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Last verified 2026-07-22

Search private-equity fund performance — 5 pension plans' own numbers

Pensions: all tracked plans · search every PE fund · CalPERS PE table · CalSTRS PE table · where they diverge

Type a fund manager, a fund, or a pension plan. US public pension plans have to disclose how every private-equity fund they invested in has performed — this is 2000+ of those disclosures pooled from 5 plans, with the money committed, the net IRR (the yearly return after fees) and the multiple (dollars back per dollar in). No data vendor sells you this; the plans publish it themselves.

302 of these funds are reported by more than one plan — those rows carry a count like 3 plans. That is where it gets interesting: the same fund often shows different returns to different investors, because each plan holds a different vehicle, pays different fees and values its stake on its own date.

FundReported byVintageCommitted Net IRRMultiple
Advent International GPE IX 5 plansMinnesota SBI2019$115m11.7%1.59x
Advent International GPE IX 5 plansOregon OPERF2019$100m10.1%1.49x
Advent International GPE IX Limited Partnership 5 plansCalPERS2019$550m13.6%1.6x
Advent International GPE IX, L.P. 5 plansCalSTRS2019$300m14.75%1.66x
Advent International GPE IX, L.P. 5 plansWashington WSIB2019$600m12.28%1.6x
Advent International GPE X 5 plansCalSTRS2022$300m18.69%1.34x
Advent International GPE X 5 plansMinnesota SBI2022$150m14.6%1.32x
Advent International GPE X 5 plansOregon OPERF2022$200m13.4%1.29x
Advent International GPE X Limited Partnership 5 plansCalPERS2022$650m
Advent International GPE X Limited Partnership 5 plansWashington WSIB2022$600m16.61%1.3x
Blackstone Capital Partners VII 5 plansMinnesota SBI2015$130m11.4%1.66x
Blackstone Capital Partners VII 5 plansOregon OPERF2016$450m12.1%1.71x
Blackstone Capital Partners VII L.P. 5 plansCalSTRS2016$450m13.1%1.73x
Blackstone Capital Partners VII, L.P. 5 plansCalPERS2016$375m15.3%1.8x
Blackstone Capital Partners VII, L.P. 5 plansWashington WSIB2016$450m12.51%1.7x
Hellman & Friedman Capital Partners X 5 plansMinnesota SBI2021$250m8.3%1.27x
Hellman & Friedman Capital Partners X 5 plansOregon OPERF2021$350m5.5%1.17x
Hellman & Friedman Capital Partners X, L.P. 5 plansCalPERS2021$940m
Hellman & Friedman Capital Partners X, L.P. 5 plansWashington WSIB2021$1.0bn8.91%1.3x
Hellman & Friedman Partners X 5 plansCalSTRS2021$600m6.04%1.16x
Thoma Bravo Fund XIV 5 plansCalSTRS2021$300m6.83%1.25x
Thoma Bravo Fund XIV 5 plansMinnesota SBI2020$150m5.8%1.22x
Thoma Bravo Fund XIV 5 plansOregon OPERF2021$250m3.8%1.12x
Thoma Bravo Fund XIV, L.P. 5 plansCalPERS2021$600m
Thoma Bravo Fund XIV, L.P. 5 plansWashington WSIB2021$200m6.08%1.2x

Showing 25 of 2000+ disclosures — search to see the rest · † = the plan states this fund was sold in the secondary market, so its return is not comparable · Email us for the full dataset.

How to read these numbers

Two honest caveats. First, each figure is that plan's own experience of the fund — net of the fees that plan pays — not the fund's headline return, so two plans reporting the same fund will rarely agree exactly. Second, young funds always look bad at first: fees are charged before profits arrive (the "J-curve"), so a fund from the last three or four years with a poor IRR usually means nothing yet. Judge funds from vintages at least four or five years old.

Each plan's full table: CalPERS · CalSTRS · all tracked plans.

Figures as reported for CalPERS September 30, 2025 · CalSTRS June 30, 2025 · Minnesota SBI March 31, 2026 · Oregon OPERF March 31, 2026 · Washington WSIB December 31, 2025 · each plan's own published private-equity performance report · Refresh: quarterly to annually, per plan · Limitations: each plan reports to its own date and on its own basis — these are plan-specific returns, not fund-wide returns; multiples are as reported where published and otherwise derived from the plan's own cash-flow columns
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