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A view of private capital returns across active closed-end funds
PitchBook’s Q1 2026 Private Capital Indexes provides a view of private capital returns across active closed-end funds, encompassing data from over $4 trillion in active-fund net asset value. Insights and quarterly return benchmarks for the private markets give a snapshot of performance over the quarter.
Our data indicates that VC was the top performer over the past year, with a 16.9% return. This outpaced second-place funds of funds, which returned 9.0% for the past year.
Indexed returns are also given for private equity, private debt, real estate, real assets, and secondaries. This report highlights risk-modeling data, including adjusted volatility estimates, correlations with public indexes, and peak-to-trough drawdowns over select market environments.
| Overview | 3 |
| Desmoothed returns | 6 |
| Private equity | 9 |
| Venture capital | 11 |
| Real estate | 13 |
| Real assets | 15 |
| Private debt | 17 |
| Funds of funds | 19 |
| Secondaries | 21 |
| Appendix | 23 |