Recent US buyout funds would have done better just buying the stock market US buyout returns minus the Russell 3000, by vintage: - About 9.7 points a year ahead for 2001-05 vintages - About 2.0 points a year ahead for 2006-20 vintages - Behind for every vintage since 2019 "Buyout has trailed public stocks while carrying far more debt. Over the last 10 years, US Buyout returned 14.5% a year, underperforming the Russell 3000. In contrast, US venture as a whole returned 17.6% a year over the same period (pooled across all funds), 2.3 points ahead of the Russell 3000. Unlevered." Full piece from a16z's Jen Kha: https://www.a16z.news/p/is-private-equity-cooked Not an offer or solicitation. None of the above should be taken as investment advice or an advertisement for investment services. Please see http://a16z.com/disclosures for more information.