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, we kick off a series exploring the various aspects of private market funds to help establish a thorough understanding of cash flow patterns, helping investors better understand how to manage a private market allocation. Highlights include:
- On average, PE funds call down about 5% of committed capital per quarter during the heart of the investment period, but the size of distributions can swing widely.
- When trying to anticipate capital calls, fund age and dry powder prove to be the most reliable indicators.
- Drawdown rates evolve throughout the market cycle, with PE funds calling capital more quickly during economic expansions.