The table below reflects the performance of all active Private Debt partnership investments as of March 31, 2024. 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 debt commitments; it doesn't include any exited partnership investments.
In evaluating private debt 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.
| Fund | Vintage Year | Capital Committed | Cash In | Cash Out | Cash Out & Remaining Value | Net IRR | Investment Multiple |
|---|---|---|---|---|---|---|---|
| Fund | Vintage Year | Capital Committed | Cash In | Cash Out | Cash Out & Remaining Value | Net IRR | Investment Multiple |
| Antares Credit Opportunities CA LLC | 2021 | $885,000,000 | $682,816,475 | $220,863,264 | $880,456,894 | N/M 1 | N/M 1 |
| Antares Credit Opportunities CA LLC - Series 2 | 2021 | $795,000,000 | $575,536,973 | $193,959,023 | $757,870,121 | N/M 1 | N/M 1 |
| Antares Credit Opportunities CA LLC - Series 3 | 2021 | $500,000,000 | $390,217,748 | $122,722,021 | $482,367,717 | N/M 1 | N/M 1 |
| Antares Credit Opportunities CA LLC - Series 4 | 2021 | $500,000,000 | $426,240,942 | $125,266,122 | $525,111,146 | N/M 1 | N/M 1 |
| Ares Capital Europe V (D) Levered | 2021 | $1,084,000,000 | $771,982,836 | $133,609,075 | $972,680,199 | N/M 1 | N/M 1 |
| Ares Capital Europe VI (ACE VI) | 2023 | $1,300,680,000 | $262,217,403 | $395,614 | $280,738,982 | N/M 1 | N/M 1 |
| Ares Credit Investment Partnership (CP), L.P. | 2022 | $500,000,000 | $210,957,808 | $0 | $243,913,658 | N/M 1 | N/M 1 |
| Ares European Credit Investments VII (CP), L.P. | 2021 | $429,400,000 | $267,429,513 | $0 | $339,322,554 | N/M 1 | N/M 1 |
| Ares European Credit Investments VII (CP), L.P. -- ACE VI Co-Invest Pool | 2023 | $650,340,000 | $34,994,619 | $0 | $39,742,197 | N/M 1 | N/M 1 |
| Ares Senior Credit Investment Partnership (CP) LP | 2023 | $500,000,000 | $124,900,000 | $0 | $135,890,909 | N/M 1 | N/M 1 |
| Ares Senior Direct Lending Fund II | 2022 | $1,250,000,000 | $805,352,659 | $160,067,418 | $983,917,176 | N/M 1 | N/M 1 |
| Ares SME (Parallel), L.P. | 2022 | $750,000,000 | $372,098,818 | $15,651,246 | $439,093,938 | N/M 1 | N/M 1 |
| Blackstone Credit Series Fund-C LP - Series A | 2022 | $800,000,000 | $382,683,187 | $0 | $429,584,674 | N/M 1 | N/M 1 |
| Blackstone Credit Series Fund-C LP - Series B | 2022 | $200,000,000 | $96,126,705 | $0 | $109,176,617 | N/M 1 | N/M 1 |
| Blackstone Credit Series Fund-C LP - Series C | 2023 | $1,000,000,000 | $47,532,198 | $0 | $48,151,930 | N/M 1 | N/M 1 |
| Blackstone Real Estate Debt Strategies IV - C L.P. | 2020 | $1,000,000,000 | $729,987,897 | $178,154,885 | $853,460,337 | N/M 1 | N/M 1 |
| Blue Owl Diversified Lending (CP) | 2022 | $1,000,000,000 | $358,657,685 | $27,440,886 | $406,924,621 | N/M 1 | N/M 1 |
| Blue Owl Diversified Lending (CP) Co-Investment | 2022 | $600,000,000 | $215,194,611 | $19,766,747 | $248,741,776 | N/M 1 | N/M 1 |
| Blue Owl Diversified Lending (CP) Overflow | 2023 | $500,000,000 | $59,740,260 | $4,034,970 | $67,687,881 | N/M 1 | N/M 1 |
| Mesa West Real Estate Income Fund V (PF) | 2023 | $350,000,000 | $138,269,450 | $18,558,579 | $151,123,863 | N/M 1 | N/M 1 |
| Oaktree Gilead Investment Fund, L.P. - Series A | 2020 | $500,000,000 | $377,687,500 | $0 | $487,646,759 | N/M 1 | N/M 1 |
| OHA Co-Invest Opportunities Fund | 2021 | $2,000,000,000 | $356,796,054 | $0 | $526,186,965 | N/M 1 | N/M 1 |
| OHA Credit Opportunities CA (C), L.P. | 2021 | $176,750,000 | $124,337,198 | $0 | $190,487,840 | N/M 1 | N/M 1 |
| OHA Credit Solutions Fund II | 2022 | $500,000,000 | $203,597,102 | $0 | $258,093,763 | N/M 1 | N/M 1 |
| OHA Credit Solutions Fund II (CA Parallel) | 2022 | $500,000,000 | $201,995,469 | $0 | $266,266,645 | N/M 1 | N/M 1 |
| OHA Senior Private Lending Fund (CA 3) | 2021 | $500,000,000 | $191,731,620 | $0 | $251,903,748 | N/M 1 | N/M 1 |
| OHA Senior Private Lending Fund (CA 5) | 2021 | $500,000,000 | $191,697,317 | $0 | $251,424,547 | N/M 1 | N/M 1 |
| Sixth Street Cottonwood Strategic Holdings I, L.P. | 2021 | $500,000,000 | $301,114,980 | $21,819,747 | $380,957,652 | N/M 1 | N/M 1 |
| Sixth Street Mid-Stage Growth Partners (A), L.P. | 2023 | $350,000,000 | $67,071,687 | $284,312 | $71,228,948 | N/M 1 | N/M 1 |
| Sixth Street TAO Partners (B), L.P. | 2020 | $1,150,000,000 | $677,753,842 | $2,800,498 | $865,479,900 | N/M 1 | N/M 1 |
| West Street Co-Investment Partners (C), L.P. | 2020 | $500,000,000 | $348,266,795 | $25,479,840 | $406,313,704 | N/M 1 | N/M 1 |
| West Street Loan Partners V Offshore Europe (USD), L.P. | 2024 | $1,350,000,000 | $40,500,000 | $0 | $49,572,835 | N/M 1 | N/M 1 |
| West Street Loan Partners V Offshore Europe (USD), L.P. (Contractual co-investment) | 2024 | $300,000,000 | $9,000,000 | $0 | $11,383,970 | N/M 1 | N/M 1 |
| West Street Mezzanine Co-Investment Partners (C), LP | 2022 | $600,000,000 | $196,258,986 | $17,800,414 | $242,270,564 | N/M 1 | N/M 1 |
| West Street Mezzanine Partners VIII | 2022 | $2,000,000,000 | $199,148,094 | $27,845,883 | $279,172,911 | N/M 1 | N/M 1 |
| West Street Mezzanine Partners VIII, pro rata co-invest | 2022 | $500,000,000 | $48,343,459 | $6,961,471 | $73,227,082 | N/M 1 | N/M 1 |
| West Street Strategic Solutions Fund I-(C), L.P. | 2020 | $500,000,000 | $268,047,595 | $22,320,289 | $361,953,006 | N/M 1 | N/M 1 |
| West Street Strategic Solutions Fund I, L.P. | 2020 | $2,000,000,000 | $1,086,724,230 | $101,016,422 | $1,400,634,725 | N/M 1 | N/M 1 |