For Q4 2025, based on preliminary analysis, Neuberger Private Markets currently anticipates that buyout funds (including growth equity) will increase in value by an average (and median) of 1.3% in USD. This marks an average annual increase of 8.6% for all buyout funds in the sample during calendar year 2025. Importantly, younger buyout funds with vintage years 2020–24, which are in the deployment and value creation phase of the fund lifecycle, demonstrated consistently strong performance throughout the year and are expected to generate an average annual increase of 14.6% in USD. Building on the momentum of the prior two quarters, venture funds are expected to increase in value by an average of 3.8% in Q4 2025, which implies an average annual increase of 12.7% during calendar year 2025.
As private equity funds begin to report their Q4 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.
