12,864
Firms Tracked
$86935.5B
Total AUM
13,220
Funds with Performance
13
Pension Sources
Firm Universe: By Type
| Firm Type | Count |
|---|---|
| GP / Asset Manager | 2,061 |
| Hedge Fund Manager | 952 |
| Private Sector Pension Fund | 403 |
| Public Pension Fund | 311 |
| Foundation | 302 |
| Fund Manager | 177 |
| Endowment Plan | 169 |
| Insurance Company | 105 |
| Fund of Hedge Funds Manager | 94 |
| Asset Manager | 80 |
| Commercial Bank | 60 |
| Bank | 60 |
| Top 500 Institutional Investor | 59 |
| retirement fund | 53 |
| Family Office - Single | 46 |
Geographic Distribution: Top 10 Countries
| Country | Firms |
|---|---|
| US | 4,776 |
| UK | 1,400 |
| United States | 811 |
| Germany | 523 |
| France | 325 |
| Netherlands | 279 |
| Australia | 256 |
| Switzerland | 222 |
| Canada | 179 |
| Italy | 148 |
AUM Distribution Analysis
3,346
Firms with AUM
$26.0B
Mean AUM
$695.9M
Median AUM
Top 20 Firms by AUM
| # | Firm | Type | Country | AUM |
|---|---|---|---|---|
| 1 | JPMorgan Chase | Bank | US | $3743.6B |
| 2 | BlackRock | GP / Asset Manager | US | $3535.4B |
| 3 | State Street Global Advisors Ireland | Asset Manager | Ireland | $3050.0B |
| 4 | UBS Wealth Management | Wealth Manager | Switzerland | $3000.0B |
| 5 | Wells Fargo Bank | Bank | US | $1939.7B |
| 6 | Sumitomo Mitsui Banking Corporation | Bank | Japan | $1925.7B |
| 7 | Ping An Insurance Group | Insurance Company | China | $1595.9B |
| 8 | Credit Suisse | Investment Bank | Switzerland | $1511.0B |
| 9 | Royal Bank of Canada | Bank | Canada | $1438.9B |
| 10 | Natixis Investment Managers | Asset Manager | France | $1417.5B |
| 11 | Prudential Financial | Insurance Company | US | $1409.6B |
| 12 | TIAA | Private Sector Pension Fund | US | $1400.0B |
| 13 | Goldman Sachs AIMS Group | Fund Manager | US | $1310.4B |
| 14 | Intesa Sanpaolo | Bank | Italy | $1242.5B |
| 15 | China Investment Corporation | Sovereign Wealth Fund | China | $1222.3B |
| 16 | Strategic Holdings | GP / Asset Manager | US | $1067.7B |
| 17 | Blackstone | GP / Asset Manager | United States | $1000.0B |
| 18 | Insight Investment Management | Fund Manager | US | $976.7B |
| 19 | Credit Suisse Private Banking & Wealth Management | Wealth Manager | Switzerland | $929.3B |
| 20 | Abu Dhabi Investment Authority | Sovereign Wealth Fund | United Arab Emirates | $829.0B |
Fund Performance: Average IRR by Vintage Year
| Vintage | Funds | Avg IRR | Median IRR |
|---|---|---|---|
| 1981 | 3 | 9.7% | 6.1% |
| 1982 | 2 | 0.3% | 0.3% |
| 1983 | 7 | 15.3% | 8.2% |
| 1984 | 6 | 16.5% | 13.4% |
| 1985 | 5 | 11.8% | 10.8% |
| 1986 | 5 | 20.9% | 26.3% |
| 1987 | 8 | 9.7% | 8.7% |
| 1988 | 2 | 37.1% | 37.1% |
| 1989 | 2 | -15.3% | -15.3% |
| 1990 | 4 | 5.5% | 6.8% |
| 1991 | 3 | 30.1% | 33.4% |
| 1992 | 1 | 27.1% | 27.1% |
| 1993 | 7 | 21.6% | 17.4% |
| 1994 | 14 | 14.9% | 7.1% |
| 1995 | 14 | 12.1% | 11.1% |
| 1996 | 18 | 19.4% | 7.6% |
| 1997 | 28 | 23.8% | 12.5% |
| 1998 | 32 | 9.7% | 10.3% |
| 1999 | 41 | 7.1% | 10.8% |
| 2000 | 38 | 10.2% | 8.8% |
| 2001 | 30 | 16.8% | 15.2% |
| 2002 | 17 | 12.4% | 15.8% |
| 2003 | 24 | 14.7% | 15.2% |
| 2004 | 45 | 11.1% | 9.9% |
| 2005 | 62 | 7.6% | 6.3% |
| 2006 | 101 | 5.9% | 7.5% |
| 2007 | 118 | 8.2% | 8.3% |
| 2008 | 99 | 9.5% | 11.6% |
| 2009 | 33 | 9.5% | 9.1% |
| 2010 | 35 | 10.5% | 9.2% |
| 2011 | 79 | 12.9% | 12.4% |
| 2012 | 74 | 13.7% | 13.6% |
| 2013 | 71 | 13.2% | 11.8% |
| 2014 | 76 | 12.2% | 11.5% |
| 2015 | 101 | 14.7% | 15.0% |
| 2016 | 84 | 15.4% | 14.1% |
| 2017 | 92 | 16.6% | 17.1% |
| 2018 | 102 | 16.2% | 14.8% |
| 2019 | 140 | 15.5% | 13.6% |
| 2020 | 125 | 16.1% | 13.3% |
| 2021 | 176 | 9.7% | 8.9% |
| 2022 | 97 | 9.4% | 10.8% |
| 2023 | 40 | 5.3% | 8.3% |
| 2024 | 33 | 0.3% | 0.0% |
Top 10 Performing Funds (3+ Year Vintage)
| Fund | Manager | Vintage | IRR | Multiple | Strategy |
|---|---|---|---|---|---|
| Endeavour Capital Fund VI, L.P. - Secondary Purchase | Endeavour | 2020 | 176.8% | 2.8 | PE - Buyout Small |
| Endeavour Capital Fund V, L.P. - Secondary Purchase | Endeavour | 2020 | 165.5% | 2.7 | PE - Buyout Small |
| Menlo Ventures VII, L.P. | Menlo | 1997 | 135.6% | 4.7 | Venture Capital |
| LS Power Equity Partners V, L.P. | LS Power | 2023 | 133.0% | 1.39 | Infrastructure |
| Walnut Growth Partners | Walnut | 1997 | 120.7% | 11.48 | Private Equity |
| Tenex Capital Partners III, L.P. | Tenex | 2021 | 99.8% | N/A | N/A |
| Apex Investment Fund III, L.P. | Apex | 1996 | 97.1% | 5.23 | Private Equity |
| Incline Elevate Fund, L.P. | Incline Elevate | 2019 | 96.0% | 2.37 | Private Equity |
| Spectrum VIII-A Discretionary Overage Program | Spectrum VIII-A Discretionary Overage Program | 2019 | 92.7% | N/A | N/A |
| ASF IX B L.P. | ASF | 2022 | 87.6% | N/A | N/A |
Fund Formation Trends
| Vintage Year | Funds |
|---|---|
| 1981 | 3 |
| 1982 | 2 |
| 1983 | 7 |
| 1984 | 6 |
| 1985 | 5 |
| 1986 | 5 |
| 1987 | 8 |
| 1988 | 2 |
| 1989 | 2 |
| 1990 | 4 |
| 1991 | 3 |
| 1992 | 1 |
| 1993 | 7 |
| 1994 | 14 |
| 1995 | 14 |
| 1996 | 18 |
| 1997 | 28 |
| 1998 | 32 |
| 1999 | 41 |
| 2000 | 38 |
| 2001 | 30 |
| 2002 | 17 |
| 2003 | 25 |
| 2004 | 45 |
| 2005 | 62 |
| 2006 | 101 |
| 2007 | 118 |
| 2008 | 99 |
| 2009 | 33 |
| 2010 | 35 |
| 2011 | 79 |
| 2012 | 74 |
| 2013 | 71 |
| 2014 | 77 |
| 2015 | 102 |
| 2016 | 84 |
| 2017 | 93 |
| 2018 | 113 |
| 2019 | 157 |
| 2020 | 158 |
| 2021 | 291 |
| 2022 | 262 |
| 2023 | 310 |
| 2024 | 349 |
| 2025 | 153 |
| 2026 | 1 |
Methodology
This report is generated from GP Stakes' proprietary database, combining data from public filings and disclosures from 13 US public pension funds, company registration data and regulatory filings, and direct research and verification.
All figures are as of the latest available data. AUM figures are in USD millions as reported. Fund performance figures represent net-of-fees returns as disclosed by pension fund investors.
Access the Full GP Stakes Platform
Dive deeper into the data with our comprehensive directory, advanced search, and custom analytics.