The British Venture Capital Association (BVCA) and National Association of Pension Funds (NAPF) welcomed the publication of private equity performance figures by Calpers, the world's largest pension fund.

Calpers, which has an alternative portfolio including private equity worth $7.7bn, lists on its website all its investments in private equity by fund and the year of the fund's vintage. The list also includes each fund's internal rate of return (IRR), a performance benchmark, and the absolute return expressed as a cash multiple. These figures are rarely disclosed publicly by an industry long accustomed to the veil of secrecy enshrouding private companies that do private deals.