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

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.