State Street has unveiled its Private Capital Index for the third quarter of 2025, offering a detailed analysis of private equity performance across the Asia-Pacific (APAC) region and globally. The index, which is based on actual cash flow data from State Street’s clients, highlights the challenges of obtaining consistent performance data in the largely non-public private equity markets.
The APAC subset of the index includes 316 funds from Australia, China, India, and Japan. In Q3, APAC funds returned 2.77%, slightly below the global index’s 2.91% and down from 3.30% in the second quarter. Venture Capital (VC) led the way with a 4.72% return, surpassing Private Debt at 2.77% and Buyout at 1.80%.
Globally, the index comprises over 4,200 funds with more than $6 trillion in capital commitments. The US regained its lead in Q3 with a 3.41% return, whilst Europe trailed at 1.55% as currency tailwinds faded. The Rest-of-World funds delivered a 2.18% return.
Fundraising in APAC remains subdued, mirroring global trends. Only $4.3b has been raised for 2025 vintage funds so far, compared to $14.7b in 2024. This suggests a projected full-year pace of approximately $5.8b if the current trend continues.
The State Street Private Capital Index provides crucial insights into private equity performance, addressing the need for reliable data in an opaque market. As the year progresses, the index will continue to offer valuable analytics for investors navigating the private capital landscape.
