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PitchBook Private Capital Indexes

Q2 2023

PitchBook Private Capital Indexes

November 7, 2023

2023 returns in VC lag other asset classes 

Venture capital was the only private market asset class to see its quarterly returns dip into negative territory in Q2. Meanwhile, private equity, real estate, and funds of funds kept up strong returns, reversing the trend seen at the end of 2022. 

Our latest Private Capital Indexes report, now with data as of Q2 2023, breaks down industry performance across 20 private market asset classes and subcategories, providing short-term and long-term benchmarks as well as key risk measures. 


Table of contents
Overview 3
Risk measurement 6
Private equity 9
Venture capital 11
Real estate 13
Real assets 15
Private debt 17
Funds of funds 19
Secondaries 21
Appendix 23