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Holdings Insights Now Available on the SSPCI Portal

November 25, 2025 - Boston Holdings Insights is now live for State Street Private Capial Index (SSPCI). See below for details about this new feture, which provides deeper transparency into how private capital is deployed at the underlying asset level.

Trends

State Street Private Capital Index Trends - Oct 2025

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.

Trends

State Street Private Capital Index Trends – July 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.

Trends

State Street Private Equity Index Trends – May 2025

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.

Trends

STATE STREET PRIVATE EQUITY INDEX TRENDS – Oct 2024: Private debt leads the pack again while venture capital dips back to losses

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.

Trends

STATE STREET PRIVATE EQUITY INDEX TRENDS – July 2024: Venture Capital Continues Its Recovery While Others Dial Back

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.

Trends

STATE STREET PRIVATE EQUITY INDEX TRENDS – May 2024: Private Equity Performances Rebound in Q4 2023

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.

Trends

STATE STREET PRIVATE EQUITY INDEX TRENDS – Jan 2024: Private debt outperforms amid the overall lower returns in Q3 2023

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.

Trends

STATE STREET PRIVATE EQUITY INDEX TRENDS – JULY 2023: Promising Signs of Recovery in Q1 23, but Challenges Persist

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.

Trends

STATE STREET PRIVATE EQUITY INDEX TRENDS – MAY 2023: Some Better News in Q4 to End a Challenging 2022

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.