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BOND III

BOND Vintage 2022 Reported by CalPERS

Net IRR26.9%CalPERS, as of December 31, 2025
TVPI1.40xTotal value / paid-in
DPI0.00xDistributions / paid-in
Versus vintageQ1Top quartile · #4 of 32

What each LP reports

LPAs ofCommittedPaid inDistributedRemaining valueNet IRRTVPIDPIPaid in vs. value
CalPERS2025-12-31$75M$56M$0M$76M26.9%1.40x0.00x

Paid in Distributed Remaining value

2022 vintage in CalPERS’s portfolio

All 32 funds of vintage 2022 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.

Lightspeed Venture Partners XIV-A (Inception), L.P.: 39.8%Lightspeed Opportunity Fund II, LP: 37.1%Lightspeed Venture Partners XIV-B (Ignite), L.P.: 37.0%BOND III, LP: 26.9%CA Co-Investment Limited Partnership: 21.6%Lightspeed Venture Partners Select V, L.P.: 21.5%Butterfly II, LP: 17.4%Project Quail Opportunities, L.P.: 17.1%Advent International GPE X Limited Partnership: 16.6%Healthcare and Fintech, L.P.: 16.6%Redwood Lane Capital, L.P.: 16.6%Stone Point Fund IX, L.P.: 16.2%Bay State Partners, L.P.: 16.0%Oak HC/FT Partners V, L.P.: 14.0%KKR North America Fund XIII SCSp: 12.9%Carlyle Partners VIII, L.P.: 12.8%The Veritas Capital Fund VIII, L.P.: 12.0%Advent Global Technology II Limited Partnership: 11.5%Thoma Bravo Fund XV, L.P.: 11.2%EQT X (No.2) USD SCSp: 8.0%WCAS XIV, L.P.: 7.5%HongShan Capital Venture Fund IX, L.P.: 7.4%Summit Partners Growth Equity Fund XI-A, L.P.: 6.7%BRV Lotus Fund III, L.P.: 5.3%PSG Encore L.P.: 5.3%Permira Growth Opportunities II SCSP: 4.2%Clearlake Capital Partners VII, L.P.: 3.7%Base10 Partners III, L.P.: 2.7%HongShan Capital Seed Fund III, L.P.: -3.2%Arsenal Capital Partners VI LP: -4.0%Tiger Global Private Investment Partners XV, L.P.: -5.2%Arsenal Capital Partners Growth LP: -20.7%-20.7%39.8%
#FundNet IRRTVPIDPI
1Lightspeed Venture Partners XIV-A (Inception), L.P.39.8%2.40x0.00x
2Lightspeed Opportunity Fund II, LP37.1%2.00x0.00x
3Lightspeed Venture Partners XIV-B (Ignite), L.P.37.0%2.10x0.00x
4BOND III, LP26.9%1.40x0.00x
5CA Co-Investment Limited Partnership21.6%1.50x0.00x
6Lightspeed Venture Partners Select V, L.P.21.5%1.60x0.00x
7Butterfly II, LP17.4%1.40x0.42x
8Project Quail Opportunities, L.P.17.1%1.30x0.02x
9Advent International GPE X Limited Partnership16.6%1.30x0.02x
10Healthcare and Fintech, L.P.16.6%1.30x0.00x
11Redwood Lane Capital, L.P.16.6%1.40x0.00x
12Stone Point Fund IX, L.P.16.2%1.40x0.15x
13Bay State Partners, L.P.16.0%1.20x0.09x
14Oak HC/FT Partners V, L.P.14.0%1.20x0.19x
15KKR North America Fund XIII SCSp12.9%1.30x0.02x
16Carlyle Partners VIII, L.P.12.8%1.20x0.66x
17The Veritas Capital Fund VIII, L.P.12.0%1.30x0.00x
18Advent Global Technology II Limited Partnership11.5%1.30x0.00x
19Thoma Bravo Fund XV, L.P.11.2%1.30x0.50x
20EQT X (No.2) USD SCSp8.0%1.10x0.05x
21WCAS XIV, L.P.7.5%1.10x0.04x
22HongShan Capital Venture Fund IX, L.P.7.4%1.10x0.00x
23Summit Partners Growth Equity Fund XI-A, L.P.6.7%1.10x0.01x
24BRV Lotus Fund III, L.P.5.3%1.20x0.18x
25PSG Encore L.P.5.3%1.10x0.23x
26Permira Growth Opportunities II SCSP4.2%1.10x0.06x
27Clearlake Capital Partners VII, L.P.3.7%1.10x0.00x
28Base10 Partners III, L.P.2.7%1.00x0.00x
29HongShan Capital Seed Fund III, L.P.-3.2%1.00x0.00x
30Arsenal Capital Partners VI LP-4.0%0.90x0.05x
31Tiger Global Private Investment Partners XV, L.P.-5.2%0.80x0.00x
32Arsenal Capital Partners Growth LP-20.7%0.60x0.04x

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.