Since its inception in 1990 to June 30, 2016, the Private Equity (PE) Program has generated $33.4 billion in profits for CalPERS. As of June 30, 2016, the since inception Net IRR is 10.6% and the Net Multiple is 1.4x.

The table below reflects the performance of all active PE partnership investments as of June 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 $352,733,170 $58,863,151 $418,245,705 6.4% 1.2x
57 Stars Global Opportunities Fund, LLC 2007 $430,000,000 $392,227,173 $231,866,567 $563,242,869 8.1% 1.4x
AACP AP Investors, L.P. 2007 $14,108,080 $14,760,588 $9,163,278 $14,789,787 0.0% 1.0x
AACP China Debt Investors, LP 2008 $10,000,000 $15,812,201 $19,783,703 $20,097,428 8.4% 1.3x
AACP China Growth Investors 2007 $50,000,000 $51,891,703 $31,690,350 $84,128,930 8.8% 1.6x
AACP China Venture Investors A, LP 2008 $5,000,000 $4,284,028 $1,159,462 $6,728,215 8.2% 1.6x
AACP India Investors B 2007 $5,000,000 $5,093,054 $1,878,089 $8,990,097 8.9% 1.8x
AACP India Investors C 2009 $5,000,000 $4,974,241 $1,781,342 $18,626,660 36.4% 3.7x
AACP India Venture Investors A 2007 $5,000,000 $5,024,248 $3,380,397 $13,744,107 16.8% 2.7x
Aberdare Ventures III, LP 2005 $22,500,000 $21,993,750 $21,636,330 $25,719,315 2.7% 1.2x
Aberdare Ventures IV, LP 2008 $50,000,000 $47,000,000 $19,177,065 $50,038,458 2.0% 1.1x
Acon-Bastion Partners II, L.P. 2006 $70,000,000 $75,769,805 $111,406,221 $135,156,671 14.3% 1.8x
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 $80,901,101 $77,609,736 $179,052,722 $186,065,369 42.8% 2.4x
Advent International GPE VI-A, L.P. 2008 $500,000,000 $489,306,254 $605,209,886 $968,089,219 17.5% 2.0x
Advent International GPE VII-C, L.P. 2012 $450,000,000 $384,807,784 $60,807,784 $509,801,462 15.1%1 1.3x1
Advent Latin America Private Equity Fund IV-D, L.P. 2007 $200,000,000 $205,315,197 $213,740,196 $292,896,768 9.3% 1.4x
Advent Latin America Private Equity Fund V-H L.P. 2010 $100,000,000 $87,700,000 $16,800,000 $99,515,820 4.5% 1.1x
Advent Latin American Private Equity Fund III-D L.P. 2006 $50,000,000 $49,385,090 $64,706,184 $70,322,973 9.7% 1.4x
Affinity Asia Pacific Fund III L.P. 2007 $150,000,000 $151,297,197 $182,119,695 $224,411,858 11.2% 1.5x
Aisling Capital II, LP 2006 $80,000,000 $100,950,134 $70,126,355 $91,360,459 -2.2% 0.9x
Aisling Capital III, LP 2008 $90,000,000 $106,981,207 $98,836,968 $158,127,194 19.3% 1.5x
Alta BioPharma Partners II, L.P. 2000 $44,375,825 $63,968,792 $61,656,644 $75,383,510 3.2% 1.2x
Alta V Limited Partnership 1992 $35,000,000 $35,000,000 $84,587,808 $84,645,729 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 $44,668,470 -2.4% 0.9x
Apollo Credit Opportunity Fund I, L.P. 2008 $1,000,000,000 $1,225,580,618 $3,112,124,681 $3,162,572,376 27.4% 2.6x
Apollo European Principal Finance Fund, L.P. 2008 $87,402,139 $165,080,737 $197,760,084 $200,596,382 11.9% 1.2x
Apollo Investment Fund IV, L.P. 1998 $150,000,000 $154,312,417 $254,289,011 $255,427,753 8.5% 1.7x
Apollo Investment Fund V, L.P. 2001 $250,000,000 $388,876,814 $774,659,968 $782,741,900 37.5% 2.0x
Apollo Investment Fund VI, L.P. 2006 $520,000,000 $866,357,105 $1,056,483,683 $1,212,972,590 8.5% 1.4x
Apollo Investment Fund VII, L.P. 2008 $800,000,000 $1,166,150,185 $1,660,308,000 $1,897,672,942 23.5% 1.6x
Apollo Investment Fund VIII, L.P. 2013 $500,000,000 $223,717,072 $12,052,762 $242,865,437 9.1%1 1.1x1
Apollo Special Opportunities Managed Account, L.P. 2007 $800,000,000 $800,000,000 $558,077,258 $1,096,223,035 4.4% 1.4x
ArcLight Energy Partners Fund II, L.P.1 2004 $75,000,000 $94,110,682 $132,966,563 $133,106,563 16.3% 1.4x
ArcLight Energy Partners Fund III, L.P. 2006 $200,000,000 $212,312,180 $308,523,303 $314,577,244 8.6% 1.5x
ArcLight Energy Partners Fund IV, L.P. 2007 $250,000,000 $255,794,752 $331,687,270 $371,219,775 12.1% 1.5x
Ares Corporate Opportunities Fund II, L.P. 2006 $200,000,000 $224,922,280 $337,125,125 $376,138,001 13.4% 1.7x
Ares Corporate Opportunities Fund III, L.P. 2008 $400,000,000 $492,607,832 $506,887,239 $870,933,175 20.8% 1.8x
Ares Corporate Opportunities Fund, L.P. 2003 $100,000,000 $135,853,818 $192,298,674 $202,321,430 13.3% 1.5x
Ares Special Situations Fund, L.P. 2007 $150,000,000 $150,000,000 $254,628,433 $261,498,632 12.4% 1.7x
Asia Alternatives Capital Partners II LP 2008 $50,000,000 $47,082,791 $25,030,243 $102,881,922 23.0% 2.2x
Asia Alternatives Capital Partners, LP 2007 $50,000,000 $52,940,856 $57,998,234 $99,933,425 13.2% 1.9x
Avenue Asia Special Situations Fund IV, L.P. 2006 $300,000,000 $271,629,915 $248,226,123 $299,856,231 2.2% 1.1x
Avenue Europe Special Situations Fund, L.P. 2008 $204,087,142 $211,863,792 $281,936,852 $283,299,821 12.2% 1.3x
Avenue Special Situations Fund IV, L.P. 2006 $150,000,000 $150,000,000 $206,705,249 $212,233,800 8.7% 1.4x
Avenue Special Situations Fund V, L.P. 2007 $400,000,000 $473,059,573 $602,296,541 $606,866,461 11.3% 1.3x
Avenue Special Situations Fund VI (A), L.P. 2011 $150,000,000 $153,245,391 $92,756,179 $165,144,280 2.0% 1.1x
Baring Vostok Private Equity Fund IV L.P. 2007 $77,775,000 $82,933,434 $41,171,498 $83,770,181 0.2% 1.0x
Birch Hill Equity Partners (US) III, LP 2005 $125,968,233 $141,694,489 $216,897,120 $252,700,711 11.9% 1.8x
Birch Hill Equity Partners (US) IV, LP 2011 $137,044,303 $118,877,207 $36,729,925 $156,203,907 10.2% 1.3x
Blackstone / GSO Capital Solutions Fund, LP 2010 $250,000,000 $344,659,529 $353,716,014 $433,143,010 11.3% 1.3x
Blackstone Capital Partners IV L.P. 2003 $200,000,000 $228,988,712 $505,088,558 $552,315,697 36.4% 2.4x
Blackstone Capital Partners V L.P. 2006 $600,000,000 $792,664,471 $991,559,784 $1,201,785,505 7.9% 1.5x
Blackstone Capital Partners VI L.P. 2011 $500,000,000 $462,923,865 $85,145,577 $565,282,874 10.4% 1.2x
Blackstone Communications Partners I L.P. 2000 $100,000,000 $111,226,418 $135,405,102 $136,680,884 6.6% 1.2x
Blackstone Mezzanine Partners, LP 1999 $100,000,000 $92,784,729 $116,745,330 $117,111,704 8.6% 1.3x
Blackstone Tactical Opportunities Fund - C L.P. 2012 $800,000,000 $883,655,122 $367,673,286 $1,058,987,750 11.8%1 1.2x1
Blackstone Tactical Opportunities Fund II - C L.P. 2015 $500,000,000 $145,117,045 $7,970,474 $165,430,023 23.0%1 1.1x1
Bridgepoint Europe II 'A' LP 2001 $117,140,229 $127,309,360 $225,240,687 $227,790,656 29.3% 1.8x
Bridgepoint Europe III 'D' LP 2005 $202,702,852 $191,932,333 $125,857,852 $213,787,139 1.7% 1.1x
Bridgepoint Europe IV 'D' LP 2008 $399,133,944 $370,450,969 $324,631,831 $541,777,515 10.7% 1.5x
Bridgepoint Europe V 2014 $389,150,004 $81,023,700 $0 $83,142,891 10.1%1 1.0x1
California Asia Investors, L.P. 2008 $150,000,000 $144,629,684 $96,554,428 $601,143,933 40.4% 4.2x
California Community Venture Fund, LLC 2003 $100,000,000 $99,067,655 $66,182,989 $98,612,961 -0.1% 1.0x
California Emerging Ventures II, LLC 1999 $1,351,801,160 $1,389,743,090 $1,582,305,990 $1,714,718,632 3.9% 1.2x
California Emerging Ventures III, LLC 2001 $477,389,317 $575,472,735 $659,321,062 $793,967,546 7.3% 1.4x
California Emerging Ventures IV, LLC 2006 $460,492,391 $470,200,148 $454,995,985 $783,360,443 12.4% 1.7x
California Emerging Ventures, LLC 1999 $957,538,123 $1,094,548,329 $1,249,286,864 $1,278,580,711 3.6% 1.2x
California Mezzanine Investment Fund, L.P. 2016 $80,000,000 $5,277,062 $0 $5,455,517 13.8%1 1.0x1
CalPERS Clean Energy & Technology Fund, LLC 2007 $465,000,000 $451,389,353 $68,666,178 $258,625,258 -10.6% 0.6x
CalPERS Corporate Partners, LLC 2001 $500,000,000 $523,172,557 $829,228,619 $835,510,510 9.5% 1.6x
CalPERS Wellspring V, L.P. 2011 $24,975,000 $22,108,061 $5,610,960 $34,647,630 24.5% 1.6x
Capital Link Fund I, LLC 2007 $502,000,000 $580,549,420 $491,024,944 $841,014,475 8.7% 1.4x
Capital Link Fund II, LLC 2008 $435,000,000 $452,076,815 $377,088,222 $651,057,086 11.6% 1.4x
Carlyle Asia Growth Partners III, L.P. 2005 $75,000,000 $84,344,121 $72,636,464 $79,103,289 -1.2% 0.9x
Carlyle Asia Growth Partners IV, L.P. 2008 $150,000,000 $159,870,323 $80,532,372 $199,389,275 7.2% 1.2x
Carlyle Asia Partners (PV II), L.P. 2000 $75,000,000 $78,389,116 $213,857,881 $214,118,882 18.4% 2.7x
Carlyle Asia Partners II, L.P. 2006 $150,000,000 $166,269,141 $215,196,203 $247,807,255 7.9% 1.5x
Carlyle Asia Partners III, L.P. 2008 $300,000,000 $365,616,063 $378,203,032 $556,539,998 13.8% 1.5x
Carlyle Europe Partners II, L.P. 2003 $72,672,133 $93,084,006 $138,261,119 $142,935,645 19.3% 1.5x
Carlyle Europe Partners III, L.P. 2007 $419,060,851 $451,790,516 $549,467,989 $693,213,218 10.8% 1.5x
Carlyle Europe Real Estate Partners, L.P. 2002 $30,110,500 $40,959,165 $60,394,091 $60,394,091 13.9% 1.5x
Carlyle Europe Technology Partners II, L.P. 2008 $101,984,023 $108,495,361 $123,234,799 $175,803,809 14.2% 1.6x
Carlyle Global Financial Services Partners, L.P. 2008 $150,000,000 $188,641,019 $158,275,189 $283,352,937 12.4% 1.5x
Carlyle Japan Partners II, L.P. 2006 $157,392,018 $161,536,274 $97,248,598 $158,539,750 -0.4% 1.0x
Carlyle Japan Partners, L.P. 2001 $24,869,857 $38,678,828 $75,003,568 $76,811,122 34.1% 2.0x
Carlyle Mexico Partners, L.P. 2005 $25,000,000 $30,643,175 $28,886,708 $37,267,645 8.3% 1.2x
Carlyle Partners IV L.P. 2005 $300,000,000 $315,676,076 $639,717,057 $665,300,077 14.6% 2.1x
Carlyle Partners V, L.P. 2007 $800,000,000 $1,054,976,754 $1,210,335,703 $1,590,221,708 12.4% 1.5x
Carlyle Partners VI, L.P. 2013 $547,000,000 $277,184,904 $10,567,769 $310,117,799 8.0%1 1.1x1
Carlyle Realty Partners III, L.P. 2001 $50,000,000 $66,698,626 $121,546,508 $147,810,047 28.6% 2.2x
Carlyle Strategic Partners II, L.P. 2007 $75,000,000 $148,808,425 $175,093,140 $191,072,090 11.4% 1.3x
Carlyle U.S. Equity Opportunities II, L.P. 2015 $200,000,000 $38,421,430 $25,885 $35,351,485 -13.7%1 0.9x1
Carlyle U.S. Growth Fund III, L.P. 2006 $75,000,000 $91,548,827 $111,110,795 $121,891,406 7.5% 1.3x
Carlyle Venture Partners II, L.P. 2001 $50,000,000 $77,961,078 $75,168,763 $86,239,184 2.3% 1.1x
Carlyle/Riverstone Global Energy and Power Fund II 2003 $75,000,000 $123,149,609 $211,488,224 $219,966,774 52.7% 1.8x
Carlyle/Riverstone Global Energy and Power Fund III, L.P. 2005 $250,000,000 $265,629,316 $295,191,996 $356,274,616 6.5% 1.3x
Carlyle/Riverstone Renewable Energy Infrastructure Fund I 2006 $60,000,000 $60,706,123 $7,689,223 $8,068,088 -36.4% 0.1x
Castlelake I, L.P. 2007 $75,000,000 $75,795,027 $85,998,210 $115,843,648 6.2% 1.5x
CDH Fund V, L.P. 2014 $200,000,000 $102,331,166 $11,031,585 $115,739,530 8.0%1 1.1x1
Centerbridge Capital Partners III, L.P. 2015 $150,000,000 $39,941,692 $1,581,264 $43,660,132 12.3%1 1.1x1
Cerberus CP Partners LP 2013 $600,000,000 $592,941,015 $47,029,703 $918,975,451 32.0%1 1.5x1
Cerberus Institutional Partners V, L.P. 2012 $400,000,000 $479,288,769 $112,456,905 $716,190,699 18.8%1 1.5x1
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 $40,560,022 $49,560,547 3.8% 1.2x
Clarus Lifesciences II, L.P. 2008 $75,000,000 $68,077,500 $75,409,761 $129,938,159 18.3% 1.9x
Clearlake Capital Partners III, LP 2012 $50,000,000 $59,007,108 $31,239,497 $88,839,938 29.9%1 1.5x1
Clearlake Capital Partners IV, L.P. 2015 $56,700,000 $19,985,618 $185,775 $19,909,338 -1.0%1 1.0x1
Clearlake Opportunities Partners (P), L.P. 2015 $56,700,000 $12,904,197 $266,605 $12,798,776 -2.4%1 1.0x1
Clearwater Capital Partners Fund I, L.P. 2007 $7,381,847 $41,735,012 $35,197,935 $35,431,690 -5.1% 0.8x
Clearwater Capital Partners Fund II Holdings, L.P. 2005 $54,375,000 $63,247,676 $77,185,134 $81,674,730 4.9% 1.3x
Clearwater Capital Partners Fund III, L.P. 2006 $150,000,000 $150,000,000 $125,937,554 $194,036,624 4.3% 1.3x
Coller International Partners IV-D, L.P. 2002 $100,000,000 $88,383,697 $116,782,147 $120,769,958 11.7% 1.4x
Coller International Partners V-A, L.P. 2006 $375,000,000 $318,478,484 $358,968,572 $451,310,850 8.5% 1.4x
Craton Equity Investors I, L.P. 2007 $38,153,846 $39,334,061 $4,042,262 $10,854,007 -21.1% 0.3x
CVC Capital Partners VI, L.P. 2014 $564,495,352 $214,647,613 $8,893,644 $215,676,591 0.5%1 1.0x1
CVC Credit Strategic Investment A L.P. 2014 $205,070,541 $58,119,286 $0 $69,683,518 30.2%1 1.2x1
CVC European Equity Partners (D) L.P. 1996 $49,323,448 $59,670,342 $132,659,116 $132,659,116 22.8% 2.2x
CVC European Equity Partners II (D) L.P. 1998 $147,302,230 $174,267,655 $365,255,815 $367,135,768 19.0% 2.1x
CVC European Equity Partners III LP 2001 $200,000,000 $228,470,675 $592,407,402 $597,747,487 41.1% 2.6x
CVC European Equity Partners IV (D) L.P. 2005 $330,128,720 $406,118,831 $650,417,716 $705,413,261 16.9% 1.7x
CVC European Equity Partners Tandem Fund (B) L.P. 2007 $472,072,965 $570,429,899 $696,603,446 $730,507,975 6.7% 1.3x
CVC European Equity Partners V (B) L.P. 2008 $569,292,465 $695,861,110 $702,212,658 $990,823,001 12.6% 1.4x
EMAlternatives Investments, L.P. 2007 $100,000,000 $109,757,643 $59,314,669 $138,624,939 6.1% 1.3x
ESP Golden Bear Europe Fund 2007 $647,806,618 $554,957,194 $328,681,325 $618,727,666 3.1% 1.1x
Essex Woodlands Health Ventures Fund VIII, L.P. 2008 $125,000,000 $125,000,000 $38,180,543 $133,924,362 1.9% 1.1x
First Reserve Fund X, L.P. 2004 $125,000,000 $125,000,000 $228,036,252 $228,538,041 31.1% 1.8x
First Reserve Fund XI, L.P. 2006 $500,000,000 $570,173,986 $345,428,438 $397,506,608 -9.8% 0.7x
First Reserve Fund XII, L.P. 2008 $300,000,000 $333,618,892 $155,940,550 $251,281,224 -8.1% 0.8x
First Reserve Fund XIII, LP 2014 $400,000,000 $64,133,720 $4,558,606 $37,449,969 -36.7%1 0.6x1
Francisco Partners II, L.P. 2006 $175,000,000 $168,878,482 $209,741,998 $263,504,576 10.5% 1.6x
Francisco Partners III, L.P. 2011 $100,000,000 $92,305,815 $19,915,790 $147,168,992 16.6% 1.6x
Francisco Partners, L.P. 2000 $50,000,000 $52,713,112 $64,196,857 $66,569,825 4.4% 1.3x
Garage California Entrepreneurs Fund, LP 2002 $10,000,000 $10,000,000 $5,604,461 $10,423,589 0.6% 1.0x
GCM Grosvenor DEM II, L.P. 2014 $200,000,000 $34,587,095 $18,855,229 $37,047,403 9.8%1 1.1x1
GCM Grosvenor DEM, L.P. 2012 $100,000,000 $39,506,595 $9,872,482 $41,363,562 4.3%1 1.0x1
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 $507,450,864 $485,846,394 $736,009,200 8.1% 1.5x
Granite Global Ventures II L.P. 2004 $30,000,000 $28,650,085 $30,023,966 $44,544,959 5.9% 1.6x
Granite Global Ventures III L.P. 2006 $60,000,000 $58,500,395 $84,680,614 $129,197,736 15.9% 2.2x
Green Equity Investors IV, L.P. 2003 $168,628,515 $170,691,565 $309,004,033 $320,879,803 11.3% 1.9x
Green Equity Investors V, L.P. 2007 $400,000,000 $446,274,426 $530,644,550 $802,001,434 17.6% 1.8x
GSO Capital Opportunities Fund II L.P. 2011 $250,000,000 $261,022,350 $165,373,560 $303,898,639 14.3% 1.2x
GSO Capital Opportunities Fund L.P. 2008 $100,000,000 $165,619,199 $219,531,239 $232,888,811 17.7% 1.4x
GSO Capital Solutions Fund II, L.P. 2014 $500,000,000 $178,182,302 $22,566,333 $199,219,892 12.2%1 1.1x1
GSO Energy Partners-C II LP 2016 $250,000,000 $45,708,453 $874,398 $53,312,733 0.0%1 1.2x1
GSO Energy Partners-C LP 2013 $400,000,000 $292,659,990 $98,090,390 $285,934,508 -1.8%1 1.0x1
Hellman & Friedman Capital Partners V LP 2004 $200,000,000 $183,940,613 $483,832,576 $488,634,940 27.9% 2.7x
Hellman & Friedman Capital Partners VI 2007 $600,000,000 $610,258,895 $936,528,583 $1,085,838,926 13.0% 1.8x
Hellman & Friedman Capital Partners VII 2011 $300,000,000 $283,230,537 $99,624,445 $405,257,777 16.2% 1.4x
ICV Partners II, L.P. 2005 $31,220,000 $39,626,575 $55,025,447 $66,248,659 13.5% 1.7x
Insight Venture Partners IX, L.P. 2015 $100,000,000 $39,099,061 $55,082 $36,495,660 -8.8%1 0.9x1
Insight Venture Partners V, L.P. 2005 $32,500,000 $32,500,000 $75,823,966 $85,951,851 20.8% 2.6x
Insight Venture Partners VI, L.P. 2007 $68,000,000 $73,229,471 $131,261,873 $171,409,238 19.3% 2.3x
Khosla Ventures III, L.P. 2009 $200,000,000 $192,000,000 $59,872,410 $260,247,536 6.6% 1.4x
Khosla Ventures Seed, L.P. 2009 $60,000,000 $59,100,000 $10,504,328 $97,731,909 11.4% 1.7x
KKR 2006 Fund L.P. 2006 $400,000,000 $590,277,514 $583,590,500 $823,323,173 7.2% 1.4x
KKR Asian Fund II L.P. 2013 $500,000,000 $309,573,772 $59,932,334 $418,204,319 24.8%1 1.4x1
KKR Asian Fund L.P. 2007 $275,000,000 $346,728,284 $405,240,886 $569,596,271 13.6% 1.6x
KKR European Fund II, L.P. 2005 $202,329,485 $235,920,831 $252,845,863 $296,488,716 4.0% 1.3x
KKR European Fund III, L.P. 2008 $342,956,133 $415,618,895 $329,546,191 $539,388,186 8.7% 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 $208,133,749 $350,776,186 $370,436,288 16.5% 1.8x
Kline Hawkes Pacific, L.P. 2000 $100,000,000 $100,000,000 $46,954,699 $67,311,936 -5.3% 0.7x
KM Corporate Partners Fund II, LP 2007 $200,000,000 $190,739,040 $147,998,450 $245,560,136 6.5% 1.3x
KPS Special Situations Fund III, LP 2007 $175,000,000 $242,595,425 $308,384,082 $379,893,558 23.2% 1.6x
Levine Leichtman Capital Partners Deep Value Fund, L.P. 2005 $75,000,000 $95,238,116 $88,395,791 $98,331,844 0.8% 1.0x
Levine Leichtman Capital Partners II, L.P. 1998 $150,000,000 $250,737,146 $287,936,904 $298,885,229 5.7% 1.2x
Levine Leichtman Capital Partners III, L.P. 2003 $50,000,000 $65,270,484 $76,662,046 $97,783,230 10.5% 1.5x
Levine Leichtman Capital Partners IV, L.P. 2008 $75,000,000 $87,106,235 $107,072,963 $144,949,658 20.3% 1.7x
Lime Rock Partners III, L.P. 2004 $25,000,000 $26,895,309 $13,200,743 $14,190,468 -12.5% 0.5x
Lime Rock Partners IV, LP 2006 $43,000,000 $47,378,516 $26,573,159 $106,988,103 13.6% 2.3x
Lime Rock Partners V, L.P. 2008 $85,000,000 $90,491,679 $46,635,695 $74,734,068 -4.9% 0.8x
Lindsay Goldberg IV, L.P. 2015 $250,000,000 $13,498,855 $9,785 $17,186,212 41.5%1 1.3x1
Lion Capital Fund II, L.P. 2007 $219,566,462 $259,138,526 $169,335,930 $183,065,860 -7.9% 0.7x
Lombard Asia III L.P. 2007 $46,875,000 $41,723,995 $73,769,373 $85,301,141 20.3% 2.0x
Madison Dearborn Capital Partners IV, L.P. 2000 $150,000,000 $173,964,778 $302,551,626 $317,078,051 14.2% 1.8x
Madison Dearborn Capital Partners V, L.P. 2006 $300,000,000 $351,430,874 $416,387,614 $513,171,595 7.0% 1.5x
Magnum Capital, L.P. 2007 $136,083,401 $144,303,065 $113,094,269 $171,836,773 4.2% 1.2x
MHR Institutional Partners II LP 2003 $50,000,000 $53,000,000 $68,473,062 $87,956,645 10.5% 1.7x
MHR Institutional Partners III LP 2006 $350,000,000 $371,000,000 $358,507,918 $499,399,647 6.6% 1.3x
New Mountain Partners II, L.P. 2005 $150,000,000 $137,788,835 $264,006,690 $266,357,244 13.7% 1.9x
New Mountain Partners III, L.P. 2007 $400,000,000 $439,409,956 $363,549,622 $702,393,634 12.1% 1.6x
Newbridge Asia IV, L.P. 2005 $180,000,000 $195,554,362 $391,793,439 $409,235,051 16.9% 2.1x
NGEN II, L.P. 2005 $15,000,000 $14,536,131 $1,016,930 $1,262,620 -41.7% 0.1x
Nogales Investors Fund I , LP 2001 $25,000,000 $33,926,594 $23,638,178 $24,160,616 -8.0% 0.7x
Oak Hill Capital Partners II, L.P. 2004 $75,000,000 $86,500,040 $131,550,186 $136,708,168 9.8% 1.6x
Oak Hill Capital Partners III, L.P. 2007 $300,000,000 $362,558,153 $338,076,852 $532,998,304 10.1% 1.5x
Oaktree Opportunities Fund VIIIb, L.P. 2011 $200,000,000 $200,000,000 $79,253,910 $222,748,044 3.2% 1.1x
Onex Partners IV, L.P. 2014 $300,000,000 $104,781,762 $6,226,193 $105,530,042 0.6%1 1.0x1
PAG Asia I LP 2012 $100,000,000 $109,905,024 $72,832,837 $144,145,581 17.4%1 1.3x1
Palladium Equity Partners III, L.P. 2004 $193,750,000 $251,257,103 $338,460,234 $443,542,913 17.0% 1.8x
Patria Brazilian Private Equity Fund V, L.P. 2015 $150,000,000 $4,347,021 $0 $2,039,244 -76.0%1 0.5x1
Permira Europe III 2004 $126,989,866 $126,989,866 $215,032,163 $218,647,346 26.6% 1.7x
Permira IV L.P.2 2006 $285,233,495 $345,292,714 $395,876,059 $488,628,460 7.4% 1.4x
Permira V, L.P. 2014 $267,483,231 $205,117,892 $3,098,559 $207,256,159 0.8%1 1.0x1
Perseus-Soros BioPharmaceutical Fund, LP1 2001 $40,000,000 $45,631,671 $74,818,089 $75,017,141 18.4% 1.6x
Polish Enterprise Fund V, L.P. 2004 $59,050,388 $69,380,058 $127,745,558 $133,616,825 15.1% 1.9x
Polish Enterprise Fund VI, L.P. 2006 $139,213,352 $142,143,301 $42,277,912 $190,723,965 5.1% 1.3x
Providence Equity Partners V 2005 $125,000,000 $157,781,553 $163,151,276 $192,630,840 3.8% 1.2x
Providence Equity Partners VI L.P. 2007 $320,000,000 $490,207,516 $443,632,441 $618,779,411 6.0% 1.3x
RFG Private Equity Limited Partnership No. 1A, 1B and 1C 2004 $33,956,990 $33,964,880 $39,394,994 $47,711,689 7.7% 1.4x
Rhone Partners III, L.P. 2006 $135,175,922 $145,320,871 $182,767,356 $199,011,380 9.2% 1.4x
Richardson Capital Private Equity Limited Partnership No.2A, 2B and 2C 2006 $42,008,812 $25,013,323 $11,651,747 $13,323,759 -11.9% 0.5x
Riverstone Global Energy and Power Fund V, L.P. 2012 $400,000,000 $386,608,876 $110,083,468 $384,731,690 -0.3%1 1.0x1
Riverstone/Carlyle Global Energy and Power Fund IV, L.P. 2008 $500,000,000 $568,167,527 $392,962,937 $642,825,239 4.3% 1.1x
Riverstone/Carlyle Renewable & Alternative Energy Fund II, L.P. 2008 $300,000,000 $323,135,134 $205,833,937 $376,212,708 4.5% 1.2x
Riverwood Capital Partners (Parallel - A) L.P. 2010 $150,000,000 $166,215,566 $203,616,139 $316,545,493 25.7% 1.9x
Sacramento Private Equity Partners, L.P. 2006 $605,000,000 $517,681,190 $459,211,952 $791,650,471 9.8% 1.5x
SAIF Partners III L.P. 2007 $100,000,000 $124,495,773 $71,925,014 $209,476,327 8.7% 1.7x
SAIF Partners IV L.P. 2010 $120,000,000 $138,489,266 $33,246,999 $186,290,180 9.4% 1.3x
Sankaty Managed Account (CalPERS), L.P. 2014 $500,000,001 $234,230,001 $0 $242,524,741 4.2%1 1.0x1
Silver Lake Partners II, L.P. 2004 $125,000,000 $135,371,714 $215,616,378 $239,844,179 11.4% 1.8x
Silver Lake Partners III, L.P. 2007 $480,000,000 $579,348,887 $687,488,045 $983,992,905 17.9% 1.7x
Silver Lake Partners IV, L.P. 2013 $320,000,000 $187,308,014 $55,569,318 $249,944,633 30.5%1 1.3x1
Siris Partners III, L.P. 2014 $75,000,000 $12,545,966 $1,007,420 $11,316,693 -16.5%1 0.9x1
Tailwind Capital Partners (PP), LP 2007 $77,510,000 $93,315,167 $112,278,888 $142,607,926 12.5% 1.5x
Tailwind Capital Partners II, LP 2014 $150,000,000 $70,976,872 $13,517,890 $82,235,360 17.5%1 1.2x1
Technology Partners Fund VI, L.P. 1998 $20,567,775 $25,000,000 $12,764,422 $13,143,991 -14.3% 0.5x
The Central Valley Fund II SBIC, LP 2012 $12,000,000 $7,111,040 $0 $10,141,303 15.3%1 1.4x1
The Central Valley Fund, LP 2005 $40,000,000 $32,287,502 $40,822,401 $41,406,817 9.1% 1.3x
The Resolute Fund II, L.P. 2008 $200,000,000 $209,555,557 $192,253,191 $300,359,634 9.8% 1.4x
Thomas H. Lee Equity Fund VI, L.P 2006 $240,000,000 $402,043,902 $357,188,238 $539,616,090 7.4% 1.3x
TowerBrook Investors II, L.P. 2005 $200,000,000 $193,498,058 $250,063,919 $313,172,978 10.2% 1.6x
TowerBrook Investors III, L.P. 2008 $300,000,000 $319,204,234 $307,216,991 $419,389,694 10.1% 1.3x
TowerBrook Investors IV (Onshore), L.P. 2013 $380,000,000 $79,492,110 $38,201,141 $115,346,347 40.1%1 1.5x1
TPG Asia V, L.P. 2007 $360,000,000 $349,330,954 $286,179,856 $445,776,896 5.5% 1.3x
TPG Biotechnology Partners II, L.P. 2006 $70,000,000 $71,888,857 $50,964,434 $71,498,513 -0.1% 1.0x
TPG Biotechnology Partners III, L.P. 2008 $100,000,000 $92,335,169 $55,904,361 $126,295,638 7.9% 1.4x
TPG Biotechnology Partners, L.P. 2002 $74,759,209 $79,794,810 $127,142,803 $140,189,948 9.5% 1.8x
TPG Partners IV, L.P. 2003 $200,000,000 $225,811,312 $403,532,394 $438,453,737 15.7% 1.9x
TPG Partners V, L.P. 2006 $600,000,000 $811,329,685 $750,079,110 $1,008,396,996 4.0% 1.2x
TPG Partners VI, L.P. 2008 $825,000,000 $912,490,014 $764,911,835 $1,293,070,829 10.7% 1.4x
TPG STAR, L.P. 2007 $150,000,000 $164,744,331 $172,369,678 $259,592,505 11.7% 1.6x
TPG Ventures, L.P. 2001 $248,608,864 $248,461,541 $298,508,434 $302,772,928 3.7% 1.2x
Trident VI 2014 $250,000,000 $137,601,957 $15,508,374 $151,383,188 11.0%1 1.1x1
Triton Fund IV L.P. 2013 $89,463,138 $45,987,836 $14,916,924 $42,692,483 -4.5%1 0.9x1
VantagePoint CleanTech Partners, L.P. 2006 $25,000,000 $25,000,000 $12,704,911 $21,900,007 -3.2% 0.9x
VantagePoint Venture Partners 2006 (Q), L.P. 2006 $100,000,000 $100,000,000 $4,845,181 $47,513,226 -14.2% 0.5x
Vicente Capital Partners Growth Equity Fund, L.P. 2007 $40,422,297 $39,062,491 $19,036,658 $55,589,125 8.6% 1.4x
W Capital Partners II, L.P. 2007 $141,125,000 $140,615,876 $154,707,646 $198,791,483 11.4% 1.4x
W Capital Partners, L.P. 2004 $25,000,000 $23,662,500 $16,925,441 $18,572,683 -7.5% 0.8x
Wellspring Capital Partners V, L.P. 2011 $150,000,000 $148,982,808 $34,858,007 $199,416,056 15.1% 1.3x
Welsh, Carson, Anderson & Stowe IX, L.P. 2000 $125,000,000 $123,750,000 $205,728,928 $205,799,815 11.3% 1.7x
Welsh, Carson, Anderson & Stowe VIII, L.P. 1998 $150,000,000 $150,000,000 $193,747,164 $193,974,312 3.2% 1.3x
Welsh, Carson, Anderson & Stowe X, L.P. 2005 $175,000,000 $171,500,000 $247,290,813 $287,784,688 8.1% 1.7x
Welsh, Carson, Anderson & Stowe XI, L.P. 2009 $125,000,000 $121,062,369 $100,579,791 $181,600,724 12.8% 1.5x
Welsh, Carson, Anderson & Stowe XII, L.P. 2015 $350,000,000 $90,831,552 $0 $95,609,646 5.6%1 1.1x1
WLR Recovery Fund 1997 $50,000,000 $50,000,000 $182,975,651 $182,975,651 35.2% 3.7x
WLR Recovery Fund II, L.P. 2002 $50,000,000 $50,000,000 $119,785,641 $120,931,226 78.8% 2.4x
WLR Recovery Fund III, L.P. 2005 $198,000,000 $198,000,000 $128,751,577 $159,333,003 -4.2% 0.8x
WLR Recovery Fund IV, L.P. 2007 $400,000,000 $363,747,718 $415,755,056 $494,630,209 8.0% 1.4x
Yucaipa American Alliance Fund I, L.P. 2002 $200,000,000 $314,764,188 $268,050,907 $340,447,804 2.5% 1.1x
Yucaipa American Alliance Fund II, L.P. 2008 $400,000,000 $557,456,161 $335,052,025 $753,301,604 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 $220,301,326 -4.8% 0.8x
Yucaipa Corporate Initiatives Fund II, L.P. 2008 $93,539,524 $90,973,166 $28,150,439 $83,631,155 -1.8% 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.