For Q1 2026, based on preliminary analysis, Neuberger Private Markets currently anticipates that buyout funds (including growth equity) will decrease in value by an average of 0.4% (median of -0.6%) in USD. This indicates an average annual increase of 5.7% for all buyout funds in the sample over the last twelve months. Importantly, the cohort of buyout funds with vintage years 2020–24, which are in the deployment and value creation phase of the fund lifecycle, continued to demonstrate positive performance, generating an average increase of 1–2% in the first quarter and an average annual increase of 12.0% in USD terms. Building on the momentum of the prior three quarters, venture funds are expected to increase in value by an average of 3.5% in Q1 2026, which implies an average increase of 15.4% over the last twelve months.
As private equity funds begin to report their Q1 2026 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.