EXECUTIVE SUMMARY PRIVATE EQUITY LARGE BUYOUT Current Outlook – Neutral Trend versus Q4 2022 – Same Large buyout returned approximately -6% in 2022 (compared to -19% for the S&P 500 Index over the same period), after a very strong 2021 when the category returned over 45%.1 Over a 15-year period, the large buyout category has generated a steadfast 11.9% IRR.2 The historically dependable return profile has allowed the category to continue to increase its share of the overall private equity fundraising market in a more challenging environment.