PitchBook Benchmarks leverage a differentiated data collection process that results in one of the most robust fund performance datasets in the market. Further, we're able to provide visibility into the underlying funds and metrics used to construct each benchmark. Every edition includes a range of performance statistics across PE, VC, debt, real assets, fund-of-funds and secondaries strategies. In this edition, our research analysts explore whether or not IRRs of more recent funds are being categorically inflated, whether through subscription credit lines or other means. In addition, the utility of IRR itself as a performance metric is also considered, given its particular weaknesses with regard to assessing private fund performance.