Listed Private Equity Insights: Validating valuations 2025

A vital segment of Europe’s investment landscape

Listed private equity is an important and growing segment of the private equity market and an alternative way for a broad range of investors of all sizes to invest in private equity managers or funds listed on stock exchanges around the world.

As of 31 December 2024, assets under management by listed firms and funds totalled €4,140 billion globally and these firms had a combined market cap of €663 billion (source: LPX Indices). They include some of the biggest names as well as mid-market private equity and venture capital firms and funds, both direct investors and funds of funds.

Democratising access to private equity

Listed private equity opens the door to private markets for all investors. With the flexibility, liquidity, and regulatory oversight of public markets, investors of all sizes can access private equity returns simply by purchasing a share.

• Exposure to high-quality private companies

• A track record of outperforming public benchmarks

• Access to transformational growth opportunities in companies and sectors not listed on public markets

This is private equity made public, broadening investor participation in private markets while maintaining high standards of transparency and governance plus transparency and oversight that comes with a public listing.

Listed PE valuations are conservative

As with all listed companies, Listed PE firms’ shares fluctuate with the market, often trading at a discount to Net Asset Value (NAV). Some commentators have attributed this to mistrust in valuations. However, real-world data tells a different story.

These figures show that valuations are consistently prudent with exit prices materially higher than reported carrying values, demonstrating the underlying strength of portfolios.