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The United States accounts for 62.3% of global private capital NAV, a dominant position that has held and, in some strategies, grown across more than a decade of data. Europe follows at 22.0% and Asia-Pacific at 10.6%. Every other region, including Canada, occupies the margins.

Canada’s position illustrates the gap clearly. Despite representing 3.6% of global GDP, Canada accounted for just 2.2% of global private investment NAV as of Q1 2026. That underweighting varies by strategy: Canada held 3.2% of global real assets NAV, but only 2.0% of private equity ex-VC, 1.9% of private credit and 1.4% of VC. For investors constructing private-markets allocations, Canada’s weight in a global benchmark is unlikely to reflect its economic footprint.

The picture across all four strategies tells a consistent story. In private equity ex-VC, private credit and real assets, the US share of NAV has remained broadly stable while Europe and Asia-Pacific have each held steady ground. The RoW slice, which includes Canada, has stayed compressed throughout. For venture capital, the dynamic is slightly different: Canada’s share of global VC NAV has edged upward since 2020, suggesting the country is becoming a more attractive destination for venture investment even as the US retains an overwhelming lead.

Since 2020, absolute dollar investment into Canadian companies has risen across all four strategies. In three of the four, that increase has tracked global capital deployment broadly, leaving Canada’s proportional weight roughly unchanged. In VC, the NAV share has moved up, which may reflect the early growth of Canada’s AI and technology ecosystem drawing venture interest.

For asset owners benchmarking or constructing private-markets allocations, the implication is straightforward: Global private capital is not global in the way public equity indexes are. The US concentration in these markets is structural, and allocations built around global GDP weights will look very different from those built around actual private capital deployment.