MSCI Private Capital Benchmarks Summary Q4 2025
Preview
The amount of capital returned to investors from closed-end funds in private markets stayed subdued in 2025, with distribution rates well below historical norms. In buyout, exits that did get done in the year showed stronger pricing, however, suggesting quality assets still attracted buyers.
This report examines data on more than 15,000 closed-end funds globally to provide insights into private-capital cash flows and valuations, as well as dry powder and performance for Q4 and full-year 2025.
Highlights:
- Venture capital was the standout performer in 2025, rebounding to a double-digit annual return thanks partly to improving sentiment around late-stage company valuations. Buyout was more muted.
- Credit delivered another year of steady returns. Investors’ eyes likely now turn to results for Q1 2026 amid challenges for evergreen funds and concerns about software investments.
- Contributions to funds and distributions to investors moved into balance in 2025, though the distribution rate of 13% was unimproved from 2024.
EBITDA multiples. Source: MSCI Private Capital Universe
Read the full paper
Provide your information for instant access to our research papers.
The State of Private Markets 2026
MSCI's inaugural outlook report examines five forces reshaping private markets — with data and insight for asset owners, general partners and wealth investors.
Asset Owners Face Private Markets’ Transparency Test
Private markets have scaled, but the transparency needed to manage them has not. We look at how limited visibility is affecting liquidity, valuations, AI and total portfolio management.
Discover MSCI Private Assets
Private markets are evolving fast. What’s needed now isn’t just data but a modern toolkit that connects, clarifies and leverages independent insight to drive more informed investment decisions.
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.