The IR data room
The numbers that shape your LP conversations
Fundraising, dry powder, time to close, LP allocation plans and the return environment — the private-markets data an IR professional actually reaches for, each figure with its named source.
Regional data rooms
Your region's market at a glance
The global numbers set the scene, but LP meetings happen region by region. Each regional room carries the fundraising, deployment, exit and LP-landscape figures from that market's own named sources.
Private equity, France
€42.9bn raised in 2025
France Invest / Grant Thornton
Open the France data room
Private equity, DACH
€11.3bn invested in Germany, 2024
BVK-Statistik
Open the DACH data room
Private equity, United Kingdom
£58.7bn raised by UK funds, 2025
UK Private Capital
Open the United Kingdom data room
Private equity, The Nordics
€66bn invested in 2025
PitchBook
Open the The Nordics data room
Global PE fundraising, 2025
$490.8bn
Down for a fourth consecutive year, and concentrated in fewer, larger funds.
S&P Global Market Intelligence / Preqin · 2025
Closed-end private capital dry powder
$4.63tn
Up 4.6% from year-end 2024 — capital waiting to be deployed competes for deals.
PitchBook · Q2 2025
Median time to close a PE fund
12.2 months
Faster than 2024's 16.7 months, but first-time funds in Europe still took 21.6.
PitchBook · 2025
LPs maintaining or raising PE allocations
~70%
Of 300 surveyed global LPs planning 2026 pacing — the demand base is intact.
McKinsey Global Private Markets Report · Jan 2026
Fundraising
A narrower door for funds raising capital
US PE funds at final close, by year
count of funds
327 US PE funds reached final close in 2025 — the lowest count since 2013 and under one-third of the 2022 peak. The 2025 capital total, $278bn, was the lowest since 2020.
Source: PitchBook, 2025 Annual US PE Breakdown (Jan 2026)
Median time to close, US PE funds (months)
months
First-time funds in Europe took a median 21.6 months to close in 2025, up from 19.6 in 2024. Across all private capital, average time to close rose from 16 months (2020) to 25 months (July 2025) globally.
Source: PitchBook; Preqin
| Where the capital went, 2025 | Figure | Read |
|---|---|---|
| Share of US PE capital taken by mega-funds ($5bn+) | 49.2% | Highest since 2008 — mid-market competes hardest for attention |
| US PE funds $100m–$5bn, total raised | $138.3bn | Their worst year since 2018 |
| Share of global PE capital raised by funds under $500m | 13% | Down from 17% five years earlier |
| Share of committed capital going to the 100 largest funds | >50% | Vs just over a third in 2021 |
| Secondaries share of PE fundraising (Q1–Q3 2025) | 15% | Nearly double the five-year average |
| First-time PE funds at final close globally | 48 | The lowest total since 2010 |
| First-time managers in Europe, capital raised (9 months) | €2.3bn | A narrow door — positioning decides who gets through |
Source: Preqin, State of Private Capital Fundraising in 2025 · PitchBook 2025 Annual US PE Breakdown · McKinsey Global Private Markets Report 2026 · Bain Global PE Report 2026
LP behavior
What allocators are telling surveyors
| What LPs said | Figure | Source |
|---|---|---|
| Planning to maintain or increase PE allocations in 2026 | ~70% | McKinsey (300 LPs, Jan 2026) |
| Planning to invest more in PE in 2026 | 38% | PEI LP Perspectives 2026 (103 LPs) — down from 45% |
| Expecting to allocate to new managers in 2025 | 54% | Adams Street 2025 survey — lowest in five years |
| Planning to increase co-investment allocations over 5 years | 88% | Adams Street 2025 survey — up to 20% of capital |
| Effective LP allocation to private equity | ~10% | McKinsey, citing CEM Benchmarking (2025) |
| Metric now tied with MOIC behind only IRR for LPs | DPI | McKinsey (300 LPs, Jan 2026) |
Source: McKinsey Global Private Markets Report 2026 · PEI LP Perspectives 2026 · Adams Street Partners 2025 Global Investor Survey
Returns & liquidity
The environment your LP letters describe
| The return environment, 2025 | Figure | Read |
|---|---|---|
| Global buyout-backed exit value | $717bn (+47%) | The liquidity window opened — LP letters finally have good news to carry |
| Global buyout deal value | $904bn (+44%) | 13 megabuyouts of $10bn+ drove $274bn of the gain |
| Distributions as share of NAV | <15% | Below 15% for four consecutive years — an industry record; LPs feel it |
| DPI as share of total PE AUM (12 months) | 6% | Vs a 16% 2015–19 average — DPI is the number LPs now open first |
| Median buyout entry multiple | 11.8x EBITDA | Up from 11.3x in 2024 — reentry pricing matters in every LP meeting |
| Capital calls vs distributions | −6% | Distributions nearly matched calls in 2025, vs a 33% gap at the 2021–22 peak |
Source: Bain & Company, Global PE Report 2026 · McKinsey Global Private Markets Report 2026
IR practice
Benchmarks for the craft itself
ILPA Reporting Template
Q1 2026
The updated template applies to funds in investment period during Q1 2026 or commencing operations on or after 1 January 2026 — replacing the 2016 template. If your quarterly reporting is not aligned yet, it is now visible to LPs.
ILPA Quarterly Reporting Standards Initiative
Funds I & II beat the median
~60%
Of the time, vs about 50% for funds IV and beyond. The LP-side case for backing emerging managers — useful ammunition in your own LP conversations.
StepStone Group
LP sentiment reference
ILPA survey
The ILPA LP Sentiment Survey covers reporting and communication expectations, staffing and allocation plans — the closest thing to a public benchmark for IR practice.
ILPA LP Sentiment Survey 2025–2026
Figures are quoted from the named public sources for information only and were current at the dates shown. Verify against the original publication before using any number in fund materials.
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