Performance Pulse: H2 2025

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

• Private equity outperformed all public and private benchmarks in the long term; however, the slowdown in exits constrained recent performance

• Venture capital’s Q1 returns were positive, but indications of near-term weakness have prompted caution from investors

• Infrastructure was the top-performing strategy, delivering one-year returns up to Q1 2025 of 9.2%. Its stable returns act as a buffer in a volatile market

• Private debt delivered consistent returns, taking three-year returns to 24.2% and outperforming public debt benchmarks