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April 2024 Private Performance Thumbnail

April 2024 Private Performance

April was the first correction month across the major indexes we've seen since October 2023. The S&P 500 was down -4.16% and NASDAQ-100 was down -4.4%. And then the AGG was down -1.8%. Now given the strong run up in the S&P and NASDAQ, both are still up significantly on the year. But all the headwinds that we mentioned last month still exist. So how did our private investments fair in the month of April? Let's dive in.

Private Equity

BPIF has continued it's streak of positive months on the year. In the face of down public markets, BPIF returned 1.39% in April. iDirect still hasn't reported for April, but we did get the updated March numbers. It was a down month of -.36% for this diversified offering. The group of KKR, Vista, and Warburg Pincus can still have down months, but this deep roster should continue to outperform over the long-term.

Private Real Estate

BREIT and Global Cities both increased their dividends in April. So clients using this dividend for income, it was a happy month. BREIT was up slightly in April and Global Cities was down slightly. Both continued to add to their portfolios this month, with BREIT adding properties in the student housing space. And then Nuveen Global Cities adding more storage properties to their mix.

Private Credit

Another month of both Carlyle's and Blackstone's funds growing in the right direction. Both are now up over 4% on the year. And both are sporting dividends over 10%. This is the 2nd month for the Priority Income Fund in our portfolios. While this fund was down on the month. It increased it's dividend to 12.44%, a stellar income producer for my clients.

PerformanceAprilYear to DateAnnualized Dividend Rate
Blackstone REIT10.39%2.21%4.7%
Nuveen Global Cities REIT2-0.22%-0.28%5.73%
Blackstone Private Credit31.0%4.1%10.4%
Carlyle Tactical Credit4.88%4.01%10.37%
Priority Income Fund5-2.801.79%12.44%
iDirect Private Markets Fund6-.36%1.77%-
BlackRock Private Investment Fund71.39%3.82%-


Conclusion 

In a month where public markets were down over 4%, our private investments help hold up our portfolios. Not only did the income portions of the portfolio actually increase, the equity portions more than held their own in the face of volatility.

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  1. https://www.breit.com/performance/
  2. https://www.nuveen.com/gcreit/performance
  3. https://www.bcred.com/performance/
  4. https://www.carlyle.com/ctac
  5. https://www.priorityincomefund.com/
  6. https://idirectpmfund.com/idirect-pm-fund/performance/#performance
  7. 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.