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Across 1,158 buyout funds from the 2010 to 2020 vintages tracked by Dakota Private Markets, a fund needed a net IRR above 19.30% to land in the top quartile. Clearing that bar once is common. Doing it again and again with large flagship funds is not.
We screened the 20 largest buyout funds in each vintage, 220 funds in total, and grouped them by manager. Only 10 managers with three or more ranked funds placed at least a third of them in the top quartile. Below are those 10, their fund-by-fund records, and what the data says about scale and repeatability in buyout.
How We Ranked Them
The ranking rewards repeat top-quartile results, not one standout fund. All data comes from Dakota Private Markets performance benchmarks, with marks as of 1Q25 through 3Q26.
- Universe: private equity buyout funds (lower middle market, middle market and large market), 2010 to 2020 vintages.
- Sample: the 20 largest buyout funds by fund size in each vintage, 220 funds in total.
- Quartile: each fund's Q Rank compares its net IRR with funds of the same vintage in Dakota Private Markets.
- Eligibility: at least three funds with a reported net IRR and quartile rank. Parallel vehicles and feeders count once.
- Ranking: share of ranked funds in the top quartile, then share of funds above median, then median net IRR across the manager's funds.
For reference, the pooled benchmarks across all 1,158 funds:
|
Metric
|
Median
|
Top-quartile threshold
|
|
Net IRR
|
14.03%
|
19.30%
|
|
TVPI
|
1.67x
|
2.08x
|
|
DPI
|
1.00x
|
1.62x
|
The Top 10 at a Glance
Francisco Partners and New Mountain Capital lead: two top-quartile funds each, and no fund below median.
|
Rank
|
Manager
|
Ranked funds
|
Top-quartile funds
|
Funds above median
|
Median net IRR
|
|
1
|
Francisco Partners
|
3
|
2
|
3 of 3
|
22.74%
|
|
2
|
New Mountain Capital
|
3
|
2
|
3 of 3
|
19.20%
|
|
3
|
Clayton, Dubilier & Rice
|
3
|
2
|
2 of 3
|
21.83%
|
|
4
|
Lone Star Funds
|
3
|
2
|
2 of 3
|
20.80%
|
|
5
|
GTCR
|
4
|
2
|
4 of 4
|
20.00%
|
|
6
|
Thoma Bravo
|
5
|
2
|
3 of 5
|
18.30%
|
|
7
|
CVC
|
3
|
1
|
3 of 3
|
19.00%
|
|
8
|
Bain Capital
|
6
|
2
|
5 of 6
|
19.61%
|
|
9
|
Platinum Equity
|
3
|
1
|
2 of 3
|
17.80%
|
|
10
|
Hg
|
3
|
1
|
2 of 3
|
17.69%
|
Source: Dakota Private Markets, 20 largest buyout funds per vintage, 2010 to 2020 vintages.
The Rankings
1. Francisco Partners
Overview: Francisco Partners is a San Francisco-based private equity firm investing in technology and technology-enabled businesses. It is the only manager in the top 10 whose two top-quartile funds have each returned more than 2x paid-in capital in cash.
Focus: Technology buyouts, including software, healthcare IT, security and tech-enabled services.
|
Fund
|
Vintage
|
Fund size
|
Net IRR
|
TVPI
|
DPI
|
Quartile
|
|
Francisco Partners III
|
2011
|
$1.97B
|
22.74%
|
3.32x
|
3.20x
|
Q1
|
|
Francisco Partners IV
|
2015
|
$2.88B
|
24.73%
|
2.87x
|
2.43x
|
Q1
|
|
Francisco Partners V
|
2017
|
$4.04B
|
15.72%
|
2.16x
|
0.97x
|
Q2
|
What stands out: Fund III's 3.20x DPI is nearly double the 1.62x top-quartile DPI threshold. That is realized cash, not marked value.
2. New Mountain Capital
Overview: New York-based New Mountain Capital pursues what it calls defensive growth investing. It grew fund size about 2.5x from Fund IV to Fund VI without a fund falling below median.
Focus: Defensive growth sectors, including healthcare, software and business services.
|
Fund
|
Vintage
|
Fund size
|
Net IRR
|
TVPI
|
DPI
|
Quartile
|
|
New Mountain Partners IV
|
2013
|
$4.13B
|
19.20%
|
1.99x
|
1.89x
|
Q1
|
|
New Mountain Partners V
|
2017
|
$6.15B
|
24.40%
|
|
|
Q1
|
|
New Mountain Partners VI
|
2020
|
$10.20B
|
13.50%
|
|
|
Q2
|
What stands out: Fund V improved on Fund IV's IRR while raising 49% more capital.
3. Clayton, Dubilier & Rice
Overview: New York-based Clayton, Dubilier & Rice (CD&R) is known for pairing deal teams with former operating executives. Its 2017 fund posted the highest net IRR of any fund above $9B in the sample.
Focus: Operationally intensive buyouts in industrials, healthcare, consumer and business services.
|
Fund
|
Vintage
|
Fund size
|
Net IRR
|
TVPI
|
DPI
|
Quartile
|
|
CD&R Fund IX
|
2014
|
$6.15B
|
21.83%
|
2.30x
|
2.00x
|
Q1
|
|
CD&R Fund X
|
2017
|
$9.80B
|
32.79%
|
2.30x
|
1.60x
|
Q1
|
|
CD&R Fund XI
|
2020
|
$15.56B
|
9.40%
|
1.26x
|
|
Q3
|
What stands out: Fund X's 32.79% net IRR at nearly $10B in size. Fund XI, the firm's largest, is still early in its life and currently ranks in the third quartile.
4. Lone Star Funds
Overview: Dallas-based Lone Star Funds runs an opportunistic strategy, buying distressed and undervalued assets. Its two most recent funds both ranked in the top quartile, after Fund IX landed in the third.
Focus: Opportunistic investments in corporate assets, financial assets and real estate-linked businesses.
|
Fund
|
Vintage
|
Fund size
|
Net IRR
|
TVPI
|
DPI
|
Quartile
|
|
Lone Star Fund IX
|
2015
|
$7.20B
|
13.32%
|
1.54x
|
|
Q3
|
|
Lone Star Fund X
|
2017
|
$5.50B
|
20.80%
|
2.13x
|
1.36x
|
Q1
|
|
Lone Star Fund XI
|
2019
|
$8.10B
|
26.20%
|
1.85x
|
1.47x
|
Q1
|
What stands out: Fund XI has already returned 1.47x in cash on a 2019 vintage, close to the 1.62x top-quartile DPI mark for the entire 2010 to 2020 pool.
5. GTCR
Overview: Chicago-based GTCR invests through its Leaders Strategy, partnering with management executives to build companies in targeted sectors. It is the only manager in the sample with four ranked funds and none below median.
Focus: Healthcare, technology, media and telecom, financial services and technology, and growth business services.
|
Fund
|
Vintage
|
Fund size
|
Net IRR
|
TVPI
|
DPI
|
Quartile
|
|
GTCR Fund X
|
2011
|
$3.23B
|
21.40%
|
|
|
Q1
|
|
GTCR Fund XI
|
2014
|
$3.94B
|
30.10%
|
|
|
Q1
|
|
GTCR Fund XII
|
2017
|
$5.25B
|
18.60%
|
2.09x
|
1.29x
|
Q2
|
|
GTCR Fund XIII
|
2020
|
$7.90B
|
17.16%
|
1.55x
|
0.53x
|
Q2
|
What stands out: Four consecutive funds above median across a decade, with fund size more than doubling.
6. Thoma Bravo
Overview: Thoma Bravo is a software-focused private equity firm with offices in Chicago, San Francisco and Miami. Its two top-quartile flagship funds were also its smallest, and its record splits sharply by fund size.
Focus: Enterprise software and technology-enabled services buyouts.
|
Fund
|
Vintage
|
Fund size
|
Net IRR
|
TVPI
|
DPI
|
Quartile
|
|
Thoma Bravo Fund X
|
2012
|
$1.44B
|
39.20%
|
4.05x
|
|
Q1
|
|
Thoma Bravo Fund XI
|
2014
|
$3.66B
|
25.80%
|
3.60x
|
|
Q1
|
|
Thoma Bravo Fund XII
|
2016
|
$7.60B
|
13.90%
|
2.10x
|
|
Q3
|
|
Thoma Bravo Fund XIII
|
2019
|
$12.60B
|
18.30%
|
1.80x
|
|
Q2
|
|
Thoma Bravo Fund XIV
|
2020
|
$16.50B
|
3.40%
|
1.10x
|
|
Q4
|
What stands out: Fund X's 4.05x TVPI is the highest in the sample. Both funds under $4B ranked in the top quartile; none of the three funds above $7B did.
7. CVC
Overview: CVC is a European-headquartered global private markets firm. It is the only manager in the top 10 to place a $15B-plus fund in the top quartile.
Focus: Large-cap buyouts across Europe, the Americas and Asia, plus a longer-hold Strategic Opportunities program.
|
Fund
|
Vintage
|
Fund size
|
Net IRR
|
TVPI
|
DPI
|
Quartile
|
|
CVC Capital Partners VI
|
2014
|
$13.70B
|
14.80%
|
|
|
Q2
|
|
CVC Capital Partners VII
|
2018
|
$16.40B
|
19.35%
|
2.15x
|
|
Q1
|
|
CVC Strategic Opportunities II
|
2019
|
$5.30B
|
19.00%
|
|
0.11x
|
Q2
|
What stands out: At $16.4B, Fund VII is the largest top-quartile fund among the 220 in the sample.
8. Bain Capital
Overview: Boston-based Bain Capital runs both a global flagship series and a dedicated Asia buyout series. Five of its six ranked funds sit above median, and both top-quartile results came from Asia.
Focus: Global buyouts across technology, healthcare, consumer, industrials and financial services, with a separate Asia-Pacific program.
|
Fund
|
Vintage
|
Fund size
|
Net IRR
|
TVPI
|
DPI
|
Quartile
|
|
Bain Capital Asia Fund II
|
2012
|
$2.00B
|
16.20%
|
1.77x
|
|
Q2
|
|
Bain Capital Fund XI
|
2014
|
$7.30B
|
19.64%
|
1.89x
|
1.60x
|
Q2
|
|
Bain Capital Asia Fund III
|
2016
|
$3.14B
|
25.20%
|
2.41x
|
|
Q1
|
|
Bain Capital Fund XII
|
2017
|
$9.40B
|
19.57%
|
1.92x
|
1.15x
|
Q2
|
|
Bain Capital Asia Fund IV
|
2019
|
$4.65B
|
23.70%
|
1.75x
|
|
Q1
|
|
Bain Capital Fund XIII
|
2020
|
$11.80B
|
7.20%
|
|
|
Q4
|
What stands out: Bain's Asia series moved from the second quartile in 2012 to back-to-back top-quartile funds in 2016 and 2019.
9. Platinum Equity
Overview: Beverly Hills-based Platinum Equity specializes in complex acquisitions, including corporate carve-outs, and in operational turnarounds. Its 2011 fund is one of the strongest large-fund results in the sample.
Focus: Carve-outs and operationally intensive buyouts across industrials, distribution, technology and services.
|
Fund
|
Vintage
|
Fund size
|
Net IRR
|
TVPI
|
DPI
|
Quartile
|
|
Platinum Equity Capital Partners III
|
2011
|
$3.75B
|
35.40%
|
2.23x
|
|
Q1
|
|
Platinum Equity Capital Partners IV
|
2016
|
$6.50B
|
17.80%
|
1.94x
|
|
Q2
|
|
Platinum Equity Capital Partners V
|
2019
|
$10.00B
|
8.92%
|
1.39x
|
0.40x
|
Q3
|
What stands out: Fund III's 35.40% net IRR is the highest of any 2011-vintage fund in the sample. Returns have stepped down as fund size grew from $3.75B to $10B.
10. Hg
Overview: London-based Hg invests in software and business services companies, primarily in Europe. Its record shows steady improvement, with each fund ranking higher than the one before.
Focus: European software, data and tech-enabled business services.
|
Fund
|
Vintage
|
Fund size
|
Net IRR
|
TVPI
|
DPI
|
Quartile
|
|
Hg Capital 6
|
2010
|
$2.40B
|
10.21%
|
|
|
Q3
|
|
HgCapital 7
|
2012
|
$3.03B
|
17.69%
|
|
|
Q2
|
|
HgCapital 8
|
2016
|
$3.14B
|
33.60%
|
2.63x
|
|
Q1
|
What stands out: HgCapital 8's 33.60% net IRR is the highest of any 2016-vintage fund in the sample.
What the Data Shows
The biggest platforms are missing
Blackstone, Carlyle, KKR, Apollo, Advent and Vista all appear repeatedly among the 20 largest funds in their vintages. None placed a fund in the top quartile in this sample. The strongest large-fund records belong to sector specialists such as Francisco Partners, Thoma Bravo and Hg, and to focused generalists like CD&R and GTCR.
Bigger funds tend to rank lower
For several leaders, the largest and most recent fund is the weakest:
|
Manager
|
Best fund
|
Latest fund
|
|
Thoma Bravo
|
Fund X ($1.44B): 39.20%, Q1
|
Fund XIV ($16.50B): 3.40%, Q4
|
|
Platinum Equity
|
Fund III ($3.75B): 35.40%, Q1
|
Fund V ($10.00B): 8.92%, Q3
|
|
Bain Capital
|
Asia Fund III ($3.14B): 25.20%, Q1
|
Fund XIII ($11.80B): 7.20%, Q4
|
|
CD&R
|
Fund X ($9.80B): 32.79%, Q1
|
Fund XI ($15.56B): 9.40%, Q3
|
The 2019 and 2020 funds are still early in their lives, so those marks can move. But the pattern matches the findings in our analysis of whether smaller buyout funds outperform larger ones: scale makes repeat top-quartile results harder to deliver.
Consistent is not the same as top quartile
EQT and KKR show a different kind of track record. EQT's Funds VI, VII and VIII all ranked in the second quartile. Six of KKR's eight large funds in the sample ranked second quartile, with none in the top quartile. Both managers reliably beat the median without leading their vintages.
Cash returned separates the leaders
Four funds on this list have already returned more than the 1.62x top-quartile DPI threshold in cash: Francisco Partners III (3.20x), Francisco Partners IV (2.43x), CD&R Fund IX (2.00x) and New Mountain Partners IV (1.89x).
Benchmark Any Buyout Fund in Dakota Private Markets
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