Sub-strategy
Specialty Finance Funds
Net IRR and TVPI of 43 specialty finance funds, reported by U.S. public pensions and foundations, with medians and quartiles by vintage year.
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Funds
43
Vintage years benchmarked
Vintages with at least three reported funds
1990–2026
Performance by Vintage Year
Median and quartile net IRR and median TVPI of specialty finance funds, by vintage year, from the latest marks reported by public LPs.
| Vintage | Funds | Median IRR | Q1 IRR | Q3 IRR | Median TVPI |
|---|---|---|---|---|---|
| 2026 | 103 | -0.3% | -21.7% | 1.5% | 0.94x |
| 2025 | 413 | 3.8% | -3.9% | 20.9% | 1.02x |
| 2024 | 516 | 10.8% | -0.8% | 26.8% | 1.11x |
| 2023 | 444 | 13.2% | 5.8% | 22.0% | 1.18x |
| 2022 | 500 | 10.7% | 5.1% | 17.3% | 1.20x |
| 2021 | 552 | 9.4% | 4.4% | 15.2% | 1.27x |
| 2020 | 460 | 9.7% | 6.6% | 14.5% | 1.31x |
| 2019 | 404 | 11.3% | 7.3% | 16.7% | 1.43x |
| 2018 | 392 | 11.6% | 7.9% | 17.1% | 1.50x |
| 2017 | 323 | 13.1% | 8.5% | 18.3% | 1.63x |
| 2016 | 323 | 12.2% | 6.3% | 17.7% | 1.58x |
| 2015 | 342 | 11.9% | 7.1% | 18.5% | 1.60x |
| 2014 | 305 | 9.6% | 5.2% | 16.2% | 1.53x |
| 2013 | 240 | 10.3% | 5.3% | 16.4% | 1.45x |
| 2012 | 232 | 11.8% | 6.1% | 17.6% | 1.65x |
| 2011 | 220 | 12.0% | 5.9% | 19.6% | 1.69x |
| 2010 | 175 | 10.4% | 4.9% | 16.2% | 1.55x |
| 2009 | 115 | 10.2% | 5.3% | 14.7% | 1.55x |
| 2008 | 257 | 10.8% | 3.7% | 15.6% | 1.54x |
| 2007 | 263 | 7.1% | 1.5% | 11.3% | 1.37x |
Most widely reported specialty finance funds
The funds disclosed by the most public LPs