PitchBook Analyst Note: Behind the J-Curve

Which PE segments are trailing behind historical J-curves?

High interest rates and a stalled exit environment are testing recent fund vintages, putting pressure on how their J-curves are tracking against historical ones. But not all PE segments have been equally affected, PitchBook analyst Juliet Clemens explains in her latest note.

Across PE strategies and fund sizes, recent vintage cash flow pathways vary depending on segment-specific factors and respective exposure to overvalued assets in 2021. Generalist funds have also outperformed their specialist peers, with healthcare and IT buyout funds suffering more than most from low exits.