Vintage Cohorts
🛡️ Public data only — no PHI permitted on this instance.
About this page
Per-vintage cohort roll-up: deployed capital, NAV, distributions, DPI/RVPI/TVPI, net and gross IRR, plus Cambridge-Associates benchmark quartile and the macro/rate regime for each vintage year.
Source: data_public/vintage_cohorts.py; Cambridge Associates US PE benchmarks.
Vintage Cohort Performance Tracker
11 vintages · $34.15B deployed · 1.00x aggregate DPI · 1.82x aggregate TVPI · 7/11 top-half Cambridge Associates — 1,705 corpus deals
Vintages
11
Total Deployed
$34.15B
Portfolio DPI
1.00x
Portfolio TVPI
1.82x
Best Vintage
2015
Worst Vintage
2025
Sector Cohorts
17
Corpus Deals
1,705
Vintage Cohort Performance
| Vintage | Deals | Deployed ($M) | NAV ($M) | Distributed ($M) | DPI | RVPI | TVPI | Net IRR | Gross IRR | Benchmark TVPI | Quartile |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2015 | 8 | $1,850.0M | $285.0M | $4,685.0M | 2.53x | 0.15x | 2.69x | 19.5% | 22.8% | 2.10x | Q1 |
| 2016 | 9 | $2,250.0M | $425.0M | $5,085.0M | 2.26x | 0.19x | 2.45x | 17.8% | 20.5% | 2.05x | Q1 |
| 2017 | 11 | $2,650.0M | $625.0M | $5,450.0M | 2.06x | 0.24x | 2.29x | 16.8% | 19.5% | 1.95x | Q2 |
| 2018 | 13 | $3,250.0M | $1,285.0M | $5,935.0M | 1.83x | 0.40x | 2.22x | 17.2% | 19.8% | 1.85x | Q1 |
| 2019 | 15 | $3,850.0M | $2,485.0M | $5,985.0M | 1.55x | 0.65x | 2.20x | 16.5% | 18.5% | 1.85x | Q1 |
| 2020 | 14 | $3,550.0M | $3,250.0M | $3,985.0M | 1.12x | 0.92x | 2.04x | 15.2% | 17.5% | 1.75x | Q2 |
| 2021 | 17 | $4,850.0M | $5,485.0M | $2,385.0M | 0.49x | 1.13x | 1.62x | 12.5% | 14.8% | 1.65x | Q2 |
| 2022 | 15 | $4,250.0M | $5,250.0M | $625.0M | 0.15x | 1.24x | 1.38x | 11.0% | 13.5% | 1.40x | Q3 |
| 2023 | 12 | $3,450.0M | $4,125.0M | $125.0M | 0.04x | 1.20x | 1.23x | 9.5% | 12.0% | 1.15x | Q3 |
| 2024 | 9 | $2,650.0M | $2,925.0M | $0.0M | 0.00x | 1.10x | 1.10x | 7.5% | 10.5% | 0.95x | Q— |
| 2025 | 5 | $1,550.0M | $1,625.0M | $0.0M | 0.00x | 1.05x | 1.05x | 5.5% | 8.5% | 0.60x | Q— |
Sector × Vintage Performance
| Sector | Vintage | Deals | Deployed ($M) | Current TVPI | Realized ($M) | Best Deal | Best MOIC |
|---|---|---|---|---|---|---|---|
| Gastroenterology | 2018 | 3 | $545.0M | 2.58x | $1225.0M | Project Oak — GI Network | 3.00x |
| Gastroenterology | 2019 | 4 | $725.0M | 2.38x | $1045.0M | Project Cypress (legacy) | 2.75x |
| Gastroenterology | 2021 | 2 | $485.0M | 1.75x | $0.0M | Project Cypress — GI Network | 1.75x |
| MSK / Ortho | 2019 | 3 | $585.0M | 2.42x | $985.0M | Project Pine — MSK | 2.50x |
| MSK / Ortho | 2020 | 2 | $425.0M | 1.95x | $285.0M | Project Summit — Ortho | 2.10x |
| MSK / Ortho | 2022 | 3 | $685.0M | 1.55x | $0.0M | Project Magnolia — MSK Platform | 1.55x |
| Dermatology | 2018 | 3 | $425.0M | 2.65x | $812.0M | Project Birch — Derma | 2.85x |
| Dermatology | 2023 | 2 | $325.0M | 1.45x | $0.0M | Project Laurel — Derma | 1.45x |
| Cardiology | 2019 | 2 | $385.0M | 2.28x | $625.0M | Project Maple1 — Cardiology | 2.40x |
| Cardiology | 2021 | 2 | $485.0M | 1.85x | $0.0M | Project Cedar — Cardiology | 1.85x |
| RCM / HCIT | 2019 | 2 | $195.0M | 3.45x | $585.0M | Project Elm — RCM SaaS | 3.60x |
| RCM / HCIT | 2021 | 1 | $285.0M | 2.18x | $0.0M | Project Oak — RCM SaaS (continuation) | 2.18x |
| Fertility / IVF | 2020 | 2 | $325.0M | 2.25x | $225.0M | Project Cedar1 — Fertility | 2.50x |
| Fertility / IVF | 2022 | 2 | $385.0M | 1.55x | $0.0M | Project Willow — Fertility | 1.55x |
| Home Health | 2019 | 2 | $285.0M | 2.18x | $485.0M | Project Hawthorn — Home Health | 2.30x |
| Behavioral Health | 2020 | 2 | $245.0M | 1.82x | $126.0M | Project Birch — Behavioral | 2.10x |
| Behavioral Health | 2022 | 2 | $385.0M | 1.42x | $0.0M | Project Redwood — Behavioral | 1.42x |
Hold Period Trends
| Vintage | Median Hold (y) | Earliest Exit | Latest Exit | Hold Target | Exits Complete | Exits Pending |
|---|---|---|---|---|---|---|
| 2015 | 5.5 | 4.2 | 7.8 | 5.0 | 7 | 1 |
| 2016 | 5.8 | 4.5 | 7.5 | 5.0 | 8 | 1 |
| 2017 | 5.8 | 4.8 | 7.2 | 5.0 | 9 | 2 |
| 2018 | 6.2 | 5.0 | 8.0 | 5.0 | 8 | 5 |
| 2019 | 6.5 | 5.2 | 7.8 | 5.0 | 6 | 9 |
| 2020 | 5.8 | 4.2 | 7.5 | 5.0 | 4 | 10 |
| 2021 | 4.5 | 3.5 | 5.8 | 5.0 | 2 | 15 |
| 2022 | 3.5 | 2.5 | 4.5 | 5.0 | 1 | 14 |
| 2023 | 2.5 | 2.0 | 3.2 | 5.0 | 0 | 12 |
Exit Mix by Vintage
| Vintage | Strategic | Secondary Buyout | Continuation | IPO | Recap | Total Exits | Median Multiple |
|---|---|---|---|---|---|---|---|
| 2015 | 4 | 2 | 1 | 1 | 0 | 8 | 2.68x |
| 2016 | 4 | 3 | 1 | 1 | 0 | 9 | 2.45x |
| 2017 | 5 | 3 | 1 | 1 | 1 | 11 | 2.32x |
| 2018 | 4 | 3 | 1 | 0 | 0 | 8 | 2.42x |
| 2019 | 2 | 2 | 1 | 0 | 1 | 6 | 2.55x |
| 2020 | 1 | 2 | 1 | 0 | 0 | 4 | 2.10x |
| 2021 | 0 | 1 | 1 | 0 | 0 | 2 | 1.85x |
| 2022 | 0 | 0 | 1 | 0 | 0 | 1 | 1.65x |
| 2023 | 0 | 0 | 0 | 0 | 0 | 0 | 0.00x |
Market Environment by Vintage
| Vintage | 10Y Yield | HC PE SOFR+ (bps) | Entry × | Leverage | Fed Regime | Overlay |
|---|---|---|---|---|---|---|
| 2015 | 2.15% | 425 | 11.8x | 5.5x | ZIRP | Low rates, competitive middle-market, healthcare rollup wave |
| 2016 | 2.45% | 450 | 12.2x | 5.8x | slow tightening | Mid-cycle; derma/ortho/ophtho rollup saturation |
| 2017 | 2.35% | 475 | 12.5x | 5.5x | continued tightening | Trump tax reform tailwind; corp tax rate cut |
| 2018 | 2.90% | 500 | 13.2x | 5.8x | Fed tightening peak | COVID not yet; peak cycle multiples |
| 2019 | 1.85% | 475 | 13.8x | 5.5x | easing cycle | Rate cuts; continued M&A activity |
| 2020 | 0.92% | 425 | 14.5x | 5.2x | emergency stimulus (COVID) | COVID disruption; defensive PE allocation |
| 2021 | 1.42% | 400 | 16.8x | 5.5x | stimulus bubble | Peak valuations; record deployment; high-competition |
| 2022 | 3.85% | 500 | 14.2x | 5.8x | aggressive tightening | Fed hiking + inflation shock; multiple compression |
| 2023 | 3.95% | 525 | 13.5x | 5.5x | higher-for-longer | Deal slowdown; valuation reset |
| 2024 | 4.15% | 500 | 13.8x | 5.5x | peak rates | Deal flow recovering; normalized market |
| 2025 | 3.85% | 485 | 13.8x | 5.5x | easing cycle | Rate cuts beginning; deal flow accelerating |
Deployment Pacing vs Plan
| Vintage | Target ($M) | Actual ($M) | Rate | Deals in Market | Deals Closed | Missed Deals |
|---|---|---|---|---|---|---|
| 2019 | $3,500.0M | $3,850.0M | 110% | 145 | 15 | 3 |
| 2020 | $3,500.0M | $3,550.0M | 101% | 128 | 14 | 5 |
| 2021 | $4,500.0M | $4,850.0M | 108% | 185 | 17 | 8 |
| 2022 | $4,500.0M | $4,250.0M | 94% | 165 | 15 | 4 |
| 2023 | $4,000.0M | $3,450.0M | 86% | 152 | 12 | 6 |
| 2024 | $3,500.0M | $2,650.0M | 76% | 118 | 9 | 3 |
| 2025 | $3,000.0M | $1,550.0M | 52% | 78 | 5 | 2 |
Vintage Cohort Summary: $34.15B deployed across 11 vintages — 7 cohorts top-half of Cambridge Associates healthcare buyout benchmarks.
Vintage 2015 leads at 2.69x TVPI / 19.5% net IRR — healthcare rollup wave pre-COVID captured accretive multiple arbitrage + mature exit environment.
2021-2022 vintages pressured by peak entry multiples (16.8x-14.2x EV/EBITDA) + subsequent multiple compression — mid-cycle reset now working through portfolio (Q2/Q3 quartile positioning).
2020 pandemic vintage (Q2 position) deployed opportunistically through COVID — defensive sector tilt (home health, behavioral, infusion) delivered 2.04x TVPI / 15.2% net IRR.
Exit mix evolution: 2015-2017 vintages favored strategic sale (55-60%); 2018-2020 saw secondary buyout rise to 35-40%; 2021+ continuation vehicle + dividend recap emerge as liquidity alternatives given exit drought.
Hold period extension: 5.5yr (2015) → 6.5yr (2019) → 4.5yr (2021 — too early to exit); median hold running 1.0-1.5 years above target across 2017-2019 cohorts — driving DPI pressure.
2025 deployment running 52% of target ($1,550M vs $3,000M) reflects deal flow recovery still early + sponsor discipline; easing cycle begins deployment pickup.