Sub-strategy
Structured Credit Funds
Net IRR and TVPI of 13 structured credit funds, reported by U.S. public pensions and foundations, with medians and quartiles by vintage year.
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Funds
13
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 structured credit 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 structured credit funds
The funds disclosed by the most public LPs
| Fund Name | Manager | Vintage | IRR | TVPI |
|---|---|---|---|---|
| Marathon CLO Equity Fund, L.P.Private Credit | Marathon | 2016 | 1.6% | 1.09x |
| OHA CLO Enhanced Equity Fund III, L.P.Private Credit | OHA | 2024 | -14.4% | 0.97x |
| Vistria Structured Credit Fund I, LPPrivate Credit | Vistria Structured | 2023 | — | 1.20x |
| Oak Hill Advisors Structured Products Fund III, L.P.Private Credit | Oak Hill | 2023 | -2.5% | 1.16x |
| Kayne Anderson CLO Partners Fund II, L.P.Private Credit | Kayne Anderson | 2020 | 13.4% | 1.18x |
| Oaktree CLO Equity Fund IPrivate Credit | Oaktree | 2023 | 8.2% | 1.09x |
| Sycamore Tree CLO Fund II LPPrivate Credit | Sycamore | 2025 | 8.6% | 1.05x |
| Arc24 Credit Master, L.P.Private Credit | Arc24 Management | 2025 | 1.8% | 1.02x |
| Arc24 Credit Offshore, Ltd.Private Credit | Arc24 Management | 2025 | 1.7% | 1.01x |
| Lake CascadePrivate Credit | Waterfall | 2023 | 10.8% | 1.26x |
| 400 CAPITAL CENTRE STREET LPPrivate Credit | 400 Capital Centre Street | 2021 | 8.0% | 1.29x |
| Carlyle CLO Partners LPPrivate Credit | Carlyle | 2023 | 20.6% | 1.06x |
| LMCG Serenitas Credit Gamma Fund, LLCPrivate Credit | LMCG Serenitas | 2024 | 5.3% | 1.13x |