The heat map below shows key metrics across private equity asset classes.
McKinsey & Company
Note: Deal size filter only affects deal value, deal count, PE-backed exit deal value, and PE-backed exit deal count metrics. “>500 M” reported only for PE (all), buyout, and growth.
1Central Bank policy rate, end of period; United States’ is used as a proxy for North America, China’s is used as a proxy for Asia, and Eurozone’s is used as a proxy for Europe.
2US values displayed under “global” filter.
3Exits of PE investments. PE investments include both those made by PE investors and investments made by some additional investor types into mature companies. Excludes venture capital.
4PE-backed exits reported only for all PE.
5Median entry multiples data reported only globally. Buyout figures displayed for buyout. Multiples across all PE deal types displayed are for all PE.
6Capital calls in excess of distributions, internal rate of return (IRR), and median buyout entry multiples data as of Q3 2025. A negative value for capital calls in excess of distributions indicates that distributions have exceeded contributions in such year.
7LP effective allocations data reported only for all global PE.
Source: CEM Benchmarking; International Monetary Fund; MSCI; Oxford Economics; PitchBook; Preqin; StepStone
Macro environment
General partners (GPs)
Limited partners (LPs)
Negative for PE industry
Positive for PE industry
2020
2021
2022
2023
2024
2025
0.1
0.1
4.4
5.4
4.4
3.9
3.3
4.7
8.7
6.7
5.8
4.2
–5
91
–22
–24
20
19
4
41
–5
–15
–4
–9
32
101
–53
–8
20
41
–10
54
–15
–6
5
–15
11.3×
12.2×
12.1×
11.2×
12.0×
12.3×
–11
40
–3
–7
–21
–17
7
7
8
10
10
10
22
12
24
33
3
–6
34
40
–8
6
5
8
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 effective allocation (%)7
Capital calls in excess of distributions (% of distributions)6
1-year pooled IRR for 2000−21 vintage funds (%)6
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