Warning: Past performance is not indicative of future results. Private equity is not an investable index and this data is used for illustrative purposes only.

Notes: The private equity returns show a pooled horizon return of a private equity index built by Cambridge Associates. The data is compiled from 2,720 private equity funds, including fully liquidated partnerships, formed between 1986 and 2022. All returns are net of fees, expenses, and carried interest. S&P 500 data is represented by SPDR S&P 500 ETF Trust returns (SPY). This scenario assumed the "initial investment" is made all at once the numbers of years ago indicated in the "Over the last" selection.

Source: Cambridge Associates. See "Source" in footer for more details.