Q1 2025 Private Capital Benchmarks SummaryYour guide to clarity in private assets.
Highlights from across the industry
Challenges persist in private markets despite positive performance across the board at the start of the year. In this report, we detail the asset-class returns and provide insights on performance, cash flows, valuations, industry composition and dry powder — leveraging data for over 14,500 closed-end funds globally.
Highlights:
- Buyout appeared to brush off the volatility in public-equity markets to deliver a positive return in the first quarter and, in a hopeful sign for exits, valuation multiples improved.
- Dry powder declined again and hovered at a decade-low share of capitalization, potentially indicating twin dynamics of a slowdown in fundraising and an increase in capital calls.
- Net cash flows came closer to breakeven, an encouraging development for limited partners, though distribution rates declined below 10%.
MSCI clients can access the full report on Private i®.
Read the full report
Provide your information for instant access to the Q1 2025 Private Capital Benchmarks Summary.
Private assets research and insights
Learn more about trends to help investors in private markets tackle the opportunities and risks ahead.
MSCI Private i®
Find your edge with the platform designed to bring clarity to your private capital portfolio.
Private Capital Intel
Benchmark, report and allocate using one of the largest, research-quality private capital datasets.