General Catalyst Group XI - Health Assurance
General Catalyst Vintage 2023 Reported by CalPERS
Net IRR17.2%CalPERS, as of December 31, 2025
TVPI1.30xTotal value / paid-in
DPI0.00xDistributions / paid-in
Versus vintageQ3Third quartile · #42 of 70
What each LP reports
| LP | As of | Committed | Paid in | Distributed | Remaining value | Net IRR | TVPI | DPI | Paid in vs. value |
|---|---|---|---|---|---|---|---|---|---|
| CalPERS | 2025-12-31 | $200M | $186M | $0M | $249M | 17.2% | 1.30x | 0.00x |
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.
| # | Fund | Net IRR | TVPI | DPI |
|---|---|---|---|---|
| 1 | Three Pillars Flex Opportunities Fund, LP | 97.2% | 1.90x | 0.06x |
| 2 | CV Consortio Fund L.P. | 96.5% | 3.40x | 0.00x |
| 3 | Cerberus Supply Chain Fund, L.P. | 89.3% | 2.40x | 0.01x |
| 4 | Lux Ventures VIII, L.P. | 77.5% | 1.90x | 0.03x |
| 5 | Innovation Opportunities, L.P. | 74.2% | 2.00x | 0.00x |
| 6 | Canaan Gold Coast L.P. | 66.8% | 1.80x | 0.84x |
| 7 | Triangle Investment Opportunities, L.P. | 65.3% | 3.00x | 0.07x |
| 8 | Forbion Ventures Fund VI Cooperatief U.A. | 57.2% | 1.60x | 0.37x |
| 9 | Springblue Co-Investment SPV, LP | 56.9% | 1.70x | 0.00x |
| 10 | Valor Equity Partners VI L.P. | 56.1% | 2.20x | 0.00x |
| 11 | Thrive Capital Partners VIII Growth, L.P. | 55.7% | 2.20x | 0.16x |
| 12 | Hg Mercury 4 A L.P. | 44.5% | 1.40x | 0.35x |
| 13 | Bear Coast (Ventures) Fund, LP | 43.2% | 1.30x | 0.00x |
| 14 | Red Admiral Fund LP | 43.0% | 1.60x | 0.10x |
| 15 | Amberbrook IX LP | 41.0% | 1.60x | 0.10x |
| 16 | Muir Woods Partners, L.P. | 40.1% | 1.60x | 0.03x |
| 17 | Magnolia Opportunities LLC | 37.0% | 1.20x | 0.39x |
| 18 | ForCal I Investment Fund C.V. | 35.6% | 1.40x | 0.07x |
| 19 | CapVest Equity Partners V SCSp | 35.4% | 1.60x | 0.00x |
| 20 | Bain Capital Europe Fund VI, SCSp | 33.1% | 1.40x | 0.00x |
| 21 | PSG Europe II L.P. | 31.6% | 1.20x | 0.31x |
| 22 | Bain Capital Asia Fund V, L.P. | 30.7% | 1.30x | 0.13x |
| 23 | Bain Capital Venture Fund 2022, L.P. | 29.9% | 1.50x | 0.00x |
| 24 | Genstar Capital Partners XI, L.P. | 28.3% | 1.30x | 0.08x |
| 25 | Springblue B-III, L.P. | 25.8% | 1.30x | 0.00x |
| 26 | Blackwell Capital Partners, LP | 24.3% | 1.20x | 0.01x |
| 27 | Rubicon Partners SCSp | 24.3% | 1.60x | 0.00x |
| 28 | Bain Capital Tech Opportunities Fund II, L.P. | 23.0% | 1.40x | 0.26x |
| 29 | The Rise Fund III, L.P. | 22.9% | 1.30x | 0.11x |
| 30 | TPG PARTNERS IX, L.P. | 22.9% | 1.30x | 0.12x |
| 31 | Bain Capital Venture Coinvestment Fund IV, L.P. | 22.1% | 1.20x | 0.00x |
| 32 | Pantheon Global Secondary Fund VII Feeder (US) LP | 21.9% | 1.30x | 0.05x |
| 33 | SignalFire Sage Fund, L.P. | 21.2% | 1.30x | 0.00x |
| 34 | Bear Coast (CV) Fund, LP | 20.0% | 1.30x | 0.00x |
| 35 | CA1 SPV, L.P. | 19.8% | 1.30x | 0.08x |
| 36 | Phoenix Bear Partners, L.P. | 19.7% | 1.40x | 0.04x |
| 37 | Apollo Investment Fund X, L.P. | 19.3% | 1.30x | 0.25x |
| 38 | VIP V S.C.Sp. | 19.2% | 1.20x | 0.02x |
| 39 | Arlington Capital Partners VI, L.P. | 19.0% | 1.30x | 0.04x |
| 40 | Genstar XI Opportunities Fund I, L.P. | 18.3% | 1.20x | 0.02x |
| 41 | Hg Genesis 10 A L.P. | 18.3% | 1.20x | 0.00x |
| 42 | General Catalyst Group XI - Health Assurance, L.P. | 17.2% | 1.30x | 0.00x |
| 43 | TPG Tech Adjacencies II, L.P. | 17.1% | 1.30x | 0.20x |
| 44 | Bain Capital Insurance Fund, L.P. | 16.6% | 1.20x | 0.09x |
| 45 | Patient Square Equity Partners, LP | 16.6% | 1.30x | 0.01x |
| 46 | Green Equity Investors IX, L.P. | 16.0% | 1.20x | 0.06x |
| 47 | Coastal Pacific Partners, L.P. | 15.7% | 1.10x | 0.02x |
| 48 | BC CLP INVESTORS, L.P. | 15.6% | 1.20x | 0.10x |
| 49 | BVP Forge Institutional L.P. | 15.5% | 1.20x | 0.00x |
| 50 | GC Customer Value Fund, L.P. | 14.5% | 1.20x | 0.06x |
| 51 | Francisco Partners VII, L.P. | 14.1% | 1.10x | 0.00x |
| 52 | Biogeneration Capital Fund V Cooperatief U.A. | 13.9% | 1.20x | 0.00x |
| 53 | Permira VIII-2 SCSp | 13.3% | 1.30x | 0.02x |
| 54 | Prysm Capital Fund I, L.P. | 13.2% | 1.40x | 0.03x |
| 55 | B Capital Global Growth III, L.P. | 12.7% | 1.20x | 0.04x |
| 56 | Greenbriar Equity Fund VI, L.P. | 12.5% | 1.20x | 0.00x |
| 57 | Timber Coast Private Opportunities, L.P. | 11.3% | 1.30x | 0.00x |
| 58 | Hg Saturn 3 A L.P. | 10.5% | 1.20x | 0.00x |
| 59 | Orchard Park, L.P. | 9.2% | 1.20x | 0.04x |
| 60 | SR One Capital Opportunities Fund I, LP | 8.7% | 1.10x | 0.00x |
| 61 | SR One Capital Fund II-A, LP | 7.9% | 1.10x | 0.26x |
| 62 | Moreton Bay SPV, LP | 7.8% | 1.20x | 0.02x |
| 63 | Equip Opportunities Fund, L.P. | 6.2% | 1.00x | 0.00x |
| 64 | Crosspoint Capital Fund II, LP | 3.5% | 1.10x | 0.00x |
| 65 | Coefficient Capital Apex Fund I, LP | 0.8% | 1.00x | 0.25x |
| 66 | Base10 Series B I, L.P. | -1.7% | 1.00x | 0.01x |
| 67 | AMZL, LP | -4.7% | 0.90x | 0.02x |
| 68 | HongShan Capital Growth Fund VII, L.P. | -4.9% | 0.90x | 0.00x |
| 69 | Grain Communications Opportunity Fund IV-A, L.P. | -5.7% | 0.90x | 0.02x |
| 70 | GCM Grosvenor Elevate Fund, L.P. | -16.9% | 0.80x | 0.06x |
| — | Forbion Growth Opportunities Fund II Cooperatief U.A. | N/M | — | 1.13x |
Other reported funds by this firm
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.