As Q2 closed out, public markets traded sideways — caught between sticky inflation, rate speculation, and soft earnings. But behind the scenes, private investments quietly did their job. Credit generated steady yield. Real estate continued to distribute tax-advantaged income. And private equity finished the quarter with real momentum.
June was a reminder that when market narratives change daily, long-term private strategies continue to focus on execution — not headlines.
Private Equity: Strong Finish to Q2
BlackRock Private Investment Fund (BPIF) posted a +2.23% return in June, now up +6.63% YTD — making it one of the top-performing holdings year to date. The portfolio continues to benefit from exposure to fast-growing sectors like software and healthcare, with secondary investments adding diversification and early liquidity.
iDirect Private Markets Fund also delivered a solid +0.57% for the month, closing the first half of 2025 at +6.12% YTD. Allocations to KKR, Vista Equity, and Warburg Pincus continue to provide diversified access to institutional-quality private equity deals across high-growth industries.
Private Real Estate: Stable Income, Moderate Growth
Blackstone Real Estate Income Trust (BREIT) returned +0.44% in June, bringing its YTD return to +3.07% with a 4.80% distribution yield. The fund remains overweight rental housing and industrial warehouses in high-growth U.S. markets, with over 93% occupancy. Demand for data centers remains a key tailwind.
Nuveen Global Cities REIT (GCREIT) returned +0.31%, now +1.74% YTD, with a strong 5.55% distribution rate. Its international exposure and focus on necessity retail, healthcare, and logistics centers continue to support stable cash flow, even as global rates remain elevated.
Private Credit: Quietly Compounding at 10%+
Income continues to flow through private credit, with all three core funds posting positive monthly returns:
- Blackstone Private Credit (BCRED):
+0.70% in June, +4.30% YTD, with a 10.5% yield. Portfolio remains primarily in senior secured, floating-rate corporate loans — well-positioned if rates stay “higher for longer.” - Carlyle Tactical Credit (C•TAC):
+0.75% in June, +2.86% YTD, yield of 9.63%. Carlyle’s June update highlighted opportunistic allocations into asset-backed finance and infrastructure credit, along with continued capital inflows via preferred shares. - Blue Owl Credit Income Corp (OCIC):
+0.87% in June, now +3.91% YTD, with a 10.24% yield. Senior secured middle-market loans continue to provide durable income and low volatility across a broad range of industries.
June 2025 Performance Snapshot
| Fund | June | YTD | Annualized Dividend Rate |
|---|---|---|---|
| Blackstone REIT (BREIT)1 | 0.44% | 3.07% | 4.80% |
| Nuveen Global Cities REIT2 | 0.31% | 1.74% | 5.55% |
| Blackstone Private Credit3 | 0.70% | 4.30% | 10.5% |
| Carlyle Tactical Credit (C•TAC)4 | 0.75% | 2.86% | 9.63% |
| Blue Owl OCIC5 | 0.87% | 3.91% | 10.24% |
| iDirect Private Markets Fund6 | 0.57% | 6.12% | N/A |
| BlackRock Private Investment7 Fund (BPIF) | 2.23% | 6.63% | N/A |
Conclusion: Quiet Results, Strong Foundation
Private investments don’t trend on social media. They don’t react to every Fed headline. And they don’t generate daily swings in your portfolio. Instead, they quietly deliver the income, stability, and growth that investors need when public markets stall out.
As we enter the second half of the year, private allocations continue to do exactly what they’re designed to do — support your long-term financial plan with less noise and more resilience.
- https://www.breit.com/performance/
- https://www.nuveen.com/gcreit/performance
- https://www.bcred.com/performance/
- https://www.carlyle.com/ctac
- https://ocic.com
- https://idirectpmfund.com/idirect-pm-fund/performance/#performance
- https://bpif.com/portfolio-and-performance/default.aspx
This content is developed from sources believed to be providing accurate information. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.