Data sourced from Joe, the private fund performance platform powered by Dakota. Learn More | Request Access
The median private equity fund is returning 1.53x invested capital. Venture capital sits at 1.41x. Real assets at 1.33x. Private credit, the most mature and income-driven of the four, trails at 1.28x. Those are the current median TVPI figures across four private markets strategies, drawn from fund-level performance data on Joe, the private fund performance platform powered by Dakota.
The gap between private equity and private credit is not a surprise on its own; equity strategies carry more upside by design. What's useful for fund managers is seeing where a specific fund sits relative to its strategy's full distribution, not just the median, and understanding what that position actually signals to an allocator running diligence.
In this blog, we're discussing median and quartile TVPI benchmarks across private equity, venture capital, real assets, and private credit, and what a fund's position in that distribution actually signals to an allocator running diligence. By the end, you'll know how to benchmark your own fund against the right band, and where TVPI matters less than DPI or yield.
Median TVPI by Strategy
|
Strategy
|
Median TVPI
|
Sample Size
|
As of Date
|
|
Private Equity
|
1.53x
|
1,020 funds
|
Q1-Q2 2026
|
|
Venture Capital
|
1.41x
|
159 funds
|
Q1-Q2 2026
|
|
Real Assets
|
1.33x
|
193 funds
|
Q1-Q2 2026
|
|
Private Credit
|
1.28x
|
385 funds
|
Q1-Q2 2026
|
Source: Joe, private fund performance platform powered by Dakota (Q1-Q2 2026).
These medians are blended across all vintage years within each strategy rather than isolated to a single vintage cohort. A fund's TVPI mechanically rises with age as capital gets called and marked up, so a strategy with a higher share of mature, older funds in its sample will show a higher blended median than one weighted toward recent vintages. Venture capital's sample, at 159 funds, is also thinner than private equity's 1,020, which is worth keeping in mind when treating the VC figure as a stable benchmark.
The quartile spread tells a more complete story than the median alone:
|
Strategy
|
Max TVPI
|
1st Quartile
|
Median
|
3rd Quartile
|
Min TVPI
|
|
Private Equity
|
5.57x
|
1.91x
|
1.53x
|
1.23x
|
0.00x
|
|
Venture Capital
|
4.61x
|
1.89x
|
1.41x
|
1.16x
|
0.00x
|
|
Real Assets
|
3.83x
|
1.60x
|
1.33x
|
1.09x
|
0.50x
|
|
Private Credit
|
9.33x
|
1.47x
|
1.28x
|
1.12x
|
0.10x
|
Private credit's max outlier of 9.33x sits well above every other strategy's ceiling, a reminder that headline max/min figures in a pooled dataset often reflect a single fund's unusual structure or vintage rather than the strategy's typical range. The 1st-to-3rd quartile band is the more reliable read on where a "good" fund in each strategy actually sits.
See exactly where your own fund lands, not just the strategy-wide quartile. Joe tracks TVPI, DPI, and net IRR across 1,000+ named private equity funds and 700+ across venture capital, real assets, and private credit, filterable by vintage year and strategy. Request access to check your fund's exact quartile.
What This Means for Fund Managers
Private equity funds above 1.91x TVPI are in top-quartile territory against this sample. A fund sitting at or below 1.23x is in bottom-quartile, which matters for how a manager should frame their track record in a pitch: leading with TVPI alone invites an allocator to place the fund in a distribution the manager didn't choose to show.
Venture capital's wider spread (0.00x min to 4.61x max) reflects the strategy's binary outcome profile more than benchmark instability. A VC fund with a below-median TVPI several years into its life isn't necessarily underperforming; it may simply not have realized its outlier winner yet. Fund managers raising a new vintage should be prepared to address where their prior fund sits in this distribution and why, particularly if it's below the 1.41x median.
Private credit's tighter band (0.10x to 9.33x, but with 1st-to-3rd quartile clustered between 1.12x and 1.47x) is consistent with an income-generating strategy: most funds cluster near a modest multiple, and the strategy's appeal to allocators is capital preservation and cash yield rather than multiple expansion. A private credit manager pitching primarily on TVPI is arguing the wrong point; DPI and current yield are the more relevant figures for this strategy.
How Fund Managers Should Use This Data
- Benchmark your fund's TVPI against the correct quartile band for your strategy, not against another asset class's distribution.
- When your fund's TVPI sits below median, lead the conversation with DPI and cash-on-cash returns rather than letting an allocator anchor on TVPI alone.
- For private credit specifically, position around yield and capital preservation; TVPI is a secondary metric for this strategy.
- Track your fund series' TVPI trajectory vintage over vintage. A single point-in-time figure without that trend tells an allocator less than it should.
- Confirm which vintage years and as-of date any benchmark you cite is drawn from. A blended, all-vintage median (like the one above) is a different claim than a same-vintage cohort comparison, and allocators doing real diligence will ask which one you're using.
Get the Underlying Fund-Level Data
Filter by strategy, vintage year, and TVPI rank to see exactly which named funds sit in each quartile, not just the aggregate. This data connects directly to Dakota's broader GP and allocator relationship graph, so a performance number sits next to the firm context behind it.
For more information on Joe, request access.
