Performance of Listed Private Equity Funds

Is the performance of listed private equity funds (LPE) on the London Stock Exchange attractive? In their August 2025 paper entitled “What the London Stock Exchange can Teach Us About Private Equity”, Richard Ennis and Daniel Rasmussen examine LPE volatility, valuation and performance and compare findings with those based on private equity net asset values (NAV). LPE holdings are typical of the private equity investments made by pension funds and endowments. Several LPEs are funds of funds that invest in large numbers of separate private equity funds. The principal benchmark for LPEs is the MSCI ACWI. Using annual June-to-June returns for a capitalization-weighted sample 13 LPEs with capitalizations of at least $500 million (three dead and 10 live), associated NAVs and ACWI during June 2008 through June 2025, they find that:

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