Have Public Market Returns Permanently Eclipsed Private Market Returns?

Published on April 23, 2024

No, while the public market’s outperformance may seem like a total eclipse, this one, like all eclipses, will be temporary.

At present, short-term private equity returns do not compare favorably to those of public benchmarks. For the nine months ended September 30, 2023, global private equity and global venture capital underperformed the MSCI ACWI on a public market equivalent basis to the tune of 500 basis points (bps) and 1,400 bps, respectively. And, based on the strong public equity market performance through year-end 2023, as we wait for fourth quarter private investment numbers to finalize, we expect this pattern to continue.

Read the full publication here.

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