Net asset value increasingly tied up in zombie funds
Net asset value increasingly tied up in zombie funds
Chart • August 6, 2025
In this chart
NAVs in old funds that should otherwise be liquidating were at or near record levels at the end of 2024. In buyout funds, this spike was due to feeble distribution rates rather than strong valuation growth — adding to the liquidity angst of limited partners.
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Data from Q1 2010 to Q4 2024. NAVs for funds older than the average liquidation age for their asset class: age 12 for buyout, 15 for venture capital and 10 for real estate and private credit. Source: MSCI Private Capital Universe .