Sub-strategy
Turnaround Funds
Net IRR and TVPI of 11 turnaround funds, reported by U.S. public pensions and foundations, with medians and quartiles by vintage year.
Browse by Sub-Strategy
Funds
11
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 turnaround 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 turnaround funds
The funds disclosed by the most public LPs
| Fund Name | Manager | Vintage | IRR | TVPI |
|---|---|---|---|---|
| WLR Recovery Fund IVPrivate Equity | WLR Recovery | 2007 | 6.9% | 1.31x |
| KPS Special Situations Fund VPrivate Equity | KPS Special Situations | 2020 | 9.5% | 1.28x |
| KPS Special Situations Fund VIPrivate Equity | KPS Special Situations | 2024 | — | 0.99x |
| KPS Special Situations Fund IV LPPrivate Equity | KPS Special Situations | 2014 | 21.6% - 21.8% | 2.00x - 2.11x |
| KPS Special Situations Fund III, L.P.Private Equity | KPS Special Situations | 2007 | 23.5% | 2.07x |
| WLR Recovery Fund III, L.P.Private Equity | WLR Recovery | 2005 | -7.2% | 0.69x |
| WLR Recovery Fund VPrivate Equity | WLR Recovery | 2010 | 4.6% | 1.27x |
| KPS IVPrivate Equity | KPS Special Situations | 2014 | 21.5% | 2.10x |
| WLR Recovery FundPrivate Equity | WLR Recovery | 1997 | 35.2% | 3.66x |
| KPS Special Situations Fund II, L.P.Private Equity | KPS Special Situations | 2004 | 63.4% | 3.50x |
| WLR Recovery Fund II, L.P.Private Equity | WLR Recovery | 2002 | 78.8% | 2.42x |