Performance Pulse: H1 2025

This report from Insights+ examines the latest trends in private capital performance based on data up to the third quarter of 2024. We compare each private asset class with its public market counterparts and offer insight on future return prospects.

• Private capital has underperformed compared with public markets since 2023, but there is optimism around an improving exit environment

• Private debt outperformed equity strategies in the first nine months of 2024, but we may be seeing the first signs of moderation in returns

• VC relapsed into negative returns in the third quarter – but newest vintages look better placed to find investment opportunities, driving expectations for strong performance up to 2029

• Infrastructure was the top performer in alternatives over the last three years and looks likely to benefit from near- and long-term tailwinds