• Private markets often use IRR as a performance metric to measure returns over a fund’s life
• Quartiles break down the IRRs, ranked least to greatest, for each vintage year by 25% increments of each grouping
• Historically top quartile funds generate significantly higher returns than bottom quartile funds
• Returns during the Global Financial Crisis (GFC) are comparable to the expansionary period that follows, which demonstrates the private markets’ resilience in economic downturns
• 2018 and 2019 vintages are not included as these funds are still early in the investment period and performance results would not be meaningful

Learn more about IRR here.

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