PE Returns and Investor Access to Funds?

This announcement is in reference to the overall fund return, which accounts for all of the investments in the portfolio. So, the fund generated a likely 3.0x gross return (multiple of invested capital) and a 36% gross IRR. 

This IRR is the since inception return of the fund. Distributions likely began as soon as the fund exited its first investment (assume no recycling of proceeds). PE investments are held generally held for 3-7 years (or longer as demonstrated in this case), so there are distribution being returned to LPs through the life of the fund, though typically distributions are weighted toward the latter half of the fund's life (generally 10 years + extensions). 

So is this performance good? That depends. The 3x and 36% returns are gross. These returns do not factor in the management fee (generally 1.5% to 2.5%) or carried interest (~20%). Versus the S&P, its possible that this fund underperformed. But we'd need to know more--what was the fund's mandate? If private equity energy, for example, that performance would be quite strong, outperforming the S&P 500 Energy public market equivalent and absolute smoking the relative benchmark (CA or Preqin Natural Resources). If this a tech-focused buyout firm, then you might view the performance as in line with the market or maybe a bit disappointing.