NEA 15

About this data

North Carolina Retirement Systems (NCRS): NCRS Market Value and Performance Report: NCRS Private Equity Portfolio, as of December 31, 2025. "IRR", "TVPI" and "DPI" as printed in the "NCRS Private Equity Portfolio" table of the calendar-year NCRS Market Value and Performance Report posted by the North Carolina Department of State Treasurer. The report's notes say returns are calculated using the internal rate of return methodology and "are reported net of fees", that TVPI is the ratio of cumulative distributions plus the valuation to cumulative paid-in, and that DPI is the ratio of cumulative distributions to cumulative paid-in. Dollar values are reported in thousands and shown here multiplied by 1,000. The table gives each fund's vintage, market value, commitment, unfunded commitment and distributions, but not contributions, so paid-in capital is blank; total value = distributions + market value is computed. A dash or "N/A" in the IRR or TVPI column is shown as blank (11 funds have no IRR, mostly commitments with little or nothing paid in). All 174 funds in the table are included (buyout, growth, venture, secondaries, co-investment and fund-of-funds vehicles as the Treasurer classifies them), of which 74 carry a liquidation year and no market value; the table's "Stock Distribution" and cash lines ($515,000 of market value) are not funds and are left out. The funds add up to the report's "Total Private Equity Portfolio" row: $6,802,884,000 market value, $16,595,939,000 commitments, $3,799,415,000 unfunded and $15,429,993,000 distributions. The Non-Core Real Estate, Opportunistic Fixed Income, Inflation Sensitive, Core Real Estate and Multi-Strategy tables in the same report are not imported. 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.