Private Market Indices
The largest publicly available benchmark of private credit loans and equity investment performance. Covers all illiquid holdings held across US registered funds investing in private markets.
Total Assets
$0
Loans Covered
0
Equity Holdings
0
Direct Lending
As of Q4 2025
140.47
1 YR Return
+7.1%
QoQ: +1.7%16,543 holdings
Direct Equity
As of Q4 2025
147.20
1 YR Return
+4.0%
QoQ: +0.9%2,481 holdings
Returns Summary
| Index | Level | QoQ | 12M | YTD | Since Inception | Holdings | Fair Value |
|---|---|---|---|---|---|---|---|
| Direct Lending | 140.47 | +1.7% | +7.1% | +7.1% | +5.6% | 16,543 | $314.7B |
| Direct Equity | 147.20 | +0.9% | +4.0% | +4.0% | +6.4% | 2,481 | $32.4B |
Concentration
By Manager
Blackstone24.6%Blue Owl12.2%Ares11.2%Cliffwater8.0%HPS6.3%Apollo5.5%Golub Capital4.9%FS KKR3.1%Oaktree2.8%Barings1.5%Other19.7%
By Company
Top 1%23.3%Top 1-5%25.7%Top 5-10%14.4%Top 10-20%15.1%Top 20-50%16.8%Top 50-100%4.7%
By Holding
Top 1%21.4%Top 1-5%25.2%Top 5-10%14.8%Top 10-20%15.6%Top 20-50%17.9%Top 50-100%5.1%
Universe Coverage
Total Fair Value
$347.1B
Registered Funds
176
Index Holdings
19,024
Unique Companies
15,774
Counts reflect the latest quarter across all SEC-registered BDCs, interval funds, and tender offer funds.