13,220
Fund Commitments
13
Pension Fund Sources
18
Strategies Tracked
Data Sources
| Pension Fund | Fund Commitments |
|---|---|
| SEC EDGAR Form D | 10,315 |
| California State Teachers' Retirement System | 459 |
| Illinois TRS (ACFR Assets) | 455 |
| Oregon Public Employees Retirement Fund | 441 |
| California Public Employees' Retirement System | 432 |
| Washington State Investment Board | 431 |
| Pennsylvania PSERS | 281 |
| NYC Teachers Retirement System | 108 |
| NYC Fire Pension Fund | 88 |
| NYC Employees Retirement System | 86 |
| ABP (Netherlands) | 52 |
| Illinois TRS | 42 |
| Grayscale Public Data | 6 |
Vintage Year Performance Benchmarks
| Vintage | Funds | Median IRR | Top Quartile | Bottom Quartile | Avg IRR |
|---|---|---|---|---|---|
| 1981 | 3 | 6.1% | 14.3% | 3.3% | 9.7% |
| 1983 | 7 | 8.2% | 23.8% | 7.7% | 15.3% |
| 1984 | 6 | 13.4% | 24.9% | 12.7% | 16.5% |
| 1985 | 5 | 10.8% | 13.0% | 10.1% | 11.8% |
| 1986 | 5 | 26.3% | 28.0% | 5.3% | 20.9% |
| 1987 | 8 | 8.7% | 11.6% | 7.6% | 9.7% |
| 1990 | 4 | 6.8% | 12.8% | -0.4% | 5.5% |
| 1991 | 3 | 33.4% | 34.3% | 27.6% | 30.1% |
| 1993 | 7 | 17.4% | 26.8% | 16.7% | 21.6% |
| 1994 | 14 | 7.1% | 31.2% | -2.5% | 14.9% |
| 1995 | 14 | 11.1% | 19.1% | 4.3% | 12.1% |
| 1996 | 18 | 7.6% | 24.0% | 5.5% | 19.4% |
| 1997 | 28 | 12.5% | 25.4% | 8.0% | 23.8% |
| 1998 | 32 | 10.3% | 15.2% | 3.2% | 9.7% |
| 1999 | 41 | 10.8% | 13.4% | 1.8% | 7.1% |
| 2000 | 38 | 8.8% | 23.1% | 2.2% | 10.2% |
| 2001 | 30 | 15.2% | 34.1% | 4.1% | 16.8% |
| 2002 | 17 | 15.8% | 26.1% | 2.2% | 12.4% |
| 2003 | 24 | 15.2% | 19.9% | 6.0% | 14.7% |
| 2004 | 45 | 9.9% | 24.1% | 2.9% | 11.1% |
| 2005 | 62 | 6.3% | 10.5% | 3.8% | 7.6% |
| 2006 | 101 | 7.5% | 10.3% | 2.6% | 5.9% |
| 2007 | 118 | 8.3% | 13.5% | 4.3% | 8.2% |
| 2008 | 99 | 11.6% | 16.5% | 6.7% | 9.5% |
| 2009 | 33 | 9.1% | 11.6% | 5.6% | 9.5% |
| 2010 | 35 | 9.2% | 16.1% | 4.0% | 10.5% |
| 2011 | 79 | 12.4% | 18.1% | 8.1% | 12.9% |
| 2012 | 74 | 13.6% | 17.4% | 8.8% | 13.7% |
| 2013 | 71 | 11.8% | 17.2% | 7.5% | 13.2% |
| 2014 | 76 | 11.5% | 16.7% | 7.3% | 12.2% |
| 2015 | 101 | 15.0% | 19.0% | 9.2% | 14.7% |
| 2016 | 84 | 14.1% | 18.3% | 10.7% | 15.4% |
| 2017 | 92 | 17.1% | 20.4% | 9.7% | 16.6% |
| 2018 | 102 | 14.8% | 18.2% | 11.3% | 16.2% |
| 2019 | 140 | 13.6% | 19.3% | 9.4% | 15.5% |
| 2020 | 125 | 13.3% | 16.4% | 10.0% | 16.1% |
| 2021 | 176 | 8.9% | 15.3% | 4.0% | 9.7% |
| 2022 | 97 | 10.8% | 15.9% | 4.0% | 9.4% |
| 2023 | 40 | 8.3% | 13.2% | -11.7% | 5.3% |
| 2024 | 33 | 0.0% | 0.0% | -4.5% | 0.3% |
Performance by Strategy
| Strategy | Funds | Avg IRR | Median IRR | Avg Multiple |
|---|---|---|---|---|
| Infrastructure | 12 | 23.6% | 15.3% | 1.38 |
| PE - Buyout Small | 49 | 20.3% | 13.7% | 1.90 |
| growth_equity | 9 | 16.7% | 16.2% | 1.40 |
| Liquidated | 11 | 14.8% | 14.8% | 1.74 |
| PE - Buyout Large | 93 | 13.2% | 13.0% | 1.70 |
| private_credit | 69 | 12.1% | 11.9% | 1.76 |
| Private Equity | 406 | 12.1% | 12.2% | 1.56 |
| PE - Co-Investment | 67 | 12.0% | 12.0% | 1.58 |
| PE - Buyout Mid | 92 | 11.5% | 11.5% | 1.55 |
| buyout | 34 | 11.3% | 12.0% | 1.99 |
| PE - Distressed | 54 | 10.9% | 9.8% | 1.64 |
| private_equity | 4 | 10.9% | 11.3% | 1.57 |
| Venture Capital | 68 | 10.4% | 6.2% | 1.72 |
| Private Credit | 53 | 9.9% | 8.6% | 1.29 |
| Real Estate | 60 | 9.0% | 9.5% | 1.44 |
| PE - Mezzanine | 8 | 8.5% | 10.6% | 1.49 |
| venture_capital | 23 | 7.6% | 12.8% | 1.11 |
| other | 4 | 1.6% | 4.5% | 1.24 |
Top 20 Performing Funds (3+ Year Vintage)
| # | Fund | Manager | Vintage | IRR | Multiple | Strategy |
|---|---|---|---|---|---|---|
| 1 | Endeavour Capital Fund VI, L.P. - Secondary Purchase | Endeavour | 2020 | 176.8% | 2.8 | PE - Buyout Small |
| 2 | Endeavour Capital Fund V, L.P. - Secondary Purchase | Endeavour | 2020 | 165.5% | 2.7 | PE - Buyout Small |
| 3 | Menlo Ventures VII, L.P. | Menlo | 1997 | 135.6% | 4.7 | Venture Capital |
| 4 | LS Power Equity Partners V, L.P. | LS Power | 2023 | 133.0% | 1.39 | Infrastructure |
| 5 | Walnut Growth Partners | Walnut | 1997 | 120.7% | 11.48 | Private Equity |
| 6 | Tenex Capital Partners III, L.P. | Tenex | 2021 | 99.8% | N/A | N/A |
| 7 | Apex Investment Fund III, L.P. | Apex | 1996 | 97.1% | 5.23 | Private Equity |
| 8 | Incline Elevate Fund, L.P. | Incline Elevate | 2019 | 96.0% | 2.37 | Private Equity |
| 9 | Spectrum VIII-A Discretionary Overage Program | Spectrum VIII-A Discretionary Overage Program | 2019 | 92.7% | N/A | N/A |
| 10 | ASF IX B L.P. | ASF | 2022 | 87.6% | N/A | N/A |
| 11 | Francisco Partners Agility, L.P. | Francisco | 2017 | 84.7% | N/A | N/A |
| 12 | GTCR Fund VII-A, L.P. | GTCR | 2001 | 83.0% | 2.8 | PE - Buyout Mid |
| 13 | Providence Equity Partners | Providence | 1996 | 78.5% | 2.78 | N/A |
| 14 | Austin Ventures IV, L.P. | Austin | 1994 | 73.2% | 8.4 | Venture Capital |
| 15 | Madison Dearborn Partners VI - Annex A | Madison Dearborn | 2013 | 69.8% | 4.11 | Private Equity |
| 16 | Union Square Ventures 2004 | Union Square | 2004 | 66.9% | 13.82 | N/A |
| 17 | Summit Partners Europe Growth Equity Fund II, SCSP | Summit | 2018 | 65.0% | N/A | N/A |
| 18 | Olympic Venture Partners IV | Olympic Venture | 1997 | 63.9% | 2.62 | N/A |
| 19 | Platinum Equity Capital Partners-A, L.P. | Platinum | 2003 | 59.9% | 2.11 | Private Equity |
| 20 | Union Square Ventures Opportunity Fund | Union Square | 2010 | 58.4% | 3.59 | N/A |
Bottom 20 Performing Funds
| # | Fund | Manager | Vintage | IRR | Multiple | Strategy |
|---|---|---|---|---|---|---|
| 1 | OVP Venture Partners VI | OVP Venture | 2001 | -69.9% | 0.28 | venture_capital |
| 2 | VIP V LP | VIP | 2023 | -50.2% | N/A | N/A |
| 3 | Reliant Equity Partners, L.P. | Reliant | 2002 | -49.9% | 0.02 | Private Equity |
| 4 | KKR European Fund VI (USD) SCSp | KKR European | 2023 | -44.2% | 0.5 | PE - Co-Investment |
| 5 | KBA Partners II, L.P. | KBA | 1989 | -42.1% | 0.0 | Venture Capital |
| 6 | Telecom Partners III, L.P. | Telecom | 1999 | -40.6% | 0.1 | Venture Capital |
| 7 | Francisco Partners VII, L.P. | Francisco | 2023 | -36.2% | 0.9 | PE - Buyout Large |
| 8 | TDR Capital V L.P. | TDR | 2023 | -32.7% | 0.85 | Private Equity |
| 9 | Riverwood Capital Partners IV | Riverwood | 2023 | -30.9% | N/A | N/A |
| 10 | Arsenal Capital Partners Growth LP | Arsenal | 2022 | -29.1% | N/A | N/A |
| 11 | Markstone Capital Partners, L.P. | Markstone | 2004 | -28.7% | 0.42 | Private Equity |
| 12 | Ascent Capital Holdings, LLC | Ascent | 2007 | -28.0% | N/A | N/A |
| 13 | Markstone Capital Partners, LP | Markstone | 2004 | -26.5% | 0.43 | Private Equity |
| 14 | Southern Cross Latin America Private Equity Fund IV, L.P. | Southern Cross Latin America | 2010 | -25.7% | 0.2 | PE - Buyout Mid |
| 15 | Southern Cross Latin America Private Equity Fund IV, L.P. - WSIB Secondary | Southern Cross Latin America | 2011 | -25.6% | 0.2 | PE - Buyout Mid |
| 16 | TowerBrook Delta (Onshore), L.P. | TowerBrook Delta (Onshore) | 2023 | -25.6% | 0.8 | PE - Distressed |
| 17 | First Reserve Fund XII, L.P. | First Reserve | 2008 | -24.9% | 0.52 | Private Equity |
| 18 | Illinois Emerging Technologies Fund | Illinois Emerging Technologies | 2004 | -24.2% | 0.13 | Private Equity |
| 19 | Heritage Fund III, L.P. | Heritage | 1999 | -23.5% | 0.5 | PE - Buyout Mid |
| 20 | Arsenal Capital Partners Growth | Arsenal | 2021 | -22.7% | 0.76 | N/A |
Manager League Table (3+ Funds)
| Manager | Funds | Avg IRR | Avg Multiple | Vintages |
|---|---|---|---|---|
| Union Square | 6 | 43.9% | 9.38 | 2004–2014 |
| Endeavour | 13 | 41.8% | 2.28 | 2000–2021 |
| Tenex | 3 | 41.1% | N/A | 2016–2024 |
| ICG | 4 | 36.8% | 1.29 | 2020–2024 |
| HgCapital | 3 | 30.9% | 2.64 | 2013–2018 |
| Doughty Hanson & Co | 4 | 30.3% | 1.98 | 1995–1997 |
| Menlo | 11 | 26.4% | 2.50 | 1983–2020 |
| USV | 3 | 26.1% | 3.56 | 2016–2021 |
| Platinum | 8 | 25.2% | 1.82 | 2003–2019 |
| A&M | 3 | 25.1% | 1.94 | 2012–2018 |
| Lindsay Goldberg | 5 | 24.9% | 1.60 | 2015–2019 |
| Olympic Venture | 3 | 24.8% | 1.70 | 1994–2000 |
| Permira Europe | 3 | 24.8% | 1.70 | 2000–2004 |
| OrbiMed | 7 | 24.5% | 2.25 | 2009–2022 |
| GTCR | 14 | 24.3% | 1.94 | 1999–2022 |
| Insight Venture | 7 | 23.9% | 3.39 | 2013–2018 |
| Lexington | 6 | 23.6% | 1.53 | 2014–2022 |
| HGGC | 3 | 22.7% | 2.11 | 2014–2017 |
| TA | 7 | 21.1% | 2.30 | 2010–2021 |
| ASF | 13 | 20.8% | 1.56 | 2013–2022 |
| KKR Americas | 4 | 20.6% | 2.14 | 2017–2017 |
| Veritas | 4 | 20.3% | 2.34 | 2010–2020 |
| Warburg Pincus Financial Sector | 5 | 19.9% | 1.74 | 2017–2021 |
| Peak Rock | 5 | 19.3% | N/A | 2013–2024 |
| Vivo | 3 | 19.2% | N/A | 2015–2018 |
Commitment Size Analysis
| Size Bucket | Commitments | Avg IRR | Total Committed |
|---|---|---|---|
| <$50M | 656 | 12.8% | $13,167M |
| $50M–$100M | 461 | 12.1% | $30,546M |
| $100M–$250M | 913 | 11.7% | $133,556M |
| $250M–$500M | 430 | 11.9% | $137,696M |
| $500M+ | 189 | 12.2% | $192,408M |
Methodology
Performance data is sourced from publicly available disclosures by US public pension funds, as required under state freedom of information laws. All performance figures represent net-of-fees returns as reported by the pension funds.
Net IRR represents the annualised internal rate of return net of management fees and carried interest. Net Multiple (TVPI) represents total value to paid-in capital. DPI represents distributions to paid-in capital. Cross-fund comparisons should account for reporting date differences.
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