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Global Fund Performance Report (with preliminary Q3 2023 data)

Q2 2023

Global Fund Performance Report (with preliminary Q3 2023 data)

February 5, 2024

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Private markets lag historical returns, but a catch-up could be in store

The first half of 2023 was a challenging period for private market strategies. In the first six months of the year, PE, VC, and private debt lagged their historical returns; only real assets outperformed its 10-year average. In fact, PE returned only 6.6% for the year through June, a massive dip from its average return of 16.4% over the last decade.

But the surge in public market returns could be signaling optimism for PE and VC. Our Q2 2023 Global Fund Performance Report (with preliminary Q3 data) shows that private market strategies are hinting at signs of life. Indeed, last year's surprisingly strong returns in the public markets may spur private fund write-ups in Q4 2023.


Table of contents
Overview 3
Spotlight: Does experience matter? 6
Private equity 9
Venture capital 11
Real estate 13
Real assets 15
Private debt 17
Funds of funds 19
Secondaries 21