Key Takeaways
- • Dakota's Q1 2026 private markets benchmarks show private credit posted the highest median DPI among five asset classes in the 2018 through 2022 vintages, reaching 0.47x in 2020 versus 0.30x for private equity and 0.20x for venture capital.
- • Median private equity DPI falls to 0.16x for 2021 funds and 0.09x for 2022 funds, down from 0.48x for 2019 funds, indicating limited cash returned to investors from recent vintages.
- • Venture capital shows the widest dispersion, with a 2014 median of 2.09x against 0.15x for the 2018 vintage, underscoring the dependence on exit timing.
- • Private real estate and real assets and infrastructure have generally returned capital more slowly than private credit and venture capital in recent vintages, with 2021 medians of 0.22x and 0.12x respectively.
- • Dakota recommends evaluating DPI alongside Net IRR and TVPI and comparing funds only against peers of the same asset class, strategy and vintage year.
Summary
Distributions have become a central measure in private markets. According to Dakota Private Markets, DPI shows how much capital has actually been returned to investors, while Net IRR and TVPI reflect paper performance. Dakota's benchmarks as of the first quarter of 2026 show meaningful differences in distribution pace across asset classes. Private credit has generated the highest median DPI in most recent comparable vintages, while private equity, venture capital, private real estate, and real assets and infrastructure have generally returned capital more slowly.
The gap is clearest in the 2020 vintage, where the median private credit fund had distributed 0.47x of paid-in capital, compared with 0.30x for private equity, 0.20x for venture capital, 0.12x for private real estate and 0.16x for real assets and infrastructure. Dakota attributes this to the contractual cash yield and shorter duration of many credit strategies, which has kept private credit attractive to investors seeking current income during a slower exit environment.
Private equity distributions remain limited for post-2019 vintages. Median private equity DPI declines from 0.48x for 2019 funds to 0.30x for 2020 funds, 0.16x for 2021 funds and 0.09x for 2022 funds. Dakota notes that this does not necessarily signal underperformance, since recent vintages are still developing and DPI should be read alongside TVPI and Net IRR. The data nonetheless highlights the liquidity challenge facing investors that committed heavily during the 2020-2022 fundraising cycle.
Venture capital shows the greatest variation by vintage. The 2014 median reached 2.09x, while the 2018 median was 0.15x. Dakota says venture outcomes depend heavily on exit timing and a small number of large realizations, making vintage selection especially important. Private real estate and real assets generally sit between private credit and venture capital in recent vintages, though results vary by year. For 2019 funds, median DPI was 0.24x in private real estate and 0.49x in real assets and infrastructure; by 2021 these figures were 0.22x and 0.12x. Dakota links these patterns to the timing and structure of property, infrastructure and energy realizations, noting that income may support interim distributions while full capital return often depends on asset sales or refinancing.
Dakota advises that DPI should be compared against peers of the same asset class, strategy and vintage year, and reviewed alongside Net IRR and TVPI, since a fund with strong TVPI but below-median DPI may still hold meaningful unrealized value.
The gap is clearest in the 2020 vintage, where the median private credit fund had distributed 0.47x of paid-in capital, compared with 0.30x for private equity, 0.20x for venture capital, 0.12x for private real estate and 0.16x for real assets and infrastructure. Dakota attributes this to the contractual cash yield and shorter duration of many credit strategies, which has kept private credit attractive to investors seeking current income during a slower exit environment.
Private equity distributions remain limited for post-2019 vintages. Median private equity DPI declines from 0.48x for 2019 funds to 0.30x for 2020 funds, 0.16x for 2021 funds and 0.09x for 2022 funds. Dakota notes that this does not necessarily signal underperformance, since recent vintages are still developing and DPI should be read alongside TVPI and Net IRR. The data nonetheless highlights the liquidity challenge facing investors that committed heavily during the 2020-2022 fundraising cycle.
Venture capital shows the greatest variation by vintage. The 2014 median reached 2.09x, while the 2018 median was 0.15x. Dakota says venture outcomes depend heavily on exit timing and a small number of large realizations, making vintage selection especially important. Private real estate and real assets generally sit between private credit and venture capital in recent vintages, though results vary by year. For 2019 funds, median DPI was 0.24x in private real estate and 0.49x in real assets and infrastructure; by 2021 these figures were 0.22x and 0.12x. Dakota links these patterns to the timing and structure of property, infrastructure and energy realizations, noting that income may support interim distributions while full capital return often depends on asset sales or refinancing.
Dakota advises that DPI should be compared against peers of the same asset class, strategy and vintage year, and reviewed alongside Net IRR and TVPI, since a fund with strong TVPI but below-median DPI may still hold meaningful unrealized value.
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