Doug Manor, Managing Director, Neuberger Berman Private Markets, provides an overview of private equity markets and an outlook based on trends in the marketplace.

For Q3 2025, based on preliminary analysis, Neuberger Private Markets currently anticipates that buyout funds (including growth equity) will increase in value by an average of 1.2% in USD. Similarly, venture capital funds are expected to increase in value by an average of 4.4% in USD, albeit with a much wider dispersion than the buyout sample.

As private equity funds begin to report their Q3 2025 valuations, Neuberger Private Markets proactively monitors these releases and performs analysis to obtain a preliminary sense of valuation changes in the private markets. Our analysis is conducted off a broad sample of private equity funds and can be useful in formulating forward-looking expectations for valuation marks.