Neuberger Private Markets: Q4 2025 Preliminary Valuation Summary & Analysis

Private equity markets are showing steady momentum into Q4 2025, with buyout funds, including growth equity, expected to post a 1.3% gain for the quarter and an 8.6% increase for the full year in USD terms. Younger buyout vintages from 2020–24 stand out, as managers continue deploying capital and driving value creation, supporting an anticipated 14.6% annual increase that underscores the strength of assets still early in their lifecycle. Venture funds are also regaining traction, with projected Q4 gains of 3.8%, translating into a robust 12.7% advance over calendar year 2025.

These trends suggest that both buyout and venture strategies remain compelling sources of return potential despite ongoing macro uncertainty and slower exit activity in parts of the market. By closely tracking Q4 valuation releases across a broad fund sample, Neuberger Private Markets aims to give investors an early read on private market marks and help them calibrate expectations around portfolio performance and future deployment decisions.