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
0
Pref. Equity
0
Common Equity
0
Direct Lending
As of Q4 2025
137.55
1 YR Return
+11.2%
Preferred Equity
As of Q4 2025
103.69
1 YR Return
+21.1%
Common Equity
As of Q4 2025
241.28
1 YR Return
+8.8%
Returns Summary
| Index | Level | QoQ | 12M | YTD | Since Inception | Holdings | Fair Value |
|---|---|---|---|---|---|---|---|
| Direct Lending | 137.55 | +2.5% | +11.2% | +11.2% | +5.2% | 27,124 | $426.5B |
| Preferred Equity | 103.69 | +4.0% | +21.1% | +21.1% | +0.6% | 1,267 | $12.9B |
| Common Equity | 241.28 | +4.1% | +8.8% | +8.8% | +15.1% | 2,938 | $27.9B |
Concentration
By Manager
By Company
By Holding
Universe Coverage
Total Fair Value
$467.3B
Registered Funds
284
Index Holdings
31,329
Unique Companies
26,303
Counts reflect the latest quarter across all SEC-registered BDCs, interval funds, and tender offer funds.
Direct Lending Total Return Index
The largest publicly available benchmark of middle-market direct loans.
View full indexPreferred Equity Total Return Index
Preferred equity positions in private companies with stated dividend rates, held by registered closed-end vehicles.
View full indexCommon Equity Price Return Index
Direct common equity co-investments and minority stakes in private companies, held by registered closed-end vehicles.
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