MSCI Private Capital Benchmarks Summary Q1 2025

Research Paper
July 3, 2025

Preview

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®. 

Cumulative index returns since Q2 2020

MSCI global closed-end fund indexes.

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