Lux Ventures VIII
Lux Capital Vintage 2023 Reported by New Mexico State Investment Council, CalPERS
What each LP reports
| LP | As of | Committed | Paid in | Distributed | Remaining value | Net IRR | TVPI | DPI | Paid in vs. value |
|---|---|---|---|---|---|---|---|---|---|
| New Mexico State Investment Council | 2026-03-31 | $62M | — | — | — | 83.8% | 2.12x | — | |
| CalPERS | 2025-12-31 | $300M | $220M | $7.7M | $411M | 77.5% | 1.90x | 0.03x |
Paid in Distributed Remaining value
2023 vintage in New Mexico State Investment Council’s portfolio
All 30 funds of vintage 2023 in New Mexico State Investment Council’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 | Lux Ventures VIII, L.P. | 83.8% | 2.12x | — |
| 2 | TCG Crossover Fund II, L.P. | 56.4% | 2.04x | — |
| 3 | Khosla Ventures VIII, L.P. | 45.4% | 1.74x | — |
| 4 | Menlo Ventures XVI, L.P. | 43.9% | 1.72x | — |
| 5 | Waterland Private Equity Fund IX C.V. | 38.8% | 1.52x | — |
| 6 | Bain Capital Asia Fund V, L.P. | 33.9% | 1.42x | — |
| 7 | At One Ventures II, L.P. | 33.2% | 1.59x | — |
| 8 | Goodwater Infinity III, L.P. | 27.3% | 1.33x | — |
| 9 | Playground Leader Fund, L.P. | 25.0% | 1.43x | — |
| 10 | TPG Healthcare Partners II, L.P. | 24.5% | 1.28x | — |
| 11 | Goodwater Capital V, L.P. | 22.8% | 1.25x | — |
| 12 | Khosla Ventures Opportunity II, L.P. | 20.6% | 1.26x | — |
| 13 | Genstar Capital Partners XI, L.P. | 17.6% | 1.20x | — |
| 14 | Playground Ventures III, L.P. | 17.5% | 1.42x | — |
| 15 | Bain Capital Insurance Fund, L.P. | 15.7% | 1.19x | — |
| 16 | Genstar Capital Partners XI Opportunities Fund, L.P. | 15.7% | 1.24x | — |
| 17 | Sweetwater Private Equity III L.P. | 14.1% | 1.33x | — |
| 18 | Arlington Capital Partners VI, L.P. | 13.7% | 1.28x | — |
| 19 | Waterland Partnership Fund I C.V. | 12.1% | 1.06x | — |
| 20 | Khosla Ventures Seed F, L.P. | 10.2% | 1.16x | — |
| 21 | Thayer Ventures IV, L.P. | 2.3% | 1.04x | — |
| 22 | Wing Four, L.P. | 2.0% | 1.02x | — |
| 23 | Crosslink Ventures X, L.P. | -0.1% | 1.00x | — |
| 24 | KPS Special Situations Mid-Cap Fund II, LP | -2.1% | 0.98x | — |
| 25 | Crosslink Endeavour Fund II, L.P. | -2.6% | 0.97x | — |
| 26 | TCG Labs Fund I, LP | -3.7% | 0.96x | — |
| 27 | Antler US Fund II, L.P. | -6.8% | 0.92x | — |
| 28 | Roadrunner Fund I, L.P. | -7.6% | 0.87x | — |
| 29 | TA XV, L.P. | -12.1% | 0.91x | — |
| 30 | Tramway Venture Partners III | -19.7% | 0.82x | — |
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
| Fund | Vintage | Net IRR | TVPI | Versus vintage |
|---|---|---|---|---|
| Lux Ventures IX | 2026 | 1.6% | 1.01x | Second quartile |
About this data
New Mexico State Investment Council: New Mexico State Investment Council Private Equity Performance Updates: Fund Summaries (Active Funds), as of March 31, 2026. Net IRR and net multiple since inception as printed in the fund summaries of the quarterly performance updates that Mercer prepares for the Council (data source given as Invient), published in the Council's public meeting materials. The fund summaries head the two columns "Net" (Multiple, IRR); their total rows equal the "Net Multiple" and "Net IRR" of active commitments in the reports' dashboards. The net multiple is used as TVPI. The fund summaries give only committed capital, exposure (NAV + unfunded), net multiple and IRR for each fund, so contributions, distributions, total value and DPI are blank; contributions and distributions are reported by program and strategy only. Committed capital is reported in $ millions to one decimal and converted to whole dollars. Vintage year is defined by the reports as the year of the fund's first cash flow. 27 of the newest funds are marked N/A or NM (not defined in the reports) and lack an IRR, a multiple or both. The IRR of The Veritas Capital Fund IX, L.P. is printed as "#######" (not readable) and is blank. Frazier Healthcare Growth Buyout Fund XI, L.P. is printed with a negative multiple, imported as printed. Two reports are combined: the National Private Equity Program (175 active funds, $11,121.7 million committed; 32 Venture Capital, 93 Buyout, 33 Growth, 17 Special Situations) and the Strategic Venture Capital Program and New Mexico Private Equity Investment Program (Legacy) (83 active funds, $2,346.3 million committed; 76 Fund Investments, 5 Co-Investment Funds, 1 Catalyst Fund, 1 Recovery Fund). The second report covers the Council's New Mexico-focused venture and private equity commitments, including its own co-investment, catalyst and recovery vehicles. Active funds only: liquidated and sold funds are reported in aggregate, not by fund. The Private Debt, Real Estate and Real Assets reports in the same materials are not imported. 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
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.