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MSCI Private Capital Benchmarks Summary Q4 2024
May 19, 2025
Explore the latest performance insights and investment metrics from across the private markets, including buyout, venture capital, private credit, real estate, infrastructure and natural resources, through Q4 2024.
Designed to inform allocation, manager-selection and fundraising conversations, this summary report leverages since-inception quarterly returns and cash flow data for over 14,500 closed-end funds globally, representing capitalization of nearly USD 12.3 trillion.
- On performance: Across major strategies, private real assets improved in 2024 though continued to lag private credit and private equity.
- On capital flows: Total fundraising slowed across strategies during 2024, while dry powder as a share of capitalization dipped to a decade low.
- On cash flows: Net cash flows for private capital inched closer to breakeven in 2024, though distribution rates remained weak.
MSCI clients can access the full report on Private i®.
Performance through Q4 2024
Quarterly returns are calculated in USD using the Modified Dietz method and are not annualized. Calendar-year returns represent compounded quarterly returns. Data as of Q4 2024 from the MSCI Private Capital Universe.
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Research authors
- Keith Crouch, Executive Director, MSCI Research
- Uday Karri , Vice President, MSCI Research & Development
- Greg Kohles, Vice President, MSCI Research & Development
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