But this is disingenuous (at best) marketing speak - the 25% IRR is blended over the entire fund.

LPs enter at different times into Fund 1, 2, 3, up to Fund 15 now. As an LP, your specific fund that you entered primarily determines your returns (depends on structure, there can be some blending). If Fund 13 invested into a bunch of failing businesses that group gets hurt massively.

So while 25% IRR is very fantastic, that's not the full story. There are specific Fund numbers that are getting great returns and others absolutely bleeding.

You would normally break out the IRR per individual fund for performance analysis. Blending it will hide variance (which usually is tremendous and may cause a single well performing investment in fund 1 to optically lift up everything else when in fact it doesn't matter at all except to those LPs that invested in fund 1).

IRR doesn't mean a thing though, money returned over the run-time of a fund is a much better metric to figure out if LPs are going to be happy or not. A high IRR can still result in very little money returned because it all depends on whether or not the valuation metrics used to compute the IRR were accurate and whether the value created according to the IRR can be captured or not.