Q3 2025 Private Capital Benchmarks SummaryYour guide to clarity in private assets.
Highlights from across the industry
In this report, we leverage data on more than 15,000 closed-end funds globally to provide insights into key measures on cash flows, valuations, dry powder and performance across private equity, credit and real assets.
Highlights:
- The major investment strategies in private markets — equity, credit and real assets — posted a third consecutive quarter of positive returns in Q3 2025, as did most sub-strategies except private real estate.
- Overall net cash flows in private capital continued to shift very slightly more positive in the quarter, aided by an improvement in private equity, though distributions to investors continue to be a concern.
- The ratio of dry powder to capitalization fell to a new low, suggesting that capital is being put to work faster than it is being replenished through new fundraising.
MSCI clients can access the extended report on Private i®.
Global private-capital dry powder and share of capitalization. Source: MSCI Private Capital Universe
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