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Bain Capital Venture Fund 2022

Bain Capital Ventures Vintage 2023 Reported by CalPERS

Net IRR29.9%CalPERS, as of December 31, 2025
TVPI1.50xTotal value / paid-in
DPI0.00xDistributions / paid-in
Versus vintageQ2Second quartile · #23 of 70

What each LP reports

LPAs ofCommittedPaid inDistributedRemaining valueNet IRRTVPIDPIPaid in vs. value
CalPERS2025-12-31$150M$99M$0M$144M29.9%1.50x0.00x

Paid in Distributed Remaining value

2023 vintage in CalPERS’s portfolio

All 71 funds of vintage 2023 in CalPERS’s report, ranked by net IRR. Private equity, venture, and other strategies are mixed, so treat this as context rather than a strategy benchmark.

Three Pillars Flex Opportunities Fund, LP: 97.2%CV Consortio Fund L.P.: 96.5%Cerberus Supply Chain Fund, L.P.: 89.3%Lux Ventures VIII, L.P.: 77.5%Innovation Opportunities, L.P.: 74.2%Canaan Gold Coast L.P.: 66.8%Triangle Investment Opportunities, L.P.: 65.3%Forbion Ventures Fund VI Cooperatief U.A.: 57.2%Springblue Co-Investment SPV, LP: 56.9%Valor Equity Partners VI L.P.: 56.1%Thrive Capital Partners VIII Growth, L.P.: 55.7%Hg Mercury 4 A L.P.: 44.5%Bear Coast (Ventures) Fund, LP: 43.2%Red Admiral Fund LP: 43.0%Amberbrook IX LP: 41.0%Muir Woods Partners, L.P.: 40.1%Magnolia Opportunities LLC: 37.0%ForCal I Investment Fund C.V.: 35.6%CapVest Equity Partners V SCSp: 35.4%Bain Capital Europe Fund VI, SCSp: 33.1%PSG Europe II L.P.: 31.6%Bain Capital Asia Fund V, L.P.: 30.7%Bain Capital Venture Fund 2022, L.P.: 29.9%Genstar Capital Partners XI, L.P.: 28.3%Springblue B-III, L.P.: 25.8%Blackwell Capital Partners, LP: 24.3%Rubicon Partners SCSp: 24.3%Bain Capital Tech Opportunities Fund II, L.P.: 23.0%The Rise Fund III, L.P.: 22.9%TPG PARTNERS IX, L.P.: 22.9%Bain Capital Venture Coinvestment Fund IV, L.P.: 22.1%Pantheon Global Secondary Fund VII Feeder (US) LP: 21.9%SignalFire Sage Fund, L.P.: 21.2%Bear Coast (CV) Fund, LP: 20.0%CA1 SPV, L.P.: 19.8%Phoenix Bear Partners, L.P.: 19.7%Apollo Investment Fund X, L.P.: 19.3%VIP V S.C.Sp.: 19.2%Arlington Capital Partners VI, L.P.: 19.0%Genstar XI Opportunities Fund I, L.P.: 18.3%Hg Genesis 10 A L.P.: 18.3%General Catalyst Group XI - Health Assurance, L.P.: 17.2%TPG Tech Adjacencies II, L.P.: 17.1%Bain Capital Insurance Fund, L.P.: 16.6%Patient Square Equity Partners, LP: 16.6%Green Equity Investors IX, L.P.: 16.0%Coastal Pacific Partners, L.P.: 15.7%BC CLP INVESTORS, L.P.: 15.6%BVP Forge Institutional L.P.: 15.5%GC Customer Value Fund, L.P.: 14.5%Francisco Partners VII, L.P.: 14.1%Biogeneration Capital Fund V Cooperatief U.A.: 13.9%Permira VIII-2 SCSp: 13.3%Prysm Capital Fund I, L.P.: 13.2%B Capital Global Growth III, L.P.: 12.7%Greenbriar Equity Fund VI, L.P.: 12.5%Timber Coast Private Opportunities, L.P.: 11.3%Hg Saturn 3 A L.P.: 10.5%Orchard Park, L.P.: 9.2%SR One Capital Opportunities Fund I, LP: 8.7%SR One Capital Fund II-A, LP: 7.9%Moreton Bay SPV, LP: 7.8%Equip Opportunities Fund, L.P.: 6.2%Crosspoint Capital Fund II, LP: 3.5%Coefficient Capital Apex Fund I, LP: 0.8%Base10 Series B I, L.P.: -1.7%AMZL, LP: -4.7%HongShan Capital Growth Fund VII, L.P.: -4.9%Grain Communications Opportunity Fund IV-A, L.P.: -5.7%GCM Grosvenor Elevate Fund, L.P.: -16.9%-16.9%97.2%
#FundNet IRRTVPIDPI
1Three Pillars Flex Opportunities Fund, LP97.2%1.90x0.06x
2CV Consortio Fund L.P.96.5%3.40x0.00x
3Cerberus Supply Chain Fund, L.P.89.3%2.40x0.01x
4Lux Ventures VIII, L.P.77.5%1.90x0.03x
5Innovation Opportunities, L.P.74.2%2.00x0.00x
6Canaan Gold Coast L.P.66.8%1.80x0.84x
7Triangle Investment Opportunities, L.P.65.3%3.00x0.07x
8Forbion Ventures Fund VI Cooperatief U.A.57.2%1.60x0.37x
9Springblue Co-Investment SPV, LP56.9%1.70x0.00x
10Valor Equity Partners VI L.P.56.1%2.20x0.00x
11Thrive Capital Partners VIII Growth, L.P.55.7%2.20x0.16x
12Hg Mercury 4 A L.P.44.5%1.40x0.35x
13Bear Coast (Ventures) Fund, LP43.2%1.30x0.00x
14Red Admiral Fund LP43.0%1.60x0.10x
15Amberbrook IX LP41.0%1.60x0.10x
16Muir Woods Partners, L.P.40.1%1.60x0.03x
17Magnolia Opportunities LLC37.0%1.20x0.39x
18ForCal I Investment Fund C.V.35.6%1.40x0.07x
19CapVest Equity Partners V SCSp35.4%1.60x0.00x
20Bain Capital Europe Fund VI, SCSp33.1%1.40x0.00x
21PSG Europe II L.P.31.6%1.20x0.31x
22Bain Capital Asia Fund V, L.P.30.7%1.30x0.13x
23Bain Capital Venture Fund 2022, L.P.29.9%1.50x0.00x
24Genstar Capital Partners XI, L.P.28.3%1.30x0.08x
25Springblue B-III, L.P.25.8%1.30x0.00x
26Blackwell Capital Partners, LP24.3%1.20x0.01x
27Rubicon Partners SCSp24.3%1.60x0.00x
28Bain Capital Tech Opportunities Fund II, L.P.23.0%1.40x0.26x
29The Rise Fund III, L.P.22.9%1.30x0.11x
30TPG PARTNERS IX, L.P.22.9%1.30x0.12x
31Bain Capital Venture Coinvestment Fund IV, L.P.22.1%1.20x0.00x
32Pantheon Global Secondary Fund VII Feeder (US) LP21.9%1.30x0.05x
33SignalFire Sage Fund, L.P.21.2%1.30x0.00x
34Bear Coast (CV) Fund, LP20.0%1.30x0.00x
35CA1 SPV, L.P.19.8%1.30x0.08x
36Phoenix Bear Partners, L.P.19.7%1.40x0.04x
37Apollo Investment Fund X, L.P.19.3%1.30x0.25x
38VIP V S.C.Sp.19.2%1.20x0.02x
39Arlington Capital Partners VI, L.P.19.0%1.30x0.04x
40Genstar XI Opportunities Fund I, L.P.18.3%1.20x0.02x
41Hg Genesis 10 A L.P.18.3%1.20x0.00x
42General Catalyst Group XI - Health Assurance, L.P.17.2%1.30x0.00x
43TPG Tech Adjacencies II, L.P.17.1%1.30x0.20x
44Bain Capital Insurance Fund, L.P.16.6%1.20x0.09x
45Patient Square Equity Partners, LP16.6%1.30x0.01x
46Green Equity Investors IX, L.P.16.0%1.20x0.06x
47Coastal Pacific Partners, L.P.15.7%1.10x0.02x
48BC CLP INVESTORS, L.P.15.6%1.20x0.10x
49BVP Forge Institutional L.P.15.5%1.20x0.00x
50GC Customer Value Fund, L.P.14.5%1.20x0.06x
51Francisco Partners VII, L.P.14.1%1.10x0.00x
52Biogeneration Capital Fund V Cooperatief U.A.13.9%1.20x0.00x
53Permira VIII-2 SCSp13.3%1.30x0.02x
54Prysm Capital Fund I, L.P.13.2%1.40x0.03x
55B Capital Global Growth III, L.P.12.7%1.20x0.04x
56Greenbriar Equity Fund VI, L.P.12.5%1.20x0.00x
57Timber Coast Private Opportunities, L.P.11.3%1.30x0.00x
58Hg Saturn 3 A L.P.10.5%1.20x0.00x
59Orchard Park, L.P.9.2%1.20x0.04x
60SR One Capital Opportunities Fund I, LP8.7%1.10x0.00x
61SR One Capital Fund II-A, LP7.9%1.10x0.26x
62Moreton Bay SPV, LP7.8%1.20x0.02x
63Equip Opportunities Fund, L.P.6.2%1.00x0.00x
64Crosspoint Capital Fund II, LP3.5%1.10x0.00x
65Coefficient Capital Apex Fund I, LP0.8%1.00x0.25x
66Base10 Series B I, L.P.-1.7%1.00x0.01x
67AMZL, LP-4.7%0.90x0.02x
68HongShan Capital Growth Fund VII, L.P.-4.9%0.90x0.00x
69Grain Communications Opportunity Fund IV-A, L.P.-5.7%0.90x0.02x
70GCM Grosvenor Elevate Fund, L.P.-16.9%0.80x0.06x
—Forbion Growth Opportunities Fund II Cooperatief U.A.N/M—1.13x

Other reported funds by this firm

FundVintageNet IRRTVPIVersus vintage
Bain Capital Venture Coinvestment Fund IV202322.1%1.20xSecond quartile
Bain Capital Venture Fund 20122012N/M—
Bain Capital Venture Fund 20092009N/M—
Bain Capital Venture Coinvestment Fund III—-1.0%0.96x
Bain Capital Venture Coinvestment Fund IV—16.6%1.18x
Bain Capital Ventures 2021—2.0%1.07x
Bain Capital Ventures 2022—27.3%1.48x

About this data

CalPERS: CalPERS Private Equity Program Fund Performance, as of December 31, 2025. Net IRR and investment multiple as reported by CalPERS. N/M (not meaningful) for funds in early years is shown as blank. 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.