In Episode 24 of the Dakota Research Podcast, we examine how private markets have evolved from a “satellite” allocation to a core component of institutional and family office portfolios—and why performance dispersion now matters more than ever.

We break down how allocators should evaluate private fund performance across private equity, venture capital, private credit, real estate, and real assets. The discussion covers why headline IRRs can be misleading, how cash-flow timing distorts results, and why many investors are placing greater emphasis on multiples such as TVPI and DPI.

The episode also dives into the critical role of vintage year in shaping outcomes. We explore why recession and early-recovery vintages have historically produced stronger results, why late-cycle funds often struggle, and how timing can matter just as much as manager selection—particularly in venture capital and private equity.

Finally, we discuss why benchmarking private funds is so difficult in practice. With fragmented data, inconsistent reporting, and opaque peer groups, comparing performance without proper context can lead to false conclusions. In today’s environment—where exits are slower and median performance has compressed—accurate, vintage-aware benchmarking has never been more important.

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