Q2 2025 Private Capital Benchmarks SummaryYour guide to clarity in private assets.
Highlights from across the industry
Improved performance returns across private-capital strategies in the second quarter of 2025 belie continuing pressure to deliver distributions to investors. In this report, we leverage data for more than 15,000 closed-end funds globally to provide insights into the liquidity squeeze and other key measures on valuations, dry powder and performance by asset class.
Highlights:
- The distribution rate in private capital overall — private equity, credit and real assets — held near its record low in Q2, as the squeeze on liquidity persisted.
- Net cash flows across major strategies turned just positive in Q2, following seven years of negative flows. The change would be good news for investors, but low contributions were part of the reason.
- In an encouraging sign for general partners in buyout, valuation multiples for exits that did occur continued to strengthen.
MSCI clients can access the full report on Private i®.
USD billion. Source: MSCI Private Capital Universe
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