Listed PE asset valuations continue to be prudent

Direct exits achieve 36% average uplift on last reported valuation; funds of funds 47%
Data demonstrates conservative valuations

Brussels, Belgium, 2 December 2025 – Again this year, the findings of Invest Europe’s second Listed Private Equity Insights: Validating valuations Report confirm that listed private equity firms typically exit investments at, or above, the carrying value at which they are reported in their financial statements, demonstrating that their asset valuations are prudent.

Using data from 2019–2024, the research shows that listed private equity assets are generating significant uplifts on sale over last reported asset valuations. For listed private equity firms investing directly in companies and other assets, the average exit uplift was 36% above the last reported valuation, while for listed private equity funds of funds, the average uplift was 47%. Building on last year’s study, which showed similar results, this continues to provide clear evidence that valuations are consistently conservative.

The study also showed that listed private equity valuations move less sharply than public indices such as the MSCI Europe and FTSE All-Share, reflecting the more measured approach listed private equity managers take to asset write-ups and write-downs.

Eric de Montgolfier, CEO of Invest Europe, commented:

“Private equity faces persistent scepticism about asset valuations, yet this publicly available data from listed private equity firms clearly shows this mistrust is misplaced.

“Listed private equity truly democratises access to private markets. For the price of a share, investors of all kinds and sizes can buy into a listed private equity fund or company with a track record of strong performance providing access to high-quality managers and innovative private businesses.”

Listed private equity is a growing segment of the market, offering investors, including individuals, the opportunity to invest in private equity managers or funds listed on global stock exchanges. It includes large global firms, mid-market private equity, infrastructure and venture capital players, both direct investors and funds of funds. Listed private equity provides an alternative way to invest in private equity, and one that is open to a wider range of investors by providing flexibility and liquidity inherent in public markets. Listed private equity is subject to the same level of regulation and public disclosure as any other listed corporate structure.

The report draws on data from members of Invest Europe’s Listed Private Capital Roundtable, comprising representatives from 25 listed private equity firms active in Europe. At the end of 2024, listed private equity companies managed €4,140 billion in assets with a combined market capitalisation of €663 billion.

Read the full report: Listed Private Equity Insights: Validating Valuations