Data sourced from Dakota Private Markets, the private fund performance platform powered by Dakota. Learn More | Request Access
The median private real estate fund from the 2010 to 2021 vintages has returned a 7.02% net IRR, according to Dakota Private Markets Peer Groups as of Q2 2026. Getting into the top quartile takes 10.72%. Older funds lead: the median 2010 to 2013 fund sits at 10.12%, against 5.88% for funds from 2018 to 2021.
The bigger dividing line in real estate is at the bottom of the range, where a third-quartile fund has returned just over 2% a year. This post lays out the benchmarks private real estate managers are measured against, how they shift by vintage, and what that means for managers raising capital.
The Data
The figures come from Dakota Private Markets private real estate peer groups, vintages 2010 through 2021, as of Q2 2026.
The Benchmarks: What Top Quartile Takes
|
Metric
|
3rd Quartile
|
Median
|
1st Quartile
|
|
Net IRR
|
2.14%
|
7.02%
|
10.72%
|
|
TVPI
|
1.07x
|
1.27x
|
1.48x
|
|
DPI
|
0.34x
|
0.81x
|
1.37x
|
Source: Dakota Private Markets, private real estate peer groups, vintages 2010 to 2021, as of Q2 2026.
The median fund has returned about 0.8x its paid-in capital in cash, while a top-quartile fund has returned all of it and more. For a manager in market, those two lines are the ones allocators will hold a track record against.
Benchmarks by Vintage
|
Vintage Cohort
|
Median Net IRR
|
Median TVPI
|
Median DPI
|
|
2010 to 2013
|
10.12%
|
1.48x
|
1.38x
|
|
2014 to 2017
|
7.02%
|
1.30x
|
0.92x
|
|
2018 to 2021
|
5.88%
|
1.20x
|
0.36x
|
Source: Dakota Private Markets, private real estate peer groups, as of Q2 2026.
Older funds lead on every metric. The 2010 to 2013 funds have returned their capital and more in cash, while the median 2018 to 2021 fund has returned about a third of it so far. Newer funds have more time to close the gap, but their marks have not yet converted to distributions. A fund should be judged against its vintage peers, not the whole market.
The Bottom Quartile Sits Near Zero
A third-quartile real estate fund has returned 2.14% a year, with a TVPI of 1.07x, barely above the capital it called. The gap from third to first quartile is more than eight percentage points of net IRR, wider than in private credit, where it is under five. In real estate, staying out of the bottom quartile matters as much as reaching the top.
What This Means for Private Real Estate Managers Raising Capital
-
Know your quartile before allocators do. Benchmark each fund against its vintage peers, not the whole market.
-
Lead with DPI if you have it. The median fund has returned about 0.8x in cash. A track record with distributions above that line answers the question allocators ask first.
-
Show how your funds held up. With the bottom quartile close to break-even, allocators will look at how your weaker funds and deals performed, not just your best.
-
Show the multiple beside the IRR. An IRR without a TVPI and DPI leaves allocators guessing how much value has actually been realized.
See Fund-Level Performance in Dakota Private Markets
Dakota Private Markets shows fund-level net IRR, TVPI, DPI and quartile rank by vintage, so you can see exactly where your funds and your peers' funds stand.
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