Performance Pulse: H2 2026

This report examines the latest trends in private capital performance based on data up to the first quarter of 2026. We compare each private asset class with its public market counterparts and consider the outlook for performance

• Liquidity remains the key constraint for private equity. Buyout returns have held up relatively well, but weak exits and slower distributions continue to delay capital recycling

• VC performance has recovered steadily, coinciding with renewed investor optimism, improving exit conditions, and a resurgence in AI-driven investment activity

• Private credit returned 8.3% over the 12 months to Q1 2026, although momentum slowed between Q4 2025 and Q1 2026, advancing just 0.5%

• Real estate debt and core-plus returned 7.2% and 5.1% respectively over the 12 months to Q1 2026, but investor appetite is turning toward value-added strategies

• Infrastructure continued to deliver resilient performance, with the Preqin Infrastructure index returning 11.2% over the 12 months to Q1 2026