---
title: "Private Equity Returns Reference"
description: "Historical private equity returns by strategy and vintage year compared to public equity benchmarks, including IRR and PME data."
canonical: https://www.getswoopr.com/tables/alternatives/private-equity-returns-reference/
source: "Swoopr Investment: https://www.getswoopr.com"
---

## Direct Answer



> U.S. buyout private equity has returned approximately 13-15% IRR annually over the past 20 years, outperforming the S&P 500 by about 3-5 percentage points on a PME (Public Market Equivalent) basis, though this premium is partly explained by illiquidity, leverage, and selection bias.







# Private Equity Returns Reference



By [Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/) · Published September 17, 2026 · *AI-assisted research, editorially reviewed.*





## Private Equity Returns by Strategy (20-Year Averages through 2024)



| Strategy | Median IRR | Top Quartile IRR | PME vs S&P 500 | Typical Hold Period | Min Investment |
| --- | --- | --- | --- | --- | --- |
| Large Buyout | 13-15% | 20-25% | 1.1-1.2x | 4-6 years | $5M-$25M+ |
| Mid-Market Buyout | 14-17% | 22-28% | 1.15-1.25x | 3-5 years | $250K-$5M |
| Venture Capital (all) | 10-14% | 25-40% | 1.0-1.2x | 7-10 years | $100K-$1M+ |
| Early-Stage VC | 12-20% | 35-60% | 1.1-1.4x | 8-12 years | $25K-$500K |
| Growth Equity | 14-16% | 20-26% | 1.1-1.2x | 3-5 years | $500K-$5M |
| Distressed/Special Sit. | 11-14% | 18-23% | 0.9-1.1x | 2-4 years | $1M+ |
| Real Assets (PE) | 10-13% | 16-20% | 0.95-1.1x | 5-8 years | $250K+ |
| Fund of Funds | 9-12% | 14-18% | 0.95-1.05x | 5-10 years | $100K-$500K |



Source: [Cambridge Associates](https://www.cambridgeassociates.com/) Private Equity & Venture Capital benchmarks; [Preqin](https://www.preqin.com/). Last verified: September 2026.







## Frequently Asked Questions


### How do you measure private equity returns?

Private equity uses IRR (Internal Rate of Return), which accounts for the timing of cash flows (capital calls and distributions), and TVPI (Total Value Paid-In), which measures total value created including unrealized gains. PME (Public Market Equivalent) compares PE returns to what you would have earned investing the same cash flows in a public index.


### How much does private equity outperform public markets?

Over long periods, top-quartile PE funds have consistently outperformed public equities by 3-7 percentage points annually. Median PE returns have outperformed by about 1-3 points. However, the outperformance is uncertain, requires long lockups (7-12 years), and is concentrated in top quartile funds that are difficult to access.


### How can individual investors access private equity?

Historically restricted to institutions and ultra-high-net-worth investors, PE access has broadened through interval funds (e.g., Hamilton Lane, iCapital), PE ETFs of listed PE firms (KKR, Blackstone, Apollo), and direct co-investment platforms. These vehicles carry their own fees and liquidity constraints distinct from direct fund investments.







## Cite This Page



If you reference this table in your own work, use the following citation format and add the date you accessed it:



> Swoopr Editorial Team. (2026). *Private Equity Returns Reference*. Swoopr Investment. [https://www.getswoopr.com/tables/alternatives/private-equity-returns-reference/](https://www.getswoopr.com/tables/alternatives/private-equity-returns-reference/)



Check the figures against the primary sources listed under References before you rely on or republish them; the series they come from are revised.







## References



- [Cambridge Associates: Private Equity Benchmarks](https://www.cambridgeassociates.com/)
- [Preqin: Global Private Equity Data](https://www.preqin.com/)
- [NVCA: National Venture Capital Association Yearbook](https://nvca.org/)