Data sourced from Dakota Private Markets, the private fund performance platform powered by Dakota. Learn More | Request Access
The median private credit fund in Dakota Marketplace's performance benchmarks returns a 9.39% net IRR. Clearing the top-quartile bar takes 12.90%, and every fund on this list cleared it.
Private credit has become one of the most crowded corners of private markets, which makes manager selection harder, not easier. Returns in senior lending cluster tightly, and headline numbers often hide differences in vintage, strategy and leverage. A useful ranking has to compare funds against their actual peers.
This list does that. Each manager is ranked by its single best-performing fund, and only funds that landed in the top quartile against their vintage-year peers qualify.
|
Metric |
Bottom-quartile cutoff |
Median |
Top-quartile cutoff |
|---|---|---|---|
|
Net IRR |
6.49% |
9.39% |
12.90% |
|
TVPI |
1.17x |
1.30x |
1.47x |
|
DPI |
0.47x |
0.94x |
1.24x |
Source: Dakota Marketplace Performance Benchmarks, private credit funds, vintages 2008 to 2022, performance reported 1Q24 through 4Q25.
Every manager on the list earned its spot with a fund that beat at least 75% of its vintage-year peers. The ranking draws on Dakota Marketplace's performance benchmarks, which compile fund-level returns reported by institutional allocators.
Rankings reflect funds with performance reported to Dakota Marketplace. Managers that do not report through allocators are not captured. See the [Dakota Marketplace Performance Disclaimer] for details.
Special situations managers dominate the top of the table, taking 24 of the 50 spots. Corporate lending accounts for 18, diversified strategies for 5, real assets debt for 2 and asset-backed for
1. Opportunistic and distressed strategies carry more dispersion, so their best funds post the highest returns.
The median best fund on the list returns a 17.7% net IRR, and the cutoff for 50th place is 14.8%. Both sit well above the 12.90% top-quartile threshold for the broader universe.
Recent vintages are well represented: 24 of the 50 funds date from 2020 to 2022. Those funds have strong early marks but limited distributions so far, so their positions are the most likely to move as they mature.
A handful of managers show consistency, not just one standout fund. Adams Street Partners has 6 of its 10 ranked funds in the top quartile, Strategic Value Partners has 5 of 6, and Fortress Investment Group and Ares Management each have 5 top-quartile funds. For allocators, repeat performance across funds is a stronger signal than a single strong vintage.
|
Rank |
Manager |
Top Fund |
Strategy |
Vintage |
Net IRR |
TVPI |
DPI |
Top-Quartile Funds |
|---|---|---|---|---|---|---|---|---|
|
1 |
NGP |
NGP RP I |
Special Situations |
2020 |
41.90% |
1.86x |
1.25x |
1 of 2 |
|
2 |
Pantheon Ventures LLP |
Pantheon Private Debt PCO II |
Diversified |
2020 |
31.56% |
1.40x |
0.13x |
2 of 2 |
|
3 |
HarbourView Equity Partners |
HarbourView Royalties Fund I |
Corporate Lending |
2022 |
30.89% |
1.39x |
0.03x |
2 of 2 |
|
4 |
BlackRock |
BlackRock Credit Investors Co-Invest |
Corporate Lending |
2008 |
30.40% |
1.82x |
2 of 3 |
|
|
5 |
Sandton Capital Partners |
Sandton Capital Solutions Fund V |
Special Situations |
2021 |
28.00% |
1.60x |
0.50x |
1 of 1 |
|
6 |
BD Partners |
BD Partners VII, L.P. |
Corporate Lending |
2013 |
23.92% |
2 of 2 |
||
|
7 |
Charlesbank Capital Partners |
Charlesbank Credit Opportunities Fund III (Executives) |
Diversified |
2022 |
23.57% |
1 of 1 |
||
|
8 |
Safe Harbor Capital Partners |
Safe Harbor Equity Distressed Debt Fund 3 Co-Investment |
Special Situations |
2021 |
23.33% |
1 of 1 |
||
|
9 |
AAVIN Equity Advisors |
AAVIN Mezzanine Fund |
Corporate Lending |
2014 |
22.10% |
1 of 1 |
||
|
10 |
TCW Group |
TCW Special Credits Fund III |
Corporate Lending |
2009 |
21.70% |
2.07x |
1 of 1 |
|
|
11 |
Fortress Investment Group |
Fortress Credit Opportunities Fund (B) |
Special Situations |
2008 |
21.44% |
1.32x |
5 of 13 |
|
|
12 |
Hunter Street Partners |
Hunter Street Fund II |
Asset-Backed |
2022 |
21.30% |
1 of 1 |
||
|
13 |
Chatham Asset Management |
Chatham Asset Private Debt & Strategic Capital Fund III |
Special Situations |
2021 |
21.20% |
1.90x |
1 of 1 |
|
|
14 |
RSF Partners |
RSF Partners VII, L.P. |
Corporate Lending |
2017 |
20.10% |
2.00x |
1 of 2 |
|
|
15 |
SaaS Capital |
SaaS Ventures II, L.P. |
Diversified |
2020 |
20.00% |
1 of 1 |
||
|
16 |
AnaCap Financial Partners |
AnaCap Debt Opportunities Fund |
Special Situations |
2010 |
19.90% |
1.47x |
2 of 2 |
|
|
17 |
Hayfin Capital Management |
Hayfin Special Opportunities Fund III |
Special Situations |
2021 |
19.80% |
2 of 8 |
||
|
18 |
Ares Management |
Ares PA Opportunities Fund |
Special Situations |
2021 |
19.80% |
1.60x |
5 of 11 |
|
|
19 |
Strategic Value Partners |
SP Distressed LP |
Special Situations |
2022 |
19.60% |
1.89x |
5 of 6 |
|
|
20 |
Castlelake |
Castlelake Opportunistic Asset Solutions VI, L.P. |
Special Situations |
2022 |
19.38% |
1.30x |
2 of 4 |
|
|
21 |
FocusGrowth Asset Management |
FocusGrowth Co-Invest 2 |
Corporate Lending |
2022 |
19.30% |
1 of 2 |
||
|
22 |
Soho Square Capital |
Soho Square Partnership Capital Fund I |
Special Situations |
2021 |
19.00% |
1.80x |
0.50x |
1 of 1 |
|
23 |
HPS Investment Partners |
HPS Brickyard SLF |
Diversified |
2018 |
18.00% |
0.15x |
3 of 14 |
|
|
24 |
NorthWall Capital |
NorthWall European Opportunities Fund II |
Special Situations |
2022 |
18.00% |
1.33x |
2 of 4 |
|
|
25 |
Mount Kellett Capital Management |
MKCP CI TX, L.P. |
Special Situations |
2009 |
17.72% |
1.56x |
1 of 1 |
|
|
26 |
Adams Street Partners |
Adams Street Co-Investment Fund IV B LP |
Corporate Lending |
2018 |
17.69% |
6 of 10 |
||
|
27 |
Level Equity |
Level Structured Capital I |
Real Assets Debt |
2017 |
17.50% |
1.00x |
1 of 1 |
|
|
28 |
TowerBrook Capital Partners |
TowerBrook Structured Opportunities Fund II |
Special Situations |
2018 |
16.90% |
0.64x |
1 of 1 |
|
|
29 |
Octagon Credit Investors |
Octagon CLO Opp Fund III |
Diversified |
2018 |
16.80% |
1.22x |
1.22x |
2 of 2 |
|
30 |
Tiger Iron Capital |
Tiger Iron Special Opportunities Fund III |
Special Situations |
2022 |
16.80% |
1.26x |
1 of 1 |
|
|
31 |
Escalate Capital Partners |
Escalate Capital Partners SBIC III |
Corporate Lending |
2014 |
16.71% |
1.89x |
1 of 3 |
|
|
32 |
TA Associates |
TA Subordinated Debt Fund III |
Corporate Lending |
2009 |
16.70% |
1.98x |
1 of 1 |
|
|
33 |
Crescent Cove Advisors |
Crescent Cove Opportunity Fund |
Special Situations |
2019 |
16.63% |
1.51x |
0.10x |
1 of 2 |
|
34 |
Peninsula Capital Partners |
Peninsula Fund IV |
Special Situations |
2016 |
16.40% |
1 of 2 |
||
|
35 |
Glendon Capital Management |
Glendon Opportunities Fund II, L.P. Feeder B |
Real Assets Debt |
2017 |
16.34% |
1.86x |
1.19x |
1 of 2 |
|
36 |
Crestline Management |
Crestline Opportunity Fund V, L.P. |
Special Situations |
2022 |
16.30% |
1.27x |
1 of 2 |
|
|
37 |
Silver Rock Financial |
Silver Rock Lobo A |
Special Situations |
2022 |
15.90% |
1 of 6 |
||
|
38 |
Pemberton Asset Management |
Pemberton Mid-Market Debt Fund III |
Corporate Lending |
2020 |
15.87% |
1 of 6 |
||
|
39 |
Blackstone |
Blackstone Tactical Opportunities Fund III-C (Surge) L.P. |
Special Situations |
2019 |
15.80% |
1.60x |
3 of 15 |
|
|
40 |
Cross Ocean Partners |
Cross Ocean USD ESS Fund IV |
Special Situations |
2021 |
15.68% |
1.49x |
3 of 6 |
|
|
41 |
Arbour Lane Capital Management |
Arbour Lane Credit Opportunity Fund II |
Special Situations |
2018 |
15.60% |
1.23x |
0.94x |
2 of 3 |
|
42 |
Ardian |
ASF VII Pa Co-Invest |
Special Situations |
2016 |
15.40% |
1.80x |
1 of 2 |
|
|
43 |
Beach Point Capital Management |
BPC Opportunities Fund IV |
Corporate Lending |
2020 |
15.40% |
1.45x |
1 of 3 |
|
|
44 |
Partners For Growth |
PFG III |
Corporate Lending |
2010 |
15.20% |
1.56x |
1 of 4 |
|
|
45 |
ArrowMark Partners |
ArrowMark Project River |
Special Situations |
2021 |
15.20% |
1.40x |
3 of 5 |
|
|
46 |
Summit Partners |
Summit Subordinated Debt Fund III-B |
Corporate Lending |
2013 |
15.20% |
1 of 4 |
||
|
47 |
Sixth Street |
Sixth Street Specialty Lending Europe II |
Corporate Lending |
2020 |
15.10% |
1.33x |
2 of 5 |
|
|
48 |
TPG |
TPG Specialty Lending Fund |
Corporate Lending |
2011 |
15.00% |
1.38x |
2 of 4 |
|
|
49 |
Värde Partners |
Varde Fund IX |
Corporate Lending |
2008 |
14.97% |
2.18x |
1 of 1 |
|
|
50 |
H.I.G. Capital |
H.I.G Bayside Loan Opportunity Fund V |
Corporate Lending |
2019 |
14.80% |
1.86x |
0.77x |
2 of 2 |
Top-Quartile Funds shows how many of each manager's ranked funds landed in the top quartile. Blank TVPI and DPI cells were not reported.
Whether you are positioning your own fund or preparing for allocator diligence, the benchmarks show where the bar sits.
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