Private Equity Performance by Vintage Year (2026 Benchmarks)

Written by Chris LeRoy, Director of Investment Research | Aug 28, 2026, 1:30:00 PM

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.

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