For Q2 2025, based on preliminary analysis, Neuberger Private Markets currently anticipates that buyout funds (including growth equity) will increase in value by an average of 3.3% in USD. Similarly, venture capital funds will increase in value by an average of 2.6% in USD. From a liquidity perspective, the quarterly distribution rate was similar year-over-year, while the LTM distribution rate remained relatively low as a percentage of beginning NAV.

As private equity funds begin to report their Q2 2025 valuations, Neuberger Private Markets proactively monitors these releases and performs analysis to obtain a preliminary sense of valuation changes in the private markets. Our analysis is conducted off a broad sample of private equity funds and can be useful in formulating forward-looking expectations for valuation marks.

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