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Global private equity assets hit record $10.8 trillion following 2022 dip

Global private equity assets hit record $10.8 trillion following 2022 dip

04 February, 2025
  • Ocorian’s Global Asset Monitor shows value of private assets has risen nearly three times as fast as public assets over the past 15 years
  • Analysis highlights the value of all private market assets increased to $14.34 trillion
  • Analysis predicts growth in private markets after a number of challenging years 
  • Demand for capital is strongest in the US, supply of funds is strongest in Asia

The total market value of private equity assets hit a new global high of $10.8 trillion at the end of 2024, increasing by 11.6% since 2023, new analysis* from Ocorian, market leader in asset servicing for private markets and corporate and fiduciary administration, shows. 

Ocorian’s Global Asset Monitor – which tracks the major trends in public and private markets – reveals that the market value of private equity assets has risen 636% since 2009[1] and 115% since 2019. According to the analysis, private equity market values grew solidly year on year since 2009, benefiting strongly during the period of ultra-low interest rates, up until 2022 when higher rates caused values to fall for the first time in more than a decade – from $9.26 trillion in 2021 to $9.08 trillion in 2022 (-1.9%) – and deal flow to dry up. 

Colm O’Brien, Head of EMEA Sales – Funds, at Ocorian said: “Ocorian’s new Global Asset Monitor analyses private markets and shows incredible growth in some areas, not reflected in all areas. We saw higher interest rates, suppressed deal flow and GPs increasingly creating continuation funds to prolong the planned investment horizon. Whilst 2024 picked up marginally for the mid-market in comparison to 2023, deal multiples remain some way below the highs we saw in H2 2021. We think it will take at least another couple of rate cuts from key central banks in order to see a material shift in activity. We expect to see a shift in the next year or two.”

Values jumped in 2023 to $9.64 trillion and in 2024 to $10.76 trillion and Ocorian’s Global Asset Monitor reports that over the long-term combined private assets (private equity, infrastructure, private debt and real estate) have grown nearly three times as fast as public assets, rising 618% in the past 15 years. 

Last year the value of private market assets increased by an estimated $1.27 trillion – around 9.7% – to a record $14.34 trillion which excludes undeployed capital, so-called dry powder.

Ocorian’s analysis predicts growth across private markets – driven by a combination of strong demand from investors and privately-owned companies. This demand for capital is strongest in the US while the supply of funds is strongest in Asia.

The table below shows the breakdown of the asset classes Ocorian has tracked and how values have increased.

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Growth of asset classes tracked by Ocorian (2009 - 2024)
 

Private assets – in particular private equity – have become increasingly attractive due to their ability to help with diversification as well as returns which have been 4.8% higher per year since 2000**. Private equity accounts for around 75% of the total value.

The table below shows the growth in the value of total public markets assets, total private markets assets and total private equity only assets over the past 15 years.

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Growth of public, private, and private equity markets (2009 - 2024)
 

Ocorian is a global leader in fund administration, capital markets, corporate and fiduciary services. Ocorian helps its clients solve complex problems so they can unlock new value, optimise investment performance and build their competitive advantage.


[1] As defined by Preqin, which tracks the value of funds investing in these assets