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