Matthew Roche Highlights Challenges in Private Equity
Matthew Roche, a partner at StepStone Group, stated that the private equity sector has experienced difficult conditions over the past four years, according to Buyouts Insider. In his comments, Roche explained that these challenges have led to distributions to paid-in capital (DPI) effectively becoming equivalent to internal rate of return (IRR) today.
Roche’s Perspective on LP Sales
Roche specifically noted that “it’s why DPI is IRR today – not the new IRR – it is IRR today,” emphasizing the role of structured LP sales in bridging slow exits. This statement was made in the context of an interview published on March 12, 2026. As is widely known in private equity, DPI and IRR are standard metrics for evaluating fund performance, though their equivalence highlights current market strains.
Implications from the Interview
The discussion ties into broader themes like secondaries markets, as indicated by the article’s tags, which include “Secondaries” and “US.” According to Buyouts Insider, Roche’s insights were shared at an event referenced as NEXUS 2026, underscoring the ongoing relevance of LP sales strategies in navigating exit delays.
