As of March 31, 2020, the since inception Net IRR is 10.4% and the Net Multiple is 1.4x.

The table below reflects the performance of all active PE partnership investments as of March 31, 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 $493,371,045 $233,676,992 $709,365,158 8.1% 1.4x
57 Stars Global Opportunities Fund, LLC 2007 $430,000,000 $410,883,775 $485,977,485 $584,345,128 6.5% 1.4x
AACP AP Investors, L.P. 2007 $14,108,080 $14,857,887 $16,689,525 $16,952,184 2.1% 1.1x
AACP China Debt Investors, LP 2008 $10,000,000 $15,912,196 $20,163,962 $20,209,271 8.3% 1.3x
AACP China Growth Investors 2007 $50,000,000 $51,929,147 $81,612,215 $83,722,166 7.9% 1.6x
AACP China Venture Investors A, LP 2008 $5,000,000 $4,309,597 $5,172,593 $5,196,128 2.6% 1.2x
AACP India Investors B 2007 $5,000,000 $5,132,389 $2,426,991 $8,688,396 5.9% 1.7x
AACP India Investors C 2009 $5,000,000 $5,131,656 $1,985,865 $8,230,550 8.1% 1.6x
AACP India Venture Investors A 2007 $5,000,000 $5,065,536 $5,653,594 $5,741,906 2.0% 1.1x
Aberdare Ventures IV, LP 2008 $50,000,000 $50,000,000 $23,169,038 $45,904,052 -1.8% 0.9x
Advent International GPE IX Limited Partnership 2019 $550,000,000 $121,000,001 $0 $108,317,944 N/M 1 N/M 1
Advent International GPE V-D, L.P. 2005 $80,857,946 $77,609,736 $184,029,126 $187,262,113 42.7% 2.4x
Advent International GPE VI-A, L.P. 2008 $500,000,000 $502,306,204 $978,104,024 $1,037,359,043 16.6% 2.1x
Advent International GPE VII-C, L.P. 2012 $450,000,000 $423,732,784 $428,619,380 $694,964,286 13.0% 1.6x
Advent International GPE VIII-B Limited Partnership 2016 $500,000,000 $463,500,003 $0 $488,184,318 2.7% 1 1.1x 1
Advent Latin America Private Equity Fund IV-D, L.P. 2007 $200,000,000 $205,315,197 $274,240,196 $304,907,827 8.9% 1.5x
Advent Latin America Private Equity Fund V-H L.P. 2010 $100,000,000 $96,200,000 $55,500,000 $92,535,375 -0.8% 1.0x
Advent Latin American Private Equity Fund III-D L.P. 2006 $50,000,000 $49,385,090 $66,456,184 $71,890,303 9.6% 1.5x
Affinity Asia Pacific Fund III L.P. 2007 $150,000,000 $154,260,247 $198,424,054 $207,597,332 8.4% 1.3x
Aisling Capital II, LP 2006 $80,000,000 $100,994,319 $99,084,187 $102,375,063 0.3% 1.0x
Aisling Capital III, LP 2008 $90,000,000 $112,998,427 $245,842,581 $250,384,588 26.3% 2.2x
Alta V Limited Partnership 1992 $35,000,000 $35,000,000 $84,587,808 $84,597,553 25.5% 2.4x
Apollo Asia Opportunity Fund, LP 2007 $50,000,000 $50,000,000 $44,702,747 $44,702,747 -2.4% 0.9x
Apollo Credit Opportunity Fund I, L.P. 2008 $1,000,000,000 $1,225,580,618 $3,176,062,092 $3,177,775,487 27.4% 2.6x
Apollo European Principal Finance Fund, L.P. 2008 $88,359,645 $165,208,888 $200,323,914 $200,646,414 11.9% 1.2x
Apollo Investment Fund IV, L.P. 1998 $150,000,000 $154,085,315 $254,289,011 $254,456,719 8.5% 1.7x
Apollo Investment Fund IX, L.P 2019 $550,000,000 $99,940,218 $1,025,800 $91,074,889 N/M 1 N/M 1
Apollo Investment Fund V, L.P. 2001 $250,000,000 $388,164,138 $776,929,038 $779,082,848 37.5% 2.0x
Apollo Investment Fund VI, L.P. 2006 $520,000,000 $866,357,105 $1,218,417,644 $1,228,315,934 8.3% 1.4x
Apollo Investment Fund VII, L.P. 2008 $800,000,000 $1,202,792,098 $1,801,234,189 $1,873,191,210 21.6% 1.6x
Apollo Investment Fund VIII, L.P. 2013 $500,000,000 $471,213,642 $233,651,462 $576,564,600 7.2% 1.2x
Apollo Special Opportunities Managed Account, L.P. 2007 $800,000,000 $800,000,000 $963,066,925 $1,056,327,015 3.5% 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 $510,510,830 $992,619,681 $1,050,054,841 20.1% 2.1x
Ares Corporate Opportunities Fund V, L.P. 2017 $425,000,000 $366,110,735 $45,562,711 $367,643,478 0.3% 1 1.0x 1
Ares Corporate Opportunities Fund, L.P. 2003 $100,000,000 $135,853,818 $195,665,318 $195,923,020 12.8% 1.4x
Asia Alternatives Capital Partners II LP 2008 $48,933,451 $50,092,041 $77,401,277 $123,881,131 17.9% 2.5x
Asia Alternatives Capital Partners, LP 2007 $50,000,000 $53,444,964 $89,419,106 $95,313,303 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 $164,858,433 1.7% 1.1x
Baring Vostok Private Equity Fund IV L.P. / Supplemental 2007 $77,775,000 $90,783,322 $85,300,115 $99,996,029 1.9% 1.1x
BDC III C LP 2017 $160,139,959 $83,558,455 $19,538,088 $120,287,144 25.2% 1 1.4x 1
BE VI 'H' L.P. 2019 $480,292,330 $97,240,360 $0 $85,853,150 N/M 1 N/M 1
Birch Hill Equity Partners (US) III, LP 2005 $126,720,527 $142,185,393 $252,314,069 $265,021,151 11.9% 1.9x
Birch Hill Equity Partners (US) IV, LP 2011 $136,418,612 $130,258,358 $108,502,215 $227,640,289 12.0% 1.7x
Blackstone / GSO Capital Solutions Fund, LP 2010 $250,000,000 $362,351,345 $436,446,759 $440,457,843 9.5% 1.2x
Blackstone Capital Partners IV L.P. 2003 $200,000,000 $229,547,943 $559,129,481 $564,053,108 36.3% 2.5x
Blackstone Capital Partners V L.P. 2006 $600,000,000 $794,478,236 $1,186,679,559 $1,205,136,013 7.7% 1.5x
Blackstone Capital Partners VI L.P. 2011 $500,000,000 $539,029,948 $486,227,257 $760,085,993 9.5% 1.4x
Blackstone Capital Partners VII, L.P. 2016 $500,000,000 $429,315,074 $45,171,617 $480,987,818 8.8% 1 1.1x 1
Blackstone Communications Partners I L.P. 2000 $100,000,000 $111,226,418 $135,473,542 $136,037,767 6.5% 1.2x
Blackstone Tactical Opportunities Fund - C L.P. 2012 $800,000,000 $972,749,828 $1,029,784,194 $1,255,232,520 9.0% 1.3x
Blackstone Tactical Opportunities Fund II - C L.P. 2015 $500,000,000 $446,678,014 $205,610,960 $545,718,023 9.1% 1.2x
Blackstone Tactical Opportunities Fund III-C L.P. 2018 $500,000,000 $181,870,853 $7,069,927 $173,794,142 N/M 1 N/M 1
Bridgepoint Europe II 'A' LP 2001 $138,074,034 $129,223,845 $227,639,823 $228,064,257 29.3% 1.8x
Bridgepoint Europe III 'D' LP 2005 $220,638,312 $208,692,981 $208,033,076 $257,538,469 2.8% 1.2x
Bridgepoint Europe IV 'D' LP 2008 $485,238,904 $454,431,101 $608,355,662 $680,595,163 9.9% 1.5x
Bridgepoint Europe V 2014 $499,439,350 $488,233,546 $203,175,542 $674,012,709 15.3% 1.4x
California Asia Investors, L.P. 2008 $150,000,000 $148,270,673 $432,751,112 $632,466,910 27.5% 4.3x
California Community Venture Fund, LLC 2003 $100,000,000 $100,067,655 $85,813,595 $92,719,381 -1.3% 0.9x
California Emerging Ventures II, LLC 1999 $1,339,569,396 $1,390,940,716 $1,686,732,462 $1,710,323,011 3.8% 1.2x
California Emerging Ventures III, LLC 2001 $481,445,839 $590,194,832 $787,889,322 $822,677,559 7.2% 1.4x
California Emerging Ventures IV, LLC 2006 $462,161,141 $487,379,473 $728,956,949 $860,861,343 11.6% 1.8x
California Emerging Ventures, LLC 1999 $952,880,424 $1,096,145,363 $1,270,272,721 $1,271,613,207 3.5% 1.2x
California Mezzanine Investment Fund, L.P. 2016 $80,000,000 $48,650,091 $21,184,111 $53,134,407 4.6% 1 1.1x 1
CalPERS Clean Energy & Technology Fund, LLC 2007 $465,000,000 $468,423,814 $132,249,749 $177,267,423 -14.4% 0.4x
CalPERS Corporate Partners, LLC 2001 $500,000,000 $527,339,216 $831,124,729 $831,836,593 9.4% 1.6x
CalPERS Wellspring V, L.P. 2011 $24,975,000 $26,141,019 $32,440,765 $45,569,804 21.1% 1.7x
Capital Link Fund I, LLC 2007 $502,000,000 $599,992,336 $745,694,414 $878,259,823 7.6% 1.5x
Capital Link Fund II, LLC 2008 $435,000,000 $467,910,529 $653,137,042 $755,164,078 11.7% 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 $181,123,302 2.6% 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 $258,395,116 8.2% 1.5x
Carlyle Asia Partners III, L.P. 2008 $300,000,000 $370,429,797 $516,692,576 $537,746,386 10.9% 1.5x
Carlyle Asia Partners V, L.P. 2018 $250,000,000 $51,325,558 $10,515,671 $46,393,126 N/M 1 N/M 1
Carlyle Europe Partners II, L.P. 2003 $72,922,046 $93,146,528 $147,395,262 $147,951,476 19.7% 1.6x
Carlyle Europe Partners III, L.P. 2007 $419,454,394 $457,859,073 $698,938,092 $721,625,320 10.9% 1.6x
Carlyle Europe Partners V, S.C.Sp. 2019 $329,972,173 $93,697,718 $502,891 $82,436,621 N/M 1 N/M 1
Carlyle Europe Real Estate Partners, L.P. 2002 $30,237,923 $40,959,165 $61,093,092 $61,093,092 14.0% 1.5x
Carlyle Europe Technology Partners II, L.P. 2008 $102,124,193 $110,519,643 $203,506,622 $205,055,361 16.2% 1.9x
Carlyle Global Financial Services Partners, L.P. 2008 $150,000,000 $191,950,088 $321,582,141 $322,810,779 13.7% 1.7x
Carlyle Japan Partners II, L.P. 2006 $157,462,142 $163,074,911 $171,231,605 $172,436,336 1.1% 1.1x
Carlyle Japan Partners, L.P. 2001 $25,263,459 $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 $37,467,224 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 $1,064,757,461 $1,607,533,856 $1,705,818,148 12.7% 1.6x
Carlyle Partners VI, L.P. 2013 $547,000,000 $579,443,173 $250,064,403 $732,333,400 8.0% 1.3x
Carlyle Partners VII, L.P. 2018 $600,000,000 $276,588,740 $1,270,206 $249,061,452 N/M 1 N/M 1
Carlyle Realty Partners III, L.P. 2001 $50,000,000 $66,738,983 $137,204,633 $158,236,704 28.3% 2.4x
Carlyle Strategic Partners II, L.P. 2007 $75,000,000 $148,910,451 $190,708,651 $193,934,021 11.5% 1.3x
Carlyle Strategic Partners IV, L.P. 2016 $150,000,000 $82,194,135 $33,425,534 $73,468,836 -11.6% 1 0.9x 1
Carlyle U.S. Equity Opportunities II, L.P. 2015 $200,000,000 $155,287,731 $14,455,633 $142,506,001 -4.0% 0.9x
Carlyle U.S. Growth Fund III, L.P. 2006 $75,000,000 $92,197,113 $121,587,162 $123,121,395 7.3% 1.3x
Carlyle Venture Partners II, L.P. 2001 $50,000,000 $77,961,078 $77,144,623 $77,980,416 0.0% 1.0x
Carlyle/Riverstone Global Energy and Power Fund II 2003 $75,000,000 $123,619,232 $216,566,435 $216,850,505 52.7% 1.8x
Carlyle/Riverstone Global Energy and Power Fund III, L.P. 2005 $250,000,000 $267,297,504 $343,371,353 $353,449,886 6.1% 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 $103,144,674 4.3% 1.3x
CDH Fund V, L.P. 2014 $200,000,000 $221,077,048 $99,572,290 $313,641,261 11.6% 1.4x
Centerbridge Capital Partners III, L.P. 2015 $150,000,000 $129,965,890 $52,450,375 $172,030,730 13.7% 1.3x
Cerberus CAL II Partners, L.P. 2017 $500,000,000 $413,861,386 $14,851,485 $347,767,984 -11.4% 1 0.8x 1
Cerberus CAL III Partners, L.P. 2019 $500,000,000 $37,128,713 $0 $27,526,812 N/M 1 N/M 1
Cerberus CP Partners LP 2013 $600,000,000 $674,624,184 $617,751,244 $1,262,188,683 18.0% 1.9x
Cerberus Institutional Partners V, L.P. 2012 $400,000,000 $479,288,769 $531,896,523 $815,419,545 13.6% 1.7x
China Privatization Fund (Del), L.P. 2006 $100,000,000 $69,317,995 $133,415,962 $133,415,962 13.7% 1.9x
Clarus Lifesciences I, L.P. 2006 $45,000,000 $40,629,150 $45,871,627 $50,153,445 3.7% 1.2x
Clarus Lifesciences II, L.P. 2008 $75,000,000 $71,452,500 $125,168,499 $131,660,236 14.8% 1.8x
Clayton, Dubilier & Rice Fund X, L.P. 2018 $150,000,000 $94,623,798 $15,521,439 $114,030,837 N/M 1 N/M 1
Clearlake Capital Partners III, LP 2012 $50,000,000 $70,249,773 $153,438,867 $182,811,476 40.4% 2.6x
Clearlake Capital Partners IV, L.P. 2015 $56,700,000 $79,725,888 $58,994,433 $117,099,242 24.4% 1.5x
Clearlake Capital Partners V, L.P. 2018 $75,000,000 $59,636,091 $21,072,501 $83,775,022 N/M 1 N/M 1
Clearlake Opportunities Partners (P), L.P. 2015 $56,700,000 $56,646,068 $31,160,291 $64,614,156 7.7% 1.1x
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 $80,602,335 4.6% 1.3x
Clearwater Capital Partners Fund III, L.P. 2006 $150,000,000 $150,000,000 $142,031,856 $171,541,805 2.1% 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 $429,316,106 $451,840,882 7.8% 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 $997,830,995 $991,420,387 $151,632,969 $1,185,577,346 9.6% 1 1.2x 1
CVC Capital Partners VI, L.P. 2014 $573,450,689 $611,433,757 $319,957,310 $902,311,206 15.6% 1.5x
CVC Capital Partners VII (A) L.P. 2018 $552,618,880 $276,119,121 $3,460,333 $275,448,683 N/M 1 N/M 1
CVC Credit Strategic Investment A L.P. 2014 $204,665,481 $166,936,340 $240,442,261 $240,534,779 19.6% 1.4x
CVC European Equity Partners III LP 2001 $200,000,000 $234,497,567 $592,407,402 $606,003,700 41.0% 2.6x
CVC European Equity Partners IV (D) L.P. 2005 $331,037,619 $406,391,792 $726,781,649 $727,062,443 17.2% 1.8x
CVC European Equity Partners Tandem Fund (B) L.P. 2007 $473,283,122 $570,492,765 $734,978,678 $735,331,362 6.8% 1.3x
CVC European Equity Partners V (B) L.P. 2008 $571,159,635 $710,380,479 $1,226,926,710 $1,273,591,734 16.2% 1.8x
EMAlternatives Investments, L.P. 2007 $100,000,000 $114,756,690 $103,895,516 $141,300,183 4.2% 1.2x
Essex Woodlands Health Ventures Fund VIII, L.P. 2008 $125,000,000 $128,657,625 $69,110,758 $121,925,230 -1.0% 0.9x
First Reserve Fund XI, L.P. 2006 $500,000,000 $570,173,986 $384,933,406 $385,509,326 -10.2% 0.7x
First Reserve Fund XII, L.P. 2008 $300,000,000 $347,286,374 $181,558,647 $214,601,627 -11.9% 0.6x
First Reserve Fund XIII, LP 2014 $400,000,000 $408,224,207 $140,536,877 $380,165,563 -4.6% 0.9x
Francisco Partners II, L.P. 2006 $175,000,000 $174,005,517 $243,168,759 $271,481,104 10.0% 1.6x
Francisco Partners III, L.P. 2011 $100,000,000 $95,284,663 $158,430,758 $230,963,068 20.2% 2.4x
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 $188,860,985 $48,041,951 $213,557,138 7.7% 1.1x
GCM Grosvenor DEM III, L.P. 2019 $500,000,000 $45,700,913 $0 $39,314,590 N/M 1 N/M 1
GCM Grosvenor DEM, L.P. 2012 $100,000,000 $102,187,917 $51,779,625 $124,108,252 8.5% 1.2x
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 $520,113,556 $687,598,585 $793,184,351 8.1% 1.5x
Green Equity Investors IV, L.P. 2003 $168,628,515 $170,691,565 $320,221,033 $320,221,033 11.2% 1.9x
Green Equity Investors V, L.P. 2007 $400,000,000 $446,385,488 $831,155,752 $964,791,159 18.1% 2.2x
GSO Capital Opportunities Fund II L.P. 2011 $250,000,000 $308,752,750 $308,041,251 $369,642,134 9.7% 1.2x
GSO Capital Opportunities Fund L.P. 2008 $100,000,000 $166,000,936 $228,800,483 $229,822,512 17.1% 1.4x
GSO Capital Solutions Fund II, L.P. 2014 $500,000,000 $479,764,427 $423,373,050 $472,542,153 -1.1% 1.0x
GSO Energy Partners-C II LP 2016 $250,000,000 $214,445,001 $90,646,709 $200,055,239 -3.5% 1 0.9x 1
GSO Energy Partners-C LP 2013 $400,000,000 $455,400,488 $192,872,615 $309,890,196 -14.7% 0.7x
Hellman & Friedman Capital Partners VI 2007 $600,000,000 $612,793,602 $1,088,034,642 $1,111,010,010 12.9% 1.8x
Hellman & Friedman Capital Partners VII 2011 $300,000,000 $286,214,397 $400,205,333 $772,265,849 23.0% 2.7x
Hellman & Friedman Capital Partners VIII, L.P. 2016 $500,000,000 $503,680,918 $49,374,078 $522,814,901 2.1% 1 1.0x 1
ICV Partners II, L.P. 2005 $31,220,000 $40,135,407 $61,947,907 $62,571,031 11.9% 1.6x
Insight Partners XI, L.P. 2020 $400,000,000 $60,000,000 $0 $56,423,943 N/M 1 N/M 1
Insight Venture Partners Growth-Buyout Coinvestment Fund (B), L.P. 2015 $400,000,000 $384,000,000 $110,915,558 $894,880,783 30.4% 2.3x
Insight Venture Partners IX, L.P. 2015 $100,000,000 $98,599,061 $16,988,109 $208,541,160 24.8% 2.1x
Insight Venture Partners V, L.P. 2005 $46,500,000 $46,500,000 $138,582,821 $138,582,821 22.7% 3.0x
Insight Venture Partners VI, L.P. 2007 $68,000,000 $73,833,084 $186,165,175 $186,709,541 19.3% 2.5x
Insight Venture Partners X, L.P. 2018 $900,000,000 $412,705,603 $85,613 $449,733,483 N/M 1 N/M 1
Khosla Ventures III, L.P. 2009 $200,000,000 $197,000,000 $304,376,452 $365,730,691 10.2% 1.9x
Khosla Ventures Seed, L.P. 2009 $60,000,000 $60,000,000 $12,484,329 $45,744,443 -3.7% 0.8x
KKR 2006 Fund L.P. 2006 $400,000,000 $594,827,009 $805,595,192 $908,807,475 8.0% 1.5x
KKR Asian Fund II L.P. 2013 $500,000,000 $580,870,025 $317,645,197 $769,434,989 9.5% 1.3x
KKR Asian Fund L.P. 2007 $272,575,591 $353,530,162 $586,327,452 $600,548,963 13.6% 1.7x
KKR European Fund II, L.P. 2005 $202,621,241 $236,198,253 $294,468,724 $295,207,035 3.9% 1.2x
KKR European Fund III, L.P. 2008 $316,136,339 $420,442,125 $582,301,024 $595,904,833 9.6% 1.4x
KKR European Fund V (USD) SCSp 2020 $300,000,000 $34,152,362 $0 $21,538,641 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
Kline Hawkes California, L.P. 1995 $45,000,000 $41,222,870 $113,015,853 $113,015,853 41.4% 2.7x
KM Corporate Partners Fund II, LP 2007 $200,000,000 $194,257,777 $187,829,478 $277,888,356 7.0% 1.4x
KPS Special Situations Fund III, LP 2007 $175,000,000 $244,753,823 $426,869,643 $427,956,192 23.5% 1.7x
Lime Rock Partners IV AF, L.P. 2018 $83,686,107 $83,812,154 $304,791 $59,641,004 N/M 1 N/M 1
Lime Rock Partners IV, LP 2006 $43,000,000 $47,917,078 $139,501,029 $139,614,499 14.6% 2.9x
Lime Rock Partners V, L.P. 2008 $85,000,000 $94,956,791 $71,510,504 $84,950,051 -2.2% 0.9x
Lindsay Goldberg IV, L.P. 2015 $250,000,000 $175,135,277 $77,203,245 $242,719,106 22.0% 1.4x
Lion Capital Fund II, L.P. 2007 $220,111,659 $260,744,079 $174,966,519 $183,179,728 -7.6% 0.7x
Madison Dearborn Capital Partners IV, L.P. 2000 $150,000,000 $173,964,778 $305,140,761 $308,518,020 13.9% 1.8x
Madison Dearborn Capital Partners V, L.P. 2006 $300,000,000 $351,554,197 $519,858,932 $523,987,561 7.1% 1.5x
Magnum Capital, L.P. 2007 $136,179,383 $145,003,006 $183,294,090 $183,294,090 5.2% 1.3x
MHR Institutional Partners II LP 2003 $50,000,000 $53,000,000 $71,332,870 $94,405,509 10.4% 1.8x
MHR Institutional Partners III LP 2006 $350,000,000 $371,300,000 $378,832,769 $443,815,547 3.7% 1.2x
New Mountain Partners II, L.P. 2005 $150,000,000 $138,727,183 $264,581,334 $266,918,984 13.6% 1.9x
New Mountain Partners III, L.P. 2007 $400,000,000 $452,366,039 $589,436,870 $866,574,887 12.9% 1.9x
Newbridge Asia IV, L.P. 2005 $180,000,000 $195,554,362 $409,519,551 $412,027,579 16.8% 2.1x
Oak Hill Capital Partners II, L.P. 2004 $75,000,000 $86,785,564 $136,149,686 $137,093,529 9.7% 1.6x
Oak Hill Capital Partners III, L.P. 2007 $300,000,000 $378,118,470 $530,639,830 $577,957,679 9.5% 1.5x
Oaktree Opportunities Fund VIIIb, L.P. 2011 $200,000,000 $200,000,000 $204,002,044 $253,880,481 4.8% 1.3x
Onex Partners IV, L.P. 2014 $300,000,000 $295,302,128 $141,499,665 $314,734,910 2.1% 1.1x
Onex Partners V-B LP 2018 $500,000,000 $113,494,211 $0 $83,465,462 N/M 1 N/M 1
PAG Asia I LP 2012 $100,000,000 $116,919,732 $105,574,829 $179,329,165 14.9% 1.5x
PAG Asia III LP 2019 $380,000,000 $64,423,352 $0 $51,270,071 N/M 1 N/M 1
Palladium Equity Partners III, L.P. 2004 $193,750,000 $253,309,698 $437,726,505 $441,583,903 15.5% 1.7x
Palladium Equity Partners V, L.P. 2018 $75,000,000 $28,011,916 $3,541,144 $23,662,091 N/M 1 N/M 1
Patria Brazilian Private Equity Fund V, L.P. 2015 $150,000,000 $100,396,721 $0 $110,678,164 7.2% 1.1x
Permira Europe III 2004 $126,989,866 $126,989,866 $219,162,733 $219,471,787 26.6% 1.7x
Permira Growth Opportunities I L.P. 1 2019 $200,000,000 $63,800,000 $23,672 $56,495,156 N/M 1 N/M 1
Permira IV L.P.2 2006 $286,131,088 $354,498,219 $486,154,766 $517,271,280 7.6% 1.5x
Permira V, L.P. 2014 $268,221,439 $258,582,812 $238,886,867 $597,350,963 21.8% 2.3x
Permira VI L.P. 1 2017 $498,244,240 $447,886,271 $0 $522,701,713 10.5% 1 1.2x 1
Permira VII L.P.1 2020 $603,661,919 $65,049,325 $0 $57,734,772 N/M 1 N/M 1
Polish Enterprise Fund VI, L.P. 2006 $139,188,304 $145,717,498 $196,937,018 $210,476,944 5.8% 1.4x
Providence Equity Partners V 2005 $125,000,000 $157,825,582 $182,968,971 $184,646,665 3.0% 1.2x
Providence Equity Partners VI L.P. 2007 $320,000,000 $505,179,420 $532,753,577 $603,482,749 4.2% 1.2x
RFG Private Equity Limited Partnership No. 1A, 1B and 1C 2004 $33,957,681 $33,964,880 $48,762,418 $48,913,704 7.7% 1.4x
Riverstone Global Energy and Power Fund V, L.P. 2012 $400,000,000 $486,165,802 $226,669,707 $327,767,198 -14.8% 0.7x
Riverstone Global Energy and Power Fund VI, L.P. 2016 $500,000,000 $484,726,675 $170,883,234 $313,071,500 -26.1% 1 0.6x 1
Riverstone/Carlyle Global Energy and Power Fund IV, L.P. 2008 $500,000,000 $595,626,890 $571,098,821 $618,104,183 1.1% 1.0x
Riverstone/Carlyle Renewable & Alternative Energy Fund II, L.P. 2008 $300,000,000 $330,416,043 $277,931,998 $370,217,452 2.6% 1.1x
Riverwood Capital Partners (Parallel - A) L.P. 2010 $150,000,000 $173,171,237 $289,578,740 $337,686,769 23.0% 2.0x
Sacramento Private Equity Partners, L.P. 2006 $605,000,000 $522,686,956 $817,709,370 $928,683,660 10.9% 1.8x
SAIF Partners III L.P. 2007 $100,000,000 $126,745,773 $115,944,663 $306,940,203 10.8% 2.4x
SAIF Partners IV L.P. 2010 $120,000,000 $148,856,026 $61,880,599 $232,314,501 7.8% 1.6x
Sankaty Managed Account (CalPERS), L.P. 2014 $500,000,001 $500,000,002 $366,940,000 $597,634,090 7.4% 1.2x
Silver Lake Partners II, L.P. 2004 $125,000,000 $135,417,964 $237,661,847 $237,770,169 11.0% 1.8x
Silver Lake Partners III, L.P. 2007 $480,000,000 $607,499,186 $1,086,420,058 $1,172,708,649 18.6% 1.9x
Silver Lake Partners IV, L.P. 2013 $320,000,000 $367,778,019 $274,312,230 $666,581,918 23.2% 1.8x
Silver Lake Partners V, L.P. 2018 $400,000,000 $236,399,058 $2,942,406 $254,814,620 N/M 1 N/M 1
Siris Partners III, L.P. 2015 $75,000,000 $83,130,287 $41,614,554 $103,410,436 12.2% 1.2x
Siris Partners IV, L.P. 2019 $100,000,000 $46,298,529 $0 $37,833,261 N/M 1 N/M 1
Summit Partners Growth Equity Fund X-A, L.P. 2020 $250,000,000 $8,125,000 $0 $10,740,788 N/M 1 N/M 1
Tailwind Capital Partners (PP), LP 2007 $77,510,000 $94,788,473 $142,718,018 $145,496,238 11.6% 1.5x
Tailwind Capital Partners II, LP 2014 $200,000,000 $188,667,421 $87,167,648 $264,035,603 11.2% 1.4x
Tailwind Capital Partners III, L.P. 2018 $200,000,000 $67,153,676 $15,738,739 $60,970,334 N/M 1 N/M 1
TCV X, L.P. 2019 $175,000,000 $63,507,500 $0 $59,150,974 N/M 1 N/M 1
The Central Valley Fund II SBIC, LP 2012 $12,000,000 $7,775,971 $4,623,824 $13,998,416 12.1% 1.8x
The Resolute Fund II, L.P. 2008 $200,000,000 $220,302,880 $246,684,128 $311,115,754 7.8% 1.4x
The Rise Fund (A), L.P. 2018 $75,000,000 $50,395,517 $665,431 $50,474,252 N/M 1 N/M 1
Thomas H. Lee Equity Fund VI, L.P 2006 $240,000,000 $402,912,499 $542,331,052 $552,003,076 6.9% 1.4x
TowerBrook Investors II, L.P. 2005 $200,000,000 $195,738,362 $311,789,989 $315,721,432 9.8% 1.6x
TowerBrook Investors III, L.P. 2008 $300,000,000 $324,930,191 $395,969,219 $420,294,809 8.6% 1.3x
TowerBrook Investors IV (Onshore), L.P. 2013 $380,000,000 $286,199,278 $100,716,691 $398,598,777 17.1% 1.4x
Towerbrook Investors V (Onshore) LP 2019 $400,000,000 $36,949,670 $0 $31,200,675 N/M 1 N/M 1
Towerbrook Structured Opportunities Fund (Onshore), L.P. 2016 $221,786,667 $218,312,260 $85,517,509 $251,640,682 10.2% 1 1.2x 1
Towerbrook Structured Opportunities Fund II (Onshore) LP 2019 $250,000,000 $11,149,950 $190,476 $9,728,810 N/M 1 N/M 1
TPG Asia V, L.P. 2007 $360,000,000 $350,599,460 $427,111,768 $487,969,671 6.2% 1.4x
TPG Asia VII (A), L.P. 2018 $300,000,000 $145,157,717 $6,503,533 $128,507,313 N/M 1 N/M 1
TPG Biotechnology Partners II, L.P. 2006 $70,000,000 $71,888,857 $84,119,654 $86,524,146 2.8% 1.2x
TPG Biotechnology Partners III, L.P. 2008 $100,000,000 $100,076,482 $81,607,192 $169,952,413 9.4% 1.7x
TPG Golden Bear Partners, L.P. 2019 $200,000,000 $106,498,086 $0 $100,447,614 N/M 1 N/M 1
TPG Growth IV, L.P. 2018 $75,000,000 $42,142,888 $641,861 $36,630,398 N/M 1 N/M 1
TPG Healthcare Partners, L.P. 2019 $100,000,000 $2,836,092 $0 $0 N/M 1 N/M 1
TPG Partners IV, L.P. 2003 $200,000,000 $225,811,312 $426,912,055 $429,333,363 15.3% 1.9x
TPG Partners V, L.P. 2006 $600,000,000 $811,329,685 $994,670,875 $1,005,977,716 3.7% 1.2x
TPG Partners VI, L.P. 2008 $825,000,000 $949,971,345 $1,232,456,454 $1,390,558,775 9.7% 1.5x
TPG Partners VIII, L.P. 2019 $500,000,000 $28,075,516 $0 $13,838,291 N/M 1 N/M 1
TPG STAR, L.P. 2007 $150,000,000 $171,879,025 $198,789,736 $219,548,457 6.5% 1.3x
Trident VI 2014 $250,000,000 $246,683,495 $218,403,999 $426,986,464 19.3% 1.7x
Trident VII, L.P. 2017 $270,000,000 $227,386,828 $29,363,698 $260,695,474 10.2% 1 1.1x 1
Triton Fund IV L.P. 2013 $91,710,166 $101,760,355 $77,681,117 $114,714,299 5.3% 1.1x
Triton Fund V, LP 2019 $274,533,542 $43,095,933 $0 $21,834,944 N/M 1 N/M 1
Valor Equity Partners IV L.P. 2017 $75,000,000 $64,194,083 $128,163 $86,790,318 21.8% 1 1.4x 1
VantagePoint CleanTech Partners, L.P. 2006 $25,000,000 $25,000,000 $12,704,911 $16,866,932 -8.4% 0.7x
VantagePoint Venture Partners 2006 (Q), L.P. 2006 $100,000,000 $100,000,000 $14,175,685 $36,576,282 -11.9% 0.4x
Vicente Capital Partners Growth Equity Fund, L.P. 2007 $40,422,297 $40,801,085 $49,020,506 $57,293,159 5.9% 1.4x
Vista Equity Partners Fund VII-Z, L.P. 2019 $400,000,000 $102,094,147 $723,103 $95,174,254 N/M 1 N/M 1
W Capital Partners II, L.P. 2007 $141,125,000 $140,615,876 $189,020,464 $196,439,124 10.4% 1.4x
WCAS XIII, L.P. 2019 $400,000,000 $77,269,081 $0 $67,053,609 N/M 1 N/M 1
Wellspring Capital Partners V, L.P. 2011 $150,000,000 $171,714,644 $196,651,757 $256,862,232 14.9% 1.5x
Welsh, Carson, Anderson & Stowe XI, L.P. 2009 $125,000,000 $125,000,000 $162,900,241 $199,067,009 11.4% 1.6x
Welsh, Carson, Anderson & Stowe XII, L.P. 2015 $350,000,000 $312,607,289 $188,682,859 $491,975,487 21.8% 1.6x
WLR Recovery Fund II, L.P. 2002 $50,000,000 $50,000,000 $120,721,192 $121,059,662 78.8% 2.4x
WLR Recovery Fund III, L.P. 2005 $198,000,000 $198,000,000 $129,463,682 $141,158,218 -6.5% 0.7x
WLR Recovery Fund IV, L.P. 2007 $400,000,000 $363,747,718 $470,856,977 $485,010,015 7.2% 1.3x
Yucaipa American Alliance Fund I, L.P. 2002 $200,000,000 $314,764,188 $360,325,251 $374,179,084 4.2% 1.2x
Yucaipa American Alliance Fund II, L.P. 2008 $400,000,000 $560,638,831 $538,900,397 $889,750,552 8.5% 1.6x
Yucaipa Corporate Initiatives Fund I, L.P. 2001 $200,000,000 $288,655,697 $219,686,742 $225,086,625 -3.8% 0.8x
Yucaipa Corporate Initiatives Fund II, L.P. 2008 $93,539,524 $91,400,621 $54,390,220 $73,425,485 -3.3% 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.