TCV

Overview

TCV XII (circa 2023-2024) targeted $5.5B and reportedly fell far short. The Information reported about $1.4B in SEC filings, but the final size is unconfirmed, so it is not listed.

Funds

LPs on the record

21 private foundations list on their latest IRS Form 990-PF, and 22 other LPs report holding TCV’s funds.

• Colorado Public Employees' Retirement Association (Colorado PERA) Public pension plan · 11 funds
• Hillman Family Foundations Private foundation · 7 funds
• Los Angeles City Employees' Retirement System (LACERS) Public pension plan · 7 funds

40 more LPs are in the app. Find LPs that back firms like this one in Hottub’s LP Intelligence: ranked by overlap, with what each holds and how to reach it.

Firms whose LPs overlap

The firms sharing the most LPs on record with TCV, relative to how many LPs each has. A peer set like this is what Find LPs ranks LPs from.

• New Enterprise Associates 14 LPs in common
• Canaan Partners 7 LPs in common
• Spark Capital 10 LPs in common
• Trident Capital, Inc. 4 LPs in common
• Insight Partners 14 LPs in common
• Creandum 3 LPs in common

Find LPs for TCV and these firms: Hottub ranks the LPs that hold their funds, the ones still adding funds first.

Track record

A score of 66 out of 100 from 12 of the 22 funds public LPs report, 10 of them in the top half of their vintage. Its ranked funds’ median TVPI is 2.13x and median DPI 1.50x. Pooled where reports give cash flows: 2.06x TVPI, 1.12x DPI. That ranks it 18th of 123 managers with a score.

Each fund once, as the latest of 18 LPs’ reports ranks it by TVPI against funds of the same vintage in those reports; 50 is the median fund, and a short record is pulled toward 50. The full record in LP Intelligence, with each fund’s rank and what usually follows a fund like its latest, or every manager’s.

Reported fund performance

As reported by public LPs that invested in these funds, net of fees. “Versus vintage” ranks each fund against every other fund of the same vintage in that LP’s report, mostly private equity and venture funds. Open a fund for its cash flows and full peer ranking.

Andra AP-fonden (AP2): AP2 holdings: Non-listed equities, participations and loans, as of December 31, 2025. AP2 lists each fund it holds at the year end with a country, an asset class and one amount, its "Acquisition value" in whole millions of Swedish kronor. AP2 does not define that amount: it is not a commitment and not a current value, and AP2 does not say whether capital a fund has returned is taken off it. No amount is stored here for that reason: this is a list of the funds AP2 holds, by name, and the amounts are in AP2's own list (the source). AP2 reports no commitment, fair value, distributions, vintage year, multiple or IRR per fund. Included are the 201 lines AP2 classes as "Private equity" among its "Other non-listed" Swedish and foreign holdings (acquisition values adding up to SEK 45749 million; the list prints no total); they include venture, growth, buyout, fund-of-funds and co-investment vehicles, and a few funds whose names say they lend. The 47 lines AP2 classes as private credits, real estate, sustainable infrastructure or natural climate solutions are left out, as are the 12 lines of its associated companies and loans. View source

Alaska Permanent Fund Corporation (APFC): APFC Private Equity Report: Private Equity Fund Commitments & Direct Investments / Co-Investments, as of December 31, 2025. APFC's quarterly Private Equity report ("Private Equity Fund Commitments & Direct Investments / Co-Investments") lists each fund with only its currency, "Vintage Year" and "Commitment (USD)", shown here in whole US dollars as printed. It reports no contributions, distributions, market value, multiple or IRR per fund, so paid-in, distributed, total value, IRR, TVPI and DPI are blank; nothing is derived or estimated. All 454 entries of the report's "Fund Investments" list are included ($17,570,561,197 committed); 15 have the vintage year "TBD" (blank here) and 45 are commitments in another currency that APFC states in US dollars. The report's separate "Direct Investments / Co-Investments" list (56 entries, $2,792,151,600: portfolio companies, co-investment vehicles and manager stakes) is not imported. The two lists add up to the report's printed Total Commitments of $20,362,712,795. For the whole portfolio, including liquidated investments, the report prints Cumulative Contributions of $20,951,089,446, Cumulative Distributions of $22,493,801,627 and a Remaining Fair Market Value of $15,555,575,745. APFC is a state-owned corporation that manages the Alaska Permanent Fund, not a pension plan; its separate Private Income report is 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

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

Fire and Police Pension Association of Colorado (FPPA): FPPA Annual Report: Asset Allocation by Category and Investment Manager, Private Capital, as of December 31, 2025. Holdings only: the annual report's "Asset Allocation by Category and Investment Manager" schedule lists each Private Capital fund of the Fire & Police Members' Benefit Investment Fund with its management fees for the year, a "1 Year Net Return %" and "Total Assets" at year-end. Total Assets is shown here as the market value, in whole dollars as printed. The report gives no commitment, contributions, distributions, vintage year, multiple or IRR per fund, so those are blank; nothing is derived or estimated. The one-year return is not an IRR (the report says its performance calculations use time-weighted rates of return, net of fees unless otherwise indicated) and is not imported; FPPA prints none for 47 funds (hired during the year, or "Not Meaningful": it does not report returns for illiquid partnership investments with less than 36 months of history). Fund names are printed in a shortened form and are shown as printed, without the report's footnote marks. All 168 funds of the Private Capital class are included as FPPA classifies them (the notes to the financial statements also count 168 Private Capital funds, "with exposure to buyout funds, venture capital and special situations"); it does not separate buyout, venture, secondaries, special situations and private credit funds. They add up to the report's Total Private Capital of $1,951,118,339 (and $22,648,007 of management fees). The schedule's Real Assets and Real Estate classes and its public-market managers are not imported. View source

Colorado Public Employees' Retirement Association (Colorado PERA): Colorado PERA Private Equity Holdings, as of December 31, 2025. The IRR is the column PERA heads "Colorado PERA's Since Inception IRR"; PERA does not label it net or gross. PERA states that the limited partnership recordkeeping, including the IRR, is maintained internally by PERA for each limited partnership, that its IRR calculation method may differ from the methods used by the general partners or other limited partners, and that none of the information has been reviewed or approved by the general partners. 5 partnerships are marked "NM" (not meaningful) and have no IRR. PERA lists each partnership's vintage year, capital committed ("original primary commitments"), capital contributed and capital distributed in whole dollars, and no fair value or multiple, so total value and TVPI are blank (PERA says disclosure for this asset class is limited to this information, as required by Colorado Revised Statute § 24-51-213(3)); DPI = capital distributed / capital contributed is computed, and is blank for the 5 partnerships whose capital distributed is printed as a negative amount. 41 partnerships carry PERA's footnote "Assets transferred subsequent to 2010 merger of Denver Public Schools Retirement System" and are listed under vintage year 2010, the year of the merger; their vintage is left blank. All 425 rows of PERA's Private Equity list are included, liquidated partnerships among them, as PERA classifies them (buyout, growth, venture, secondaries, co-investments and some credit, mezzanine and energy partnerships); its separate Alternatives, Hedge Funds and Real Estate lists are not imported. View source

District of Columbia Retirement Board (DCRB): DCRB Quarterly Private Investments Summary, as of March 31, 2026. "Net IRR" and the "Total Value/Paid-In" multiple (shown as TVPI) as printed in the Private Equity part of the Private Investments Summary that DCRB posts each quarter, a report produced by its custodian; the report does not define its columns. Both are "N/M" for 17 partnerships of recent vintages, shown as blank. Original Commitment, Paid-In Capital and Distributed Capital are reported in thousands of dollars (shown here multiplied by 1,000) and Valuation in whole dollars; total value = Distributed Capital + Valuation is computed. On 35 of the 38 rows with a multiple, the printed figure differs from (Distributed Capital + Valuation) / Paid-In Capital worked out from the columns shown (it is usually lower), which the report does not explain; for that reason DPI is not computed and is blank. The report has no total rows to check the list against. All 55 partnerships under its Private Equity heading are included as DCRB classifies them (42 Buyout, 10 Growth Equity, 1 Venture Capital and 2 fund-of-funds or secondary vehicles); its Private Real Estate, Infrastructure, Natural Resources and Private Credit parts are not imported. View source

Employees' Retirement System of the State of Hawaii (HIERS): HIERS Private Equity Partnerships: Performance Summary by Investment, as of March 31, 2026. ERS posts a quarterly "Performance Summary by Investment" of its private equity partnerships in which only "Capital Committed", "Paid-In Capital" and "Reported Market Value" (with the date of that value) are filled in; the Capital Distributed, Remaining Cost, Net IRR and TVM columns are empty in the published version. So committed, paid-in and market value are shown, in whole US dollars as printed, and distributed, total value, IRR, TVPI and DPI are blank; nothing is derived or estimated. The report says paid-in capital includes both commitment and non-commitment reducing capital calls, that cash flows are HIERS' actual cash paid and received, and that market values reflect HIERS' unrealized interest in each investment. "Vintage Year" is as printed. All 371 investments are included as ERS classifies them by strategy (61 Buyout - Large, 42 Buyout - Mega, 59 Buyout - Mid, 13 Buyout - Small, 3 Co/Direct Investment, 6 Distressed Debt, 40 Growth Equity, 10 Mezzanine, 2 Secondaries, 10 Special Situations, 125 Venture Capital), in the report's blocks: Core (334), Stafford Capital Management - 1 (8), Stafford Capital Management - 2 (11), Stafford Capital Management - 3 (17), Stafford Ho'oulu Fund (1); the Stafford Capital Management blocks list the partnerships held through the Hawaii Targeted Investment Program funds (HiTIP I, II and III) that ERS's Holdings page also reports separately. They add up to the printed Grand Total of $8,371,769,464 committed, $6,707,086,129 paid in and $5,197,639,074 reported market value. 114 investments have no remaining value (liquidated, or not yet called), shown as 0; 9 others carry a value dated before the report date. Each page of the report carries the legend "Institutional Use Only/Not for Public Use | Proprietary and Confidential"; this is the version ERS itself posts on its Holdings page. ERS's separate private credit, real assets and timber reports are not imported. View source

LACERA: LACERA Private Markets Holding Report (Private Equity), as of March 31, 2026. "ITD IRR" (inception to date) and "Investment Multiple" as printed by LACERA, which does not label the IRR net or gross and does not say in the report how or by whom it is calculated or when it is not meaningful, so IRRs of very young funds are shown as printed. The Investment Multiple equals (distributions + market value) / contributions and is used as TVPI; total value = distributions + market value and DPI = distributions / contributions are computed. Dollar amounts are rounded to whole dollars. Only holdings LACERA classes as Private Equity are included (not its real estate, hedge fund, illiquid credit or real assets holdings). 9 commitments with nothing contributed yet have no market value, multiple or IRR, and 3 new commitments are listed without any amounts. View source

Los Angeles City Employees' Retirement System (LACERS): LACERS Private Equity Portfolio Performance Report, as of December 31, 2025. "Net IRR" and "Net TVPI" as printed in the fund-by-fund appendix of the Private Equity Portfolio Performance Report that LACERS posts semiannually (prepared on its private equity consultant's template; the cover gives www.aksia.com). The report defines TVPI as (cumulative distributions + fair market value) / cumulative contributions and labels IRRs of investments held less than two years "n.m."; 27 funds have no IRR (n.m., or "-" in the report) and 14 have no multiple ("-", mostly commitments with nothing contributed yet), all shown as blank. Dollar amounts are whole US dollars as reported (inception-to-date contributions and distributions). Total value = distributions + fair market value, and DPI = distributions / contributions, are computed. All 408 partnerships in the report are included: 305 active and 103 liquidated (no remaining fair market value), of which 23 are in LACERS' Specialized Portfolio and the rest in its Core Portfolio. LACERS counts 36 Credit/Distressed and 15 Natural Resources (energy) partnerships as private equity in this report, alongside buyout, growth equity, venture capital, secondaries, co-investment and fund-of-funds vehicles; its separate private credit and real estate reports are not imported. View source

Maine Public Employees Retirement System (MainePERS): MainePERS Private Market Investments Summary, as of March 31, 2026. "Interim Net IRR" as printed in the Private Equity pages of the Private Market Investments Summary that MainePERS posts each quarter, one quarter in arrears. MainePERS says the figures are based on cash flow information provided by the general partner, use interim estimates, were not prepared, reviewed or approved by the partnerships or general partners, and should not be used to compare returns among funds or limited partners; it reports an IRR only for funds with more than 24 months of history and contributions above 50% of the commitment, and marks the rest "NM" (14 rows, shown as blank). The report gives amounts in thousands of dollars (shown here multiplied by 1,000): Commitment, Amount Contributed, Total Distributions, Current Market Value and Total Value (distributions plus market value). TVPI = Total Value / Amount Contributed and DPI = Total Distributions / Amount Contributed are computed from those rounded amounts. The report gives a date of commitment, which it says is not the date of the first capital draw, and no vintage year, so vintage is blank. All 173 rows MainePERS lists under Private Equity are included as it classifies them (buyout, growth and venture funds, plus a few energy, special-situations and credit-type funds it holds in that class): 138 funds and the 35 co-investments listed under them, named here as "fund: co-investment". Their contributions and distributions add up to the Private Equity line of the report's Asset Class Summary ($5,578,116,000 contributed, $5,810,920,000 distributed, 14.3% interim net IRR for the class); their commitments add up to $5,329,830,000, where that summary line says $5,352,225,000, a difference the report does not explain. Its Alternative Credit, Infrastructure, Natural Resources and Real Estate tables are not imported. View source

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

New Jersey Division of Investment: New Jersey Division of Investment Reporting Package: Alternative Investments, Common Pension Funds E and A (Private Equity), as of May 31, 2026. The Division's schedule has no IRR column, so IRR is blank. TVPI is the Division's printed Total Value Multiple (total value / amount contributed; blank where nothing has been contributed) and total value is its Total Value column (current market value + total distributed); DPI = total distributed / amount contributed is computed. Per the Division: amount contributed is not adjusted for recallable distributions and includes returned unused capital; total distributed includes recallable proceeds; market values are the most recent quarterly values reported by the general partners, adjusted for cash flows through month-end. The Division lists an inception date rather than a vintage year; its year is used as the vintage (blank for 1 fund listed without one). 11 euro-denominated funds are shown in US dollars at the Division's month-end exchange rate. Private Equity sections of both schedules as classified by the Division (including co-investment, secondaries, distressed and mezzanine vehicles); Private Credit, Real Estate, Real Assets and Hedge Funds are not imported. Strategy subtotals and parent rows of multi-tranche vehicles are not imported; each tranche is listed. The Division's subtotals include commitments that it does not list as rows, which are therefore missing here: $600,000,000 under "Distressed Debt" in Common Pension Fund E. View source

Oregon State Treasury (OPERF): Oregon Public Employees Retirement Fund Private Equity Portfolio, as of March 31, 2026. Net of fees: IRR and total value multiple as reported by Oregon State Treasury ("Figures are net of fees"). Dollar amounts are reported in $ millions to one decimal and converted to whole dollars. Investments held less than three years are labeled n.m. (shown as blank). 94 funds were sold by OPERF in the secondary market; their figures reflect OPERF's holding period only. View source

Public School and Education Employee Retirement Systems of Missouri (PSRS/PEERS): PSRS/PEERS Annual Comprehensive Financial Report: Private Equity Partnerships, as of June 30, 2025. Holdings only: the Private Equity Partnerships table of the Systems' Annual Comprehensive Financial Report lists each manager's fund family on one row, naming the funds held together (for example several consecutive funds of one series), with an investment strategy and one combined "Fair Value" at the June 30 fiscal year-end, shown here as the market value in whole dollars as printed. The report says the Systems were invested in 278 separate partnerships with 91 firms in the Private Equity asset class; the table has 104 rows, so a row can stand for several partnerships and its value is their total. It reports no commitment, contributions, distributions, vintage year, multiple or IRR per row, so committed, paid-in, distributed, total value, IRR, TVPI and DPI are blank; nothing is derived or estimated. The report says fair values are reported by the Systems' private equity advisors and reflect the most current net asset values, cash-flow adjusted through June 30 where a net asset value was older. Every partnership row is included as classified by the Systems (8 Venture Capital, 8 debt-related (distressed, opportunistic, mezzanine) and 1 Fund-of-Funds, the discretionary fund-of-funds relationship reported under its manager's name, alongside acquisition, special situations and secondary funds); the table's "Stock distribution account" and "Cash and Equivalents" rows are left out. The rows add up to the table's printed Total of $10,632,702,691. The separate Private Credit and Private Real Estate partnership tables are not imported. View source

Pennsylvania SERS: SERS Quarterly Private Equity Board Update, Schedule of Investments by Sector, as of December 31, 2025. IRR and TVM (total value multiple) as reported by SERS in a quarterly update prepared by StepStone Group. The schedule's column is headed "IRR"; the report says "Net IRR is net of managers' fees, expenses, and carried interest" and that, unless otherwise indicated, performance is net of fees and expenses charged by the underlying investment but gross of StepStone vehicle/account fees and expenses. It also says the figures were prepared by StepStone on behalf of SERS and not provided by any general partner, and that IRR and TVM for certain vehicles may have been impacted by subscription-backed credit facilities. Total value = market value + distributions; TVPI is SERS's TVM recomputed to two decimals from the reported amounts (SERS prints one decimal) and DPI = distributions / contributions is computed. SERS marks some partnerships NM ("Not Meaningful", no rule stated) and leaves the TVM and IRR cells, and usually the market value, empty for 29 others; those fields are blank here. Covers the buyout, growth equity and special situations partnerships on the schedule; the Keystone Legacy Fund line (SERS's pooled non-core legacy funds) and the separate legacy private credit schedule are not included. Commitments to non-USD funds reflect current exchange rates. View source

UTIMCO (Permanent University Fund): Permanent University Fund Detail Schedules of Investment Securities, Schedule H: Private Investment Funds, as of August 31, 2025. Holdings only: the audited Schedule H lists each private investment fund held by the Permanent University Fund, which UTIMCO manages, with its fair value at the August 31 fiscal year end and nothing else, so vintage year, commitment, contributions, distributions, total value, IRR and multiples are blank (UTIMCO reports none of them here); each fund's fair value is kept as market_value_usd in whole dollars as printed. Fund names are as printed (capitals, abbreviated). Included are the schedule's Private Equity (159 funds), Venture (165) and Emerging Market Equity (29) sections; its Credit, Infrastructure, Natural Resources and Real Estate sections are not imported, and neither are 24 direct investments in the imported sections, which UTIMCO lists only as numbered "Direct Investment" rows because their names are confidential under Texas Government Code 552.143(c). Covers the Permanent University Fund only: UTIMCO publishes no such schedule for the General Endowment Fund, and it provides its fund-level Private Markets performance reports only in answer to an open records request. View source

Washington State Investment Board: WSIB Private Equity Portfolio Performance Summary By Strategy, as of March 31, 2026. Net IRR as labeled by WSIB, calculated by Hamilton Lane from general partner cash flows and valuations and not confirmed by the general partners. TVPI is WSIB's total value multiple (B+C)/A recomputed to two decimals from the reported totals (WSIB prints one decimal). WSIB lists an initial investment date rather than a vintage year; its year is used as the vintage (blank for commitments not yet funded). Includes realized and legacy partnerships. View source