H1 2026 Synthesis: DPI Becomes the Dominant LP Metric as Liquidity Concerns Mount

Halfway through 2026, the private equity landscape shows a clear shift. Fewer, larger deals are closing, fundraising is concentrating among top performers, and LPs are prioritizing Distributed to Paid-in Capital (DPI) over traditional metrics like IRR and TVPI amid extended hold periods and reduced distributions. This issue analyzes the structural changes reshaping PE and their impact on fundraising and deal flow.