How private-equity funds actually performed — CalSTRS' own numbers
US public pension plans must disclose how each private-equity fund they invested in has performed. This table is CalSTRS' own reported record — 470+ funds with the money committed, the net IRR (the yearly return after fees) and the net multiple (derived) (how many dollars back per dollar in). No data vendor sells you this; the LP publishes it.
Two honest caveats before you read: the figures run about two quarters behind (private funds report slowly), and young funds always look bad at first — fees are charged before profits arrive (the "J-curve") — so judge funds from vintages at least 4–5 years old.
The table shows the 20 largest commitments — search all 470+ funds here:
| Fund | Vintage | Committed | Net IRR | Net multiple (derived) |
|---|---|---|---|---|
| Blackstone Capital Partners V L.P. | 2006 | $1.6bn | 8.37% | 1.71x |
| AlpInvest C Fund II LP | 2021 | $1.0bn | 17.65% | 1.47x |
| TPG Partners V, L.P. | 2006 | $1.0bn | 4.8% | 1.44x |
| Permira IV | 2006 | $822m | 9.01% | 1.77x |
| First Reserve Fund XI, L.P. | 2006 | $800m | -8.89% | 0.64x |
| First Reserve Fund XII, L.P. | 2008 | $800m | -16.84% | 0.48x |
| Blackstone Capital Partners VIII L.P. | 2021 | $750m | 10.44% | 1.28x |
| AlpInvest C Fund, L.P. | 2018 | $725m | 14.88% | 1.83x |
| Providence Equity Partners VI, L.P. | 2007 | $700m | 5.91% | 1.49x |
| Hellman & Friedman Partners X | 2021 | $600m | 6.04% | 1.16x |
| BC European Capital VIII, L.P. | 2005 | $528m | 4.5% | 1.24x |
| Permira VII L.P.1 | 2020 | $528m | 8.8% | 1.37x |
| ASF VIII B L.P. | 2018 | $500m | 13.67% | 1.41x |
| Blackstone Core Equity Partners CA - L.P. | 2017 | $500m | 15.87% | 2.15x |
| Blackstone Partners IX, L.P. | 2025 | $500m | -8.69% | 0.91x |
| Carlyle Partners V, L.P. | 2007 | $500m | 13.51% | 1.95x |
| Carlyle Partners VII, L.P. | 2018 | $500m | 8.32% | 1.39x |
| Cerberus Institutional (Series Four) LP | 2007 | $500m | 9.15% | 1.85x |
| Strategic Partners VIII | 2019 | $500m | 21.62% | 1.58x |
| CVC Capital Partners VIII (A) L.P. | 2021 | $470m | 9.79% | 1.24x |
| Blackstone Capital Partners VII L.P. | 2016 | $450m | 13.1% | 1.73x |
| Hellman & Friedman Capital Partners IX, L.P. | 2020 | $450m | 14% | 1.72x |
| Summit Prtnrs Growth Eqty XI A | 2022 | $450m | 1.98% | 1.03x |
| TPG Partners VI, L.P. | 2008 | $450m | 9.38% | 1.56x |
| Apax Europe VII | 2007 | $446m | 4.35% | 1.27x |
| Carlyle Europe Partners III, L.P. | 2007 | $446m | 11.08% | 1.68x |
| Blackstone Core Equity Partners II LP | 2021 | $425m | 14.11% | 1.4x |
| Bain Capital Fund X, LP | 2008 | $400m | 8.8% | 1.6x |
| Blackstone Partners Asia III | 2025 | $400m | 0% | x |
| FCO V Expansion Tranche | 2020 | $400m | 10.52% | 1.2x |
| KKR North America XIV SCSp | 2025 | $400m | 0% | x |
| TA XIV A, LP | 2021 | $400m | 7.86% | 1.2x |
| CVC Capital Partners IX A LP | 2024 | $376m | 13.52% | 1.14x |
| Blackstone Tactical Opportunities Fund II-S L.P. | 2018 | $375m | 14.19% | 1.48x |
| CVC European Equity Partners V, L.P. | 2008 | $370m | 16.47% | 2.25x |
| Permira VIII 1 SCSp | 2023 | $364m | 17.37% | 1.26x |
| BC Partners VII, L.P. | 2000 | $352m | 23.92% | 2.55x |
| CVC European Equity Partners IV, L.P. | 2005 | $352m | 16.76% | 2.01x |
| Permira Europe II | 2000 | $352m | 23.51% | 1.99x |
| Permira Europe III | 2004 | $352m | 24.15% | 1.66x |
| Permira VI, L.P.1 | 2016 | $352m | 14.87% | 2.0x |
| Apollo Investment Fund VII, L.P. | 2008 | $350m | 22.53% | 2.06x |
| Clayton Dubilier Rice XI LP | 2021 | $350m | 4.77% | 1.14x |
| Clayton, Dubilier & Rice Fund XII | 2024 | $350m | 37.19% | 1.3x |
| Olympus Growth Fund VII, L.P. | 2019 | $350m | 26.4% | 2.04x |
| Providence Equity Partners V, L.P. | 2005 | $350m | 3.04% | 1.24x |
| Summit Partners GE XII | 2025 | $350m | 0% | x |
| TPG Partners IV, L.P. | 2003 | $350m | 15.15% | 2.1x |
| CalSTRS New&Next Generation Manager Fund IV, L.P. | 2017 | $338m | 15.93% | 1.97x |
| Advent International GPE IX, L.P. | 2019 | $300m | 14.75% | 1.66x |
| Advent International GPE X | 2022 | $300m | 18.69% | 1.34x |
| Apax IX USD L.P. | 2017 | $300m | 17.83% | 1.91x |
| Apollo Investment Fund IX, L.P. | 2019 | $300m | 15.41% | 1.51x |
| Apollo Investment Fund X L.P. | 2023 | $300m | 19.14% | 1.19x |
| Ares Corporate Opportunities Fund V, L.P. | 2017 | $300m | 5.97% | 1.3x |
| Blackstone Capital Partners VI, L.P. | 2011 | $300m | 12.43% | 1.93x |
| EnCap Energy Capital Fund XI | 2017 | $300m | 21.32% | 1.94x |
| Francisco Partners VI, L.P. | 2021 | $300m | 14.12% | 1.46x |
| Francisco Partners VII A L.P. | 2023 | $300m | 13.71% | 1.07x |
| GI Partners Fund VI LP | 2021 | $300m | 9.5% | 1.3x |
| KKR 2006 Fund L.P. | 2007 | $300m | 8.35% | 1.78x |
| KKR Americas Fund XII L.P. | 2017 | $300m | 19.4% | 2.16x |
| KKR Asian Fund IV SCSp | 2021 | $300m | 19.22% | 1.54x |
| New Enterprise Associates 16, LP | 2017 | $300m | 8.15% | 1.52x |
| OCM Opportunities Fund VIIb, L.P. | 2008 | $300m | 16.4% | 1.86x |
| Riverstone/Carlyle Renewable and Alternative Energy FundII,L.P. | 2008 | $300m | 1.97% | 1.13x |
| Sankaty Credit Opportunities III, LP | 2007 | $300m | 2.42% | 1.18x |
| Summit Partners Growth Equity Fund X-A | 2020 | $300m | 12.79% | 1.48x |
| TA Associates XV LP | 2025 | $300m | -13.11% | 0.87x |
| Thoma Bravo Fund XIII, L.P. | 2019 | $300m | 22.62% | 1.98x |
| Thoma Bravo Fund XIV | 2021 | $300m | 6.83% | 1.25x |
| Thoma Bravo Fund XV, L.P. | 2022 | $300m | 15.02% | 1.38x |
| Trident IX, L.P. | 2022 | $300m | 18.27% | 1.3x |
| Trident X LP | 2025 | $300m | 0% | x |
| Apax Europe VI - A, L.P. | 2005 | $293m | 12.68% | 2.03x |
| BC European Capital X-8 LP | 2017 | $293m | 10.88% | 1.74x |
| CVC Capital Partners VII (A), LP | 2018 | $293m | 20.87% | 2.12x |
| TA XIII-A, L.P. | 2019 | $280m | 22.36% | 1.9x |
| KKR North America XIII SCSp | 2022 | $275m | 10.82% | 1.2x |
| Permira V, L.P. | 2014 | $264m | 20.63% | 2.76x |
| AlpInvest Co-Investment Fund (Onshore) VIII, L.P. | 2021 | $250m | 11.05% | 1.32x |
| Apax X USD L.P. | 2020 | $250m | 9.88% | 1.31x |
| Apollo Hybrid Value Fund II LP | 2021 | $250m | 11.25% | 1.22x |
| Apollo Investment Fund VI, L.P. | 2006 | $250m | 8.57% | 1.68x |
| ASF IX B L.P. | 2022 | $250m | 27% | 1.21x |
| ASF VII B L.P. | 2015 | $250m | 13.05% | 1.54x |
| Blackstone Capital Partners Asia II | 2022 | $250m | 39.95% | 1.75x |
| Blackstone Communications Partners I, LP | 2000 | $250m | 6.5% | 1.25x |
| Blackstone Energy Partners III L.P. | 2020 | $250m | 25.48% | 1.74x |
| Blackstone Tactical Opportunities Fund - S L.P. | 2017 | $250m | 9.76% | 1.4x |
| CalSTRS Lower Mid Market VII | 2023 | $250m | -12.04% | 0.89x |
| CalSTRS Lower Middle Market Fund VI, L.P. | 2018 | $250m | 16.41% | 1.77x |
| CalSTRS New&Next Gen. Manager Fund III | 2012 | $250m | 11.43% | 2.16x |
| CalSTRS-M2 Private Equity Fund-of-Funds III, L.P. | 2018 | $250m | 10.92% | 1.37x |
| Carlyle Asia Partners V, L.P. | 2018 | $250m | 8.01% | 1.21x |
| Carlyle Partners VI, L.P. | 2013 | $250m | 13.36% | 1.87x |
| Centerbridge Capital Partners III, L.P. | 2015 | $250m | 14.12% | 1.58x |
| Centerbridge Special Credit Partners II, L.P. | 2012 | $250m | 1.28% | 1.06x |
| Centerbridge Special Credit Partners, LP | 2009 | $250m | 13.76% | 1.94x |
| Clayton, Dubilier & Rice Fund X, L.P. | 2018 | $250m | 30.37% | 2.27x |
| EnCap Energy Capital Fund VII, L.P. | 2007 | $250m | 14.35% | 1.36x |
| GI Partners V, L.P. | 2018 | $250m | 15.4% | 1.75x |
| GSO Capital Opportunities Fund II, LP | 2011 | $250m | 10.31% | 1.34x |
| GSO Capital Opportunities Fund III | 2016 | $250m | 11.63% | 1.31x |
| GSO Capital Solutions Fund III LP | 2018 | $250m | 9.74% | 1.16x |
| ICG Strategic Equity Fund IV | 2021 | $250m | 14.55% | 1.35x |
| M2 PE Fund Of Funds IV, L.P. | 2023 | $250m | -0.35% | 1.0x |
| Olympus Growth Fund VI, L.P. | 2014 | $250m | 16.09% | 2.07x |
| Olympus Growth Fund VIII, L.P. | 2025 | $250m | 0% | x |
| Onex Partners V, L.P. | 2019 | $250m | 12% | 1.5x |
| PAG Asia III LP | 2019 | $250m | 8.09% | 1.3x |
| Sankaty Credit Opportunities IV, L.P. | 2008 | $250m | 11.58% | 1.49x |
| Sixth Street TAO Partners (B) LP | 2020 | $250m | 11.24% | 1.36x |
| Strategic Partners Fund VII, L.P. | 2016 | $250m | 16.72% | 1.74x |
| Strategic Partners IX L.P. | 2022 | $250m | 22.2% | 1.35x |
| The Resolute Fund V, L.P. | 2021 | $250m | 15.84% | 1.55x |
| The Resolute Fund VI, L.P. | 2024 | $250m | 44.24% | 1.37x |
| Thoma Bravo Fund XII, L.P. | 2016 | $250m | 15.07% | 2.18x |
| Thoma Bravo Fund XVI LP | 2025 | $250m | 0% | x |
| Tiger Iron Redwood Fund II LP | 2023 | $250m | 10.45% | 1.06x |
| Trident VIII, L.P. | 2020 | $250m | 12.7% | 1.57x |
| WCAS XIII, L.P. | 2019 | $250m | 18.73% | 1.61x |
| Welsh, Carson, Anderson & Stowe XI, L.P. | 2009 | $250m | 11.45% | 1.66x |
| BC European Capital IX | 2011 | $248m | 10.09% | 1.65x |
| Advent International GPE VI LP | 2008 | $235m | 15.29% | 2.0x |
| BC Partners XI GE 2 LP | 2021 | $235m | 8.79% | 1.23x |
| CVC Capital Partners Strategic Opportunities II L.P. | 2020 | $235m | 19.88% | 1.55x |
| CVC Capital Strategic Opps III | 2025 | $235m | 0% | x |
| VIP IV LP | 2020 | $235m | 11.44% | 1.36x |
| Centerbridge Capital Partners II, LP | 2011 | $225m | -7.25% | 0.71x |
| JMI Equity Fund XI A L.P. | 2023 | $225m | 13.56% | 1.14x |
| New Enterprise Associates 17, L.P. | 2019 | $225m | 4.54% | 1.17x |
| Affinity Asia Pacific Fund V (NO.2) L.P. | 2018 | $200m | 6.71% | 1.19x |
| Ares Corporate Opportunities VI, L.P. | 2020 | $200m | 15.58% | 1.42x |
| Arsenal Capital Partners VI LP | 2022 | $200m | -9.72% | 0.84x |
| Blackstone Capital Partners IV, L.P. | 2003 | $200m | 35.95% | 2.81x |
| CalSTRS Lower Middle Market Fund III, LLC | 2007 | $200m | 9.8% | 1.98x |
| CalSTRS Lower Middle Market Fund IV, LLC | 2011 | $200m | 13.44% | 2.03x |
| CalSTRS New&Next Gen. Manager Fund II | 2008 | $200m | 8.87% | 2.07x |
| Castlelake V, L.P. | 2018 | $200m | 8.33% | 1.46x |
| Clayton, Dubilier & Rice Fund IX, L.P. | 2014 | $200m | 18.86% | 2.36x |
| CVC Capital Partners Asia Pacific III LP | 2008 | $200m | 12.68% | 1.71x |
| CVC European Equity Partners III L.P. | 2001 | $200m | 40.59% | 2.9x |
| EnCap Energy Capital Fund VIII, L.P. | 2010 | $200m | 1.23% | 1.08x |
| EnCap Energy Capital Fund X, L.P. | 2015 | $200m | 16.18% | 2.16x |
| Energy Capital Partners III-A, LP | 2014 | $200m | 13.25% | 1.7x |
| FCO MA III, L.P. PE | 2012 | $200m | 9.41% | 1.45x |
| FCO MA IV L.P. PE | 2015 | $200m | 7.01% | 1.3x |
| FCO MA V L.P. | 2019 | $200m | 13.08% | 1.29x |
| First Reserve Fund XIII, L.P. | 2014 | $200m | -2.25% | 0.91x |
| Francisco Partners V, L.P. | 2018 | $200m | 18.14% | 2.23x |
| Hellman & Friedman Capital Partners VIII, L.P. | 2016 | $200m | 10.54% | 1.73x |
| Hellman & Friedman Capital Partners XI | 2025 | $200m | 0% | x |
| Hg Saturn 4 A LP | 2025 | $200m | 0% | x |
| Lone Star Fund XI, L.P. | 2019 | $200m | 25.09% | 1.58x |
| Madison Dearborn Capital VII-A/B | 2015 | $200m | 13.27% | 1.86x |
| MBK Partners Fund V, L.P. | 2021 | $200m | 10.68% | 1.26x |
| Nautic Partners V, L.P. | 2000 | $200m | 16.76% | 2.09x |
| New Enterprise Associates 10, L.P. | 2000 | $200m | 2.25% | 1.17x |
| Onex Partners IV, L.P. | 2014 | $200m | 6.92% | 1.4x |
| Peak Rock Capital Fund III | 2021 | $200m | 28.23% | 1.65x |
| Peak Rock Capital Fund IV LP | 2025 | $200m | 0% | x |
| RRJ Capital Master Fund III, L.P. | 2015 | $200m | 7.35% | 1.2x |
| Summit Partners Growth Eqty Fd IX-A,L.P. | 2017 | $200m | 23.61% | 2.16x |
| TCV VII, L.P. | 2008 | $200m | 23.17% | 3.16x |
| TCV XI, L.P. | 2021 | $200m | 6.63% | 1.19x |
| Tiger Iron Redwood Fund L.P. | 2021 | $200m | 8.76% | 1.2x |
| TPG Growth III (A), L.P. | 2016 | $200m | 15.21% | 1.66x |
| TPG Growth IV, L.P. | 2018 | $200m | 14.34% | 1.68x |
| TPG Partners IX, L.P. | 2023 | $200m | 22.67% | 1.2x |
| TPG Partners VIII, L.P. | 2019 | $200m | 17.23% | 1.56x |
| WCAS XIV, L.P | 2022 | $200m | 2.3% | 1.04x |
| FCO MA II LP | 2010 | $195m | 15.52% | 2.14x |
| New Enterprise Associates 15, LP | 2015 | $195m | 10% | 1.75x |
| Blackstone Tac Ops III S LP | 2023 | $188m | 19.45% | 1.19x |
| KKR Asian Fund III | 2018 | $180m | 19.11% | 1.99x |
| TA XII, L.P. | 2016 | $180m | 34.52% | 3.32x |
| TPG Asia V, L.P. | 2007 | $180m | 6.27% | 1.5x |
| VIP III LP | 2017 | $179m | 21.57% | 2.24x |
| Carlyle Europe Partners IV, L.P. | 2015 | $176m | 11.42% | 1.58x |
| Carlyle Europe Partners V, S.C.Sp. | 2019 | $176m | -3.49% | 0.91x |
| Cinven Fund VIII | 2024 | $176m | 20.27% | 1.13x |
| VIP V LP | 2023 | $176m | -4.12% | 0.97x |
| Onex Partners III, L.P. | 2008 | $175m | 11.23% | 1.82x |
| JMI Equity Fund X A L.P. | 2021 | $170m | 13.74% | 1.46x |
| CalSTRS New&Next Gen Manager V | 2021 | $165m | 13.19% | 1.29x |
| New Enterprise Associates 12 | 2006 | $160m | 6.25% | 1.41x |
| New Enterprise Associates 14, L.P. | 2012 | $160m | 14.9% | 2.94x |
| Equistone Partners Europe Fund VI "E" SCSp | 2018 | $158m | 16.44% | 1.58x |
| MBK Partners IV | 2017 | $155m | 9.6% | 1.57x |
| Cerberus Institutional (INTL) Series 1 | 2008 | $151m | 10.41% | 1.72x |
| Advent International GPE VIII-D L.P. | 2016 | $150m | 15.76% | 2.09x |
| Advent LatAm PE Fund VII SCSP | 2021 | $150m | 7.41% | 1.19x |
| Affinity Asia Pacific Fund III, L.P. | 2007 | $150m | 8.96% | 1.44x |
| AlpInvest Co-Investment Fund (Onshore) VII, L.P. | 2017 | $150m | 13.55% | 1.77x |
| Apax XI USD L.P. | 2024 | $150m | 23.83% | 1.16x |
| Ares Corporate Opportunities Fund IV, L.P. | 2012 | $150m | 13.96% | 1.98x |
| Ares Special Opportunities III | 2025 | $150m | 0% | x |
| Bain Capital Asia Fund V | 2023 | $150m | 36.36% | 1.33x |
| Carlyle U.S. Equity Opportunity Fund II, L.P. | 2015 | $150m | 15.28% | 1.89x |
| Castlelake IV, L.P. | 2015 | $150m | 6.69% | 1.51x |
| Centerbridge Capital Partners, LP | 2006 | $150m | 19.07% | 2.31x |
| Coller International Partners VII, L.P. | 2016 | $150m | 12.54% | 1.64x |
| EnCap Energy Capital Fund IX, L.P. | 2013 | $150m | 10.87% | 1.63x |
| FountainVest China Capital Partners Fund III, LP | 2017 | $150m | 11.51% | 1.65x |
| FountainVest Partners Fund IV | 2021 | $150m | -10.33% | 0.76x |
| FP Credit Prtnrs II Aggregator | 2022 | $150m | 10.24% | 1.24x |
| GI Data Infrastructure Fund LP | 2020 | $150m | 10.91% | 1.33x |
| Hg Saturn 2 A LP | 2020 | $150m | 15.74% | 1.48x |
| ICG Strategic Equity Fund III LP | 2020 | $150m | 24.46% | 2.12x |
| KKR North America Fund XI | 2013 | $150m | 18.87% | 2.4x |
| Littlejohn Fund VI, L.P. | 2019 | $150m | 21.63% | 1.7x |
| Onex Partners II, L.P. | 2006 | $150m | 12.66% | 1.82x |
| PAG Asia II LP | 2016 | $150m | 9.51% | 1.64x |
| Permira Growth Opps II SCSp | 2022 | $150m | 0.84% | 1.01x |
| RRJ Capital Master Fund IV, L.P. | 2021 | $150m | 16.07% | 1.19x |
| Searchlight Capital III LP | 2020 | $150m | 22.9% | 1.75x |
| Searchlight Capital IV LP | 2024 | $150m | 34.21% | 1.2x |
| Sixth Street Growth Partnrs II | 2022 | $150m | 10.5% | 1.2x |
| Sixth Street Opportunities Partners III (A), L.P. | 2014 | $150m | 8.86% | 1.57x |
| Sixth Street Opportunities Partners IV (A), L.P. | 2019 | $150m | 10.93% | 1.49x |
| Sixth Street Opps Partners V | 2022 | $150m | 9.02% | 1.17x |
| SSG Capital Partners IV | 2017 | $150m | 7.91% | 1.2x |
| SSG Capital Partners V, L.P. | 2019 | $150m | 14.3% | 1.15x |
| The Resolute Fund IV, L.P. | 2018 | $150m | 32.52% | 2.63x |
| Thoma Bravo Discover Fund V | 2025 | $150m | 0% | x |
| TPG Asia VII (A), L.P. | 2019 | $150m | 11.22% | 1.46x |
| Trident VII, L.P. | 2017 | $150m | 18.6% | 2.25x |
| VantagePoint Venture Partners IV | 2000 | $150m | -0.54% | 0.96x |
| Vestar Capital Partners V, L.P. | 2005 | $150m | 3.88% | 1.32x |
| Welsh, Carson, Anderson & Stowe XII, L.P. | 2015 | $150m | 24.07% | 2.45x |
| Yucaipa Corporate Initiatives Fund | 2003 | $150m | -3.77% | 0.63x |
| Summit Partners Europe Growth Equity Fund IV, SCSp | 2024 | $147m | -55.3% | 0.77x |
| Blackstone Life Sciences V LP | 2020 | $145m | 19.94% | 1.55x |
| Francisco Partners IV, L.P. | 2015 | $140m | 25.85% | 3.06x |
| Arsenal Capital Partners V, L.P. | 2019 | $135m | 6.77% | 1.33x |
| Equistone Partners Europe Fund V "D" L.P | 2015 | $135m | 6.62% | 1.4x |
| Bain Capital Asia Fund III, L.P. | 2016 | $125m | 19.03% | 1.91x |
| Blackstone Tactical Opportunities Fund II-S (Surge) L.P. | 2019 | $125m | 8.97% | 1.38x |
| CVC Capital Partners Asia Pacific IV | 2014 | $125m | 13.25% | 1.73x |
| CVC Capital Partners Asia VI | 2024 | $125m | 19.92% | 1.19x |
| GSO Capital Solutions Fund II, L.P. | 2014 | $125m | 0.71% | 1.01x |
| MBK Partners Fund VI, L.P. | 2024 | $125m | -30.04% | 0.72x |
| PAG Asia I LP | 2011 | $125m | 16.61% | 2.01x |
| Riverwood Capital Partners IV | 2023 | $125m | 16.66% | 1.12x |
| Sapphire Emerging Ventures VII | 2025 | $125m | 11.2% | 1.08x |
| Spectrum Equity IX - A, L.P. | 2020 | $125m | 4.5% | 1.15x |
| Spectrum Equity X-A L.P. | 2024 | $125m | -8.46% | 0.94x |
| Tenex Capital Partners IV | 2025 | $125m | -37.22% | 0.63x |
| TPG Growth II, LP | 2011 | $125m | 15.73% | 2.33x |
| Hg Saturn 3 A LP | 2022 | $120m | 13.57% | 1.22x |
| JMI Equity Fund IX-A, L.P. | 2019 | $120m | 22.54% | 2.13x |
| Summit Partners Credit Fund B-2, L.P. | 2014 | $120m | 2.55% | 1.08x |
| Charterhouse Capital VIII, L.P. | 2006 | $117m | -0.58% | 0.96x |
| Hg Genesis 9 A L.P. | 2021 | $117m | 16.32% | 1.55x |
| Summit Partners Europe GE III | 2021 | $117m | 15.49% | 1.47x |
| Triton Fund V, L.P. | 2019 | $117m | 18.42% | 1.69x |
| OCM Opportunities Fund VII, L.P. | 2007 | $116m | 7.3% | 1.38x |
| Spectrum Equity VIII-A, L.P. | 2018 | $110m | 29.59% | 2.3x |
| Spectrum Equity VII, L.P. | 2014 | $105m | 37.22% | 3.73x |
| Advent Global Technology II | 2022 | $100m | 15.06% | 1.34x |
| Advent Global Technology L.P. | 2020 | $100m | 10.03% | 1.49x |
| Ares Special Opportunities Fund II | 2022 | $100m | 13.41% | 1.26x |
| Blackstone Energy Partners II L.P. | 2015 | $100m | 8.07% | 1.5x |
| CalSTRS Lower Middle Market Fund V, L.P. | 2014 | $100m | 17.63% | 2.31x |
| CalSTRS New&Next Generation Manager Fund | 2005 | $100m | 8.41% | 1.87x |
| Castlelake III, L.P. | 2014 | $100m | 5.99% | 1.45x |
| Centerbridge Capital Prtnrs IV | 2021 | $100m | 15.96% | 1.37x |
| Coller International Partners VI, L.P. | 2012 | $100m | 14.74% | 1.69x |
| Cortec Group Fund VI, L.P. | 2015 | $100m | 13.67% | 1.99x |
| Cortec Group Fund VII, L.P. | 2019 | $100m | 18.39% | 1.68x |
| Cortec Group Fund VIII, L.P. | 2024 | $100m | -7.59% | 0.93x |
| CVC Capital Partners Asia V | 2020 | $100m | 12.46% | 1.37x |
| CVI Credit Value Fund A III | 2015 | $100m | 7.87% | 1.35x |
| FP Credit Partners III Aggregator, L.P. | 2025 | $100m | 0% | x |
| Francisco Partners Agility III LP | 2025 | $100m | 32.72% | 1.33x |
| Frazier Healthcare Growth XI | 2025 | $100m | 0% | x |
| Gores Capital Partners II, L.P. | 2007 | $100m | 7.2% | 1.35x |
| GSO Capital Opportunities Fund, L.P. | 2008 | $100m | 17.08% | 1.67x |
| Hellman & Friedman Capital Partners VII, L.P. | 2011 | $100m | 24.53% | 3.38x |
| HGGC III | 2017 | $100m | 25.44% | 2.3x |
| Huntsman Gay Capital Partners Fund, LP | 2008 | $100m | 9.98% | 1.35x |
| ICG Strategic Equity Fund V LP | 2024 | $100m | 149.43% | 1.48x |
| Institutional Venture Partners XVIII, L.P. | 2024 | $100m | 30.9% | 1.14x |
| IVP XVII L.P. | 2021 | $100m | 14.88% | 1.51x |
| JMI Equity Fund VIII, L.P. | 2015 | $100m | 26.7% | 2.45x |
| Linden Capital Partners VI LP | 2025 | $100m | 0% | x |
| Lone Star Fund XII, L.P. | 2024 | $100m | -2.7% | 0.99x |
| M2 Private Equity Fund-of-Funds II, L.P. | 2014 | $100m | 10.99% | 1.54x |
| Navis Asia Fund V, L.P. | 2007 | $100m | 6.53% | 1.56x |
| Oak HC FT Partners IV LP | 2021 | $100m | 9.29% | 1.33x |
| Oak HC FT Partners V LP | 2022 | $100m | 16.46% | 1.16x |
| Onex Partners I, L.P. | 2004 | $100m | 37.99% | 3.07x |
| Palladium Equity Partners V, L.P. | 2018 | $100m | 14.86% | 1.68x |
| Permira Growth Opportunities I L.P.1 | 2019 | $100m | 8% | 1.31x |
| Quadrangle Capital Partners II, L.P. | 2005 | $100m | 6.85% | 1.51x |
| Riverwood Capital Partners III | 2020 | $100m | 15.82% | 1.58x |
| Rubicon Technology Partners III L.P. | 2020 | $100m | 5.64% | 1.22x |
| Rubicon Technology Partners IV | 2022 | $100m | 7.07% | 1.11x |
| Siris Partners IV, L.P. | 2019 | $100m | 8% | 1.31x |
| Sixth Street Cap Solutions (A) | 2019 | $100m | 10.49% | 1.47x |
| Summit Partners Growth Equity VIII-A | 2012 | $100m | 25.35% | 2.67x |
| Summit Partners Private Equity Fund VII-A, L.P. | 2006 | $100m | 10.18% | 1.87x |
| TA Select Opps Fund II A, L.P. | 2021 | $100m | 2.54% | 1.05x |
| Tenex Capital Partners III, L.P. | 2021 | $100m | 56.85% | 1.65x |
| The Resolute Fund III | 2014 | $100m | 18.67% | 1.9x |
| Thoma Bravo Discover Fund II, L.P. | 2018 | $100m | 21.86% | 2.18x |
| Thoma Bravo Discover Fund III, L.P. | 2021 | $100m | 11.38% | 1.47x |
| Thoma Bravo Discover IV | 2022 | $100m | 21.32% | 1.34x |
| Thoma Bravo Fund X | 2012 | $100m | 37.95% | 4.04x |
| Thoma Cressey Fund VII, L.P. | 2001 | $100m | 24.02% | 2.13x |
| Tiger Global PIP XV L.P. | 2021 | $100m | -7.61% | 0.78x |
| TPG Asia VIII (A) | 2024 | $100m | 17.51% | 1.16x |
| TPG Growth V L.P. | 2021 | $100m | 14.5% | 1.42x |
| VantagePoint Venture Partners 2006 (Q) | 2006 | $100m | -7.81% | 0.4x |
| Vista Foundation Fund IV, LP | 2020 | $100m | 2.3% | 1.07x |
| Vivo Capital Fund IX, L.P. | 2018 | $100m | 18.79% | 1.73x |
| FS Equity Partners V, L.P. | 2003 | $95m | 15.18% | 2.09x |
| Blackstone Energy Partners IV | 2025 | $93m | 94.6% | 1.41x |
| HgCapital 8 A L.P. | 2018 | $93m | 34.76% | 2.63x |
| Alchemy Special Opportunities Fund IV L.P. | 2019 | $92m | 15.78% | 1.56x |
| Encap Flatrock Midstream Fund IV | 2018 | $91m | 8.12% | 1.28x |
| Palladium Equity Partners IV, L.P. | 2012 | $90m | 10.24% | 1.74x |
| Summit Partners VC Fd V-A L.P. | 2021 | $90m | 5.27% | 1.12x |
| Advent Central & Eastern Europe IV LP | 2008 | $88m | -9.47% | 0.64x |
| TCV X, L.P. | 2019 | $88m | 22.85% | 2.75x |
| Centerbridge Special Credit III - Flex | 2020 | $88m | 14.44% | 1.44x |
| CalSTRS New Next Gen Manager VI | 2024 | $85m | -2.91% | 0.98x |
| Arsenal Capital Partners IV | 2016 | $83m | 16.06% | 1.88x |
| Peak Rock Capital Fund II L.P. | 2017 | $80m | 34.56% | 2.08x |
| TA XI, L.P. | 2010 | $80m | 26.59% | 3.79x |
| Bain Capital Asia Fund II, LP | 2012 | $75m | 16.55% | 2.08x |
| CalSTRS California Impact Fund, LLC | 2003 | $75m | -0.93% | 0.94x |
| Energy Spectrum Partners VI, L.P. | 2011 | $75m | 6.7% | 1.27x |
| Energy Spectrum Partners VII, L.P. | 2014 | $75m | 7.62% | 1.36x |
| Francisco Partners III, L.P. | 2011 | $75m | 22.95% | 3.46x |
| Hony Capital Fund V, L.P. | 2011 | $75m | -3.89% | 0.74x |
| InterWest Partners VIII, L.P. | 2000 | $75m | -6.79% | 0.58x |
| J.H. Whitney VI, L.P. | 2005 | $75m | 5.89% | 1.72x |
| Littlejohn Fund V, L.P. | 2014 | $75m | 5.93% | 1.36x |
| New Enterprise Associates XI, L.P. | 2004 | $75m | 15.34% | 2.65x |
| Oak Investment Partners XI, L.P. | 2004 | $75m | -2.45% | 0.82x |
| Oaktree European Principal Fund III U.S. | 2011 | $75m | 4.85% | 1.39x |
| Olympus Growth Fund V, L.P. | 2008 | $75m | 15.73% | 2.21x |
| OrbiMed Private Investments IX LP | 2022 | $75m | 24.08% | 1.26x |
| OrbiMed Royalty Credit Opps IV | 2022 | $75m | 13.22% | 1.11x |
| OrbiMed Royalty Credit Opps V | 2025 | $75m | 0% | x |
| Sankaty Credit Opportunities II, L.P. | 2005 | $75m | 3.94% | 1.29x |
| SSG Capital Partners III, LP | 2014 | $75m | 8.25% | 1.26x |
| Strategic Investors Fund IX-B, L.P. | 2018 | $75m | 13.63% | 1.84x |
| Strategic Investors X-B, L.P. | 2020 | $75m | 8.67% | 1.31x |
| TA Select Opps Fund-A, L.P. | 2020 | $75m | 9.31% | 1.48x |
| Tenex Capital Partners II, L.P. | 2016 | $75m | 22.21% | 2.19x |
| Thoma Bravo Fund XI | 2014 | $75m | 26.13% | 3.61x |
| GGV Capital VIII, LP | 2021 | $72m | 2.02% | 1.06x |
| ACON Equity Partners 3.5, L.P. | 2012 | $70m | 7.39% | 1.68x |
| Genstar Capital Partners V, L.P. | 2007 | $70m | 15.53% | 2.41x |
| Spectrum Equity Investors VI, L.P. | 2010 | $70m | 21.83% | 2.75x |
| HgCapital 7 C L.P. | 2013 | $69m | 17.69% | 2.28x |
| New Enterprise Associates XIII, LP | 2009 | $65m | 16.75% | 2.71x |
| BCP Tac Ops III S (Surge) LP | 2023 | $62m | 0% | 0.0x |
| Summit Ptrs Reinvestment Fund | 2021 | $61m | 15.81% | 1.39x |
| Cortec Group Fund V, L.P. | 2011 | $60m | 30.85% | 4.35x |
| Encap Flatrock Midstream Fund III | 2014 | $60m | 9.56% | 1.43x |
| GGV Capital IV, L.P. | 2011 | $60m | 8.32% | 1.69x |
| ICV Partners IV, L.P. | 2018 | $60m | 11.42% | 1.33x |
| NEA 18 Venture Growth Equity | 2022 | $60m | 1.8% | 1.03x |
| New Enterprise Associates IX, L.P. | 1999 | $60m | -6.08% | 0.46x |
| Bain Capital Europe Fund VI, SCSp | 2023 | $59m | 24.07% | 1.24x |
| Equistone Partners Europe Fund IV F L.P. | 2012 | $59m | 14.83% | 1.75x |
| Summit Partners Europe Growth Equity Fund II, SCSP | 2018 | $59m | 60.52% | 3.27x |
| Summit Partners Europe PE Fund | 2009 | $59m | 18.5% | 2.62x |
| Triton Fund II L.P. | 2006 | $59m | 18.57% | 2.29x |
| Triton Fund IV, L.P. | 2013 | $59m | 12.22% | 1.97x |
| Alchemy Special Opportunities Fund III | 2014 | $55m | 7.53% | 1.54x |
| Asper Renewable Power Partners L.P. | 2006 | $53m | -4.1% | 0.84x |
| ACON Equity Partners IV, LP | 2016 | $50m | 8.86% | 1.43x |
| Ares Special Opportunities Fund, L.P. | 2020 | $50m | 14.65% | 1.54x |
| Arsenal Capital Partners Growth LP | 2022 | $50m | -21.97% | 0.64x |
| Castlelake II, L.P. | 2012 | $50m | 5.76% | 1.41x |
| FountainVest China Growth Capital Fund, L.P. | 2008 | $50m | 6.64% | 1.46x |
| FP Credit Prtnrs Aggregator LP | 2020 | $50m | 16.02% | 1.57x |
| Francisco Partners Agility II | 2020 | $50m | 28.67% | 2.13x |
| Francisco Partners Agility, L.P. | 2017 | $50m | 82.5% | 4.96x |
| GGV Capital Select, L.P | 2015 | $50m | 2.9% | 1.2x |
| GGV Capital V L.P. | 2014 | $50m | 24.13% | 4.72x |
| Hony Capital Fund 2008, L.P. | 2008 | $50m | -5.14% | 0.68x |
| JMI Equity Fund VII, L.P. | 2011 | $50m | 17.73% | 2.52x |
| New Enterprises Associates VIII, L.P. | 1998 | $50m | 30.6% | 1.66x |
| OrbiMed Private Investments VIII LP | 2020 | $50m | 6.88% | 1.19x |
| OrbiMed Royalty & Credit Opportunities III, LP | 2019 | $50m | 15.06% | 1.2x |
| Paul Capital VIII-B, L.P. | 2004 | $50m | 7.61% | 1.34x |
| Peak Rock Capital Fund LP | 2013 | $50m | 15.97% | 1.56x |
| Reverence Cap PTR Op Fd V (PE Fd III) | 2023 | $50m | 29.18% | 1.37x |
| Sofinnova Venture Partners IX | 2014 | $50m | 7.25% | 1.47x |
| Summit Partners Venture Capital Fund IV-A, L.P. | 2016 | $50m | 34.25% | 2.73x |
| Tiger Global PIP XVI LP | 2023 | $50m | 5.64% | 1.06x |
| Vistria Fund V, LP | 2024 | $50m | -11.03% | 0.91x |
| Yucaipa Corporate Initiatives Fund II, LP | 2009 | $50m | -1.32% | 0.9x |
| GGV Capital VII L.P. | 2019 | $48m | 2.13% | 1.11x |
| LAV Fund VI, L.P. | 2021 | $48m | 9.76% | 1.28x |
| Frazier Healthcare Ventures V, L.P. | 2005 | $47m | 14.73% | 2.28x |
| Strategic Investors VII-A | 2015 | $47m | 20.42% | 3.55x |
| FountainVest China Growth Cap Fund II LP | 2013 | $45m | 11.4% | 1.47x |
| GGV Capital VI, L.P. | 2016 | $45m | 8.43% | 1.65x |
| Strategic Investors VI-A | 2013 | $45m | 19.58% | 4.05x |
| Strategic Investors V-B, L.P. | 2012 | $44m | 25.29% | 5.59x |
| LAV Biosciences Fund V, L.P. | 2019 | $42m | 6.63% | 1.3x |
| ECI 10 A LP | 2015 | $41m | 19.42% | 2.27x |
| Alta Communications IX, L.P. | 2003 | $40m | -1.24% | 0.9x |
| ICV Partners III, L.P. | 2013 | $40m | -1.1% | 0.93x |
| InterWest Partners IX, L.P. | 2005 | $40m | 4.52% | 1.32x |
| LAV Biosciences Fund IV, L.P. | 2017 | $40m | 14.85% | 1.88x |
| New Enterprise Associates 18 | 2022 | $40m | 40.52% | 1.86x |
| OrbiMed Private Investments IV, L.P. | 2010 | $40m | 31.75% | 3.12x |
| OrbiMed Private Investments V | 2013 | $40m | 38.16% | 2.45x |
| Strategic Investors Fund VIII-B, L.P. | 2016 | $40m | 20.51% | 3.15x |
| Summit Subordinated Debt Fund IV, L.P. | 2009 | $40m | 9.68% | 1.64x |
| Valor Equity Partners IV, L.P. | 2018 | $40m | 20.19% | 3.17x |
| Valor Equity Partners V, L.P. | 2021 | $40m | 18.02% | 1.86x |
| Valor Equity Partners VI, L.P. | 2023 | $40m | 34.02% | 1.49x |
| Vivo Capital Fund VIII, L.P. | 2015 | $40m | 14.95% | 1.96x |
| Centerbridge Special Credit Partners III, L.P. | 2016 | $38m | 9.64% | 1.33x |
| Sixth Street Opportunities Partners II, L.P. | 2012 | $35m | 18.84% | 1.92x |
| Italian Private Equity Fund IV, LP | 2003 | $35m | -1.63% | 0.91x |
| Clearstone Venture Partners III-A, L.P. | 2004 | $35m | 8.16% | 2.79x |
| NEA 15 Opportunity Fund, L.P. | 2015 | $35m | 25.23% | 3.68x |
| Shasta Ventures V, L.P. | 2017 | $35m | 14.79% | 2.44x |
| Spectrum Select Opps A L.P. | 2021 | $35m | -0.26% | 0.99x |
| Thoma Bravo Special Opportunities Fund II, L.P. | 2015 | $35m | 15.94% | 2.51x |
| Blue Run Ventures, L.P. | 2005 | $31m | 5.5% | 1.42x |
| Thoma Bravo Special Opps Fund I, L.P. | 2013 | $31m | 34.07% | 3.98x |
| ARCH Venture Fund VI, L.P. | 2004 | $30m | 2.42% | 1.24x |
| Bessemer Venture Partners XII | 2024 | $30m | -4.53% | 0.97x |
| Capital Partners V, L.P. | 2021 | $30m | -0.99% | 0.97x |
| GGV Discovery III, LP | 2021 | $30m | 7.05% | 1.21x |
| Gores Small Capitalization Partners, L.P. | 2012 | $30m | 16.36% | 1.69x |
| Sofinnova Venture Partners VIII, L.P. | 2011 | $30m | 21.89% | 1.73x |
| Summit Subordinated Debt Fund III, L.P. | 2004 | $30m | 8.58% | 1.46x |
| Vista Equity Endeavor II | 2019 | $30m | 8% | 1.23x |
| Investitori Associati IV | 2004 | $29m | -9.5% | 0.57x |
| Shasta Ventures III, L.P. | 2012 | $26m | 7.48% | 1.88x |
| Hg Mercury 3 A L.P. | 2021 | $26m | 23.67% | 1.66x |
| Capital Partners IV, L.P. | 2017 | $25m | 8.9% | 1.62x |
| New Enterprises Associates VIII A, L.P. | 2001 | $25m | -2.37% | 0.79x |
| Shasta Ventures IV, L.P. | 2014 | $25m | -10.36% | 0.47x |
| Spectrum IX-A Discretionary Overage Progam II | 2021 | $25m | -1.24% | 0.96x |
| LAV Fund VI Opportunities, L.P. | 2021 | $24m | 3.44% | 1.11x |
| Blue Run Ventures IV, L.P. | 2008 | $24m | 22.33% | 2.45x |
| Capital Partners III, L.P. | 2014 | $22m | 14.4% | 2.26x |
| Shasta Ventures II, L.P. | 2008 | $22m | 20% | 4.22x |
| ONCAP III LP | 2011 | $22m | 15.03% | 2.32x |
| BVP Forge Institutional L.P. | 2023 | $20m | 17.22% | 1.29x |
| GGV Discovery II L.P. | 2019 | $20m | 8.65% | 1.49x |
| Peak Rock Capital Credit Fund II L.P. | 2017 | $20m | 14.02% | 1.12x |
| Spark Capital Growth Fund V | 2024 | $20m | -7.82% | 0.95x |
| Spectrum VIII-A Discretionary Overage Program | 2019 | $20m | 91.26% | 2.98x |
| Summit Partners Venture Capital III-A | 2012 | $20m | 17.79% | 2.49x |
| TA Subordinated Debt Fund III, L.P. | 2010 | $20m | 16.61% | 2.0x |
| BRV VI, L.P. | 2017 | $19m | 12.89% | 1.93x |
| Blue Run Ventures V, LP | 2014 | $19m | 2.53% | 1.23x |
| GGV Capital VIII Plus, LP | 2021 | $18m | 3.74% | 1.1x |
| Craton Equity Investors II, L.P. | 2012 | $15m | -19.06% | 0.26x |
| DCM IV | 2004 | $15m | 11.85% | 3.41x |
| GGV Capital VI Plus, L.P. | 2018 | $15m | 14.67% | 1.83x |
| Peak Rock Real Estate Fund I | 2021 | $15m | 7.86% | 1.13x |
| GGV Capital VII Plus L.P. | 2019 | $12m | 4.15% | 1.23x |
| Pond Ventures III, L.P. | 2006 | $10m | 12.36% | 1.88x |
| Spark Capital Fund VIII | 2024 | $10m | -3.92% | 0.98x |
| Vivo Capital Surplus Fund VIII, L.P. | 2015 | $6m | 15.87% | 2.01x |
| Fortress Credit Opportunities Fund II(A) | 2010 | $5m | 14.63% | 2.15x |
| BRV Opportunities Fund, L.P. | 2015 | $3m | -1.86% | 0.89x |
| TRF IV Continuation Fund LP | 2024 | $2m | 10.85% | 1.1x |
| H&F Samson Hockey 1, LP (Hub) | 2020 | $0m | 33.68% | 2.66x |
| HF Project Shield (Verisure) | 2020 | $0m | 15.01% | 1.73x |
| HF Samson Brunello (TeamSystem) | 2021 | $0m | 36.21% | 3.53x |
| Peak Rock Strat Partners West | 2021 | $0m | 0% | x |
Showing the 20 largest commitments of 470+ funds · Email us for the full dataset.
See also: CalPERS' equivalent table · where the two plans' numbers diverge on the same fund.
Figures as reported for CalSTRS reporting as of June 30, 2025 · CalSTRS private equity portfolio performance (annual report PDF) · Refresh: on each annual report · Limitations: one LP's record, not the market; the report publishes no multiple — the multiple shown is derived as (distributed + market value) ÷ contributed; a dash in the source means zero