Performance Pulse: H1 2026

This report examines the latest trends in private capital performance based on data up to the third quarter of 2025. We compare each private asset class with its public market counterparts and offer insight on future return prospects

• Infrastructure and private credit stood out for their stable, income-driven performance and resilience in 2025, serving as reliable anchors in private capital portfolios despite market volatility

• Private equity sustained positive momentum thanks to growth equity and small buyouts, but a sharp decline in exits led to longer holding periods and lower distributions, making liquidity a key concern for investors

• VC saw a notable recovery, with expansion-stage strategies delivering the strongest returns among all private capital strategies

• Private real estate remained subdued in 2025, with debt strategies outperforming amid ongoing challenges for equity, though increased deal volume and public market positivity hints at a possible recovery ahead