x
Carlyle Japan Partners II, L.P. 2006 $157,566,645 $163,074,911 $171,231,605 $175,175,928 1.4% 1.1x
Carlyle Japan Partners, L.P. 2001 $25,469,269 $38,722,584 $76,795,315 $76,795,315 34.1% 2.0x
Carlyle Mexico Partners, L.P. 2005 $25,000,000 $30,874,091 $37,552,281 $37,552,281 7.9% 1.2x
Carlyle Partners IV L.P. 2005 $300,000,000 $315,731,007 $665,380,421 $665,380,421 14.5% 2.1x
Carlyle Partners V, L.P. 2007 $800,000,000 $1,067,512,609 $1,633,714,421 $1,741,185,709 12.9% 1.6x
Carlyle Partners VI, L.P. 2013 $547,000,000 $590,610,459 $425,355,047 $1,176,450,455 18.1% 2.0x
Carlyle Partners VII, L.P. 2018 $600,000,000 $428,293,242 $17,173,620 $482,132,308 8.3% 1 1.1x 1
Carlyle Realty Partners III, L.P. 2001 $50,000,000 $66,711,505 $158,781,563 $159,098,745 28.3% 2.4x
Carlyle Strategic Partners II, L.P. 2007 $75,000,000 $148,924,890 $190,708,651 $193,391,268 11.4% 1.3x
Carlyle Strategic Partners IV, L.P. 2016 $150,000,000 $124,212,551 $68,760,402 $137,649,443 8.2% 1.1x
Carlyle U.S. Equity Opportunities II, L.P. 2015 $200,000,000 $195,552,962 $42,406,650 $271,213,368 11.9% 1.4x
Carlyle U.S. Growth Fund III, L.P. 2006 $75,000,000 $92,197,113 $121,587,162 $123,060,520 7.3% 1.3x
Carlyle Venture Partners II, L.P. 2001 $50,000,000 $77,961,078 $77,144,623 $77,422,783 -0.2% 1.0x
Carlyle/Riverstone Global Energy and Power Fund II 2003 $75,000,000 $123,495,345 $216,931,415 $216,931,415 52.7% 1.8x
Carlyle/Riverstone Global Energy and Power Fund III, L.P. 2005 $250,000,000 $267,297,504 $343,371,353 $350,447,108 5.9% 1.3x
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 $76,882,978 $95,885,937 $105,093,578 4.4% 1.4x
CDH Fund V, L.P. 2014 $200,000,000 $224,092,186 $135,262,987 $383,062,066 14.1% 1.7x
Centerbridge Capital Partners III, L.P. 2015 $150,000,000 $191,700,395 $117,071,638 $296,991,574 19.7% 1.5x
Cerberus CAL II Partners, L.P. 2017 $500,000,000 $423,762,376 $109,900,990 $697,288,532 20.4% 1 1.6x 1
Cerberus CAL III Partners, L.P. 2019 $500,000,000 $177,657,091 $15,408,997 $188,482,276 6.6% 1 1.1x 1
Cerberus CP Partners LP 2013 $600,000,000 $674,624,184 $855,309,760 $1,381,018,381 18.0% 2.0x
Cerberus Institutional Partners V, L.P. 2012 $400,000,000 $479,288,769 $679,347,066 $866,740,835 14.0% 1.8x
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 $46,969,496 $51,897,072 4.2% 1.3x
Clarus Lifesciences II, L.P. 2008 $75,000,000 $71,452,500 $127,680,775 $131,780,157 14.7% 1.8x
Clayton, Dubilier & Rice Fund X, L.P. 2018 $150,000,000 $133,236,296 $42,469,586 $287,333,334 55.4% 1 2.2x 1
Clearlake Capital Partners III, LP 2012 $50,000,000 $70,294,765 $172,001,992 $197,966,463 40.8% 2.8x
Clearlake Capital Partners IV, L.P. 2015 $56,700,000 $85,066,625 $107,895,074 $173,032,300 33.1% 2.0x
Clearlake Capital Partners V, L.P. 2018 $75,000,000 $78,951,407 $63,525,541 $179,663,647 55.7% 1 2.3x 1
Clearlake Opportunities Partners (P), L.P. 2015 $56,700,000 $65,670,997 $31,461,852 $93,139,759 15.4% 1.4x
Clearwater Capital Partners Fund I, L.P. 2007 $7,381,847 $41,735,012 $35,355,880 $35,355,880 -5.1% 0.8x
Clearwater Capital Partners Fund II Holdings, L.P. 2005 $54,375,000 $63,247,676 $78,583,349 $80,074,315 4.5% 1.3x
Clearwater Capital Partners Fund III, L.P. 2006 $150,000,000 $150,000,000 $149,531,855 $172,523,238 2.1% 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 $433,869,293 $446,581,539 7.6% 1.4x
Craton Equity Investors I, L.P. 2007 $38,153,846 $39,336,050 $5,300,141 $5,300,141 -32.8% 0.1x
CVC Capital Partners Asia V L.P. 2020 $200,000,000 $13,782,461 $0 $12,249,298 N/M 1 N/M 1
CVC Capital Partners Strategic Opportunities Compounding Capital L.P. 2017 $999,321,244 $1,029,276,211 $240,739,305 $1,493,327,227 13.4% 1 1.5x 1
CVC Capital Partners VI, L.P. 2014 $570,401,941 $626,766,333 $385,586,956 $1,177,507,652 19.4% 1.9x
CVC Capital Partners VII (A) L.P. 2018 $574,738,434 $358,603,243 $8,292,517 $593,169,697 35.1% 1 1.7x 1
CVC Credit Strategic Investment A L.P. 2014 $207,713,727 $166,936,340 $240,442,261 $240,542,254 19.6% 1.4x
CVC European Equity Partners III LP 2001 $200,000,000 $234,497,567 $592,407,402 $605,742,532 41.0% 2.6x
CVC European Equity Partners IV (D) L.P. 2005 $325,155,608 $406,865,452 $726,781,649 $727,281,264 17.2% 1.8x
CVC European Equity Partners Tandem Fund (B) L.P. 2007 $465,460,048 $570,492,765 $734,978,678 $735,271,821 6.8% 1.3x
CVC European Equity Partners V (B) L.P. 2008 $560,544,661 $710,380,479 $1,277,507,777 $1,304,086,204 16.5% 1.8x
DS Opportunities (C) LP 2021 $178,977,697 $37,238,549 $0 $35,928,338 N/M 1 N/M 1
EMAlternatives Investments, L.P. 2007 $100,000,000 $115,423,766 $121,402,179 $142,000,329 4.1% 1.2x
EQT IX (No.2) USD SCSp 2021 $750,000,000 $244,351,801 $2,258,532 $282,736,691 N/M 1 N/M 1
Essex Woodlands Health Ventures Fund VIII, L.P. 2008 $125,000,000 $127,644,136 $110,983,788 $110,983,788 -2.5% 0.9x
EW Healthcare Partners Acquisition Fund, L.P. 2021 $38,998,130 $38,998,130 $7,218,212 $48,444,319 N/M 1 N/M 1
First Reserve Fund XI, L.P. 2006 $500,000,000 $570,173,986 $390,721,510 $391,344,497 -9.4% 0.7x
First Reserve Fund XII, L.P. 2008 $300,000,000 $347,494,096 $184,467,869 $201,945,698 -13.7% 0.6x
First Reserve Fund XIII, LP 2014 $400,000,000 $447,597,212 $150,536,618 $414,981,595 -3.5% 0.9x
Forecastle, L.P. 2020 $500,000,000 $137,060,000 $0 $160,448,152 N/M 1 N/M 1
Francisco Partners Agility II, L.P. 2020 $50,000,000 $5,000,000 $0 $5,200,442 N/M 1 N/M 1
Francisco Partners II, L.P. 2006 $175,000,000 $174,005,517 $256,293,759 $277,995,380 10.1% 1.6x
Francisco Partners III, L.P. 2011 $100,000,000 $95,284,663 $215,798,976 $331,624,525 24.3% 3.5x
Francisco Partners VI, L.P. 2021 $250,000,000 $28,125,000 $0 $31,802,636 N/M 1 N/M 1
Francisco Partners, L.P. 2000 $50,000,000 $52,654,785 $66,630,510 $66,630,510 4.4% 1.3x
GCM Grosvenor DEM II, L.P. 2014 $250,000,000 $223,247,139 $96,213,359 $328,019,051 17.1% 1.5x
GCM Grosvenor DEM III, L.P. 2019 $550,000,000 $183,900,734 $4,917,002 $206,013,046 16.5% 1 1.1x 1
GCM Grosvenor DEM, L.P. 2012 $100,000,000 $109,075,134 $68,733,968 $144,878,608 10.0% 1.3x
General Atlantic Managed Account 2020 $750,000,000 $256,647,788 $0 $307,742,803 N/M 1 N/M 1
Golden State Investment Fund, LLC 2006 $533,058,824 $520,793,163 $722,918,337 $817,311,401 8.3% 1.6x
Grandval II, L.P. 2019 $600,000,000 $262,301,959 $0 $483,139,163 60.5% 1 1.8x 1
Grandval, L.P. 2018 $50,000,000 $16,013,644 $0 $31,956,697 35.7% 1 2.0x 1
Green Equity Investors CF, L.P. 2021 $186,639,450 $171,790,803 $0 $162,136,837 N/M 1 N/M 1
Green Equity Investors IV, L.P. 2003 $168,628,515 $170,699,920 $320,319,105 $320,319,105 11.2% 1.9x
Green Equity Investors V, L.P. 2007 $400,000,000 $446,470,165 $1,019,515,541 $1,039,532,210 18.6% 2.3x
Green Equity Investors VIII, L.P. 2020 $600,000,000 $246,194,350 $0 $254,463,216 N/M 1 N/M 1
Greenleaf Co-Invest Partners, L.P. 2021 $600,000,000 $79,667,571 $0 $85,464,548 N/M 1 N/M 1
GSO Capital Opportunities Fund II L.P. 2011 $250,000,000 $310,618,628 $335,870,454 $387,219,699 10.6% 1.2x
GSO Capital Opportunities Fund L.P. 2008 $100,000,000 $166,000,936 $228,800,483 $230,272,056 17.1% 1.4x
GSO Capital Solutions Fund II, L.P. 2014 $500,000,000 $492,447,716 $439,715,315 $506,900,236 1.9% 1.0x
GSO Energy Partners-C II LP 2016 $250,000,000 $227,097,640 $137,452,921 $265,340,937 6.0% 1.2x
GSO Energy Partners-C LP 2013 $400,000,000 $472,751,881 $202,959,709 $353,783,395 -9.1% 0.7x
Hellman & Friedman Capital Partners IX, L.P. 2020 $650,000,000 $477,396,771 $24,201,741 $600,189,758 N/M 1 N/M 1
Hellman & Friedman Capital Partners VI 2007 $600,000,000 $612,793,602 $1,107,211,455 $1,118,185,853 12.9% 1.8x
Hellman & Friedman Capital Partners VII 2011 $300,000,000 $286,657,451 $797,984,392 $955,743,429 25.0% 3.3x
Hellman & Friedman Capital Partners VIII, L.P. 2016 $500,000,000 $509,182,982 $140,448,338 $999,184,920 25.4% 2.0x
ICV Partners II, L.P. 2005 $31,220,000 $40,135,407 $61,947,907 $62,563,343 11.9% 1.6x
Insight Partners XI, L.P. 2020 $400,000,000 $318,000,000 $38,475 $502,162,580 N/M 1 N/M 1
Insight Venture Partners Growth-Buyout Coinvestment Fund (B), L.P. 2015 $400,000,000 $384,000,000 $509,350,111 $1,571,228,187 39.1% 4.1x
Insight Venture Partners IX, L.P. 2015 $100,000,000 $102,444,637 $70,351,906 $415,193,527 36.5% 4.1x
Insight Venture Partners V Coinvestment Fund, L.P. 2005 $14,000,000 $14,000,000 $47,668,884 $47,668,884 26.3% 3.4x
Insight Venture Partners V, L.P. 2005 $32,500,000 $32,500,000 $90,913,937 $90,913,937 20.9% 2.8x
Insight Venture Partners VI, L.P. 2007 $68,000,000 $73,833,084 $186,165,175 $186,551,877 19.2% 2.5x
Insight Venture Partners X, L.P. 2018 $250,000,000 $250,933,718 $40,880,462 $668,619,928 53.7% 1 2.7x 1
Jade Equity Investors, L.P. 2020 $155,000,000 $29,710,218 $16,158,567 $51,924,970 N/M 1 N/M 1
K5 Private Investors, L.P. 2021 $150,000,000 $6,482,621 $0 $4,954,204 N/M 1 N/M 1
Khosla Ventures III, L.P. 2009 $200,000,000 $198,000,000 $304,376,452 $363,277,005 9.8% 1.8x
Khosla Ventures Seed, L.P. 2009 $60,000,000 $60,000,000 $12,484,329 $36,103,756 -6.3% 0.6x
KKR 2006 Fund L.P. 2006 $400,000,000 $595,099,722 $862,570,849 $940,980,589 8.3% 1.6x
KKR Asian Fund II L.P. 2013 $500,000,000 $606,868,057 $443,201,695 $860,705,519 10.0% 1.4x
KKR Asian Fund IV SCSp 2021 $300,000,000 $23,701,857 $0 $24,670,344 N/M 1 N/M 1
KKR Asian Fund L.P. 2007 $272,575,591 $355,595,791 $599,827,447 $602,141,758 13.6% 1.7x
KKR European Fund II, L.P. 2005 $200,733,346 $236,198,253 $294,468,724 $295,275,280 3.9% 1.3x
KKR European Fund III, L.P. 2008 $310,251,193 $420,583,585 $589,502,563 $602,379,023 9.7% 1.4x
KKR European Fund V (USD) SCSp 2020 $300,000,000 $181,072,142 $5,799,387 $220,339,405 N/M 1 N/M 1
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 $373,091,650 16.4% 1.8x
KM Corporate Partners Fund II, LP 2007 $200,000,000 $194,785,313 $188,645,774 $271,437,245 6.2% 1.4x
KPS Special Situations Fund III, LP 2007 $175,000,000 $244,794,646 $427,439,314 $428,025,060 23.5% 1.7x
Lime Rock Partners IV AF, L.P. 2018 $83,686,107 $83,812,154 $2,272,816 $131,022,367 16.0% 1 1.6x 1
Lime Rock Partners IV, LP 2006 $43,000,000 $47,917,078 $139,501,029 $139,611,099 14.6% 2.9x
Lime Rock Partners V, L.P. 2008 $85,000,000 $95,104,915 $71,510,504 $82,648,684 -2.7% 0.9x
Lindsay Goldberg IV, L.P. 2015 $250,000,000 $197,790,480 $197,136,378 $402,910,979 34.5% 2.0x
Lindsay Goldberg V L.P. 2020 $250,000,000 $46,228,054 $3,634,527 $53,085,429 N/M 1 N/M 1
Lion Capital Fund II, L.P. 2007 $216,824,866 $260,850,905 $184,784,139 $185,032,446 -7.2% 0.7x
LongRange Capital Fund I, L.P. 2020 $1,500,000,000 $182,160,889 $0 $175,537,999 N/M 1 N/M 1
Madison Dearborn Capital Partners IV, L.P. 2000 $150,000,000 $174,113,440 $306,512,368 $311,238,470 13.9% 1.8x
Madison Dearborn Capital Partners V, L.P. 2006 $300,000,000 $351,554,197 $521,652,933 $541,672,944 7.5% 1.5x
Madison Dearborn Capital Partners VIII, LP 2020 $400,000,000 $89,333,800 $0 $126,257,204 N/M 1 N/M 1
Magnum Capital, L.P. 2007 $135,466,497 $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 $117,139,848 $135,547,827 13.2% 2.6x
MHR Institutional Partners III LP 2006 $350,000,000 $371,300,000 $384,747,862 $556,278,212 6.8% 1.5x
New Mountain Partners II, L.P. 2005 $150,000,000 $138,727,183 $264,581,334 $265,487,081 13.6% 1.9x
New Mountain Partners III, L.P. 2007 $400,000,000 $454,119,376 $749,301,008 $1,062,255,935 14.9% 2.3x
New Mountain Partners VI, L.P. 2021 $600,000,000 $60,876,100 $57,760 $59,184,090 N/M 1 N/M 1
Newbridge Asia IV, L.P. 2005 $180,000,000 $195,554,362 $412,814,091 $413,519,150 16.8% 2.1x
Nordic Bear SCSp 2021 $500,000,000 $216,053,928 $0 $212,287,680 N/M 1 N/M 1
Oak Hill Capital Partners II, L.P. 2004 $75,000,000 $86,785,564 $136,149,686 $137,203,576 9.7% 1.6x
Oak Hill Capital Partners III, L.P. 2007 $300,000,000 $380,079,555 $535,120,615 $610,755,757 10.0% 1.6x
Oaktree Latigo Investment Fund, L.P. 2020 $1,000,000,000 $400,000,000 $0 $454,167,431 N/M 1 N/M 1
Oaktree Opportunities Fund VIIIb, L.P. 2011 $200,000,000 $200,000,000 $216,259,804 $290,109,187 6.8% 1.5x
OHA Black Bear Fund, L.P. 2020 $1,000,000,000 $250,000,000 $0 $340,583,085 N/M 1 N/M 1
Onex Partners IV, L.P. 2014 $300,000,000 $305,211,652 $196,710,232 $412,800,003 8.3% 1.4x
Onex Partners V-B LP 2018 $500,000,000 $259,405,232 $11,434,512 $304,555,022 14.8% 1 1.2x 1
PAG Asia I LP 2012 $100,000,000 $116,919,732 $194,774,614 $229,760,989 19.2% 2.0x
PAG Asia III LP 2019 $380,000,000 $128,545,279 $1,813,194 $144,389,380 10.7% 1 1.1x 1
Palladium Equity Partners III, L.P. 2004 $193,750,000 $254,491,298 $443,034,009 $444,446,043 15.6% 1.7x
Palladium Equity Partners V, L.P. 2018 $75,000,000 $48,820,562 $4,700,209 $56,846,863 9.7% 1 1.2x 1
Patria Brazilian Private Equity Fund V, L.P. 2015 $150,000,000 $131,024,569 $0 $277,509,190 35.6% 2.1x
Permira Europe III 2004 $126,989,866 $126,989,866 $219,162,733 $219,672,996 26.6% 1.7x
Permira Growth Opportunities I L.P. 1 2019 $200,000,000 $144,800,000 $23,672 $260,936,310 67.8% 1 1.8x 1
Permira IV L.P.2 2006 $280,942,292 $354,598,629 $492,791,364 $548,514,917 8.3% 1.5x
Permira V, L.P. 2014 $268,965,591 $269,631,620 $429,947,482 $858,698,669 26.6% 3.2x
Permira VI L.P. 1 2017 $501,109,418 $465,967,956 $146,166,571 $943,494,882 30.4% 1 2.0x 1
Permira VII L.P.1 2020 $643,731,778 $249,250,654 $0 $288,116,892 N/M 1 N/M 1
Polish Enterprise Fund VI, L.P. 2006 $139,071,897 $145,749,743 $219,459,691 $219,534,752 6.2% 1.5x
Providence Equity Partners V 2005 $125,000,000 $157,826,071 $184,249,143 $184,925,527 3.1% 1.2x
Providence Equity Partners VI L.P. 2007 $320,000,000 $504,743,016 $621,637,687 $647,150,375 5.4% 1.3x
Q-Street Capital, L.P. 2021 $150,000,000 $30,095,187 $0 $32,721,698 N/M 1 N/M 1
Redwood Opportunities SCSp 2020 $600,000,000 $109,997,677 $0 $130,809,129 N/M 1 N/M 1
Riverstone Global Energy and Power Fund V, L.P. 2012 $400,000,000 $522,001,665 $231,307,803 $392,218,176 -8.9% 0.8x
Riverstone Global Energy and Power Fund VI, L.P. 2016 $500,000,000 $624,886,710 $184,362,948 $547,345,967 -6.4% 0.9x
Riverstone/Carlyle Global Energy and Power Fund IV, L.P. 2008 $500,000,000 $592,146,166 $628,361,265 $639,575,117 2.1% 1.1x
Riverstone/Carlyle Renewable & Alternative Energy Fund II, L.P. 2008 $300,000,000 $331,162,971 $348,194,430 $360,630,876 1.9% 1.1x
Riverwood Capital Partners (Parallel - A) L.P. 2010 $150,000,000 $173,992,533 $306,445,012 $342,001,127 22.7% 2.0x
Sacramento Private Equity Partners, L.P. 2006 $605,000,000 $525,175,477 $861,708,841 $1,062,013,415 12.2% 2.0x
SAIF Partners III L.P. 2007 $100,000,000 $127,020,773 $121,871,329 $302,869,046 9.9% 2.4x
SAIF Partners IV L.P. 2010 $120,000,000 $149,456,026 $73,838,513 $272,976,197 9.1% 1.8x
Samson Partners, L.P. 2020 $238,801,883 $172,073,956 $0 $200,177,024 N/M 1 N/M 1
Sankaty Managed Account (CalPERS), L.P. 2014 $500,000,001 $500,000,002 $403,940,000 $611,102,634 7.1% 1.2x
Sierra Partners, L.P. 2020 $150,000,000 $3,154,535 $0 $5,408,289 N/M 1 N/M 1
Silver Lake Partners II, L.P. 2004 $125,000,000 $135,417,964 $237,661,847 $237,716,446 11.0% 1.8x
Silver Lake Partners III, L.P. 2007 $480,000,000 $612,489,219 $1,146,077,327 $1,198,614,275 18.7% 2.0x
Silver Lake Partners IV, L.P. 2013 $320,000,000 $371,768,210 $340,908,541 $959,047,037 28.6% 2.6x
Silver Lake Partners V, L.P. 2018 $400,000,000 $368,860,126 $73,571,964 $640,759,092 35.1% 1 1.7x 1
Silver Lake Partners VI, L.P. 2021 $800,000,000 $187,452,519 $0 $235,107,256 N/M 1 N/M 1
Silver Lake Technology Investors IV, LP 2013 $80,000,000 $86,028,913 $95,070,659 $276,955,767 37.0% 3.2x
Silver Lake Technology Investors V, L.P. 2018 $100,000,000 $87,406,670 $19,707,470 $177,906,351 38.3% 1 2.0x 1
Siris Partners III, L.P. 2015 $75,000,000 $84,315,152 $64,928,408 $122,338,750 14.9% 1.5x
Siris Partners IV, L.P. 2019 $100,000,000 $56,030,976 $8,271,134 $77,037,344 20.2% 1 1.4x 1
SL SPV-1, L.P. 2017 $38,675,166 $82,255,634 $3,431,626 $99,422,160 5.2% 1 1.2x 1
SL SPV-2, L.P. 2019 $28,417,191 $49,585,194 $6,163,552 $99,888,981 34.7% 1 2.0x 1
Summit Partners Growth Equity Fund X-A, L.P. 2020 $250,000,000 $129,350,003 $0 $171,134,277 N/M 1 N/M 1
Tailwind Capital Partners (PP), LP 2007 $77,510,000 $97,319,946 $144,816,072 $145,362,172 11.3% 1.5x
Tailwind Capital Partners II, LP 2014 $150,000,000 $149,335,575 $83,407,747 $234,147,084 12.7% 1.6x
Tailwind Capital Partners III, L.P. 2018 $200,000,000 $117,923,575 $19,398,984 $137,751,955 12.4% 1 1.2x 1
TCC Opportunities, L.P. 2021 $500,000,000 $18,413,312 $0 $18,054,153 N/M 1 N/M 1
TCP II Co-Invest B, L.P. 2015 $50,000,000 $49,253,164 $18,328,653 $100,896,259 17.3% 2.0x
TCV X, L.P. 2019 $175,000,000 $123,349,444 $0 $295,765,073 84.1% 1 2.4x 1
TCV XI, L.P. 2021 $300,000,000 $56,306,119 $0 $53,021,296 N/M 1 N/M 1
The Central Valley Fund II SBIC, LP 2012 $12,000,000 $7,853,394 $5,665,674 $20,109,439 16.4% 2.6x
The Resolute Fund II, L.P. 2008 $200,000,000 $224,635,172 $262,338,282 $333,227,355 8.4% 1.5x
The Rise Fund (A), L.P. 2018 $75,000,000 $66,136,580 $10,736,365 $96,809,309 19.2% 1 1.5x 1
Thoma Bravo Fund XIV, L.P. 2021 $600,000,000 $235,975,757 $169 $234,714,319 N/M 1 N/M 1
Thomas H. Lee Equity Fund VI, L.P 2006 $240,000,000 $402,945,261 $556,136,401 $556,367,835 7.0% 1.4x
Top Castle Sidecar VII, L.P. 2020 $500,000,000 $48,782,218 $0 $62,341,720 N/M 1 N/M 1
TowerBrook Investors II, L.P. 2005 $200,000,000 $195,738,362 $319,867,418 $327,971,315 10.1% 1.7x
TowerBrook Investors III, L.P. 2008 $300,000,000 $328,306,858 $419,407,778 $420,964,218 8.4% 1.3x
TowerBrook Investors IV (Onshore), L.P. 2013 $380,000,000 $298,963,584 $154,365,824 $633,371,743 26.8% 2.1x
Towerbrook Investors V (Onshore) LP 2019 $400,000,000 $145,275,358 $7,692,577 $138,585,048 -6.5% 1 1.0x 1
Towerbrook Structured Opportunities Fund (Onshore), L.P. 2016 $221,786,667 $266,158,279 $124,947,568 $347,842,174 14.0% 1.3x
Towerbrook Structured Opportunities Fund II (Onshore) LP 2019 $250,000,000 $50,058,911 $3,508,069 $50,180,298 0.4% 1 1.0x 1
TPG Asia V, L.P. 2007 $360,000,000 $350,599,460 $445,023,270 $501,037,668 6.5% 1.4x
TPG Asia VII (A), L.P. 2018 $300,000,000 $212,254,951 $24,383,993 $292,797,075 20.2% 1 1.4x 1
TPG Biotechnology Partners II, L.P. 2006 $70,000,000 $71,952,784 $86,727,052 $86,790,984 2.9% 1.2x
TPG Biotechnology Partners III, L.P. 2008 $100,000,000 $100,076,482 $143,135,485 $268,182,112 14.4% 2.7x
TPG Golden Bear Partners, L.P. 2019 $400,000,000 $212,268,126 $8,052,235 $282,164,352 24.3% 1 1.3x 1
TPG Growth IV, L.P. 2018 $75,000,000 $61,117,249 $11,449,320 $86,996,349 20.9% 1 1.4x 1
TPG Growth V, L.P. 2021 $200,000,000 $81,480,478 $98,220 $100,501,800 N/M 1 N/M 1
TPG Healthcare Partners, L.P. 2019 $100,000,000 $34,933,907 $8,137,121 $90,467,169 N/M 1 N/M 1
TPG Partners IV, L.P. 2003 $200,000,000 $225,811,661 $428,892,245 $429,214,391 15.3% 1.9x
TPG Partners V, L.P. 2006 $600,000,000 $811,329,685 $1,005,384,966 $1,006,978,961 3.7% 1.2x
TPG Partners VI, L.P. 2008 $825,000,000 $953,291,412 $1,307,747,272 $1,398,378,938 9.5% 1.5x
TPG Partners VIII, L.P. 2019 $500,000,000 $121,928,031 $9,108,392 $225,681,934 98.9% 1 1.9x 1
TPG STAR, L.P. 2007 $150,000,000 $171,879,025 $204,248,267 $221,141,715 6.5% 1.3x
Trident VI 2014 $250,000,000 $257,795,328 $278,293,375 $578,291,925 23.9% 2.2x
Trident VII, L.P. 2017 $270,000,000 $271,761,288 $40,230,347 $448,772,911 24.4% 1 1.7x 1
Trident VIII, L.P. 2020 $400,000,000 $245,699,765 $5,659,510 $286,498,716 N/M 1 N/M 1
Triton Fund IV L.P. 2013 $90,839,934 $104,842,767 $78,948,128 $139,976,220 10.2% 1.3x
Triton Fund V, LP 2019 $292,264,677 $139,833,620 $1,591,388 $163,044,440 18.3% 1 1.2x 1
Valor Equity Partners IV L.P. 2017 $75,000,000 $67,847,756 $1,162,955 $139,463,351 30.5% 1 2.1x 1
VantagePoint CleanTech Partners, L.P. 2006 $25,000,000 $25,000,000 $16,774,978 $17,110,101 -7.5% 0.7x
VantagePoint Venture Partners 2006 (Q), L.P. 2006 $100,000,000 $100,000,000 $15,107,769 $49,590,058 -7.3% 0.5x
Vicente Capital Partners Growth Equity Fund, L.P. 2007 $40,422,297 $40,801,085 $56,560,761 $56,986,597 5.7% 1.4x
VIP IV LP 2020 $326,233,108 $4,152,836 $0 $0 N/M 1 N/M 1
Vista Equity Partners Fund VII-Z, L.P. 2019 $400,000,000 $262,007,431 $1,884,054 $299,976,969 12.3% 1 1.1x 1
W Capital Partners II, L.P. 2007 $141,125,000 $140,717,116 $190,401,703 $194,966,502 10.2% 1.4x
WCAS XIII, L.P. 2019 $400,000,000 $209,771,629 $6,951,907 $238,201,082 11.9% 1 1.1x 1
Wellspring Capital Partners V, L.P. 2011 $150,000,000 $172,216,990 $234,837,017 $285,439,621 16.5% 1.7x
Welsh, Carson, Anderson & Stowe XI, L.P. 2009 $125,000,000 $125,000,000 $171,839,337 $208,249,602 11.8% 1.7x
Welsh, Carson, Anderson & Stowe XII, L.P. 2015 $350,000,000 $340,543,809 $308,131,526 $832,212,896 32.9% 2.4x
Whitney Global Partners L.P. 2021 $593,358,390 $18,513,403 $0 $17,845,115 N/M 1 N/M 1
Wigmore Street (BDC III) LP 2017 $32,908,149 $28,525,808 $11,394,923 $42,289,222 22.0% 1 1.5x 1
Wigmore Street Co-investment No. 1 LP 2016 $100,047,325 $93,458,316 $84,704,264 $187,803,833 26.5% 2.0x
Wigmore Street VI Co-Investment No. 1 LP 2019 $101,842,595 $61,147,674 $0 $74,234,041 17.3% 1 1.2x 1
WLR Recovery Fund II, L.P. 2002 $50,000,000 $50,000,000 $120,721,192 $120,913,813 78.8% 2.4x
WLR Recovery Fund III, L.P. 2005 $198,000,000 $198,000,000 $129,463,682 $135,931,920 -7.5% 0.7x
WLR Recovery Fund IV, L.P. 2007 $400,000,000 $363,747,718 $484,182,267 $489,802,078 7.4% 1.3x
Yucaipa American Alliance Fund I, L.P. 2002 $200,000,000 $314,764,188 $360,325,251 $361,752,073 3.6% 1.1x
Yucaipa American Alliance Fund II, L.P. 2008 $400,000,000 $560,638,831 $589,229,996 $946,839,009 8.8% 1.7x
Yucaipa Corporate Initiatives Fund I, L.P. 2001 $200,000,000 $288,655,697 $219,686,742 $225,743,619 -3.7% 0.8x
Yucaipa Corporate Initiatives Fund II, L.P. 2008 $93,539,524 $91,400,621 $54,390,220 $78,839,442 -2.0% 0.9x

1Not Meaningful: Funds with a vintage year of 2017 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.