As of September 30, 2016, the since inception Net IRR is 10.7% and the Net Multiple is 1.4x.

The table below reflects the performance of all active PE partnership investments as of September 30, 2016. 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 $360,506,198 $69,829,587 $424,933,347 5.9% 1.2x
57 Stars Global Opportunities Fund, LLC 2007 $430,000,000 $394,281,768 $240,320,598 $575,073,095 8.2% 1.5x
AACP AP Investors, L.P. 2007 $14,108,080 $14,774,369 $9,507,528 $15,119,419 0.4% 1.0x
AACP China Debt Investors, LP 2008 $10,000,000 $15,812,201 $19,783,703 $20,102,672 8.4% 1.3x
AACP China Growth Investors 2007 $50,000,000 $51,891,703 $31,690,350 $85,137,070 8.8% 1.6x
AACP China Venture Investors A, LP 2008 $5,000,000 $4,289,257 $1,816,633 $6,702,902 7.8% 1.6x
AACP India Investors B 2007 $5,000,000 $5,093,054 $1,878,089 $8,893,641 8.5% 1.7x
AACP India Investors C 2009 $5,000,000 $5,104,297 $1,781,342 $18,830,067 34.7% 3.7x
AACP India Venture Investors A 2007 $5,000,000 $5,024,248 $3,380,397 $13,779,355 16.4% 2.7x
Aberdare Ventures IV, LP 2008 $50,000,000 $47,000,000 $19,177,065 $54,168,377 4.2% 1.2x
Advent Global Private Equity IV-A, L.P. 2002 $25,000,000 $24,000,000 $77,958,411 $77,970,598 52.0% 3.2x
Advent International GPE V-D, L.P. 2005 $80,941,578 $77,609,736 $180,720,375 $186,662,847 42.8% 2.4x
Advent International GPE VI-A, L.P. 2008 $500,000,000 $492,306,254 $662,608,726 $1,020,873,085 18.2% 2.1x
Advent International GPE VII-C, L.P. 2012 $450,000,000 $384,807,784 $60,807,784 $543,205,729 16.7% 1 1.4x 1
Advent International GPE VIII-B Limited Partnership 2016 $500,000,000 $10,500,000 $0 $7,892,214 N/M 1 N/M 1
Advent Latin America Private Equity Fund IV-D, L.P. 2007 $200,000,000 $205,315,197 $213,740,196 $296,576,259 9.4% 1.4x
Advent Latin America Private Equity Fund V-H L.P. 2010 $100,000,000 $88,950,000 $16,800,000 $103,546,307 5.1% 1.2x
Advent Latin American Private Equity Fund III-D L.P. 2006 $50,000,000 $49,385,090 $64,706,184 $70,348,385 9.7% 1.4x
Affinity Asia Pacific Fund III L.P. 2007 $150,000,000 $151,809,509 $182,633,514 $224,003,820 11.0% 1.5x
Aisling Capital II, LP 2006 $80,000,000 $101,092,980 $73,249,991 $94,596,038 -1.4% 0.9x
Aisling Capital III, LP 2008 $90,000,000 $109,845,115 $105,866,819 $170,825,834 20.9% 1.6x
Alta V Limited Partnership 1992 $35,000,000 $35,000,000 $84,587,808 $84,638,996 25.5% 2.4x
American River Ventures I, LP 2001 $15,000,000 $15,750,000 $894,576 $894,576 -53.7% 0.1x
Apollo Asia Opportunity Fund, LP 2007 $50,000,000 $50,000,000 $44,199,717 $44,753,023 -2.3% 0.9x
Apollo Credit Opportunity Fund I, L.P. 2008 $1,000,000,000 $1,225,580,618 $3,112,124,681 $3,161,523,669 27.4% 2.6x
Apollo European Principal Finance Fund, L.P. 2008 $86,503,638 $165,091,185 $198,277,697 $200,638,903 11.9% 1.2x
Apollo Investment Fund IV, L.P. 1998 $150,000,000 $154,312,417 $254,289,011 $255,251,019 8.5% 1.7x
Apollo Investment Fund V, L.P. 2001 $250,000,000 $388,876,814 $774,659,968 $782,438,844 37.5% 2.0x
Apollo Investment Fund VI, L.P. 2006 $520,000,000 $866,357,105 $1,056,483,683 $1,206,565,709 8.3% 1.4x
Apollo Investment Fund VII, L.P. 2008 $800,000,000 $1,166,150,185 $1,664,002,011 $1,888,326,758 23.2% 1.6x
Apollo Investment Fund VIII, L.P. 2013 $500,000,000 $289,063,769 $29,198,596 $321,584,034 12.0% 1 1.1x 1
Apollo Special Opportunities Managed Account, L.P. 2007 $800,000,000 $800,000,000 $602,527,406 $1,104,456,930 4.5% 1.4x
ArcLight Energy Partners Fund II, L.P. 2004 $75,000,000 $94,110,682 $133,123,400 $133,123,400 16.3% 1.4x
ArcLight Energy Partners Fund III, L.P. 2006 $200,000,000 $212,312,180 $308,523,303 $314,712,705 8.6% 1.5x
ArcLight Energy Partners Fund IV, L.P. 2007 $250,000,000 $255,794,752 $331,687,270 $382,608,278 12.7% 1.5x
Ares Corporate Opportunities Fund II, L.P. 2006 $200,000,000 $224,922,280 $358,949,876 $381,789,701 13.6% 1.7x
Ares Corporate Opportunities Fund III, L.P. 2008 $400,000,000 $499,190,309 $534,204,780 $889,785,548 20.7% 1.8x
Ares Corporate Opportunities Fund, L.P. 2003 $100,000,000 $135,853,818 $192,298,674 $202,705,844 13.3% 1.5x
Ares Special Situations Fund, L.P. 2007 $150,000,000 $150,000,000 $254,628,433 $261,514,682 12.4% 1.7x
Asia Alternatives Capital Partners II LP 2008 $50,000,000 $48,528,660 $30,960,400 $105,082,491 22.2% 2.2x
Asia Alternatives Capital Partners, LP 2007 $50,000,000 $52,940,856 $63,378,301 $101,252,678 13.2% 1.9x
Avenue Asia Special Situations Fund IV, L.P. 2006 $300,000,000 $271,629,915 $251,562,030 $297,027,876 2.0% 1.1x
Avenue Europe Special Situations Fund, L.P. 2008 $203,997,192 $211,863,792 $282,142,472 $283,359,547 12.2% 1.3x
Avenue Special Situations Fund IV, L.P. 2006 $150,000,000 $150,000,000 $206,705,249 $212,333,133 8.7% 1.4x
Avenue Special Situations Fund V, L.P. 2007 $400,000,000 $473,059,573 $602,296,541 $606,956,351 11.3% 1.3x
Avenue Special Situations Fund VI (A), L.P. 2011 $150,000,000 $153,245,391 $98,859,138 $171,679,746 2.9% 1.1x
Baring Vostok Private Equity Fund IV L.P. / Supplemental 2007 $77,775,000 $84,857,225 $43,218,211 $87,057,158 0.6% 1.0x
Birch Hill Equity Partners (US) III, LP 2005 $126,065,657 $141,694,489 $216,897,120 $255,648,699 12.0% 1.8x
Birch Hill Equity Partners (US) IV, LP 2011 $136,829,363 $118,877,207 $36,729,925 $157,877,999 9.9% 1.3x
Blackstone / GSO Capital Solutions Fund, LP 2010 $250,000,000 $351,535,872 $356,134,363 $444,773,482 11.5% 1.3x
Blackstone Capital Partners IV L.P. 2003 $200,000,000 $229,055,225 $507,047,874 $555,151,489 36.4% 2.4x
Blackstone Capital Partners V L.P. 2006 $600,000,000 $792,788,995 $1,030,302,301 $1,196,342,850 7.8% 1.5x
Blackstone Capital Partners VI L.P. 2011 $500,000,000 $479,973,722 $116,211,970 $604,224,283 11.1% 1.3x
Blackstone Capital Partners VII, L.P. 2016 $500,000,000 $0 $0 $223,981 N/M 1 N/M 1
Blackstone Communications Partners I L.P. 2000 $100,000,000 $111,226,418 $135,405,102 $136,424,372 6.6% 1.2x
Blackstone Mezzanine Partners, LP 1999 $100,000,000 $92,784,729 $116,745,330 $117,112,219 8.6% 1.3x
Blackstone Tactical Opportunities Fund - C L.P. 2012 $800,000,000 $892,183,183 $421,922,742 $1,091,659,329 12.1% 1 1.2x 1
Blackstone Tactical Opportunities Fund II - C L.P. 2015 $500,000,000 $160,103,874 $19,164,519 $190,309,028 24.0% 1 1.2x 1
Bridgepoint Europe II 'A' LP 2001 $117,022,606 $127,309,360 $225,240,687 $227,829,232 29.3% 1.8x
Bridgepoint Europe III 'D' LP 2005 $202,827,431 $191,932,333 $125,857,852 $214,627,546 1.7% 1.1x
Bridgepoint Europe IV 'D' LP 2008 $399,491,289 $370,450,969 $324,631,831 $543,084,225 10.5% 1.5x
Bridgepoint Europe V 2014 $392,770,834 $110,088,575 $0 $111,296,072 2.7% 1 1.0x 1
California Asia Investors, L.P. 2008 $150,000,000 $145,841,564 $124,885,528 $606,876,158 38.8% 4.2x
California Community Venture Fund, LLC 2003 $100,000,000 $99,067,655 $66,182,989 $97,274,905 -0.3% 1.0x
California Emerging Ventures II, LLC 1999 $1,351,851,160 $1,391,199,637 $1,613,217,405 $1,728,745,736 4.0% 1.2x
California Emerging Ventures III, LLC 2001 $477,489,317 $575,771,821 $664,939,047 $802,949,308 7.5% 1.4x
California Emerging Ventures IV, LLC 2006 $460,633,016 $473,656,474 $474,488,496 $810,833,388 12.8% 1.7x
California Emerging Ventures, LLC 1999 $957,604,599 $1,094,895,163 $1,253,296,648 $1,279,267,714 3.6% 1.2x
California Mezzanine Investment Fund, L.P. 2016 $80,000,000 $5,298,446 $0 $5,606,729 11.8% 1 1.1x 1
CalPERS Clean Energy & Technology Fund, LLC 2007 $465,000,000 $451,389,353 $68,666,178 $253,862,913 -10.6% 0.6x
CalPERS Corporate Partners, LLC 2001 $500,000,000 $523,172,557 $829,286,225 $834,577,561 9.5% 1.6x
CalPERS Wellspring V, L.P. 2011 $24,975,000 $22,108,061 $5,638,933 $37,579,730 26.1% 1.7x
Capital Link Fund I, LLC 2007 $502,000,000 $586,954,706 $497,855,191 $849,656,346 8.6% 1.4x
Capital Link Fund II, LLC 2008 $435,000,000 $453,146,513 $390,554,466 $663,548,523 11.8% 1.5x
Carlyle Asia Growth Partners III, L.P. 2005 $75,000,000 $84,467,168 $74,199,861 $79,123,223 -1.2% 0.9x
Carlyle Asia Growth Partners IV, L.P. 2008 $150,000,000 $160,724,781 $84,798,645 $203,724,317 7.4% 1.3x
Carlyle Asia Partners (PV II), L.P. 2000 $75,000,000 $78,389,116 $213,857,881 $214,050,493 18.4% 2.7x
Carlyle Asia Partners II, L.P. 2006 $150,000,000 $166,269,141 $220,223,500 $248,360,943 7.9% 1.5x
Carlyle Asia Partners III, L.P. 2008 $300,000,000 $366,112,561 $378,203,032 $545,828,924 13.0% 1.5x
Carlyle Europe Partners II, L.P. 2003 $72,441,146 $93,084,006 $141,091,969 $143,785,363 19.4% 1.5x
Carlyle Europe Partners III, L.P. 2007 $418,776,238 $451,884,258 $572,745,642 $693,909,128 10.7% 1.5x
Carlyle Europe Real Estate Partners, L.P. 2002 $29,990,983 $40,959,165 $60,394,091 $60,394,091 13.9% 1.5x
Carlyle Europe Technology Partners II, L.P. 2008 $101,908,477 $108,824,846 $148,904,183 $175,848,508 14.0% 1.6x
Carlyle Global Financial Services Partners, L.P. 2008 $150,000,000 $188,641,019 $158,275,189 $291,403,238 12.7% 1.5x
Carlyle Japan Partners II, L.P. 2006 $157,348,741 $161,767,874 $107,251,392 $167,701,588 0.8% 1.0x
Carlyle Japan Partners, L.P. 2001 $24,766,226 $38,678,828 $75,261,026 $76,945,376 34.1% 2.0x
Carlyle Mexico Partners, L.P. 2005 $25,000,000 $30,690,218 $28,886,708 $37,128,202 8.0% 1.2x
Carlyle Partners IV L.P. 2005 $300,000,000 $315,676,076 $655,142,902 $666,344,002 14.6% 2.1x
Carlyle Partners V, L.P. 2007 $800,000,000 $1,055,615,200 $1,285,179,549 $1,591,795,381 12.3% 1.5x
Carlyle Partners VI, L.P. 2013 $547,000,000 $285,695,320 $65,376,078 $327,679,563 8.7% 1 1.1x 1
Carlyle Realty Partners III, L.P. 2001 $50,000,000 $66,569,071 $121,698,824 $143,624,889 28.4% 2.2x
Carlyle Strategic Partners II, L.P. 2007 $75,000,000 $148,908,345 $183,519,829 $191,510,980 11.4% 1.3x
Carlyle U.S. Equity Opportunities II, L.P. 2015 $200,000,000 $42,618,073 $320,590 $41,441,395 -3.7% 1 1.0x 1
Carlyle U.S. Growth Fund III, L.P. 2006 $75,000,000 $91,700,666 $111,125,661 $121,968,560 7.4% 1.3x
Carlyle Venture Partners II, L.P. 2001 $50,000,000 $77,961,078 $75,168,763 $85,715,658 2.2% 1.1x
Carlyle/Riverstone Global Energy and Power Fund II 2003 $75,000,000 $123,149,609 $212,461,505 $219,743,044 52.7% 1.8x
Carlyle/Riverstone Global Energy and Power Fund III, L.P. 2005 $250,000,000 $266,017,097 $297,545,261 $358,152,602 6.6% 1.3x
Carlyle/Riverstone Renewable Energy Infrastructure Fund I 2006 $60,000,000 $60,706,123 $7,689,223 $8,074,696 -36.0% 0.1x
Castlelake I, L.P. 2007 $75,000,000 $76,219,551 $87,008,542 $115,743,786 6.1% 1.5x
CDH Fund V, L.P. 2014 $200,000,000 $102,331,166 $11,031,585 $117,735,737 8.0% 1 1.2x 1
Centerbridge Capital Partners III, L.P. 2015 $150,000,000 $39,941,692 $1,581,264 $47,036,720 17.5% 1 1.2x 1
Cerberus CP Partners LP 2013 $600,000,000 $592,941,015 $115,841,584 $945,902,259 29.6% 1 1.6x 1
Cerberus Institutional Partners V, L.P. 2012 $400,000,000 $479,288,769 $149,241,785 $732,177,953 18.2% 1 1.5x 1
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 $42,139,379 $52,589,742 4.8% 1.3x
Clarus Lifesciences II, L.P. 2008 $75,000,000 $68,077,500 $75,409,761 $133,180,164 18.4% 2.0x
Clearlake Capital Partners III, LP 2012 $50,000,000 $59,397,201 $41,782,534 $98,049,972 33.6% 1 1.7x 1
Clearlake Capital Partners IV, L.P. 2015 $56,700,000 $29,854,867 $340,028 $32,900,819 22.7% 1 1.1x 1
Clearlake Opportunities Partners (P), L.P. 2015 $56,700,000 $19,311,277 $778,659 $19,303,296 -0.1% 1 1.0x 1
Clearwater Capital Partners Fund I, L.P. 2007 $7,381,847 $41,735,012 $35,310,025 $35,415,379 -5.1% 0.8x
Clearwater Capital Partners Fund II Holdings, L.P. 2005 $54,375,000 $63,247,676 $77,754,778 $81,710,877 4.9% 1.3x
Clearwater Capital Partners Fund III, L.P. 2006 $150,000,000 $150,000,000 $128,937,554 $193,573,507 4.2% 1.3x
Coller International Partners V-A, L.P. 2006 $375,000,000 $319,782,871 $364,024,408 $457,457,988 8.6% 1.4x
Craton Equity Investors I, L.P. 2007 $38,153,846 $39,334,061 $5,214,248 $11,101,792 -20.1% 0.3x
CVC Capital Partners VI, L.P. 2014 $568,541,722 $213,874,618 $15,036,300 $214,464,072 0.2% 1 1.0x 1
CVC Credit Strategic Investment A L.P. 2014 $206,521,060 $101,708,277 $0 $117,807,948 26.9% 1 1.2x 1
CVC European Equity Partners II (D) L.P. 1998 $146,993,061 $174,267,655 $365,255,815 $367,157,513 19.0% 2.1x
CVC European Equity Partners III LP 2001 $200,000,000 $228,470,675 $592,407,402 $597,881,602 41.1% 2.6x
CVC European Equity Partners IV (D) L.P. 2005 $329,276,211 $406,118,831 $651,927,787 $714,141,487 17.1% 1.8x
CVC European Equity Partners Tandem Fund (B) L.P. 2007 $470,939,708 $570,429,899 $701,641,558 $732,056,178 6.7% 1.3x
CVC European Equity Partners V (B) L.P. 2008 $567,896,446 $696,433,581 $713,488,105 $1,029,218,358 13.4% 1.5x
EMAlternatives Investments, L.P. 2007 $100,000,000 $110,305,809 $59,947,214 $138,769,891 5.9% 1.3x
Essex Woodlands Health Ventures Fund VIII, L.P. 2008 $125,000,000 $125,000,000 $38,180,543 $138,473,386 2.7% 1.1x
First Reserve Fund XI, L.P. 2006 $500,000,000 $570,173,986 $348,360,590 $400,206,550 -9.4% 0.7x
First Reserve Fund XII, L.P. 2008 $300,000,000 $341,774,070 $158,416,627 $252,888,902 -8.6% 0.7x
First Reserve Fund XIII, LP 2014 $400,000,000 $69,940,076 $4,558,606 $41,242,949 -34.4% 1 0.6x 1
Francisco Partners II, L.P. 2006 $175,000,000 $168,878,482 $210,687,208 $262,106,635 10.3% 1.6x
Francisco Partners III, L.P. 2011 $100,000,000 $92,305,815 $19,915,790 $148,440,240 15.7% 1.6x
Francisco Partners, L.P. 2000 $50,000,000 $52,713,112 $64,196,857 $66,923,849 4.4% 1.3x
GCM Grosvenor DEM II, L.P. 2014 $200,000,000 $39,028,867 $20,818,286 $41,419,240 8.0% 1 1.1x 1
GCM Grosvenor DEM, L.P. 2012 $100,000,000 $47,646,298 $11,030,889 $49,172,797 3.0% 1 1.0x 1
Generation Capital Partners, L.P. 1996 $50,000,000 $54,064,964 $65,798,632 $66,095,862 6.3% 1.2x
Golden State Investment Fund, LLC 2006 $533,058,824 $508,329,814 $524,894,089 $745,152,070 8.2% 1.5x
Green Equity Investors IV, L.P. 2003 $168,628,515 $170,691,565 $309,081,949 $320,888,338 11.3% 1.9x
Green Equity Investors V, L.P. 2007 $400,000,000 $446,274,426 $531,554,535 $816,297,010 17.6% 1.8x
GSO Capital Opportunities Fund II L.P. 2011 $250,000,000 $262,481,916 $171,354,257 $311,661,243 14.7% 1.2x
GSO Capital Opportunities Fund L.P. 2008 $100,000,000 $165,718,647 $225,823,299 $232,054,153 17.5% 1.4x
GSO Capital Solutions Fund II, L.P. 2014 $500,000,000 $189,064,684 $37,776,413 $227,781,073 17.8% 1 1.2x 1
GSO Energy Partners-C II LP 2016 $250,000,000 $45,838,012 $1,014,342 $56,961,592 N/M 1 N/M 1
GSO Energy Partners-C LP 2013 $400,000,000 $299,910,840 $103,781,582 $301,056,238 0.3% 1 1.0x 1
Hellman & Friedman Capital Partners V LP 2004 $200,000,000 $183,940,613 $484,300,130 $488,897,533 27.9% 2.7x
Hellman & Friedman Capital Partners VI 2007 $600,000,000 $610,431,840 $936,528,583 $1,085,676,487 13.0% 1.8x
Hellman & Friedman Capital Partners VII 2011 $300,000,000 $283,445,747 $102,421,544 $422,232,413 16.7% 1.5x
Hellman & Friedman Capital Partners VIII, L.P. 2016 $500,000,000 $10,247,429 $0 $7,001,060 N/M 1 N/M 1
ICV Partners II, L.P. 2005 $31,220,000 $39,885,809 $60,226,929 $66,447,979 13.4% 1.7x
Insight Venture Partners IX, L.P. 2015 $100,000,000 $48,099,061 $55,082 $50,071,402 4.9% 1 1.0x 1
Insight Venture Partners V, L.P. 2005 $32,500,000 $32,500,000 $75,823,966 $87,534,062 20.9% 2.7x
Insight Venture Partners VI, L.P. 2007 $68,000,000 $73,780,136 $134,713,864 $173,687,404 19.3% 2.4x
Khosla Ventures III, L.P. 2009 $200,000,000 $195,000,000 $59,872,410 $265,571,020 6.5% 1.4x
Khosla Ventures Seed, L.P. 2009 $60,000,000 $59,100,000 $10,504,328 $91,727,408 9.5% 1.6x
KKR 2006 Fund L.P. 2006 $400,000,000 $590,277,514 $616,291,510 $832,143,445 7.4% 1.4x
KKR Asian Fund II L.P. 2013 $500,000,000 $318,022,058 $71,977,662 $456,811,602 26.4% 1 1.4x 1
KKR Asian Fund L.P. 2007 $275,000,000 $347,744,521 $457,585,366 $577,673,595 13.7% 1.7x
KKR European Fund II, L.P. 2005 $202,055,831 $235,981,820 $268,163,074 $296,703,505 4.0% 1.3x
KKR European Fund III, L.P. 2008 $342,432,839 $416,883,288 $329,649,412 $547,711,827 8.8% 1.3x
KKR European Fund, L. P. 2001 $75,000,000 $99,787,489 $216,571,562 $216,571,562 24.7% 2.2x
KKR Millennium Fund L.P. 2002 $150,000,000 $208,143,932 $350,994,912 $368,775,342 16.4% 1.8x
Kline Hawkes Pacific, L.P. 2000 $100,000,000 $100,000,000 $46,954,699 $67,299,405 -5.2% 0.7x
KM Corporate Partners Fund II, LP 2007 $200,000,000 $191,166,858 $148,994,426 $249,127,122 6.6% 1.3x
KPS Special Situations Fund III, LP 2007 $175,000,000 $242,825,525 $315,535,961 $383,311,983 23.2% 1.6x
Lime Rock Partners IV, LP 2006 $43,000,000 $47,378,516 $26,573,159 $122,041,123 15.2% 2.6x
Lime Rock Partners V, L.P. 2008 $85,000,000 $91,097,577 $46,635,695 $78,674,799 -3.6% 0.9x
Lindsay Goldberg IV, L.P. 2015 $250,000,000 $13,498,855 $9,785 $18,103,399 36.3% 1 1.3x 1
Lion Capital Fund II, L.P. 2007 $219,105,120 $259,384,023 $169,992,498 $185,318,088 -7.6% 0.7x
Madison Dearborn Capital Partners IV, L.P. 2000 $150,000,000 $173,964,778 $302,551,626 $317,605,878 14.3% 1.8x
Madison Dearborn Capital Partners V, L.P. 2006 $300,000,000 $351,430,874 $441,299,559 $514,660,015 7.0% 1.5x
Magnum Capital, L.P. 2007 $135,985,222 $144,559,399 $113,757,915 $172,558,209 4.2% 1.2x
MHR Institutional Partners II LP 2003 $50,000,000 $53,000,000 $68,473,062 $88,515,435 10.5% 1.7x
MHR Institutional Partners III LP 2006 $350,000,000 $371,000,000 $358,507,918 $513,767,758 7.0% 1.4x
New Mountain Partners II, L.P. 2005 $150,000,000 $137,788,835 $264,006,690 $266,216,381 13.7% 1.9x
New Mountain Partners III, L.P. 2007 $400,000,000 $440,075,896 $372,158,950 $743,140,865 13.0% 1.7x
Newbridge Asia IV, L.P. 2005 $180,000,000 $195,554,362 $392,238,244 $409,571,750 16.8% 2.1x
Nogales Investors Fund I , LP 2001 $25,000,000 $33,953,285 $24,056,581 $24,142,668 -8.0% 0.7x
Oak Hill Capital Partners II, L.P. 2004 $75,000,000 $86,500,040 $131,550,186 $136,817,214 9.8% 1.6x
Oak Hill Capital Partners III, L.P. 2007 $300,000,000 $365,771,710 $342,796,984 $539,821,376 10.0% 1.5x
Oaktree Opportunities Fund VIIIb, L.P. 2011 $200,000,000 $200,000,000 $79,253,910 $224,892,946 3.3% 1.1x
Onex Partners IV, L.P. 2014 $300,000,000 $153,294,472 $12,215,315 $156,008,758 1.8% 1 1.0x 1
PAG Asia I LP 2012 $100,000,000 $109,475,289 $73,979,845 $146,885,876 17.5% 1 1.3x 1
Palladium Equity Partners III, L.P. 2004 $193,750,000 $251,324,959 $339,418,314 $445,320,003 16.8% 1.8x
Patria Brazilian Private Equity Fund V, L.P. 2015 $150,000,000 $10,028,293 $0 $6,995,221 -57.7% 1 0.7x 1
Permira Europe III 2004 $126,989,866 $126,989,866 $215,032,163 $219,135,744 26.6% 1.7x
Permira IV L.P.2 2006 $284,535,078 $349,848,634 $421,666,171 $499,731,829 7.6% 1.4x
Permira V, L.P. 2014 $268,190,630 $223,562,345 $3,098,559 $236,548,106 3.9% 1 1.1x 1
Perseus-Soros BioPharmaceutical Fund, LP 2001 $40,000,000 $45,631,671 $74,818,089 $75,017,141 18.4% 1.6x
Polish Enterprise Fund V, L.P. 2004 $59,005,507 $69,380,058 $127,745,558 $134,707,671 15.2% 1.9x
Polish Enterprise Fund VI, L.P. 2006 $139,215,565 $142,623,092 $43,978,642 $192,434,816 5.1% 1.3x
Providence Equity Partners V 2005 $125,000,000 $157,796,229 $172,746,316 $192,088,095 3.8% 1.2x
Providence Equity Partners VI L.P. 2007 $320,000,000 $495,634,994 $449,340,703 $624,089,255 5.9% 1.3x
RFG Private Equity Limited Partnership No. 1A, 1B and 1C 2004 $33,957,084 $33,964,880 $39,394,994 $47,609,724 7.7% 1.4x
Rhone Partners III, L.P. 2006 $135,201,064 $145,320,871 $182,941,134 $199,367,998 9.2% 1.4x
Richardson Capital Private Equity Limited Partnership No.2A, 2B and 2C 2006 $41,807,724 $25,013,323 $11,651,747 $13,352,163 -11.8% 0.5x
Riverstone Global Energy and Power Fund V, L.P. 2012 $400,000,000 $386,608,876 $110,083,468 $400,043,856 1.7% 1 1.0x 1
Riverstone Global Energy and Power Fund VI, L.P. 2016 $500,000,000 $66,623,326 $366,235 $71,366,638 N/M 1 N/M 1
Riverstone/Carlyle Global Energy and Power Fund IV, L.P. 2008 $500,000,000 $568,167,527 $392,962,937 $631,676,323 3.6% 1.1x
Riverstone/Carlyle Renewable & Alternative Energy Fund II, L.P. 2008 $300,000,000 $323,135,134 $205,833,937 $387,625,059 5.2% 1.2x
Riverwood Capital Partners (Parallel - A) L.P. 2010 $150,000,000 $166,488,279 $238,903,925 $330,235,100 26.4% 2.0x
Sacramento Private Equity Partners, L.P. 2006 $605,000,000 $518,633,571 $477,672,509 $809,439,751 10.1% 1.6x
SAIF Partners III L.P. 2007 $100,000,000 $125,245,773 $79,899,261 $229,462,724 9.8% 1.8x
SAIF Partners IV L.P. 2010 $120,000,000 $138,489,266 $33,246,999 $192,343,898 9.8% 1.4x
Sankaty Managed Account (CalPERS), L.P. 2014 $500,000,001 $234,230,001 $0 $254,967,724 7.9% 1 1.1x 1
Silver Lake Partners II, L.P. 2004 $125,000,000 $135,371,714 $215,616,378 $240,931,143 11.4% 1.8x
Silver Lake Partners III, L.P. 2007 $480,000,000 $603,770,608 $720,820,840 $1,034,127,270 18.2% 1.7x
Silver Lake Partners IV, L.P. 2013 $320,000,000 $222,684,872 $55,569,318 $304,309,601 31.9% 1 1.4x 1
Siris Partners III, L.P. 2015 $75,000,000 $33,388,125 $1,007,420 $32,332,567 -8.6% 1 1.0x 1
Tailwind Capital Partners (PP), LP 2007 $77,510,000 $93,467,674 $112,309,715 $141,384,515 12.1% 1.5x
Tailwind Capital Partners II, LP 2014 $150,000,000 $78,889,555 $13,716,106 $90,218,834 14.2% 1 1.1x 1
Technology Partners Fund VI, L.P. 1998 $20,567,775 $25,000,000 $12,764,422 $12,928,569 -16.0% 0.5x
The Central Valley Fund II SBIC, LP 2012 $12,000,000 $7,111,040 $822,134 $10,512,796 15.3% 1 1.5x 1
The Central Valley Fund, LP 2005 $40,000,000 $32,287,502 $40,822,401 $41,438,149 9.1% 1.3x
The Resolute Fund II, L.P. 2008 $200,000,000 $210,239,924 $192,585,223 $294,809,202 9.1% 1.4x
Thomas H. Lee Equity Fund VI, L.P 2006 $240,000,000 $402,043,902 $357,188,238 $546,179,471 7.6% 1.4x
TowerBrook Investors II, L.P. 2005 $200,000,000 $193,498,058 $250,063,919 $313,875,076 10.1% 1.6x
TowerBrook Investors III, L.P. 2008 $300,000,000 $319,204,234 $320,533,548 $420,879,840 10.0% 1.3x
TowerBrook Investors IV (Onshore), L.P. 2013 $380,000,000 $86,187,792 $39,598,435 $131,974,228 42.6% 1 1.5x 1
Towerbrook Structured Opportunities Fund (Onshore), L.P. 2016 $221,786,667 $25,174,533 $2,082,582 $23,825,580 N/M 1 N/M 1
TPG Asia V, L.P. 2007 $360,000,000 $349,330,954 $286,179,856 $453,844,812 5.8% 1.3x
TPG Biotechnology Partners II, L.P. 2006 $70,000,000 $71,888,857 $50,964,434 $74,220,910 0.6% 1.0x
TPG Biotechnology Partners III, L.P. 2008 $100,000,000 $95,537,100 $56,639,851 $127,908,030 7.4% 1.3x
TPG Partners IV, L.P. 2003 $200,000,000 $225,811,312 $408,439,135 $439,317,704 15.7% 1.9x
TPG Partners V, L.P. 2006 $600,000,000 $811,329,685 $778,970,764 $1,017,292,522 4.1% 1.3x
TPG Partners VI, L.P. 2008 $825,000,000 $913,802,962 $771,768,670 $1,328,264,580 11.1% 1.5x
TPG STAR, L.P. 2007 $150,000,000 $164,744,331 $172,369,678 $258,844,332 11.5% 1.6x
Trident VI 2014 $250,000,000 $152,185,013 $16,097,691 $172,106,158 12.4% 1 1.1x 1
Triton Fund IV L.P. 2013 $89,966,003 $45,987,836 $14,916,924 $44,124,640 -2.3% 1 1.0x 1
VantagePoint CleanTech Partners, L.P. 2006 $25,000,000 $25,000,000 $12,704,911 $22,038,513 -3.0% 0.9x
VantagePoint Venture Partners 2006 (Q), L.P. 2006 $100,000,000 $100,000,000 $4,845,181 $43,713,542 -15.1% 0.4x
Vicente Capital Partners Growth Equity Fund, L.P. 2007 $40,422,297 $39,612,491 $19,036,658 $56,078,109 8.2% 1.4x
W Capital Partners II, L.P. 2007 $141,125,000 $140,615,876 $154,707,646 $201,298,678 11.5% 1.4x
Wellspring Capital Partners V, L.P. 2011 $150,000,000 $148,982,808 $35,026,013 $213,355,616 16.9% 1.4x
Welsh, Carson, Anderson & Stowe IX, L.P. 2000 $125,000,000 $123,750,000 $205,728,928 $205,798,086 11.3% 1.7x
Welsh, Carson, Anderson & Stowe VIII, L.P. 1998 $150,000,000 $150,000,000 $193,747,164 $193,973,203 3.2% 1.3x
Welsh, Carson, Anderson & Stowe X, L.P. 2005 $175,000,000 $171,500,000 $248,304,945 $288,954,647 8.1% 1.7x
Welsh, Carson, Anderson & Stowe XI, L.P. 2009 $125,000,000 $121,590,759 $100,579,791 $183,262,807 12.6% 1.5x
Welsh, Carson, Anderson & Stowe XII, L.P. 2015 $350,000,000 $97,484,824 $0 $104,085,653 6.0% 1 1.1x 1
WLR Recovery Fund II, L.P. 2002 $50,000,000 $50,000,000 $119,785,641 $121,460,397 78.8% 2.4x
WLR Recovery Fund III, L.P. 2005 $198,000,000 $198,000,000 $128,751,577 $160,174,230 -4.0% 0.8x
WLR Recovery Fund IV, L.P. 2007 $400,000,000 $363,747,718 $419,291,782 $496,111,380 8.0% 1.4x
Yucaipa American Alliance Fund I, L.P. 2002 $200,000,000 $314,764,188 $268,050,907 $340,688,793 2.5% 1.1x
Yucaipa American Alliance Fund II, L.P. 2008 $400,000,000 $557,456,161 $335,052,025 $760,059,569 8.4% 1.4x
Yucaipa American Special Situations Fund I, LP 2002 $50,000,000 $88,722,539 $78,571,398 $82,451,050 -3.7% 0.9x
Yucaipa Corporate Initiatives Fund I, L.P. 2001 $200,000,000 $288,655,697 $167,303,256 $218,388,791 -4.9% 0.8x
Yucaipa Corporate Initiatives Fund II, L.P. 2008 $93,539,524 $91,165,727 $28,150,439 $83,476,426 -1.9% 0.9x

1Not Meaningful: Funds with a vintage year of 2012 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.