December 2024 Private Performance

As 2024 came to a close, private investments once again showcased their ability to provide stability and yield in an uncertain market environment. While public markets experienced continued volatility amid economic shifts, private equity, real estate, and credit strategies remained resilient, delivering attractive long-term returns.

Let’s dive into the final performance numbers of 2024 and what they mean as we head into the new year.

Private Equity: A Year of Strategic Growth and Challenges

The BlackRock Private Investments Fund (BPIF) returned -0.44% in December, bringing its total return for the year to 8.49%. While Q4 saw a slight decline, BPIF remains well-positioned with 85% exposure to private equity investments, emphasizing small and mid-cap buyouts that drive operational growth. Notably, secondaries within BPIF returned 16% over the past year, further highlighting the potential for attractive opportunities in the private markets.

Similarly, the iDirect Private Markets Fund returned 0.41% in December, rounding out the year at 9.04%. With continued exposure to premier private equity sponsors, iDirect remains a strong source of diversified access to alternative investments.

Private Real Estate: Navigating Market Adjustments

Private real estate faced some headwinds in December, reflecting broader economic adjustments:

Blackstone Real Estate Income Trust (BREIT) saw a -1.09% return in December, bringing its 2024 total return to 1.95%. Despite this, BREIT’s strategic focus on high-quality rental housing and industrial assets has allowed it to maintain strong occupancy and a 4.8% annualized distribution rate.
Nuveen Global Cities REIT (GCREIT) posted a -0.11% return, closing the year at 2.37% . The fund’s global diversification and allocation to high-demand sectors like healthcare and industrial real estate have contributed to its ability to generate consistent cash flow.

Private Credit: Delivering Strong, Consistent Income

Private credit continued to stand out as a key driver of income generation throughout 2024, maintaining strong returns despite shifting interest rate dynamics.

Blackstone Private Credit (BCRED) returned 0.70% in December, capping the year with an 11.00% YTD return and a 10.4% annualized distribution rate.
Carlyle Tactical Credit (C•TAC) posted a 0.62% return in December, bringing its total return for the year to 10.80%, maintaining its 10.01% annualized yield.
Blue Owl Credit Income Corp. (OCIC) delivered a 1.07% return in December, closing 2024 at 11.47% YTD, with a 10.16% annualized dividend rate, demonstrating its ability to capture opportunities in the middle market lending space.

The Priority Income Fund (PIF) was the outlier, experiencing a -8.1% return in December, bringing its total 2024 return to 2.23%, but still boasting a 14.08% annualized distribution rate

Performance	December	Year to Date	Annualized Dividend Rate
Blackstone REIT¹	-1.09%	1.95%	4.8%
Nuveen Global Cities REIT²	-.11%	2.37%	5.50%
Blackstone Private Credit³	.70%	11.00%	10.4%
Carlyle Tactical Credit⁴	.62%	10.80%	10.01%
Blue Owl OCIC⁵	1.07%	11.47%	10.16%
Priority Income Fund⁶	-7.76%	2.23%	14.08%
iDirect Private Markets Fund⁷	.41%	9.04%	-
BlackRock Private Investment Fund⁸	-.44%	8.49%	-

Looking Ahead: The Case for Private Investments in 2025

As we step into 2025, private investments remain a compelling part of a diversified portfolio. While public markets may continue to see fluctuations, private equity, real estate, and credit funds offer stability, income, and long-term capital appreciation.

With strong performances from key funds and strategic positioning across alternative investments, investors can continue to benefit from the unique advantages these asset classes provide.

Have questions about how private investments can support your portfolio strategy? Let’s connect and discuss the opportunities available to you.

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_{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.}