A new start for private equities?

2025 was a turning point for private equities markets with the apparent end of a rout in asset prices that had started in 2023, as interest rates peaked to their highest level in fifteen years. privateMetrics is recalibrated monthly using the latest private equities transaction information, and as exit prices and multiples declined in 2023 and 2024, the private2000 and other SIPA private equities market indices recorded lackluster performance especially in the U.S. and APAC. 2025 marked the return of positive returns in private equities with Europe and APAC leading the turnaround.

Infrastructure is forever

Meanwhile, private infrastructure equities continued to perform, with the highest cash yield available in any asset class and outperformance of larger infrastructure as represented by the infra100 index. The impact of movements in the yield curve have been absorbed and the demand for quality infrastructure continues to be strong, supporting prices, allowing the infra300 to deliver 8% total return in 2025.

The return of infrastructure debt

After a blip in 2023, senior infrastructure debt continues to see a downtrend in spread and levels of credit risk. After 20 years of high spreads, the days of infrastructure debt pricing below 100bps may be around the corner.