Four equal-weighted indices from the net asset values of the funds in this database: 80 funds carry the series, 120 are covered in the four classes, 140 in the database overall. No provider claims, no hand-picked showcase funds: the figures are computed from the published values of every fund in a class with a documented series.
Equal-weighted total-return indices per segment, computed from the net asset values of the funds in this database — in euros, net of the ongoing costs of the respective share class.
The chart shows one class at a time. This table puts the four end values side by side — each over its full series, on its own base.
| Asset class | Index | Cumulative | p.a. | Median fund p.a. | Funds in index | Series since |
|---|---|---|---|---|---|---|
| Private equity | 150.99 | 51.0% | 11.1% | 7.8% | 33 of 48 | August 2022 |
| Private credit | 125.93 | 25.9% | 6.8% | 6.6% | 22 of 36 | January 2023 |
| Infrastructure | 120.05 | 20.0% | 5.6% | 3.8% | 20 of 28 | March 2023 |
| Real estate | 98.77 | -1.2% | -0.3% | 1.7% | 5 of 8 | November 2021 |
Index = equal-weighted average, base 100 in the stated first month. “Median fund p.a.” is the middle fund of the class, not the average — where it is lower, the mean rests on a few strong funds. “Funds in index” states how many funds of the class have a documented NAV series at the current end; the rest are covered but do not provide a usable series.
Net asset values move less often than market prices. The figures below show how often they still went down — and how thinly the early months were populated.
The bar strip shows how many funds carry the index in each month. The further left, the thinner the coverage — early months rest on a handful of funds and should be read with care. For real estate the largest drawdown falls on the last month of the series: this class has not yet passed its low. Multi-asset funds are left out — no robust series exists for them yet.
So it is clear what stands here: the calculation rule in four sentences and the four limits every NAV-based series has.
Every fund in a class counts the same. A large fund does not move the index more than a small one — the index describes the typical fund, not the invested capital.
The basis is the published net asset value per share class. Monthly returns are computed from it and chained into the index. Performance figures reported by providers do not enter.
Unlisted assets are valued at intervals, not traded continuously. A calm path is therefore first of all a property of the valuation — not proof of low risk.
The market is young: private equity starts with 3 funds and carries 33 today. Early months are thinly populated, and funds without a documented series are missing entirely. The series end in June 2026 because too few funds have reported since.
No investment advice, no recommendation and no investable index. Past performance says nothing about future results. Full index methodology →
An index tells you how a class has done. The next question is usually: which fund, at what cost, with what exit.
Costs, minimum investment, redemption window and liquidity score in direct comparison — all 140 funds filterable.
Distribution authorisation and minimum investment per country — before you read up on a fund you cannot buy where you live.
Gates, notice periods and the documented cases in which investors were served only pro rata — the flip side of calm curves.
Since March 2023 the equal-weighted index stands at 147.2 for private equity, 124.8 for private credit, 120.3 for infrastructure and 92.0 for real estate (base 100). Over each full series that is 11.1%, 6.8%, 5.6% and -0.3% per year. As of June 2026.
On the published net asset values of the funds in this database. Per asset class, every fund with a documented NAV series enters equal-weighted — currently 80 of 140 funds covered. These are not providers' performance claims but monthly returns computed from the NAV series themselves.
Each series starts in the month from which enough funds of the class have a documented NAV: real estate since November 2021, private equity since August 2022, private credit since January 2023, infrastructure since March 2023. The “Comparison” tab therefore puts all four on a common base (March 2023 = 100).
The curves are calmer than market prices because net asset values rest on valuations, not daily trading. Valuations are adjusted less often and with a lag. A smooth path is therefore no proof of low risk — it is first of all a property of the valuation method.
No. They are an analysis of this database's holdings, not an investable product and not a recommendation. semiliquid.info neither distributes nor advises.