As of September 30, 2020, the since inception Net IRR is 10.7% and the Net Multiple is 1.5x.

The table below reflects the performance of all active PE partnership investments as of September 30, 2020. 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 $495,957,854 $278,812,814 $726,096,176 8.0% 1.5x
57 Stars Global Opportunities Fund, LLC 2007 $430,000,000 $412,244,672 $498,475,155 $587,947,244 6.5% 1.4x
AACP AP Investors, L.P. 2007 $14,108,080 $14,865,637 $16,898,666 $16,952,375 2.1% 1.1x
AACP China Debt Investors, LP 2008 $10,000,000 $15,912,196 $20,163,962 $20,200,708 8.3% 1.3x
AACP China Growth Investors 2007 $50,000,000 $51,950,708 $81,890,513 $83,818,506 7.9% 1.6x
AACP China Venture Investors A, LP 2008 $5,000,000 $4,309,597 $5,172,593 $5,190,382 2.6% 1.2x
AACP India Investors B 2007 $5,000,000 $5,158,699 $2,868,813 $9,606,316 6.7% 1.9x
AACP India Investors C 2009 $5,000,000 $5,131,656 $1,985,865 $8,247,132 7.7% 1.6x
AACP India Venture Investors A 2007 $5,000,000 $5,065,536 $5,653,594 $5,767,318 2.1% 1.1x
Aberdare Ventures IV, LP 2008 $50,000,000 $50,000,000 $23,169,038 $45,586,419 -1.8% 0.9x
Advent International GPE IX Limited Partnership 2019 $550,000,000 $193,875,001 $0 $234,815,072 N/M 1 N/M 1
Advent International GPE V-D, L.P. 2005 $81,095,456 $77,609,736 $184,029,126 $187,449,089 42.7% 2.4x
Advent International GPE VI-A, L.P. 2008 $500,000,000 $502,306,204 $978,104,024 $1,053,331,332 16.7% 2.1x
Advent International GPE VII-C, L.P. 2012 $450,000,000 $423,732,784 $449,561,889 $778,820,487 14.9% 1.8x
Advent International GPE VIII-B Limited Partnership 2016 $500,000,000 $474,500,002 $0 $732,516,241 19.0% 1 1.5x 1
Advent Latin America Private Equity Fund IV-D, L.P. 2007 $200,000,000 $205,315,197 $288,240,196 $311,165,870 9.1% 1.5x
Advent Latin America Private Equity Fund V-H L.P. 2010 $100,000,000 $96,200,000 $55,500,000 $100,781,483 0.9% 1.0x
Advent Latin American Private Equity Fund III-D L.P. 2006 $50,000,000 $49,385,090 $69,956,184 $72,993,909 9.8% 1.5x
Affinity Asia Pacific Fund III L.P. 2007 $150,000,000 $155,064,800 $211,331,584 $218,296,350 9.2% 1.4x
Aisling Capital II, LP 2006 $80,000,000 $100,994,319 $99,084,187 $102,209,004 0.2% 1.0x
Aisling Capital III, LP 2008 $90,000,000 $112,998,427 $245,842,581 $253,207,771 26.4% 2.2x
Alta V Limited Partnership 1992 $35,000,000 $35,000,000 $84,587,808 $84,591,204 25.5% 2.4x
Apollo Credit Opportunity Fund I, L.P. 2008 $1,000,000,000 $1,225,524,913 $3,177,761,932 $3,177,761,932 27.4% 2.6x
Apollo European Principal Finance Fund, L.P. 2008 $83,076,953 $165,247,829 $200,503,086 $200,810,405 11.9% 1.2x
Apollo Investment Fund IV, L.P. 1998 $150,000,000 $154,085,315 $254,289,011 $254,441,710 8.5% 1.7x
Apollo Investment Fund IX, L.P 2019 $550,000,000 $144,527,494 $13,954,104 $147,053,354 N/M 1 N/M 1
Apollo Investment Fund V, L.P. 2001 $250,000,000 $388,164,138 $776,929,038 $779,084,741 37.5% 2.0x
Apollo Investment Fund VI, L.P. 2006 $520,000,000 $866,357,105 $1,218,417,644 $1,228,295,637 8.3% 1.4x
Apollo Investment Fund VII, L.P. 2008 $800,000,000 $1,202,792,098 $1,808,193,530 $1,883,554,377 21.6% 1.6x
Apollo Investment Fund VIII, L.P. 2013 $500,000,000 $481,419,503 $261,734,619 $644,275,040 9.5% 1.3x
Apollo Special Opportunities Managed Account, L.P. 2007 $800,000,000 $800,000,000 $965,042,491 $1,068,756,639 3.6% 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 $371,338,777 $371,684,448 13.0% 1.7x
Ares Corporate Opportunities Fund III, L.P. 2008 $400,000,000 $511,294,729 $1,055,314,883 $1,078,561,189 20.4% 2.1x
Ares Corporate Opportunities Fund V, L.P. 2017 $425,000,000 $393,006,070 $57,200,062 $366,660,352 -4.1% 1 0.9x 1
Ares Corporate Opportunities Fund, L.P. 2003 $100,000,000 $135,853,818 $195,665,318 $195,900,885 12.8% 1.4x
ASF VIII B L.P. 2020 $300,000,000 $54,789,559 $0 $65,865,977 N/M 1 N/M 1
Asia Alternatives Capital Partners II LP 2008 $48,933,451 $50,220,845 $89,168,245 $127,775,766 18.0% 2.5x
Asia Alternatives Capital Partners, LP 2007 $50,000,000 $53,480,169 $89,666,489 $95,692,787 11.1% 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 $164,705,665 1.6% 1.1x
Baring Vostok Private Equity Fund IV L.P. / Supplemental 2007 $77,775,000 $90,783,322 $85,300,115 $101,975,079 2.2% 1.1x
BDC III C LP 2017 $130,113,044 $86,211,306 $16,198,671 $134,889,901 29.2% 1 1.6x 1
BE VI 'H' L.P. 2019 $402,170,935 $159,838,795 $11,108,878 $176,743,659 N/M 1 N/M 1
Birch Hill Equity Partners (US) III, LP 2005 $126,196,127 $142,211,315 $258,558,118 $268,643,213 12.1% 1.9x
Birch Hill Equity Partners (US) IV, LP 2011 $136,813,026 $130,866,810 $120,997,022 $229,007,867 11.5% 1.7x
Blackstone / GSO Capital Solutions Fund, LP 2010 $250,000,000 $362,351,345 $436,446,759 $439,397,085 9.4% 1.2x
Blackstone Capital Partners IV L.P. 2003 $200,000,000 $229,547,943 $559,129,481 $563,541,623 36.3% 2.5x
Blackstone Capital Partners V L.P. 2006 $600,000,000 $794,478,236 $1,188,138,747 $1,209,665,355 7.7% 1.5x
Blackstone Capital Partners VI L.P. 2011 $500,000,000 $539,853,553 $549,117,579 $874,770,220 12.2% 1.6x
Blackstone Capital Partners VII, L.P. 2016 $500,000,000 $482,167,973 $45,627,370 $584,740,926 12.3% 1 1.2x 1
Blackstone Communications Partners I L.P. 2000 $100,000,000 $111,226,418 $135,473,542 $136,080,143 6.5% 1.2x
Blackstone Tactical Opportunities Fund - C L.P. 2012 $800,000,000 $975,643,996 $1,047,052,165 $1,327,335,706 10.3% 1.4x
Blackstone Tactical Opportunities Fund II - C L.P. 2015 $500,000,000 $455,669,190 $270,640,603 $617,475,522 12.3% 1.4x
Blackstone Tactical Opportunities Fund III-C (Surge) L.P. 2019 $500,000,000 $107,553,670 $1,356,861 $121,452,805 N/M 1 N/M 1
Blackstone Tactical Opportunities Fund III-C L.P. 2018 $350,000,000 $178,087,454 $9,393,043 $194,003,932 11.1% 1 1.1x 1
Bridgepoint Europe II 'A' LP 2001 $110,709,643 $127,309,360 $227,015,330 $227,393,068 29.3% 1.8x
Bridgepoint Europe II 'C' L.P. 2015 $28,104,110 $1,914,485 $624,492 $684,326 -27.6% 0.4x
Bridgepoint Europe III 'C' L.P. 2015 $28,104,757 $16,760,648 $13,270,286 $20,801,150 6.7% 1.2x
Bridgepoint Europe III 'D' LP 2005 $194,506,151 $191,932,333 $194,762,790 $239,541,324 2.8% 1.2x
Bridgepoint Europe IV 'B' L.P. 2015 $92,522,569 $68,658,293 $75,434,322 $93,006,080 13.8% 1.4x
Bridgepoint Europe IV 'D' LP 2008 $399,981,283 $394,251,551 $532,921,340 $599,592,575 9.7% 1.5x
Bridgepoint Europe V 2014 $400,235,944 $394,775,230 $186,324,296 $597,627,267 16.6% 1.5x
California Asia Investors, L.P. 2008 $150,000,000 $148,653,136 $538,018,570 $640,526,436 27.3% 4.3x
California Community Venture Fund, LLC 2003 $100,000,000 $100,067,655 $85,813,595 $93,272,118 -1.2% 0.9x
California Emerging Ventures II, LLC 1999 $1,339,569,396 $1,390,972,796 $1,687,111,434 $1,712,983,384 3.8% 1.2x
California Emerging Ventures III, LLC 2001 $481,590,054 $590,414,997 $791,342,590 $827,566,134 7.2% 1.4x
California Emerging Ventures IV, LLC 2006 $462,298,641 $487,576,344 $742,916,961 $878,944,638 11.8% 1.8x
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 $48,401,317 $23,855,388 $54,778,577 5.6% 1 1.1x 1
CalPERS Clean Energy & Technology Fund, LLC 2007 $465,000,000 $468,423,814 $132,249,749 $176,200,767 -14.2% 0.4x
CalPERS Corporate Partners, LLC 2001 $500,000,000 $527,878,156 $831,924,481 $831,924,481 9.4% 1.6x
CalPERS Wellspring V, L.P. 2011 $24,975,000 $26,200,722 $32,500,468 $50,675,455 22.8% 1.9x
Capital Link Fund I, LLC 2007 $502,000,000 $600,862,230 $783,713,104 $904,264,924 8.0% 1.5x
Capital Link Fund II, LLC 2008 $435,000,000 $469,499,847 $663,710,578 $771,033,944 11.9% 1.6x
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 $164,181,056 $156,169,551 $179,738,592 2.3% 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 $258,390,237 8.2% 1.5x
Carlyle Asia Partners III, L.P. 2008 $300,000,000 $370,429,797 $516,692,576 $535,346,535 10.8% 1.4x
Carlyle Asia Partners V, L.P. 2018 $250,000,000 $54,016,348 $10,711,786 $62,409,639 11.6% 1 1.2x 1
Carlyle Europe Partners II, L.P. 2003 $71,562,635 $93,146,528 $147,395,262 $148,216,571 19.7% 1.6x
Carlyle Europe Partners III, L.P. 2007 $417,368,865 $457,859,073 $698,938,092 $723,455,704 10.9% 1.6x
Carlyle Europe Partners V, S.C.Sp. 2019 $346,098,375 $96,564,859 $502,891 $85,338,463 N/M 1 N/M 1
Carlyle Europe Real Estate Partners, L.P. 2002 $29,536,632 $40,959,165 $61,093,092 $61,093,092 14.0% 1.5x
Carlyle Europe Technology Partners II, L.P. 2008 $101,574,805 $110,519,643 $203,506,622 $205,135,146 16.2% 1.9x
Carlyle Global Financial Services Partners, L.P. 2008 $150,000,000 $191,950,088 $322,013,690 $322,791,787 13.7% 1.7x
Carlyle Japan Partners II, L.P. 2006 $157,374,324 $163,074,911 $171,231,605 $172,442,896 1.1% 1.1x
Carlyle Japan Partners, L.P. 2001 $25,090,506 $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 $37,454,464 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 $1,629,663,643 $1,708,489,508 12.7% 1.6x
Carlyle Partners VI, L.P. 2013 $547,000,000 $586,880,742 $296,115,907 $898,984,647 13.0% 1.5x
Carlyle Partners VII, L.P. 2018 $600,000,000 $281,460,295 $8,515,661 $272,052,835 -2.6% 1 1.0x 1
Carlyle Realty Partners III, L.P. 2001 $50,000,000 $66,923,351 $158,781,563 $159,356,062 28.3% 2.4x
Carlyle Strategic Partners II, L.P. 2007 $75,000,000 $148,910,451 $190,708,651 $193,421,867 11.4% 1.3x
Carlyle Strategic Partners IV, L.P. 2016 $150,000,000 $83,761,014 $34,372,024 $78,742,204 -4.9% 1 0.9x 1
Carlyle U.S. Equity Opportunities II, L.P. 2015 $200,000,000 $190,569,891 $15,693,656 $187,001,770 -0.9% 1.0x
Carlyle U.S. Growth Fund III, L.P. 2006 $75,000,000 $92,197,113 $121,587,162 $123,117,850 7.3% 1.3x
Carlyle Venture Partners II, L.P. 2001 $50,000,000 $77,961,078 $77,144,623 $77,434,806 -0.2% 1.0x
Carlyle/Riverstone Global Energy and Power Fund II 2003 $75,000,000 $123,619,232 $216,566,435 $216,840,373 52.7% 1.8x
Carlyle/Riverstone Global Energy and Power Fund III, L.P. 2005 $250,000,000 $267,297,504 $343,371,353 $352,699,934 6.0% 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 $102,520,547 4.2% 1.3x
CDH Fund V, L.P. 2014 $200,000,000 $222,573,224 $105,541,775 $339,377,157 12.6% 1.5x
Centerbridge Capital Partners III, L.P. 2015 $150,000,000 $150,260,277 $59,865,752 $216,279,531 17.0% 1.4x
Cerberus CAL II Partners, L.P. 2017 $500,000,000 $423,762,376 $14,851,485 $492,104,672 8.0% 1 1.2x 1
Cerberus CAL III Partners, L.P. 2019 $500,000,000 $93,415,135 $0 $101,488,296 N/M 1 N/M 1
Cerberus CP Partners LP 2013 $600,000,000 $674,624,184 $761,276,389 $1,265,587,060 17.1% 1.9x
Cerberus Institutional Partners V, L.P. 2012 $400,000,000 $479,288,769 $617,962,594 $818,799,196 13.3% 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 $46,699,590 $50,730,518 3.9% 1.2x
Clarus Lifesciences II, L.P. 2008 $75,000,000 $71,452,500 $126,443,468 $131,912,409 14.8% 1.8x
Clayton, Dubilier & Rice Fund X, L.P. 2018 $150,000,000 $94,623,798 $31,113,801 $125,498,966 22.1% 1 1.3x 1
Clearlake Capital Partners III, LP 2012 $50,000,000 $70,249,773 $169,661,613 $189,610,095 40.6% 2.7x
Clearlake Capital Partners IV, L.P. 2015 $56,700,000 $82,100,264 $68,116,099 $132,925,373 26.9% 1.6x
Clearlake Capital Partners V, L.P. 2018 $75,000,000 $69,062,157 $21,081,950 $115,789,705 45.6% 1 1.7x 1
Clearlake Opportunities Partners (P), L.P. 2015 $56,700,000 $65,670,997 $31,461,852 $77,919,054 9.7% 1.2x
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 $80,279,431 4.5% 1.3x
Clearwater Capital Partners Fund III, L.P. 2006 $150,000,000 $150,000,000 $142,031,856 $171,536,400 2.0% 1.1x
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 $431,819,555 $447,116,486 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 Strategic Opportunities Compounding Capital L.P. 2017 $998,649,270 $995,076,311 $151,632,969 $1,185,040,911 7.7% 1 1.2x 1
CVC Capital Partners VI, L.P. 2014 $570,840,597 $611,433,757 $319,957,310 $902,655,715 14.0% 1.5x
CVC Capital Partners VII (A) L.P. 2018 $571,662,944 $275,089,298 $3,460,333 $314,452,910 12.1% 1 1.1x 1
CVC Credit Strategic Investment A L.P. 2014 $207,258,123 $166,936,340 $240,442,261 $240,541,136 19.6% 1.4x
CVC European Equity Partners III LP 2001 $200,000,000 $234,497,567 $592,407,402 $603,672,170 41.0% 2.6x
CVC European Equity Partners IV (D) L.P. 2005 $326,039,953 $406,865,452 $726,781,649 $727,553,399 17.2% 1.8x
CVC European Equity Partners Tandem Fund (B) L.P. 2007 $466,629,317 $570,492,765 $734,978,678 $735,344,878 6.8% 1.3x
CVC European Equity Partners V (B) L.P. 2008 $562,131,219 $710,380,479 $1,226,926,710 $1,296,307,295 16.4% 1.8x
EMAlternatives Investments, L.P. 2007 $100,000,000 $115,052,043 $106,652,961 $140,864,855 4.1% 1.2x
Essex Woodlands Health Ventures Fund VIII, L.P. 2008 $125,000,000 $128,657,625 $69,110,758 $125,082,357 -0.5% 1.0x
First Reserve Fund XI, L.P. 2006 $500,000,000 $570,173,986 $385,117,357 $385,618,419 -10.2% 0.7x
First Reserve Fund XII, L.P. 2008 $300,000,000 $347,286,374 $181,952,731 $205,046,912 -13.4% 0.6x
First Reserve Fund XIII, LP 2014 $400,000,000 $449,392,813 $140,863,986 $405,777,554 -6.1% 0.9x
Francisco Partners Agility II, L.P. 2020 $50,000,000 $3,000,000 $0 $2,656,726 N/M 1 N/M 1
Francisco Partners II, L.P. 2006 $175,000,000 $174,005,517 $252,881,259 $274,519,734 10.0% 1.6x
Francisco Partners III, L.P. 2011 $100,000,000 $95,284,663 $158,430,758 $257,634,648 21.4% 2.7x
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 $202,578,714 $54,654,474 $244,490,857 10.1% 1.2x
GCM Grosvenor DEM III, L.P. 2019 $500,000,000 $61,068,687 $0 $61,732,729 N/M 1 N/M 1
GCM Grosvenor DEM, L.P. 2012 $100,000,000 $105,628,918 $56,444,012 $130,829,439 8.6% 1.2x
General Atlantic Managed Account 2020 $750,000,000 $102,713,187 $0 $104,883,336 N/M 1 N/M 1
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 $520,374,009 $687,761,607 $816,100,271 8.4% 1.6x
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 $446,385,488 $831,155,752 $997,614,613 18.4% 2.2x
GSO Capital Opportunities Fund II L.P. 2011 $250,000,000 $309,053,590 $319,846,570 $376,284,426 10.1% 1.2x
GSO Capital Opportunities Fund L.P. 2008 $100,000,000 $166,000,936 $228,800,483 $230,053,975 17.1% 1.4x
GSO Capital Solutions Fund II, L.P. 2014 $500,000,000 $480,597,568 $426,047,813 $474,271,792 -1.0% 1.0x
GSO Energy Partners-C II LP 2016 $250,000,000 $216,869,653 $95,378,257 $226,430,690 1.9% 1 1.0x 1
GSO Energy Partners-C LP 2013 $400,000,000 $458,340,352 $196,946,197 $327,054,964 -11.7% 0.7x
Hellman & Friedman Capital Partners IX, L.P. 2020 $650,000,000 $143,784,642 $0 $157,592,620 N/M 1 N/M 1
Hellman & Friedman Capital Partners VI 2007 $600,000,000 $612,793,602 $1,107,211,455 $1,117,713,843 12.9% 1.8x
Hellman & Friedman Capital Partners VII 2011 $300,000,000 $286,545,494 $493,550,084 $902,707,388 24.9% 3.2x
Hellman & Friedman Capital Partners VIII, L.P. 2016 $500,000,000 $506,230,600 $64,820,994 $742,872,810 18.1% 1 1.5x 1
ICV Partners II, L.P. 2005 $31,220,000 $40,135,407 $61,947,907 $62,566,699 11.9% 1.6x
Insight Partners XI, L.P. 2020 $400,000,000 $112,000,000 $38,475 $134,783,790 N/M 1 N/M 1
Insight Venture Partners Growth-Buyout Coinvestment Fund (B), L.P. 2015 $400,000,000 $384,000,000 $259,924,631 $1,287,263,260 38.6% 3.4x
Insight Venture Partners IX, L.P. 2015 $100,000,000 $102,444,637 $32,633,819 $281,195,341 30.5% 2.7x
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 $186,622,205 19.2% 2.5x
Insight Venture Partners X, L.P. 2018 $250,000,000 $234,500,000 $85,613 $395,073,608 38.0% 1 1.7x 1
Jade Equity Investors, L.P. 2020 $155,000,000 $13,603,363 $0 $15,644,212 N/M 1 N/M 1
Khosla Ventures III, L.P. 2009 $200,000,000 $197,000,000 $304,376,452 $365,447,786 10.1% 1.9x
Khosla Ventures Seed, L.P. 2009 $60,000,000 $60,000,000 $12,484,329 $36,576,712 -6.6% 0.6x
KKR 2006 Fund L.P. 2006 $400,000,000 $594,990,610 $819,980,578 $923,108,974 8.1% 1.6x
KKR Asian Fund II L.P. 2013 $500,000,000 $602,796,569 $377,898,623 $800,942,347 9.1% 1.3x
KKR Asian Fund L.P. 2007 $272,575,591 $355,595,791 $599,827,447 $602,534,695 13.6% 1.7x
KKR European Fund II, L.P. 2005 $201,015,519 $236,198,253 $294,468,724 $295,258,598 3.9% 1.3x
KKR European Fund III, L.P. 2008 $311,130,812 $420,556,753 $585,695,701 $601,362,988 9.7% 1.4x
KKR European Fund V (USD) SCSp 2020 $300,000,000 $97,102,393 $0 $108,249,819 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 $194,549,186 $188,637,308 $273,905,777 6.6% 1.4x
KPS Special Situations Fund III, LP 2007 $175,000,000 $244,794,646 $427,439,314 $427,992,831 23.5% 1.7x
Lime Rock Partners IV AF, L.P. 2018 $83,686,107 $83,812,154 $1,335,000 $64,993,238 -10.6% 1 0.8x 1
Lime Rock Partners IV, LP 2006 $43,000,000 $47,917,078 $139,501,029 $139,613,362 14.6% 2.9x
Lime Rock Partners V, L.P. 2008 $85,000,000 $94,956,791 $71,510,504 $85,281,049 -2.1% 0.9x
Lindsay Goldberg IV, L.P. 2015 $250,000,000 $194,527,007 $94,145,585 $298,009,759 25.6% 1.5x
Lindsay Goldberg V L.P. 2020 $250,000,000 $10,843,302 $10,312 $15,248,503 N/M 1 N/M 1
Lion Capital Fund II, L.P. 2007 $217,316,025 $260,835,000 $174,966,519 $185,582,058 -7.2% 0.7x
Madison Dearborn Capital Partners IV, L.P. 2000 $150,000,000 $173,964,778 $305,140,761 $308,731,622 13.9% 1.8x
Madison Dearborn Capital Partners V, L.P. 2006 $300,000,000 $351,554,197 $519,858,932 $527,674,759 7.2% 1.5x
Madison Dearborn Capital Partners VIII, LP 2020 $400,000,000 $0 $0 $4,474,393 N/M 1 N/M 1
Magnum Capital, L.P. 2007 $135,573,047 $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 $73,250,160 $99,254,947 10.7% 1.9x
MHR Institutional Partners III LP 2006 $350,000,000 $371,300,000 $383,397,861 $502,020,170 5.6% 1.4x
New Mountain Partners II, L.P. 2005 $150,000,000 $138,727,183 $264,581,334 $266,785,130 13.6% 1.9x
New Mountain Partners III, L.P. 2007 $400,000,000 $453,828,592 $692,256,756 $951,595,484 13.8% 2.1x
Newbridge Asia IV, L.P. 2005 $180,000,000 $195,554,362 $409,519,551 $413,183,880 16.8% 2.1x
Oak Hill Capital Partners II, L.P. 2004 $75,000,000 $86,785,564 $136,149,686 $137,182,619 9.7% 1.6x
Oak Hill Capital Partners III, L.P. 2007 $300,000,000 $380,079,555 $535,120,615 $599,305,771 9.9% 1.6x
Oaktree Latigo Investment Fund, L.P. 2020 $1,000,000,000 $50,000,000 $0 $57,495,562 N/M 1 N/M 1
Oaktree Opportunities Fund VIIIb, L.P. 2011 $200,000,000 $200,000,000 $207,716,517 $259,363,388 5.1% 1.3x
OHA Black Bear Fund, L.P. 2020 $1,000,000,000 $200,000,000 $0 $234,576,974 N/M 1 N/M 1
Onex Partners IV, L.P. 2014 $300,000,000 $300,348,607 $169,758,656 $376,449,451 6.9% 1.3x
Onex Partners V-B LP 2018 $500,000,000 $161,324,809 $0 $147,602,635 -10.9% 1 0.9x 1
PAG Asia I LP 2012 $100,000,000 $116,919,732 $125,453,570 $191,762,384 15.9% 1.6x
PAG Asia III LP 2019 $380,000,000 $87,166,496 $0 $83,348,424 N/M 1 N/M 1
Palladium Equity Partners III, L.P. 2004 $193,750,000 $253,309,698 $437,726,505 $441,713,290 15.5% 1.7x
Palladium Equity Partners V, L.P. 2018 $75,000,000 $41,392,851 $3,932,275 $38,536,610 -6.3% 1 0.9x 1
Patria Brazilian Private Equity Fund V, L.P. 2015 $150,000,000 $121,459,441 $0 $131,422,315 5.1% 1.1x
Permira Europe III 2004 $126,989,866 $126,989,866 $219,162,733 $219,489,476 26.6% 1.7x
Permira Growth Opportunities I L.P. 1 2019 $200,000,000 $65,300,000 $23,672 $75,438,356 N/M 1 N/M 1
Permira IV L.P.2 2006 $281,717,831 $354,498,219 $486,154,766 $527,804,962 7.9% 1.5x
Permira V, L.P. 2014 $268,883,779 $258,582,812 $321,501,830 $686,482,903 23.9% 2.7x
Permira VI L.P. 1 2017 $500,700,960 $460,936,710 $81,592,085 $714,915,894 24.4% 1 1.6x 1
Permira VII L.P.1 2020 $637,589,563 $108,724,413 $0 $128,426,035 N/M 1 N/M 1
Polish Enterprise Fund VI, L.P. 2006 $139,089,295 $145,734,198 $205,782,675 $210,780,684 5.8% 1.4x
Providence Equity Partners V 2005 $125,000,000 $157,825,582 $182,968,971 $184,579,032 3.0% 1.2x
Providence Equity Partners VI L.P. 2007 $320,000,000 $504,623,996 $538,055,106 $638,348,208 5.2% 1.3x
Riverstone Global Energy and Power Fund V, L.P. 2012 $400,000,000 $494,841,895 $229,964,142 $337,052,507 -13.6% 0.7x
Riverstone Global Energy and Power Fund VI, L.P. 2016 $500,000,000 $505,529,058 $171,099,267 $344,608,608 -20.4% 1 0.7x 1
Riverstone/Carlyle Global Energy and Power Fund IV, L.P. 2008 $500,000,000 $595,479,627 $582,807,348 $630,007,867 1.6% 1.1x
Riverstone/Carlyle Renewable & Alternative Energy Fund II, L.P. 2008 $300,000,000 $330,740,803 $344,144,390 $366,959,881 2.3% 1.1x
Riverwood Capital Partners (Parallel - A) L.P. 2010 $150,000,000 $173,556,547 $296,975,215 $339,752,727 22.9% 2.0x
Sacramento Private Equity Partners, L.P. 2006 $605,000,000 $523,270,384 $830,385,900 $961,374,990 11.2% 1.8x
SAIF Partners III L.P. 2007 $100,000,000 $126,745,773 $117,809,340 $308,654,695 10.5% 2.4x
SAIF Partners IV L.P. 2010 $120,000,000 $148,856,026 $61,880,599 $236,734,654 7.7% 1.6x
Sankaty Managed Account (CalPERS), L.P. 2014 $500,000,001 $500,000,002 $376,940,000 $598,945,629 7.0% 1.2x
Silver Lake Partners II, L.P. 2004 $125,000,000 $135,417,964 $237,661,847 $237,768,567 11.0% 1.8x
Silver Lake Partners III, L.P. 2007 $480,000,000 $612,999,401 $1,140,037,120 $1,182,637,228 18.6% 1.9x
Silver Lake Partners IV, L.P. 2013 $320,000,000 $366,346,307 $288,971,680 $790,266,346 26.6% 2.2x
Silver Lake Partners V, L.P. 2018 $400,000,000 $304,685,518 $3,403,469 $480,283,157 39.4% 1 1.6x 1
Silver Lake Technology Investors IV, LP 2013 $80,000,000 $84,996,056 $81,838,562 $224,356,310 35.4% 2.6x
Silver Lake Technology Investors V, L.P. 2018 $100,000,000 $82,650,835 $852,494 $142,651,979 41.5% 1 1.7x 1
Siris Partners III, L.P. 2015 $75,000,000 $83,641,052 $42,747,089 $113,767,711 14.7% 1.4x
Siris Partners IV, L.P. 2019 $100,000,000 $53,835,457 $0 $52,428,909 N/M 1 N/M 1
SL SPV-1, L.P. 2017 $38,675,166 $81,970,040 $3,431,626 $94,698,987 4.8% 1 1.2x 1
SL SPV-2, L.P. 2019 $28,417,191 $49,370,863 $0 $69,844,384 N/M 1 N/M 1
Summit Partners Growth Equity Fund X-A, L.P. 2020 $250,000,000 $22,150,000 $0 $30,952,820 N/M 1 N/M 1
Tailwind Capital Partners (PP), LP 2007 $77,510,000 $97,319,946 $143,253,165 $145,658,522 11.3% 1.5x
Tailwind Capital Partners II, LP 2014 $150,000,000 $147,314,438 $73,825,211 $199,959,478 9.9% 1.4x
Tailwind Capital Partners III, L.P. 2018 $200,000,000 $107,634,666 $15,738,739 $98,166,994 -12.3% 1 0.9x 1
TCP II Co-Invest B, L.P. 2015 $50,000,000 $48,765,124 $13,342,437 $81,732,463 14.4% 1.7x
TCV X, L.P. 2019 $175,000,000 $98,157,500 $0 $128,995,356 N/M 1 N/M 1
The Central Valley Fund II SBIC, LP 2012 $12,000,000 $7,775,971 $4,623,824 $15,954,467 13.8% 2.1x
The Resolute Fund II, L.P. 2008 $200,000,000 $223,924,924 $246,810,230 $317,413,617 7.9% 1.4x
The Rise Fund (A), L.P. 2018 $75,000,000 $55,244,607 $2,179,963 $64,188,340 9.1% 1 1.2x 1
Thomas H. Lee Equity Fund VI, L.P 2006 $240,000,000 $402,939,801 $556,075,233 $556,222,199 7.0% 1.4x
TowerBrook Investors II, L.P. 2005 $200,000,000 $195,738,362 $311,789,989 $327,955,158 10.2% 1.7x
TowerBrook Investors III, L.P. 2008 $300,000,000 $328,306,858 $419,407,778 $422,676,009 8.5% 1.3x
TowerBrook Investors IV (Onshore), L.P. 2013 $380,000,000 $297,264,051 $127,616,142 $484,822,209 21.6% 1.6x
Towerbrook Investors V (Onshore) LP 2019 $400,000,000 $84,417,488 $0 $78,508,278 N/M 1 N/M 1
Towerbrook Structured Opportunities Fund (Onshore), L.P. 2016 $221,786,667 $254,867,968 $103,302,822 $285,901,064 7.7% 1 1.1x 1
Towerbrook Structured Opportunities Fund II (Onshore) LP 2019 $250,000,000 $22,457,577 $190,476 $21,691,770 N/M 1 N/M 1
TPG Asia V, L.P. 2007 $360,000,000 $350,599,460 $441,105,013 $495,621,965 6.4% 1.4x
TPG Asia VII (A), L.P. 2018 $300,000,000 $169,178,411 $15,928,705 $186,579,153 7.6% 1 1.1x 1
TPG Biotechnology Partners II, L.P. 2006 $70,000,000 $71,888,857 $86,450,809 $86,784,872 2.9% 1.2x
TPG Biotechnology Partners III, L.P. 2008 $100,000,000 $100,076,482 $97,773,260 $197,144,982 11.1% 2.0x
TPG Growth IV, L.P. 2018 $75,000,000 $57,480,486 $883,300 $63,251,529 8.3% 1 1.1x 1
TPG Healthcare Partners, L.P. 2019 $100,000,000 $17,559,282 $0 $15,526,027 N/M 1 N/M 1
TPG Partners IV, L.P. 2003 $200,000,000 $225,811,312 $426,912,055 $429,297,330 15.3% 1.9x
TPG Partners V, L.P. 2006 $600,000,000 $811,329,685 $1,002,682,821 $1,009,133,104 3.8% 1.2x
TPG Partners VI, L.P. 2008 $825,000,000 $950,657,831 $1,255,402,996 $1,391,150,888 9.6% 1.5x
TPG Partners VIII, L.P. 2019 $500,000,000 $65,119,262 $0 $50,008,356 N/M 1 N/M 1
TPG STAR, L.P. 2007 $150,000,000 $171,879,025 $198,789,736 $220,348,902 6.5% 1.3x
Trident VI 2014 $250,000,000 $252,430,775 $227,941,116 $532,328,368 24.3% 2.1x
Trident VII, L.P. 2017 $270,000,000 $227,386,828 $29,363,698 $298,056,285 15.6% 1 1.3x 1
Trident VIII, L.P. 2020 $400,000,000 $69,948,688 $5,659,510 $72,250,638 N/M 1 N/M 1
Triton Fund IV L.P. 2013 $90,996,387 $104,842,767 $77,738,774 $122,188,059 6.4% 1.2x
Triton Fund V, LP 2019 $289,224,268 $88,362,275 $0 $77,513,864 N/M 1 N/M 1
Valor Equity Partners IV L.P. 2017 $75,000,000 $66,278,175 $128,163 $110,773,181 29.3% 1 1.7x 1
VantagePoint CleanTech Partners, L.P. 2006 $25,000,000 $25,000,000 $12,704,911 $17,104,570 -7.7% 0.7x
VantagePoint Venture Partners 2006 (Q), L.P. 2006 $100,000,000 $100,000,000 $14,175,685 $45,985,425 -8.6% 0.5x
Vicente Capital Partners Growth Equity Fund, L.P. 2007 $40,422,297 $40,801,085 $49,203,858 $57,273,207 5.8% 1.4x
Vista Equity Partners Fund VII-Z, L.P. 2019 $400,000,000 $141,341,209 $1,884,054 $148,584,992 N/M 1 N/M 1
W Capital Partners II, L.P. 2007 $141,125,000 $140,615,876 $189,020,464 $195,097,984 10.2% 1.4x
WCAS XIII, L.P. 2019 $400,000,000 $83,811,629 $0 $89,652,356 N/M 1 N/M 1
Wellspring Capital Partners V, L.P. 2011 $150,000,000 $171,714,644 $197,010,337 $281,069,597 16.7% 1.6x
Welsh, Carson, Anderson & Stowe XI, L.P. 2009 $125,000,000 $125,000,000 $162,900,241 $202,430,622 11.6% 1.6x
Welsh, Carson, Anderson & Stowe XII, L.P. 2015 $350,000,000 $321,777,716 $221,402,980 $651,692,063 29.6% 2.0x
WLR Recovery Fund II, L.P. 2002 $50,000,000 $50,000,000 $120,721,192 $121,193,149 78.8% 2.4x
WLR Recovery Fund III, L.P. 2005 $198,000,000 $198,000,000 $129,463,682 $146,956,650 -5.3% 0.7x
WLR Recovery Fund IV, L.P. 2007 $400,000,000 $363,747,718 $471,665,581 $487,587,186 7.3% 1.3x
Yucaipa American Alliance Fund I, L.P. 2002 $200,000,000 $314,764,188 $360,325,251 $373,351,600 4.2% 1.2x
Yucaipa American Alliance Fund II, L.P. 2008 $400,000,000 $560,638,831 $538,900,397 $897,967,488 8.4% 1.6x
Yucaipa Corporate Initiatives Fund I, L.P. 2001 $200,000,000 $288,655,697 $219,686,742 $225,059,079 -3.8% 0.8x
Yucaipa Corporate Initiatives Fund II, L.P. 2008 $93,539,524 $91,400,621 $54,390,220 $73,606,632 -3.2% 0.8x

1Not Meaningful: Funds with a vintage year of 2016 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.