Private markets have had a positive start to the year, according to the latest Global Asset Monitor from Ocorian, driven mainly by growth in US and European private equity and recovering real estate markets.
Ocorian puts the value of private asset funds at $12.9tn (£9.9tn) in March, up $211bn since the end of 2024.
This is slightly lower than the record peak reached at the end of February, when private assets reached $13.3tn. The decline was driven mainly by lower private equity values, Ocorian said.
Private debt comprised $1.18tn of the total for private assets in March, down from $1.19tn at the end of 2024.
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Over the longer term, private assets have grown significantly faster than public markets, the analysis found.
Private asset funds under management are more than seven-and-a-half times (656 per cent) larger than in 2009.
This is compared to public markets which are a little less than three-and-a-half times larger over the same period.
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Overall global assets jumped by $7.8tn in January and February, up 3.2 per cent to a record $250.6tn.
But US trade wars have caused a $3.4tn slump in March, mainly affecting US equities, leaving the global asset total up 1.8 per cent year-to-date.
“Asset prices have whipsawed in 2025 in the face of concerns over government finances and the inflationary impact of US trade wars,” Jason Gerlis, head of Americas and global head of corporate services at Ocorian said.
The growing concentration of stock market value in the US and among a few companies – the 15 largest companies account for one fifth of the global total – is increasing risks for investors, he pointed out.
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“Private markets can help investors achieve this much needed diversification. Private capital is transforming the way businesses grow. And the vast majority of companies are still privately owned – around 90 per cent in the US for example,” Gerlis said.
“Investors and businesses alike are seeking alternative paths to growth, and private capital is increasingly the bridge between opportunity and execution. The global investment landscape is shifting rapidly – the dramatic growth in private assets reflects both a flow of capital to the sector and superior performance over the long term,” he added.
