diff --git a/WHATS_NEW b/WHATS_NEW
index 563eb95e8..0741ebe27 100644
--- a/WHATS_NEW
+++ b/WHATS_NEW
@@ -1,5 +1,6 @@
 Version 2.02.63 -  
 ================================
+  Optimise PV segments search for the most last segment search case.
   Remove vg_validate call when parsing cached metadata.
   Use hash table of LVs to speed up parsing of text metadata with many LVs.
   Fix two messages, add a whitespace and parentheses
diff --git a/lib/metadata/metadata.c b/lib/metadata/metadata.c
index 58dd144d1..f958bc9f1 100644
--- a/lib/metadata/metadata.c
+++ b/lib/metadata/metadata.c
@@ -1799,18 +1799,6 @@ struct lv_segment *first_seg(const struct logical_volume *lv)
 	return NULL;
 }
 
-/* Find segment at a given physical extent in a PV */
-struct pv_segment *find_peg_by_pe(const struct physical_volume *pv, uint32_t pe)
-{
-	struct pv_segment *peg;
-
-	dm_list_iterate_items(peg, &pv->segments)
-		if (pe >= peg->pe && pe < peg->pe + peg->len)
-			return peg;
-
-	return NULL;
-}
-
 int vg_remove_mdas(struct volume_group *vg)
 {
 	struct metadata_area *mda;
diff --git a/lib/metadata/metadata.h b/lib/metadata/metadata.h
index 542be6e0c..782d30017 100644
--- a/lib/metadata/metadata.h
+++ b/lib/metadata/metadata.h
@@ -308,9 +308,6 @@ struct pv_list *find_pv_in_pv_list(const struct dm_list *pl,
 /* Find LV segment containing given LE */
 struct lv_segment *find_seg_by_le(const struct logical_volume *lv, uint32_t le);
 
-/* Find PV segment containing given LE */
-struct pv_segment *find_peg_by_pe(const struct physical_volume *pv, uint32_t pe);
-
 /*
  * Remove a dev_dir if present.
  */
diff --git a/lib/metadata/pv_manip.c b/lib/metadata/pv_manip.c
index 1b0a45710..6c902c00e 100644
--- a/lib/metadata/pv_manip.c
+++ b/lib/metadata/pv_manip.c
@@ -78,6 +78,20 @@ int peg_dup(struct dm_pool *mem, struct dm_list *peg_new, struct dm_list *peg_ol
 	return 1;
 }
 
+/* Find segment at a given physical extent in a PV */
+static struct pv_segment *find_peg_by_pe(const struct physical_volume *pv,
+					 uint32_t pe)
+{
+	struct pv_segment *pvseg;
+
+	/* search backwards to optimise mostly used last segment split */
+	dm_list_iterate_back_items(pvseg, &pv->segments)
+		if (pe >= pvseg->pe && pe < pvseg->pe + pvseg->len)
+			return pvseg;
+
+	return NULL;
+}
+
 /*
  * Split peg at given extent.
  * Second part is always deallocated.