February 2025 Private Performance

Private investments continued their steady pace in February 2025, posting modest but positive returns across every major category: private equity, private real estate, and private credit. While the broader public markets showed mixed results amid uncertainty around inflation data and central bank policy, private investments once again delivered consistency and income—hallmarks of their role in a long-term diversified strategy.

Private Equity: Slow but Steady Progress

The BlackRock Private Investment Fund (BPIF) returned 0.25% in February, bringing its year-to-date performance to 0.75%. While February’s pace was more measured, BlackRock’s Q4 commentary highlighted strong fundamentals, especially in its growing secondary exposure and targeted growth buyouts in healthcare and technology.

The iDirect Private Markets Fund posted a modest 0.05% return for the month, raising its YTD return to 2.03%. With anchor allocations to top-tier managers like KKR and Warburg Pincus, the fund continues to offer diversified access to global private equity themes—including infrastructure, consumer goods, and software development.

Private Real Estate: Stability Across Global Portfolios

Private real estate funds produced steady, income-driven returns in February:

Blackstone Real Estate Income Trust (BREIT) returned 0.58%, bringing its YTD gain to 1.36%. BREIT’s portfolio remains focused on rental housing and industrial real estate in high-growth U.S. markets, with 95% average occupancy and a 4.7% annualized distribution rate.
Nuveen Global Cities REIT (GCREIT) posted a 0.28% return, increasing its YTD performance to 0.70%. The REIT’s exposure to international industrial and necessity retail properties continues to be a stabilizing force, delivering a 5.5% annualized distribution.

Private Credit: Yield Keeps Flowing

Private credit was once again the most consistent performer in February, offering reliable monthly income with minimal volatility:

Blackstone Private Credit (BCRED) returned 0.60%, pushing its YTD to 1.50%. The fund remains focused on senior secured lending with 98% of the portfolio in floating-rate debt, offering protection as rate policy remains uncertain.
Carlyle Tactical Credit (C•TAC) posted a 0.56% gain, bringing its YTD performance to 1.44%, with an annualized yield just above 10%. C•TAC’s flexibility in sourcing and rotating credit exposure across direct lending, opportunistic, and real assets continues to add value.
Blue Owl Credit Income Corp. (OCIC) gained 0.42%, with its YTD return now at 1.15%. OCIC continues to provide access to first-lien, senior secured lending across a wide mix of industries, paired with a 10.16% annualized dividend.
Priority Income Fund (PIF) returned 0.53%, raising its 2025 total to 2.76%, with a standout 13.96% annualized dividend—making it one of the highest yielding credit options available for risk-tolerant investors.

Performance	February	Year to Date	Annualized Dividend Rate
Blackstone REIT¹	.58%	1.36%	4.70%
Nuveen Global Cities REIT²	.28%	.70%	5.50%
Blackstone Private Credit³	.60%	1.50%	10.4%
Carlyle Tactical Credit⁴	.56%	1.44%	10.03%
Blue Owl OCIC⁵	.42%	1.15%	10.16%
Priority Income Fund⁶	.53%	2.76%	13.96%
iDirect Private Markets Fund⁷	.05%	2.03%	-
BlackRock Private Investment Fund⁸	.25%	.75%	-

Conclusion: Steady Flow, Solid Foundation

February didn’t bring fireworks—but it did reinforce the foundation private investments offer. In an economic environment marked by uncertainty and shifting forecasts, the slow-and-steady gains across all sectors are a welcome sign. With credit leading in yield and private equity positioning for long-term growth, private investments continue to earn their role as reliable, long-term holdings.

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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.}