B Capital Opportunities Fund I
B Capital Vintage 2020 Reported by New Mexico Educational Retirement Board (NMERB)
What each LP reports
| LP | As of | Committed | Paid in | Distributed | Remaining value | Net IRR | TVPI | DPI | Paid in vs. value |
|---|---|---|---|---|---|---|---|---|---|
| New Mexico Educational Retirement Board (NMERB) | 2025-12-31 | $40M | $38M | $1.2M | $41M | 2.5% | 1.10x | 0.03x |
Paid in Distributed Remaining value
2020 vintage in New Mexico Educational Retirement Board (NMERB)’s portfolio
All 11 funds of vintage 2020 in New Mexico Educational Retirement Board (NMERB)’s report, ranked by net IRR. Private equity, venture, and other strategies are mixed, so treat this as context rather than a strategy benchmark.
| # | Fund | Net IRR | TVPI | DPI |
|---|---|---|---|---|
| 1 | Tenex Capital Partners III, L.P. | 43.7% | 1.61x | 0.75x |
| 2 | Edison VII AF, L.P. | 35.6% | 3.11x | 1.30x |
| 3 | Banner Ridge DSCO Fund I, L.P. | 23.3% | 1.62x | 0.61x |
| 4 | Lightyear Fund V, L.P. | 17.7% | 1.72x | 0.18x |
| 5 | Ares Corporate Opportunity Fund VI, LP | 15.9% | 1.48x | 0.37x |
| 6 | TPG Growth V, L.P. | 11.2% | 1.31x | 0.51x |
| 7 | Industry Ventures Secondary IX, L.P. | 9.8% | 1.36x | 0.19x |
| 8 | OrbiMed Private Investments VIII, L.P. | 8.3% | 1.32x | 0.22x |
| 9 | Bain Capital Fund XIII, L.P. | 6.9% | 1.16x | 0.22x |
| 10 | NMERB Sierra Blanca Fund, L.P. | 4.8% | 1.16x | 0.09x |
| 11 | B Capital Opportunities Fund I, L.P. | 2.5% | 1.10x | 0.03x |
Other reported funds by this firm
| Fund | Vintage | Net IRR | TVPI | Versus vintage |
|---|---|---|---|---|
| B Capital Global Growth IV | 2025 | N/M | — | |
| B Capital Healthcare II | 2025 | N/M | — | |
| B Capital MESA Venture Fund I | 2025 | N/M | — | |
| B Capital Ascent Fund III | 2024 | N/M | — | |
| B Capital Opportunities Fund II | 2024 | N/M | — | |
| B Capital Global Growth III | 2023 | 12.7% | 1.20x | Bottom quartile |
| B Capital Global Growth III | 2022 | 6.3% | 1.16x | Bottom quartile |
| B Capital Opportunities Fund II | 2022 | 22.4% | 1.22x | Second quartile |
| B Capital Fund II | 2019 | 2.4% | 1.11x | Third quartile |
About this data
New Mexico Educational Retirement Board (NMERB): NMERB Quarterly Private Markets Performance Report, as of December 31, 2025. IRR as printed under "SI IRR" (since inception) in the "Analysis by Fund" table of NMERB's Quarterly Private Markets Performance Report, which is prepared by NEPC, LLC. The report does not label the IRR net or gross: its glossary says the IRR takes into account the timing of cash contributions to and distributions from the partnerships and the reported value, and its disclosures say returns are reported net of manager fees unless otherwise noted. Commitment, cumulative contributions, cumulative distributions, "Total Value" (distributions plus the reported valuation), DPI and TVPI are the report's own columns, in whole US dollars as printed; nothing is derived. "Vintage Year" is as printed; the report does not define it. All 129 investments in the table's Private Equity block are included as NMERB classifies them (the report's strategies are buyouts, co-investment, distressed, energy, growth equity, mezzanine, secondaries, special situations and venture capital), adding up to the block's Sub Total of $5,875,976,473 committed, $5,087,374,565 contributed, $4,588,145,978 distributed and $8,267,554,475 total value. 8 commitments had nothing contributed yet: the report prints 0.00 multiples for them, shown here as blank, and 8 funds in all have no IRR. The table's Private Debt (15 funds) and Real Assets (5 funds) blocks are not imported, and NMERB's separate infrastructure and real estate and natural resources reports are not either. View source
Figures are as each LP reports them for its own investment, so they can differ between LPs because of timing, fees, and share class. Not investment advice.