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Like many asset classes, US PE funds experienced strong performance gains in the market acceleration during the COVID-19 pandemic. Since 2023, however, returns have moderated, settling into a range of 1% to 3.5% per quarter. This trend reflects a broader environment of tempered deal activity, rising borrowing costs, and extended exit timelines, all of which have contributed to the normalization of PE returns post-pandemic. Currently, the PE Barometer sits firmly in neutral territory with a score of 54, producing a nowcast of 3.3% and a desmoothed nowcast of 4.4% for Q2 2025. We expect finalized aggregate PE returns for Q2 to align closely with the long-run average for the asset class.
(Past performance is no guarantee of future results.)
Latest news
US leveraged loans returns turn negative in October
The Bloomberg US Leveraged Loan Index (Ticker: LOAN) has returned -0.26% this month through October 21, reducing its year-to-date return…
M&A activity begins to tick upward
In the third quarter of 2026, acquisition-linked loan volume across North America and Europe reached about $47 billion, up from $30.6 billion in Q2 and $29.5 billion a year ago.
