North Carolina Retirement Systems (NCRS)

About this data

Holdings as this LP reports them, fund by fund. Amounts are its commitment to each fund. Fund performance it reports is on each firm’s page. As of December 31, 2025. Source: NCRS Market Value and Performance Report: NCRS Private Equity Portfolio. Funds are linked to a manager by name; a match can be wrong, and the original filing is the record. How Hottub reads its sources.

"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.