MSCI Private Markets Report 2026: Top 5 Private Markets Returns in 2025 – Venture Capital +22%, Private Equity +13.3%, Infrastructure +12.8%, Direct Lending +10.9%, Buyout +10.1%, Sovereign Wealth Funds & Public Pension Funds AUM Allocation to Private Markets in 2024 – 19% (2014: 13.5%), Top 5 Investment Themes in Private Markets for 2026 – Private Credit, Liquidity, Artificial Intelligence (AI), Evergreen Funds, Total Portfolio, Top 3 Largest Evergreen Fund Type – Credit, Real Estate, Equity, Top 3 Private Equity AI Exposure (Valuation) – AI Technology Development $448 Billion, AI Adopters $162 Billion, Data Processing $57 Billion
28th May 2026 | Hong Kong
MSCI has released the MSCI Private Markets 2026 providing key insights on private markets & investments. Top 5 Private Markets Returns in 2025 – Venture Capital +22%, Private Equity +13.3%, Infrastructure +12.8%, Direct Lending +10.9%, Buyout +10.1%. Top 5 Private Markets Returns in 2024 – Expansion Capital +8.9%, Opportunistic Lending +8.5%, Private Credit +7.5%, Direct Lending +7.1%, Infrastructure +6.6%. Sovereign Wealth Funds & Public Pension Funds AUM Allocation to Private Markets in 2024 – 19% (2014: 13.5%). Top 5 Investment Themes in Private Markets for 2026 – Private Credit, Liquidity, Artificial Intelligence (AI), Evergreen Funds, Total Portfolio. Top 3 Largest Evergreen Fund Type – Credit, Real Estate, Equity. Top 3 Private Equity AI Exposure (Valuation) – AI Technology Development $448 billion, AI Adopters $162 billion, Data Processing $57 billion. Top 5 Data Centers by Type – Hyperscale, AI-Ready, Liquid Cooling, Wholesale Co-Location, Retail Co-Location. Top 5 Largest Data Centres Exposure by Asset Class – Infrastructure, Buyout, Real Estate, Equity Generalist, Venture Capital. Capital Raise from 2016 to 2020 – Top 50 Fund Managers 31.7%. Capital Raise from 2021 to 2025 – Top 50 Fund Managers 36.1%. Private Credit Fundraising in 2020 – Closed-ended Credit 6% / Semi-liquid Credit 94%. Private Credit Fundraising in 2025 – Closed-ended Credit 43% / Semi-liquid Credit 57%. Top Private Markets Challenge for small GPs (Fund / Investment Managers) – Data accuracy / credibility issues – 57%. Top Private Markets Challenges for large GPs (Fund / Investment Managers) – Identifying / selecting appropriate benchmarks – 40%. Private Equity Distribution in 2025 – $449 billion. Private Equity Distribution Rate in 2025 – 12%. Buyout EBITDA Multiple (Median) in 2025 – 11.3. Buyout Exit EBITDA Multiple (Median) in 2025 – 13.2. See below for key findings & summary | View report here
“ MSCI Private Markets Report 2026: Top 5 Private Markets Returns in 2025 – Venture Capital +22%, Private Equity +13.3%, Infrastructure +12.8%, Direct Lending +10.9%, Buyout +10.1%, Sovereign Wealth Funds & Public Pension Funds AUM Allocation to Private Markets in 2024 – 19% (2014: 13.5%), Top 5 Investment Themes in Private Markets for 2026 – Private Credit, Liquidity, Artificial Intelligence (AI), Evergreen Funds, Total Portfolio, Top 3 Largest Evergreen Fund Type – Credit, Real Estate, Equity, Top 3 Private Equity AI Exposure (Valuation) – AI Technology Development $448 Billion, AI Adopters $162 Billion, Data Processing $57 Billion “
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MSCI Private Markets Report 2026: Top 5 Private Markets Returns in 2025 – Venture Capital +22%, Private Equity +13.3%, Infrastructure +12.8%, Direct Lending +10.9%, Buyout +10.1%, Sovereign Wealth Funds & Public Pension Funds AUM Allocation to Private Markets in 2024 – 19% (2014: 13.5%), Top 5 Investment Themes in Private Markets for 2026 – Private Credit, Liquidity, Artificial Intelligence (AI), Evergreen Funds, Total Portfolio, Top 3 Largest Evergreen Fund Type – Credit, Real Estate, Equity, Top 3 Private Equity AI Exposure (Valuation) – AI Technology Development $448 Billion, AI Adopters $162 Billion, Data Processing $57 Billion
MSCI has released the MSCI Private Markets 2026 providing key insights on private markets & investments. See below for key findings & summary | View report here
MSCI Private Markets Report 2026
Summary
- Top 5 Private Markets Returns in 2025 – Venture Capital +22%, Private Equity +13.3%, Infrastructure +12.8%, Direct Lending +10.9%, Buyout +10.1%
- Top 5 Private Markets Returns in 2024 – Expansion Capital +8.9%, Opportunistic Lending +8.5%, Private Credit +7.5%, Direct Lending +7.1%, Infrastructure +6.6%
- Sovereign Wealth Funds & Public Pension Funds AUM Allocation to Private Markets in 2024 – 19% (2014: 13.5%)
- Top 5 Investment Themes in Private Markets for 2026 – Private Credit, Liquidity, Artificial Intelligence (AI), Evergreen Funds, Total Portfolio
- Top 3 Largest Evergreen Fund Type – Credit, Real Estate, Equity
- Top 3 Private Equity AI Exposure (Valuation) – AI Technology Development $448 billion, AI Adopters $162 billion, Data Processing $57 billion
- Top 5 Data Centers by Type – Hyperscale, AI-Ready, Liquid Cooling, Wholesale Co-Location, Retail Co-Location
- Top 5 Largest Data Centres Exposure by Asset Class – Infrastructure, Buyout, Real Estate, Equity Generalist, Venture Capital
- Capital Raise from 2016 to 2020 – Top 50 Fund Managers 31.7%
- Capital Raise from 2021 to 2025 – Top 50 Fund Managers 36.1%
- Private Credit Fundraising in 2020 – Closed-ended Credit 6% / Semi-liquid Credit 94%
- Private Credit Fundraising in 2025 – Closed-ended Credit 43% / Semi-liquid Credit 57%
- Top Private Markets Challenge for small GPs (Fund / Investment Managers) – Data accuracy / credibility issues – 57%
- Top Private Markets Challenges for large GPs (Fund / Investment Managers) – Identifying / selecting appropriate benchmarks – 40%
- Private Equity Distribution in 2025 – $449 billion
- Private Equity Distribution Rate in 2025 – 12%
- Buyout EBITDA Multiple (Median) in 2025 – 11.3
- Buyout Exit EBITDA Multiple (Median) in 2025 – 13.2
MSCI Private Markets Report 2026
1) Private Markets Allocation & Returns
Top 12 Private Markets Returns in 2025
- Venture Capital: +22%
- Private Equity: +13.3%
- Infrastructure: +12.8%
- Direct Lending: +10.9%
- Buyout: +10.1%
- Private Credit: +9.8%
- Opportunistic Lending: +9.6%
- Private Real Assets: +7.6%
- Expansion Capital: +6.3%
- Real Esate Debt: +5.8%
- Natural Resources: +4.5%
- Private Real Estate: +2%
Top Private Markets Returns in 2024
- Expansion Capital: +8.9%
- Opportunistic Lending: +8.5%
- Private Credit: +7.5%
- Direct Lending: +7.1%
- Infrastructure: +6.6%
- Real Esate Debt: +6.2%
- Private Equity: +5.8%
- Buyout: +5.7%
- Venture Capital: +5.3%
- Natural Resources: +3.6%
- Private Real Assets: +2.6%
- Private Real Estate: -2.7%
2) Private Markets Allocation & Investment Themes
Sovereign Wealth Funds & Public Pension Funds AUM Allocation to Private Markets:
- 2014 – 13.5%
- 2024 – 19%
Top 5 Investment Themes in Private Markets for 2026:
- Private Credit
- Liquidity
- Artificial Intelligence (AI)
- Evergreen Funds
- Total Portfolio
Largest Evergreen Fund Type:
- Credit
- Real Estate
- Equity
Private Equity AI Exposure (Valuation):
- AI technology development – $448 billion
- AI adopters – $162 billion
- Data processing – $57 billion
- Model training – $49 billion
- AI deployment – $39 billion
- Energy provider for AI – $20 billion
- AI infrastructure – $9 billion
Top 5 Data Centers by Type:
- Hyperscale
- AI-ready
- Liquid cooling
- Wholesale co-location
- Retail co-location
Top 5 Largest Data Centres Exposure by Asset Class:
- Infrastructure
- Buyout
- Real Estate
- Equity Generalist
- Venture Capital
3) Fundraising & Challengers
Capital Raise from 2016 to 2020:
- Top 50 Fund Managers – 31.7%
- All other Fund Managers – 68.2%
Capital Raise from 2021 to 2025:
- Top 50 Fund Managers – 36.1%
- All other Fund Managers – 63.9%
Private Credit Fundraising in 2025:
- Closed-ended Credit – 43%
- Semi-liquid Credit – 57%
Private Credit Fundraising in 2020:
- Closed-ended Credit – 6%
- Semi-liquid Credit – 94%
Private Markets Challenges cited by small GPs (Fund / Investment Managers)
- Data accuracy / credibility issues – 57%
- Identifying / selecting appropriate benchmarks – 43%
- Difficult / complicated process – 29%
Private Markets Challenges cited by large GPs (Fund / Investment Managers)
- Identifying / selecting appropriate benchmarks – 40%
- Data accuracy / credibility issues – 20%
- Competitor / peer comparison issues – 20%
4) Private Equity Payout / EBITDA:
Private Equity Distribution:
- 2016 – $258 billion
- 2017 – $318 billion
- 2018 – $313 billion
- 2019 – $309 billion
- 2020 – $338 billion
- 2021 – $716 billion
- 2022 – $403 billion
- 2023 – $325 billion
- 2024 – $436 billion
- 2025 – $449 billion
Private Equity Distribution Rate:
- 2016 – 22%
- 2017 – 27%
- 2018 – 23%
- 2019 – 20%
- 2020 – 19%
- 2021 – 29%
- 2022 – 12%
- 2023 – 10%
- 2024 – 12%
- 2025 – 12%
Buyout EBITDA Multiple (Median) in Last 10 Years:
- 2015 – 8.4
- 2016 – 8.7
- 2017 – 9.2
- 2018 – 9.6
- 2019 – 9.8
- 2020 – 10.6
- 2021 – 11.5
- 2022 – 11.7
- 2023 – 10.2
- 2024 – 10.9
- 2025 – 11.3
Buyout Exit EBITDA Multiple (Median) in Last 10 Years:
- 2015 – 10.1
- 2016 – 10
- 2017 – 10.4
- 2018 – 10.8
- 2019 – 11.1
- 2020 – 11.8
- 2021 – 12.1
- 2022 – 12
- 2023 – 11.4
- 2024 – 11.7
- 2025 – 13.2
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