The Pulse of Private Equity – 6/29/2026

Share of PE IRR distribution by TEV size bucket (weighted by invested capital)

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Source: SPI by StepStone / Geography: US / As of December 31, 2025

Pooled IRRs for recent middle-market vintages have compressed alongside the broader cycle. The 2021 vintage stands at 13% pooled and the 2022 vintage at 11.5%.