The heat map below shows key metrics across private equity asset classes.
McKinsey & Company
1Average annual central bank interest rate: effective federal funds rate is used as a proxy for North America, China’s 1-year medium-term lending facility rate as a proxy for Asia, and European Central Bank’s main refinancing operations rate as a proxy for Europe.
2US values displayed under “Global” filter.
3Exits of private equity investments. PE investments include those made by PE investors as well as by some additional investor types into mature companies. Excludes venture capital.
4Capital calls in excess of distributions and PE-backed exits reported only for all PE.
5Median buyout entry multiples data reported only for global buyout. Buyout figures displayed for global all PE as proxy.
6Capital calls in excess of distributions, IRR, and median buyout entry multiples data as of Q3 2024.
7Limited partner PE target allocation data reported only for all global PE.
8A negative value indicates that distributions have exceeded contributions in such year.
Source: CEM Benchmarking; European Central Bank; Federal Reserve Bank of St. Louis; International Monetary Fund; MSCI; People’s Bank of China; PitchBook; Preqin; StepStone Group
Macro environment
General partners (GPs)
Limited partners (LPs)
Negative for PE industry
Positive for PE industry
2019
2020
2021
2022
2023
2024
2.2
0.4
0.1
1.7
5.0
5.1
3.5
3.3
4.7
8.6
6.7
5.8
2
–8
98
–22
–25
14
4
3
41
–5
–18
–13
–8
–11
54
–16
–6
–14
–20
32
102
–54
–4
8
10.0×
11.2×
11.8×
12.0×
11.2×
11.9×
13
–10
36
–7
–12
–24
6.1
6.3
6.8
7.5
8.2
8.3
25
23
3
20
23
–14
18
34
40
–8
6
4
Metric
Interest rate (%)1, 2
Global private equity (PE), all deal sizes
Inflation rate (%)
Deal value (% year-over-year [YOY] growth)
Deal count (% YOY growth)
PE-backed exit deal value (% YOY growth)3, 4
PE-backed exit deal count (% YOY growth)3, 4
Median buyout entry multiples (purchase price/EBITDA)5, 6
Fundraising of close-end commingled funds (% YOY growth)
LP private equity target allocation (%)7
Capital calls in excess of distributions (% of distributions)4, 6, 8
1-year pooled IRR for 2000−21 vintage funds (%)6
Tap to reveal metric labels
