MSCI Private Capital Benchmarks Summary Q2 2025

Research Paper
October 2, 2025

Preview

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®.  

Global private-capital cash flows by calendar year 

USD billion. Source: MSCI Private Capital Universe 

Read the full paper

Provide your information for instant access to our research papers.

Decent Exposure? Rethinking Private-Equity and Credit Cross-Investment

Private-credit and private-equity positions in the same company may be more diversifying than investors concerned about dual exposure think. We examine the strategies’ overlap and performance.

Sprint to the Exit: Beware the Late-Stage Margin Growth in Buyout Companies

Private equity’s late-stage push to expand portfolio companies’ margins is under scrutiny. We explain why buyers and limited partners should pay attention to the margin growth ahead of exits.

Private Capital Intel

Benchmark performance with one of the largest private capital datasets.

The content of this page is for informational purposes only and is intended for institutional professionals with the analytical resources and tools necessary to interpret any performance information. Nothing herein is intended to recommend any product, tool or service. For all references to laws, rules or regulations, please note that the information is provided “as is” and does not constitute legal advice or any binding interpretation. Any approach to comply with regulatory or policy initiatives should be discussed with your own legal counsel and/or the relevant competent authority, as needed.