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Q & A — 24 July 2025

Private equity performance remains attractive despite crises

performance du private equity et rendement

Investing in private equity means choosing an unlisted investment with returns that weather any storm! While the market for unlisted assets remains extremely volatile at the slightest macroeconomic shock, private equity has proven its remarkable ability to weather storms crisis after crisis. This observation comes as no surprise to seasoned investors. It reflects deep-rooted mechanisms, often misunderstood by the general public, that give private equity its structural robustness. While past performance is no guarantee of future results, it is legitimate to ask: why, crisis after crisis, does investment in unlisted assets hold up better than listed markets?

Private Corner is an independent management company offering a comprehensive range of unlisted investment solutions. For more information, please contact us:

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Private equity stands the test of crises

The figures speak for themselves when it comes to illustrating the potential return on an unlisted investment. Over the period 2019-2023, private equity worldwide posted an annualised performance of +16%, exceeding the MSCI All-Country World Index* by 8 points.

Even more remarkable: during the five major financial crises of the past 25 years – from the bursting of the dot-com bubble to the resurgence of inflation after the health crisis, not to mention the subprime crisis – private equity not only outperformed the stock markets, but also showed much greater resilience during downturns. Investing in private equity means choosing to diversify your portfolio with a resilient asset class.

To find out how to measure private equity performance, click here.

Over this period as a whole, the average maximum loss recorded was -18% for private equity, compared with -31% for global listed equities*. This return is not cyclical. It is based on structural factors that make private equity a truly ‘all-terrain’ asset class. Firstly, the stability of the capital committed allows managers to navigate economic cycles without being subject to the panic-driven movements typical of the listed asset market. Secondly, the alignment of interests – through performance-based remuneration, or ‘carried interest’ – encourages management teams to build sustainable value creation. Finally, the focus of private equity investments on high-performing sectors such as healthcare, technology and B2B services, as well as the selection of business models based on recurring revenues that are relatively insensitive to economic cycles, strengthens the resilience of portfolios.

Investment rooted in the real economy

Private equity also stands out for its active, pragmatic management, which is deeply rooted in the real economy. Funds invest in the productive economy and support companies over the long term, acting as minority or majority shareholders, but above all as influential stakeholders. This operational involvement promotes greater responsiveness, enhanced adaptability in the face of economic shocks, and a profound transformation of business models. The ability of funds to arbitrate divestment timelines, through strategies such as continuation funds, also helps to cushion market shocks and smooth distributions.

It is true that while private equity returns are attractive even in times of crisis, they do come with certain risks. Not all segments react uniformly to periods of turbulence. For example, venture capital and growth-focused investment strategies have statistically proven to be more volatile, particularly during downturns marked by valuation adjustments. But these areas of turbulence should not obscure the essential point: diversification within the asset class, between regions, transaction sizes and company maturity, strengthens the overall resilience of the asset class.

It is interesting to note that in four of the five major crises analysed, small/mid buyouts* – transactions involving medium-sized companies – were the most resilient. Less exposed to financial leverage, more agile and often closer to the local economic fabric, these companies offer investors a relevant entry point, at the crossroads of growth and risk control.

A pillar of modern allocations

At a time when investors are looking for solutions to cope with uncertainty, build robust portfolios and preserve returns, it would be counterintuitive to wait for a lull before exposing themselves to private equity. History shows that the best opportunities often lie in market downturns. It is precisely during these phases that funds can acquire stakes in solid companies at attractive valuations.

For individual investors, this is an invitation to take the plunge. The conditions for accessing private equity have never been so favourable: the emergence of semi-liquid vehicles, lower entry tickets, greater diversification in terms of both sector and geography, and the development of digital platforms.

The entire ecosystem has been structured to open up this asset class, historically reserved for institutional investors, to a wider audience, while maintaining high quality standards.

Private equity is not an opportunistic approach: it is an asset class based on conviction, designed for the long term and drawing its strength and performance from its ability to support companies in good times and bad. Resilient by nature, historically performing well in times of adversity and offering attractive potential returns, private equity is now more than ever an essential pillar of contemporary asset allocation.

And let's not forget: the best time to invest is when you decide to build for the long term.

*Schröder Capital study (In Focus, October 2024),

Q & A

Tax deferral via asset transfer: maximum reinvestment period

In order to benefit from tax deferral under the contribution-sale scheme, the maximum period for reinvestment of the proceeds of sale in an FPCI is 2 years from the date of sale of the securities contributed. Discover our analysis of this scheme, codified in article 150-0 B ter of the French General Tax Code.

impact des plateformes sur le private equity

Q & A

How platforms have transformed access to private equity

A private equity investment platform is a digital interface that allows private investors to access investment opportunities in unlisted companies. These platforms facilitate subscription to private equity funds or specific projects, offering more accessible investment amounts than traditional channels. They also offer tools for selecting investments according to defined criteria (sector, geography, strategy) and provide digitalised portfolio monitoring. In this way, they help democratise access to private equity, which was previously reserved for institutional investors. This article reviews the impacts of these digital platforms on the unlisted sector.

Q & A

Private equity is becoming more democratic: how can access be structured in a sustainable way?

The democratisation of private assets refers to the gradual opening up of asset classes such as private equity, private debt and infrastructure, which were previously reserved for institutional investors or the very wealthy, to a wider audience of individual investors. Private Corner, an independent management company aiming to institutionalise access to private assets, is actively participating in this opening up, particularly through its fully digitalised investment platform.