Data sourced from Dakota Private Markets, the private fund performance platform powered by Dakota. Learn More | Request Access
Only one of the 10 largest buyout funds in Dakota Private Markets ranks in the first quartile for its vintage. Clayton, Dubilier & Rice Fund XII leads the group with a 21.60% net IRR on $26.0 billion. Blackstone Capital Partners VIII, the same size at $26.0 billion, sits at 8.80%.
Each of these funds closed at $21 billion or more, and together they raised roughly $238 billion across vintages from 2005 to 2022. This post ranks them by net IRR, shows where each falls against its vintage peers, and explains what the results mean for fund managers raising capital.
The Ranking
|
Rank
|
Fund
|
Vintage
|
Fund Size
|
Net IRR
|
Quartile
|
As of
|
|
1
|
Clayton, Dubilier & Rice Fund XII
|
2022
|
$26.0B
|
21.60%
|
1
|
6/30/2026
|
|
2
|
Blackstone Capital Partners IX
|
2022
|
$21.0B
|
17.40%
|
2
|
6/30/2026
|
|
3
|
Apollo Investment Fund IX
|
2019
|
$24.7B
|
13.20%
|
2
|
3/31/2026
|
|
4
|
Advent International GPE X
|
2022
|
$25.0B
|
11.80%
|
3
|
6/30/2026
|
|
5
|
CVC Capital Partners VIII
|
2021
|
$21.25B
|
9.00%
|
3
|
3/31/2026
|
|
6
|
Blackstone Capital Partners VIII
|
2020
|
$26.0B
|
8.80%
|
3
|
6/30/2026
|
|
7
|
Blackstone Capital Partners V
|
2005
|
$21.7B
|
8.00%
|
3
|
6/30/2026
|
|
7
|
EQT X
|
2022
|
$24.0B
|
8.00%
|
3
|
12/31/2025
|
|
9
|
Thoma Bravo Fund XV
|
2022
|
$24.3B
|
7.80%
|
4
|
6/30/2026
|
|
10
|
Hellman & Friedman Capital Partners X
|
2021
|
$24.4B
|
7.67%
|
4
|
6/30/2026
|
Source: Dakota Private Markets, Private Equity: Large Market Buyout funds, vintages through 2022.
Quartile reflects each fund's ranking against its vintage peers. Performance dates range from 12/31/2025 to 6/30/2026
See where your funds and comparables fall in this coverage. Request access to Dakota Private Markets.
What the Data Shows
Size does not predict returns
The two largest funds on the list, each at $26.0 billion, finish five places apart: CD&R Fund XII ranks first and Blackstone Capital Partners VIII ranks sixth. Half of the 10 funds sit in the third quartile, two sit in the fourth, and only one reaches the first. The median net IRR across the group is 8.90%.
The 2022 vintage holds the top two spots, but its returns are still early
Five of the 10 funds are 2022 vintages, including the top two performers. That result needs context: these funds are only a few years into their lives, and most of their value is unrealized. CD&R Fund XII, for example, reports a 1.33x TVPI and a 0.19x DPI, meaning most of its gains are still on paper.
The 2022 vintage also produced the widest spread on the list. Its five funds range from 21.60% (CD&R Fund XII) to 7.80% (Thoma Bravo Fund XV).
Blackstone appears most often, with mixed results
Blackstone has three funds on the list, more than any other manager. Their net IRRs range from 8.00% (Fund V, 2005) to 17.40% (Fund IX, 2022), with its newest fund performing best.
How We Built This List
- Defined the universe. We filtered Dakota Private Markets to private equity funds in the Large Market Buyout sub-asset class, covering 467 funds.
- Set a vintage cutoff. We included vintages through 2022. Funds from 2023 onward are too early in their lives for net IRR to be a reliable measure.
- Checked each fund record. We confirmed fund names, vintages, and sizes on each fund's record and removed duplicate entries and funds without reported performance.
- Selected by size. We kept the 10 largest funds by fund size, which matches each fund's closed amount.
- Ordered by performance. The final list is ranked by net IRR, with each fund's quartile shown so readers can compare it to funds of the same vintage.
What This Means for Fund Managers
Allocators judge a fund against its vintage peers, not against the largest names in the market. A $26 billion flagship ranking in the third quartile shows that scale does not settle the performance question.
- Lead with quartile, not size. If your fund ranks in the top half of its vintage, that is a stronger opening than fund size or brand.
- Put early numbers in context. For recent vintages, pair net IRR with TVPI and DPI so allocators can see how much of the return is realized.
- Know your peer set. Benchmark against funds in the same sub-asset class and vintage before allocators do it for you.
Benchmark Your Fund in Dakota Private Markets
Dakota Private Markets tracks performance for 18,765 investment strategies, including 5,262 private equity funds. Filter by sub-asset class, vintage, net IRR, TVPI, DPI, and quartile to see exactly where your fund stands against its peers.
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