As of September 30, 2018, 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, 2018. 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 $450,493,360 $153,925,833 $630,881,095 9.0% 1.4x
57 Stars Global Opportunities Fund, LLC 2007 $430,000,000 $407,522,012 $435,003,810 $602,258,721 7.5% 1.5x
AACP AP Investors, L.P. 2007 $14,108,080 $14,826,090 $15,440,089 $17,562,357 2.7% 1.2x
AACP China Debt Investors, LP 2008 $10,000,000 $15,834,187 $20,146,425 $20,171,332 8.4% 1.3x
AACP China Growth Investors 2007 $50,000,000 $51,914,925 $81,135,989 $83,398,782 7.9% 1.6x
AACP China Venture Investors A, LP 2008 $5,000,000 $4,296,128 $2,352,837 $7,577,716 8.0% 1.8x
AACP India Investors B 2007 $5,000,000 $5,132,389 $2,426,991 $11,668,596 10.1% 2.3x
AACP India Investors C 2009 $5,000,000 $5,118,950 $1,849,517 $9,941,717 13.5% 1.9x
AACP India Venture Investors A 2007 $5,000,000 $5,065,536 $5,653,594 $5,838,865 2.3% 1.2x
Aberdare Ventures IV, LP 2008 $50,000,000 $50,000,000 $19,177,065 $51,092,275 0.5% 1.0x
Advent International GPE V-D, L.P. 2005 $81,060,333 $77,609,736 $183,254,304 $188,108,975 42.7% 2.4x
Advent International GPE VI-A, L.P. 2008 $500,000,000 $502,306,204 $936,221,109 $1,075,772,782 17.4% 2.1x
Advent International GPE VII-C, L.P. 2012 $450,000,000 $423,732,784 $315,400,165 $810,272,187 20.0% 1.9x
Advent International GPE VIII-B Limited Partnership 2016 $500,000,000 $324,500,000 $0 $376,418,741 16.1% 1 1.2x 1
Advent Latin America Private Equity Fund IV-D, L.P. 2007 $200,000,000 $205,315,197 $264,640,196 $303,898,756 9.1% 1.5x
Advent Latin America Private Equity Fund V-H L.P. 2010 $100,000,000 $96,200,000 $35,250,000 $110,864,691 3.3% 1.2x
Advent Latin American Private Equity Fund III-D L.P. 2006 $50,000,000 $49,385,090 $66,456,184 $72,188,176 9.9% 1.5x
Affinity Asia Pacific Fund III L.P. 2007 $150,000,000 $153,439,343 $187,271,482 $223,726,096 10.1% 1.5x
Aisling Capital II, LP 2006 $80,000,000 $100,985,598 $88,180,925 $105,389,786 0.8% 1.0x
Aisling Capital III, LP 2008 $90,000,000 $113,016,225 $183,588,438 $239,454,869 26.0% 2.1x
Alta V Limited Partnership 1992 $35,000,000 $35,000,000 $84,587,808 $84,610,159 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 $3,134,339,445 $3,177,963,750 27.4% 2.6x
Apollo European Principal Finance Fund, L.P. 2008 $83,860,503 $165,171,890 $200,017,990 $200,631,963 11.9% 1.2x
Apollo Investment Fund IV, L.P. 1998 $150,000,000 $154,312,417 $254,289,011 $254,473,624 8.5% 1.6x
Apollo Investment Fund V, L.P. 2001 $250,000,000 $388,993,978 $776,633,765 $780,770,883 37.5% 2.0x
Apollo Investment Fund VI, L.P. 2006 $520,000,000 $866,357,105 $1,116,587,370 $1,232,534,075 8.4% 1.4x
Apollo Investment Fund VII, L.P. 2008 $800,000,000 $1,186,096,761 $1,750,349,930 $1,929,563,102 22.5% 1.6x
Apollo Investment Fund VIII, L.P. 2013 $500,000,000 $437,730,534 $137,252,444 $584,737,976 14.9% 1.3x
Apollo Special Opportunities Managed Account, L.P. 2007 $800,000,000 $800,000,000 $819,856,028 $1,098,567,038 4.0% 1.4x
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 $365,958,923 $390,585,662 12.7% 1.5x
Ares Corporate Opportunities Fund II, L.P. 2006 $200,000,000 $224,922,280 $359,287,483 $373,730,027 13.1% 1.7x
Ares Corporate Opportunities Fund III, L.P. 2008 $400,000,000 $502,924,616 $725,154,706 $1,035,877,273 21.0% 2.1x
Ares Corporate Opportunities Fund V, L.P. 2017 $425,000,000 $159,247,755 $5,772,241 $160,133,372 N/M 1 N/M 1
Ares Corporate Opportunities Fund, L.P. 2003 $100,000,000 $135,853,818 $195,665,318 $201,714,259 13.1% 1.5x
Asia Alternatives Capital Partners II LP 2008 $48,933,451 $49,718,852 $58,720,965 $129,746,047 20.8% 2.6x
Asia Alternatives Capital Partners, LP 2007 $50,000,000 $53,413,208 $84,500,129 $98,667,805 11.8% 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 $165,351,199 1.8% 1.1x
Baring Vostok Private Equity Fund IV L.P. / Supplemental 2007 $77,775,000 $86,554,447 $60,085,624 $109,209,257 4.4% 1.3x
BDC III C LP 2017 $164,103,374 $55,914,644 $6,641,886 $78,255,122 N/M 1 N/M 1
Birch Hill Equity Partners (US) III, LP 2005 $125,915,972 $142,107,448 $234,066,637 $263,608,073 12.0% 1.9x
Birch Hill Equity Partners (US) IV, LP 2011 $137,134,466 $126,764,728 $84,338,497 $202,117,094 11.7% 1.6x
Blackstone / GSO Capital Solutions Fund, LP 2010 $250,000,000 $356,443,668 $423,682,694 $453,088,061 10.9% 1.3x
Blackstone Capital Partners IV L.P. 2003 $200,000,000 $229,377,759 $544,614,246 $565,040,429 36.4% 2.5x
Blackstone Capital Partners V L.P. 2006 $600,000,000 $793,597,967 $1,164,406,576 $1,216,423,346 7.9% 1.5x
Blackstone Capital Partners VI L.P. 2011 $500,000,000 $518,309,991 $316,359,163 $844,970,760 15.2% 1.6x
Blackstone Capital Partners VII, L.P. 2016 $500,000,000 $204,645,730 $10,469,097 $242,834,637 22.9% 1 1.2x 1
Blackstone Communications Partners I L.P. 2000 $100,000,000 $111,226,418 $135,473,542 $136,332,427 6.6% 1.2x
Blackstone Tactical Opportunities Fund - C L.P. 2012 $800,000,000 $936,763,468 $727,472,031 $1,304,920,206 12.7% 1.4x
Blackstone Tactical Opportunities Fund II - C L.P. 2015 $500,000,000 $399,218,869 $117,116,792 $511,216,458 17.6% 1 1.3x 1
Blackstone Tactical Opportunities Fund III-C L.P. 2018 $350,000,000 $919,493 $0 $861,100 N/M 1 N/M 1
Bridgepoint Europe II LP 2001 $138,704,365 $129,223,845 $226,518,709 $228,235,734 29.3% 1.8x
Bridgepoint Europe III LP 2005 $222,319,204 $208,692,981 $208,033,076 $263,442,741 3.2% 1.3x
Bridgepoint Europe IV LP 2008 $491,780,662 $440,356,586 $420,408,475 $703,971,976 11.7% 1.6x
Bridgepoint Europe V 2014 $501,552,064 $390,433,250 $57,826,095 $501,348,938 20.2% 1.3x
California Asia Investors, L.P. 2008 $150,000,000 $147,213,056 $281,003,760 $734,021,955 32.9% 5.0x
California Community Venture Fund, LLC 2003 $100,000,000 $100,067,655 $81,372,283 $95,145,196 -0.9% 1.0x
California Emerging Ventures II, LLC 1999 $1,351,990,106 $1,390,888,835 $1,657,304,486 $1,725,670,958 4.0% 1.2x
California Emerging Ventures III, LLC 2001 $477,832,724 $585,164,629 $754,084,811 $830,318,690 7.5% 1.4x
California Emerging Ventures IV, LLC 2006 $461,748,641 $485,382,164 $643,103,023 $855,212,996 12.1% 1.8x
California Emerging Ventures, LLC 1999 $957,716,338 $1,095,450,165 $1,260,524,389 $1,269,381,367 3.5% 1.2x
California Mezzanine Investment Fund, L.P. 2016 $80,000,000 $38,031,069 $3,158,009 $37,183,511 -2.1% 1 1.0x 1
CalPERS Clean Energy & Technology Fund, LLC 2007 $465,000,000 $467,196,680 $94,655,317 $212,637,642 -12.2% 0.5x
CalPERS Corporate Partners, LLC 2001 $500,000,000 $523,905,876 $829,970,366 $832,502,512 9.4% 1.6x
CalPERS Wellspring V, L.P. 2011 $24,975,000 $24,940,335 $30,730,610 $44,679,230 23.8% 1.8x
Capital Link Fund I, LLC 2007 $502,000,000 $598,240,846 $665,212,512 $861,816,110 7.7% 1.4x
Capital Link Fund II, LLC 2008 $435,000,000 $464,472,303 $522,577,266 $765,021,616 12.7% 1.6x
Carlyle Asia Growth Partners III, L.P. 2005 $75,000,000 $84,685,888 $76,263,225 $78,270,286 -1.4% 0.9x
Carlyle Asia Growth Partners IV, L.P. 2008 $150,000,000 $163,581,867 $152,099,776 $193,384,912 4.4% 1.2x
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 $256,603,941 $258,352,579 8.2% 1.5x
Carlyle Asia Partners III, L.P. 2008 $300,000,000 $369,645,587 $465,382,351 $537,808,201 11.1% 1.5x
Carlyle Europe Partners II, L.P. 2003 $71,763,778 $93,138,828 $147,006,226 $147,915,109 19.7% 1.6x
Carlyle Europe Partners III, L.P. 2007 $417,743,441 $455,167,091 $698,849,417 $739,733,423 11.4% 1.6x
Carlyle Europe Real Estate Partners, L.P. 2002 $29,640,337 $40,959,165 $60,394,091 $60,394,091 13.9% 1.5x
Carlyle Europe Technology Partners II, L.P. 2008 $101,672,000 $110,014,285 $189,152,958 $202,818,757 16.2% 1.8x
Carlyle Global Financial Services Partners, L.P. 2008 $150,000,000 $191,214,760 $311,419,324 $320,607,800 13.7% 1.7x
Carlyle Japan Partners II, L.P. 2006 $157,637,602 $162,492,043 $163,321,240 $175,298,087 1.5% 1.1x
Carlyle Japan Partners, L.P. 2001 $25,636,520 $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 $37,648,086 8.1% 1.2x
Carlyle Partners IV L.P. 2005 $300,000,000 $315,676,076 $656,869,332 $665,329,417 14.6% 2.1x
Carlyle Partners V, L.P. 2007 $800,000,000 $1,064,757,461 $1,571,362,367 $1,715,858,624 13.0% 1.6x
Carlyle Partners VI, L.P. 2013 $547,000,000 $565,865,199 $208,108,988 $735,004,357 12.8% 1.3x
Carlyle Realty Partners III, L.P. 2001 $50,000,000 $66,677,952 $132,710,203 $156,108,554 28.4% 2.3x
Carlyle Strategic Partners II, L.P. 2007 $75,000,000 $148,910,451 $190,708,651 $192,639,190 11.4% 1.3x
Carlyle Strategic Partners IV, L.P. 2016 $150,000,000 $37,751,011 $12,464,056 $40,383,858 8.4% 1 1.1x 1
Carlyle U.S. Equity Opportunities II, L.P. 2015 $200,000,000 $106,084,508 $13,113,818 $118,472,212 7.5% 1 1.1x 1
Carlyle U.S. Growth Fund III, L.P. 2006 $75,000,000 $92,197,113 $121,587,162 $123,033,938 7.3% 1.3x
Carlyle Venture Partners II, L.P. 2001 $50,000,000 $77,961,078 $77,144,623 $88,073,084 2.6% 1.1x
Carlyle/Riverstone Global Energy and Power Fund II 2003 $75,000,000 $123,149,609 $216,566,053 $216,657,240 52.7% 1.8x
Carlyle/Riverstone Global Energy and Power Fund III, L.P. 2005 $250,000,000 $266,862,123 $343,363,607 $364,897,254 6.6% 1.4x
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 $76,880,176 $94,490,904 $106,158,751 4.7% 1.4x
CDH Fund V, L.P. 2014 $200,000,000 $210,168,233 $60,407,636 $277,562,173 13.1% 1 1.3x 1
Centerbridge Capital Partners III, L.P. 2015 $150,000,000 $83,000,024 $22,263,209 $105,559,240 13.7% 1 1.3x 1
Cerberus CAL II Partners, L.P. 2017 $500,000,000 $244,554,455 $14,851,485 $248,438,294 N/M 1 N/M 1
Cerberus CP Partners LP 2013 $600,000,000 $603,337,055 $384,146,422 $986,152,104 16.9% 1.6x
Cerberus Institutional Partners V, L.P. 2012 $400,000,000 $479,288,769 $438,271,046 $770,505,159 14.1% 1.6x
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 $44,976,177 $55,516,763 5.3% 1.4x
Clarus Lifesciences II, L.P. 2008 $75,000,000 $71,452,500 $98,723,316 $133,337,876 15.4% 1.9x
Clayton, Dubilier & Rice Fund X, L.P. 2018 $150,000,000 $41,441,614 $0 $42,494,719 N/M 1 N/M 1
Clearlake Capital Partners III, LP 2012 $50,000,000 $68,886,673 $116,160,955 $173,865,025 42.0% 2.5x
Clearlake Capital Partners IV, L.P. 2015 $56,700,000 $60,116,422 $34,675,073 $88,526,594 33.3% 1 1.5x 1
Clearlake Capital Partners V, L.P. 2018 $75,000,000 $16,501,154 $11,960 $21,941,743 N/M 1 N/M 1
Clearlake Opportunities Partners (P), L.P. 2015 $56,700,000 $39,255,763 $16,515,035 $45,670,529 12.0% 1 1.2x 1
Clearwater Capital Partners Fund I, L.P. 2007 $7,381,847 $41,735,012 $35,355,880 $35,365,096 -5.1% 0.8x
Clearwater Capital Partners Fund II Holdings, L.P. 2005 $54,375,000 $63,247,676 $78,272,635 $81,295,991 4.7% 1.3x
Clearwater Capital Partners Fund III, L.P. 2006 $150,000,000 $150,000,000 $139,031,856 $186,207,022 3.3% 1.2x
Clearwater ICPL Co-Investment Fund, L.P. 2017 $8,594,302 $8,594,302 $8,594,302 $8,594,302 N/M 1 N/M 1
Coller International Partners V-A, L.P. 2006 $375,000,000 $322,288,690 $416,305,805 $458,567,464 8.2% 1.4x
Craton Equity Investors I, L.P. 2007 $38,153,846 $39,334,061 $5,214,248 $5,678,908 -30.4% 0.1x
CVC Capital Partners Strategic Opportunities Compounding Capital L.P. 2017 $1,007,709,860 $696,678,078 $118,091,014 $779,346,637 N/M 1 N/M 1
CVC Capital Partners VI, L.P. 2014 $573,739,565 $526,587,099 $153,077,735 $649,619,232 12.1% 1 1.2x 1
CVC Capital Partners VII (A) L.P. 2018 $580,750,000 $0 $0 $8,256,489 N/M 1 N/M 1
CVC Credit Strategic Investment A L.P. 2014 $206,874,729 $166,936,340 $138,804,616 $244,130,708 22.7% 1 1.5x 1
CVC European Equity Partners III LP 2001 $200,000,000 $234,497,567 $592,407,402 $606,712,775 41.0% 2.6x
CVC European Equity Partners IV (D) L.P. 2005 $326,775,078 $406,391,792 $726,768,145 $727,067,936 17.2% 1.8x
CVC European Equity Partners Tandem Fund (B) L.P. 2007 $467,614,898 $570,429,899 $731,150,048 $735,386,232 6.8% 1.3x
CVC European Equity Partners V (B) L.P. 2008 $563,466,323 $710,181,414 $1,052,088,587 $1,245,240,464 16.2% 1.8x
EMAlternatives Investments, L.P. 2007 $100,000,000 $113,685,438 $95,775,135 $146,145,478 5.4% 1.3x
Essex Woodlands Health Ventures Fund VIII, L.P. 2008 $125,000,000 $127,269,507 $66,055,143 $132,620,632 0.9% 1.0x
First Reserve Fund XI, L.P. 2006 $500,000,000 $570,173,986 $370,742,876 $411,298,404 -7.8% 0.7x
First Reserve Fund XII, L.P. 2008 $300,000,000 $347,286,374 $178,447,813 $242,054,876 -8.9% 0.7x
First Reserve Fund XIII, LP 2014 $400,000,000 $226,188,043 $118,523,043 $289,056,329 15.7% 1 1.3x 1
Francisco Partners II, L.P. 2006 $175,000,000 $174,005,517 $243,168,759 $272,785,950 10.2% 1.6x
Francisco Partners III, L.P. 2011 $100,000,000 $91,004,588 $130,484,963 $216,460,397 21.1% 2.4x
Francisco Partners, L.P. 2000 $50,000,000 $52,654,785 $66,184,646 $66,439,234 4.3% 1.3x
GCM Grosvenor DEM II, L.P. 2014 $250,000,000 $119,336,902 $28,135,812 $131,015,033 9.1% 1 1.1x 1
GCM Grosvenor DEM, L.P. 2012 $100,000,000 $80,791,912 $32,655,806 $94,891,056 9.0% 1.2x
Generation Capital Partners, L.P. 1996 $50,000,000 $54,064,964 $65,798,632 $66,166,359 6.3% 1.2x
Golden State Investment Fund, LLC 2006 $533,058,824 $519,066,080 $643,558,892 $780,636,726 8.1% 1.5x
Green Equity Investors IV, L.P. 2003 $168,628,515 $170,691,565 $311,643,013 $318,695,235 11.2% 1.9x
Green Equity Investors V, L.P. 2007 $400,000,000 $446,335,956 $690,750,633 $980,069,983 19.0% 2.2x
GSO Capital Opportunities Fund II L.P. 2011 $250,000,000 $292,692,959 $257,329,127 $372,294,686 13.5% 1.3x
GSO Capital Opportunities Fund L.P. 2008 $100,000,000 $166,000,936 $228,800,483 $230,880,749 17.2% 1.4x
GSO Capital Solutions Fund II, L.P. 2014 $500,000,000 $386,757,497 $312,361,271 $464,843,485 12.3% 1 1.2x 1
GSO Energy Partners-C II LP 2016 $250,000,000 $180,537,941 $40,439,319 $214,163,730 14.5% 1 1.2x 1
GSO Energy Partners-C LP 2013 $400,000,000 $426,554,091 $143,577,522 $426,165,403 0.0% 1.0x
Hellman & Friedman Capital Partners V LP 2004 $200,000,000 $183,940,613 $485,585,961 $488,496,826 27.9% 2.7x
Hellman & Friedman Capital Partners VI 2007 $600,000,000 $612,793,602 $1,079,012,949 $1,124,850,980 13.1% 1.8x
Hellman & Friedman Capital Partners VII 2011 $300,000,000 $285,536,422 $276,009,420 $715,245,509 25.1% 2.5x
Hellman & Friedman Capital Partners VIII, L.P. 2016 $500,000,000 $345,955,207 $36,396,895 $407,835,465 22.1% 1 1.2x 1
ICV Partners II, L.P. 2005 $31,220,000 $40,135,407 $61,052,175 $62,623,427 12.0% 1.6x
Insight Venture Partners Growth-Buyout Coinvestment Fund (B), L.P. 2015 $400,000,000 $322,000,000 $87,520,692 $710,535,669 41.5% 1 2.2x 1
Insight Venture Partners IX, L.P. 2015 $100,000,000 $95,849,061 $10,684,012 $162,347,604 28.8% 1 1.7x 1
Insight Venture Partners V, L.P. 2005 $46,500,000 $46,500,000 $133,152,719 $138,819,585 22.7% 3.0x
Insight Venture Partners VI, L.P. 2007 $68,000,000 $73,833,084 $166,902,436 $182,926,668 19.2% 2.5x
Insight Venture Partners X, L.P. 2018 $250,000,000 $52,500,000 $0 $54,391,730 N/M 1 N/M 1
Khosla Ventures III, L.P. 2009 $200,000,000 $197,000,000 $217,447,478 $286,883,845 6.9% 1.5x
Khosla Ventures Seed, L.P. 2009 $60,000,000 $60,000,000 $12,484,329 $44,812,961 -4.8% 0.7x
KKR 2006 Fund L.P. 2006 $400,000,000 $594,277,778 $775,295,133 $902,896,269 8.1% 1.5x
KKR Asian Fund II L.P. 2013 $500,000,000 $549,632,439 $198,751,395 $742,156,786 13.8% 1.4x
KKR Asian Fund L.P. 2007 $272,575,591 $353,313,690 $578,139,723 $598,762,859 13.7% 1.7x
KKR European Fund II, L.P. 2005 $201,252,970 $236,160,704 $293,806,510 $293,881,052 3.8% 1.2x
KKR European Fund III, L.P. 2008 $314,226,783 $418,782,061 $514,903,207 $611,400,477 10.4% 1.5x
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 $373,294,854 16.4% 1.8x
Kline Hawkes Pacific, L.P. 2000 $100,000,000 $100,307,540 $66,968,717 $67,809,501 -4.8% 0.7x
KM Corporate Partners Fund II, LP 2007 $200,000,000 $193,055,708 $169,749,227 $301,079,219 9.0% 1.6x
KPS Special Situations Fund III, LP 2007 $175,000,000 $244,615,890 $356,200,541 $411,564,391 23.2% 1.7x
Lime Rock Partners IV AF, L.P. 2018 $83,686,107 $83,686,107 $0 $88,242,839 N/M 1 N/M 1
Lime Rock Partners IV, LP 2006 $43,000,000 $47,917,078 $139,501,029 $139,620,653 14.6% 2.9x
Lime Rock Partners V, L.P. 2008 $85,000,000 $94,636,814 $55,674,950 $97,205,108 0.5% 1.0x
Lindsay Goldberg IV, L.P. 2015 $250,000,000 $109,828,855 $34,635,417 $186,643,012 52.5% 1 1.7x 1
Lion Capital Fund II, L.P. 2007 $217,738,315 $260,498,600 $171,377,508 $185,106,796 -7.5% 0.7x
Madison Dearborn Capital Partners IV, L.P. 2000 $150,000,000 $173,964,778 $305,140,761 $311,813,672 14.0% 1.8x
Madison Dearborn Capital Partners V, L.P. 2006 $300,000,000 $351,554,197 $519,832,764 $527,505,587 7.2% 1.5x
Magnum Capital, L.P. 2007 $135,662,711 $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 $93,861,210 10.7% 1.8x
MHR Institutional Partners III LP 2006 $350,000,000 $371,000,000 $375,585,131 $531,492,146 6.9% 1.4x
New Mountain Partners II, L.P. 2005 $150,000,000 $138,727,183 $264,581,334 $267,408,562 13.7% 1.9x
New Mountain Partners III, L.P. 2007 $400,000,000 $451,690,757 $569,023,539 $856,606,886 13.6% 1.9x
Newbridge Asia IV, L.P. 2005 $180,000,000 $195,554,362 $409,111,162 $414,269,367 16.8% 2.1x
Oak Hill Capital Partners II, L.P. 2004 $75,000,000 $86,785,564 $134,286,634 $137,121,000 9.7% 1.6x
Oak Hill Capital Partners III, L.P. 2007 $300,000,000 $372,941,104 $422,396,131 $581,388,967 10.1% 1.6x
Oaktree Opportunities Fund VIIIb, L.P. 2011 $200,000,000 $200,000,000 $151,686,130 $265,295,099 6.2% 1.3x
Onex Partners IV, L.P. 2014 $300,000,000 $277,327,991 $19,358,949 $293,246,433 2.8% 1 1.1x 1
PAG Asia I LP 2012 $100,000,000 $113,804,000 $103,691,021 $206,115,566 22.6% 1.8x
Palladium Equity Partners III, L.P. 2004 $193,750,000 $253,127,526 $425,265,002 $455,681,553 16.1% 1.8x
Palladium Equity Partners V, L.P. 2018 $75,000,000 $9,523,892 $0 $7,239,504 N/M 1 N/M 1
Patria Brazilian Private Equity Fund V, L.P. 2015 $150,000,000 $34,913,669 $0 $39,013,849 8.8% 1 1.1x 1
Permira Europe III 2004 $126,989,866 $126,989,866 $218,890,726 $219,466,360 26.6% 1.7x
Permira IV L.P.2 2006 $282,475,093 $352,221,782 $482,941,953 $517,989,072 7.8% 1.5x
Permira V, L.P. 2014 $268,991,005 $253,773,978 $105,421,210 $402,369,339 15.7% 1 1.6x 1
Permira VI L.P. 1 2017 $509,342,064 $224,937,174 $0 $256,317,815 N/M 1 N/M 1
Polish Enterprise Fund V, L.P. 2004 $58,873,834 $69,977,405 $137,034,657 $137,129,640 15.3% 2.0x
Polish Enterprise Fund VI, L.P. 2006 $139,103,936 $145,646,856 $194,046,380 $208,490,357 5.7% 1.4x
Providence Equity Partners V 2005 $125,000,000 $157,825,582 $182,968,971 $186,878,897 3.2% 1.2x
Providence Equity Partners VI L.P. 2007 $320,000,000 $500,005,919 $515,695,617 $614,841,778 4.9% 1.2x
RFG Private Equity Limited Partnership No. 1A, 1B and 1C 2004 $33,956,953 $33,964,880 $48,603,437 $48,961,443 7.8% 1.4x
Rhone Partners III, L.P. 2006 $135,274,273 $145,326,327 $207,064,520 $207,064,520 9.8% 1.4x
Richardson Capital Private Equity Limited Partnership No.2A, 2B and 2C 2006 $42,089,017 $25,062,427 $13,312,225 $13,328,615 -11.4% 0.5x
Riverstone Global Energy and Power Fund V, L.P. 2012 $400,000,000 $464,360,681 $211,341,204 $541,405,609 5.5% 1.2x
Riverstone Global Energy and Power Fund VI, L.P. 2016 $500,000,000 $402,851,890 $109,125,592 $496,871,209 21.7% 1 1.2x 1
Riverstone/Carlyle Global Energy and Power Fund IV, L.P. 2008 $500,000,000 $581,464,456 $485,105,308 $714,550,103 5.5% 1.2x
Riverstone/Carlyle Renewable & Alternative Energy Fund II, L.P. 2008 $300,000,000 $328,532,570 $261,462,696 $395,840,444 4.4% 1.2x
Riverwood Capital Partners (Parallel - A) L.P. 2010 $150,000,000 $170,687,175 $283,653,813 $336,030,031 24.0% 2.0x
Sacramento Private Equity Partners, L.P. 2006 $605,000,000 $521,618,435 $706,855,619 $909,532,619 11.0% 1.7x
SAIF Partners III L.P. 2007 $100,000,000 $125,245,773 $109,422,855 $280,067,453 10.8% 2.2x
SAIF Partners IV L.P. 2010 $120,000,000 $147,356,026 $53,881,212 $217,580,046 8.3% 1.5x
Sankaty Managed Account (CalPERS), L.P. 2014 $500,000,001 $476,005,001 $195,940,000 $550,017,561 8.0% 1 1.2x 1
Silver Lake Partners II, L.P. 2004 $125,000,000 $135,403,984 $230,947,073 $238,561,362 11.1% 1.8x
Silver Lake Partners III, L.P. 2007 $480,000,000 $606,392,205 $937,329,165 $1,230,974,489 19.8% 2.0x
Silver Lake Partners IV, L.P. 2013 $320,000,000 $334,219,378 $125,496,011 $563,626,845 28.3% 1.7x
Silver Lake Partners V, L.P. 2018 $400,000,000 $79,174,498 $0 $74,823,705 N/M 1 N/M 1
Siris Partners III, L.P. 2015 $75,000,000 $59,960,616 $23,906,955 $75,439,157 15.7% 1 1.3x 1
Tailwind Capital Partners (PP), LP 2007 $77,510,000 $94,432,991 $132,832,940 $147,435,785 11.9% 1.6x
Tailwind Capital Partners II, LP 2014 $200,000,000 $179,988,054 $31,869,833 $229,142,537 11.8% 1.3x
Tailwind Capital Partners III, L.P. 2018 $200,000,000 $13,187,652 $0 $15,986,941 N/M 1 N/M 1
The Central Valley Fund II SBIC, LP 2012 $12,000,000 $7,689,696 $3,193,676 $12,951,151 13.3% 1.7x
The Resolute Fund II, L.P. 2008 $200,000,000 $218,677,534 $228,514,817 $312,807,705 8.6% 1.4x
The Rise Fund (A), L.P. 2018 $75,000,000 $26,192,810 $0 $26,855,574 N/M 1 N/M 1
Thomas H. Lee Equity Fund VI, L.P 2006 $240,000,000 $402,630,889 $476,341,374 $555,240,606 7.2% 1.4x
TowerBrook Investors II, L.P. 2005 $200,000,000 $195,324,455 $297,174,151 $313,909,673 9.8% 1.6x
TowerBrook Investors III, L.P. 2008 $300,000,000 $324,283,428 $381,619,863 $425,735,907 9.1% 1.3x
TowerBrook Investors IV (Onshore), L.P. 2013 $380,000,000 $213,225,001 $67,390,363 $323,977,916 30.4% 1.5x
Towerbrook Structured Opportunities Fund (Onshore), L.P. 2016 $221,786,667 $116,624,692 $40,894,460 $127,584,827 9.1% 1 1.1x 1
TPG Asia V, L.P. 2007 $360,000,000 $350,599,460 $340,757,971 $489,006,305 6.5% 1.4x
TPG Asia VII (A), L.P. 2018 $300,000,000 $68,995,819 $0 $62,962,255 N/M 1 N/M 1
TPG Biotechnology Partners II, L.P. 2006 $70,000,000 $71,888,857 $60,208,374 $78,224,346 1.4% 1.1x
TPG Biotechnology Partners III, L.P. 2008 $100,000,000 $98,321,053 $72,784,896 $125,531,523 5.2% 1.3x
TPG Growth IV, L.P. 2018 $75,000,000 $10,511,124 $0 $9,100,852 N/M 1 N/M 1
TPG Partners IV, L.P. 2003 $200,000,000 $225,811,312 $426,019,639 $435,434,430 15.4% 1.9x
TPG Partners V, L.P. 2006 $600,000,000 $811,329,685 $923,140,884 $1,018,838,304 3.9% 1.3x
TPG Partners VI, L.P. 2008 $825,000,000 $945,813,403 $1,076,903,807 $1,425,220,510 10.7% 1.5x
TPG STAR, L.P. 2007 $150,000,000 $168,831,204 $198,789,736 $248,329,293 9.3% 1.5x
Trident VI 2014 $250,000,000 $218,128,578 $51,254,467 $343,452,956 21.4% 1 1.6x 1
Trident VII, L.P. 2017 $270,000,000 $82,865,042 $159,066 $86,596,657 N/M 1 N/M 1
Triton Fund IV L.P. 2013 $91,525,722 $88,331,256 $46,556,493 $106,560,135 9.5% 1.2x
Valor Equity Partners IV L.P. 2017 $75,000,000 $32,827,791 $128,163 $44,187,350 N/M 1 N/M 1
VantagePoint CleanTech Partners, L.P. 2006 $25,000,000 $25,000,000 $12,704,911 $18,448,962 -6.7% 0.7x
VantagePoint Venture Partners 2006 (Q), L.P. 2006 $100,000,000 $100,000,000 $9,831,997 $34,827,291 -14.6% 0.3x
Vicente Capital Partners Growth Equity Fund, L.P. 2007 $40,422,297 $40,225,876 $23,969,032 $59,334,566 7.4% 1.5x
W Capital Partners II, L.P. 2007 $141,125,000 $140,615,876 $187,182,192 $198,250,851 10.7% 1.4x
Wellspring Capital Partners V, L.P. 2011 $150,000,000 $165,272,701 $184,270,107 $252,741,199 16.8% 1.5x
Welsh, Carson, Anderson & Stowe X, L.P. 2005 $175,000,000 $171,527,259 $293,005,741 $293,988,519 8.2% 1.7x
Welsh, Carson, Anderson & Stowe XI, L.P. 2009 $125,000,000 $125,000,000 $160,759,508 $208,134,755 13.0% 1.7x
Welsh, Carson, Anderson & Stowe XII, L.P. 2015 $350,000,000 $211,144,889 $41,852,656 $305,345,454 22.1% 1 1.4x 1
WLR Recovery Fund II, L.P. 2002 $50,000,000 $50,000,000 $120,565,266 $120,958,094 78.8% 2.4x
WLR Recovery Fund III, L.P. 2005 $198,000,000 $198,000,000 $129,463,682 $137,161,896 -7.6% 0.7x
WLR Recovery Fund IV, L.P. 2007 $400,000,000 $363,747,718 $465,935,185 $498,379,502 7.8% 1.4x
Yucaipa American Alliance Fund I, L.P. 2002 $200,000,000 $314,764,188 $268,050,907 $373,923,430 4.3% 1.2x
Yucaipa American Alliance Fund II, L.P. 2008 $400,000,000 $557,456,161 $335,052,025 $898,757,373 9.7% 1.6x
Yucaipa Corporate Initiatives Fund I, L.P. 2001 $200,000,000 $288,655,697 $174,440,647 $231,551,489 -3.4% 0.8x
Yucaipa Corporate Initiatives Fund II, L.P. 2008 $93,539,524 $91,320,511 $32,846,075 $87,907,216 -0.6% 1.0x

1Not Meaningful: Funds with a vintage year of 2014 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.