BVP Forge Institutional

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

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

CalSTRS: CalSTRS Private Equity Portfolio Performance, as of June 30, 2025. Since-inception IRR as calculated by CalSTRS from its own cash flows with each partnership; CalSTRS does not label it net or gross; because it is computed from CalSTRS's own contributions and distributions, it is after the partnership's fees and carried interest. CalSTRS says IRRs in a partnership's first three years are not meaningful. CalSTRS reports no multiple: TVPI = (distributed + market value) / contributed and DPI = distributed / contributed are computed. IRR is blank for commitments with no capital contributed. 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.