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Private markets strengthened further in 2025, with Q4 returns of 2.86% bringing annual performance to 12.26%—the highest level since mid-2022. Performance leadership became increasingly differentiated across strategies.Venture capital sustained its momentum, delivering 6.67% in Q4 and 23.27% for the year, supported by strong rebounds in growth-oriented sectors. In contrast, buyout and private debt posted more moderate but stable gains, with Q4 returns of 2.02% and 1.49%, respectively, and full-year returns just under 10%.

Private markets stayed resilient in Q3 2025, but the composition of returns shifted. VC was the clear standout (6.78%), accelerating from the prior quarter’s strong showing and reinforcing its role as the cycle’s performance “torque.” By contrast, Buyout (2.00%) and Private Debt (2.45%) posted more moderate gains, pulling the All PE index down to 2.91% after Q2’s broad-based rebound.

The State Street® Private Capital Index (SSPCI) recorded a strong gain of 4.16% in Q2 2025, the highest quarterly return since Q4 2021. This acceleration was driven by broad-based strength across strategies: Venture Capital (5.25%), Buyout (4.05%) and Private Debt (3.03%), up 3.29%, 2.53%, and 1.50% respectively from Q1 2025.

The State Street Private Capital Index (SSPCI) recorded a gain of 1.60% in Q1 2025, marking a modest rebound from the 1.09% return in Q4 2024. This mild quarterly acceleration was primarily driven by stronger performance in Buyout and Private Debt strategies, which returned 1.52% and 1.53%, respectively—up from 0.72% and 0.83% in the prior quarter.

The State Street® Private Equity Index (SSPEI) recorded a modest 1.09% gain in Q4 2024, marking a notable slowdown from 2.92% in the previous quarter. The quarterly deceleration was primarily driven by Buyout and Private Debt funds, which saw returns decline to 0.72% and 0.83%, respectively—down sharply from 3.09% and 3.06% in Q3. In contrast, Venture Capital (VC) continued its upward momentum, delivering a solid 2.78% return for the quarter.

The State Street® Private Equity Index (SSPEI) recorded an overall gain of 1.26% in Q2 2024, slightly lower than the 1.46% return in Q1. Buyout and Private Debt funds largely maintained their performance from Q1, posting gains of 1.47% and 2.18%, respectively, while Venture Capital funds posted a -0.07% return, down from a 2.07% return in Q1. Private Debt has outperformed Buyout in seven out of the ten quarters since Q1 2022, when the Fed rate hikes began.

November 5, 2024 - BOSTON API is now available for State Street Private Equity Index (SSPEI). See below for details about all our newest features and updates!

The State Street® Private Equity Index (SSPEI) recorded an overall gain of 1.46% in Q1 2024, a slowdown from previous quarter’s 2.87%. Buyout and Private Debt funds saw reduced returns this quarter. Buyout funds achieved a 1.20% gain compared to 3.39% in Q4, and Private Debt posted 2.17% return compared to 2.96% in Q4. Venture capital (VC) funds continued their recovery with returns of 2.07%, the largest quarterly gain in the past two years.

The State Street® Private Equity Index (SSPEI) recorded an overall gain of 2.87% in Q4 2023, bringing the annual return to 7.1%. Buyout funds rebounded significantly this quarter, achieving a 3.39% gain compared to 0.35% in Q3, and posted 9.12% return for the year. Venture capital (VC) returns turned positive to 0.95% in Q4, making the first positive and highest return since Q1 2022. Private debt funds maintained stable performance, with returns of 2.96% in Q4 and 10.66% for the year.

The State Street® Private Equity Index (SSPEI) posted an overall 0.06% gain in Q3 2023, the lowest quarterly return in 2023 so far. Buyout funds had only a small growth of 0.35% in this quarter, and venture capital (VC) continues to suffer from losses, reporting a quarterly return of -1.8%. On the other hand, despite a slight slowdown, the performance of private debt funds maintained its lead over Buyout and VC with 1.8% return in Q3 2023, resulting in a meaningful 7.3% return year to date.

The State Street Private Equity Index (SSPEI) reported a 1.8% gain in Q2 2023, marginally lower than the 2.1% return achieved in Q1. Notably, Private Debt funds posted a 2.6% return in Q2, up from the 2.3% in Q1. Buyout and Venture Capital (VC) posted returns of 2.3% and -0.16% respectively, both of which were lower than their Q1 performance.

The State Street Private Equity Index (SSPEI) demonstrates promising signs of recovery, reporting 2.1% return in Q1 23, up from 1.2% in Q4 22. Venture Capital (VC) also exhibited a positive shift, finally breaking its losing trend since Q1 22 and achieving a breakeven return of 0.0% in Q1 23, while Buyout and Private Debt funds performed even better with returns of 2.7% and 2.3% respectively.

November 6, 2023 - BOSTON As a subscriber of State Street Private Equity Index web portal, you are now able to create, save, and subscribe to your custom benchmark(s) that will be delivered to you via email whenever the latest index is released! See below for details about our newest features and updates.

The State Street Private Equity Index (SSPEI) ended the fourth quarter of 2022 with a return of 1.2 percent, a positive turnaround after three negative quarterly returns in 2022. Buyout funds increased 3.2 percent in the quarter, followed by 3.1 percent return for Private Debt funds, while Venture Capital funds, which saw the worst annual performance since dot-com bubble, suffered a loss of 5.5 percent in Q4.