Fund Performance Benchmarks by Strategy

Performance benchmarking is fundamental to evaluating private markets investments. Without public market pricing, investors rely on reported IRR and multiple data to assess manager skill, strategy attractiveness, and vintage year dynamics. This report aggregates performance data from 13,220 fund commitments sourced from US public pension fund disclosures, providing median and quartile benchmarks across major strategies.

The data encompasses buyout, venture capital, growth equity, private credit, real estate, infrastructure, secondaries, and several niche strategies. By grouping related strategy labels into coherent categories, we provide a clearer view of relative performance across the private markets spectrum.

For GP stakes investors, these benchmarks provide essential context for evaluating target managers. A manager consistently delivering top-quartile returns commands higher valuation multiples and enjoys stronger fundraising momentum. Conversely, managers with below-median performance face headwinds that may create opportunities for GP stakes buyers willing to provide strategic capital alongside operational support.