Quarterly IRRs returning to earth
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PE performance bounced back strongly following the pandemic, but that momentum appears to be slowing. PitchBook’s just-released Global Fund Performance Report estimates a 3.4% quarterly IRR return for Q3 2021, where the data is preliminary. If that holds as we process more data, Q3 2021 will be represent the lowest quarterly return since the pandemic began. In context, though, it’s worth noting how anomalous the past two years have been.