Private Equity Performance by Vintage Year (2026 Benchmarks)

Data sourced from Joe, the private fund performance platform powered by Dakota. Learn More | Request Access

Private equity performance across vintage cohorts reveals a clear story of valuation discipline, macro adjustment, and long-term compounding. While mature pre-2020 vintages maintain steady cash generation, more recent cohorts highlight how shifting entry multiples and interest rate environments directly impact net returns.

To give institutional allocators a strategic view without revealing Joe’s full raw dataset, the snapshot below highlights key performance tiers across representative vintage periods.

All Private Equity — IRR Benchmark Highlights (1Q26 Data)

(Source: Joe, Powered by Dakota, All Private Equity IRR Benchmark · 1Q26)

Vintage Cohort	Median Net IRR	Top-Quartile Net IRR (75th Pct)	Top-Decile Net IRR (90th Pct)	Primary Performance Dynamics
2024	9.1%	23.5%	39.7%	Early-stage returns showing strong upside potential as entry valuations reset.
2023	14.4%	22.5%	33.6%	Robust early rebound driven by disciplined deal pricing and improved capital deployment.
2022	12.9%	20.0%	29.4%	Steady performance as funds navigate higher debt costs and holding periods.
2021	10.1%	15.5%	22.7%	Compressed returns reflecting peak entry valuation multiples during deployment.
2016 – 2020	13.7% – 15.6%	18.3% – 21.6%	24.4% – 31.9%	Seasoned cohorts delivering consistent double-digit median returns across market cycles.
2010 – 2015	12.2% – 15.1%	18.1% – 19.6%	22.3% – 26.6%	Fully mature vintages demonstrating steady long-term capital compounding and cash realization.

Key Takeaways from Dakota's 1Q26 Benchmark

The 2021 Valuation Compression: Funds deployed at the market peak in 2021 reflect noticeable compression, with median net IRR dipping to 10.1%. Elevated purchase price multiples during this deployment period present ongoing headwinds compared to surrounding years.
The 2023 Rebound: 2023 vintage funds show early strength with a median net IRR of 14.4% and a top-quartile threshold of 22.5%. Capital deployed following valuation adjustments is capitalizing on more attractive entry baselines.
Consistency in Pre-Pandemic Cohorts: Vintages raised between 2015 and 2020 exhibit remarkable consistency, maintaining median IRRs between 13.7% and 15.6%. These funds continue to anchor institutional portfolio returns.
Extreme Dispersion Highlights Manager Selection: Across nearly every vintage year, the spread between top-quartile and top-decile performers spans 10 to 15 percentage points. In 2024 alone, top-decile performers reached 39.7% net IRR compared to a 9.1% median, underscoring that GP selection remains the single largest determinant of private equity outperformance.

Access full position-level benchmarks, fund-by-fund metrics, and underlying LP disclosures across all vintage years inside Joe, Powered by Dakota. Request access of Joe, Powered by Dakota to explore complete holdings data and benchmark analytics.

CL Chris LeRoy, Director of Investment Research

Private Equity Performance by Vintage Year (2026 Benchmarks)

All Private Equity — IRR Benchmark Highlights (1Q26 Data)

Key Takeaways from Dakota's 1Q26 Benchmark

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