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January 2024 Private Performance Thumbnail

January 2024 Private Performance

January turned out to be a great start for the public markets. Now it wasn't anything close to what happened in November or December of last year. But those aren't really months that could be repeated. Still the S&P 500 was up 1.59% and the NASDAQ-100 was up 1.9%, which is fantastic. On the other hand, the AGG was still struggling in January, down -.27%. So how did the private investments stack up with the public markets did in January. All the details are below.

Private Equity

With the private equity funds, there's always a delay in reporting. But we did get the final numbers for BPIF in 2023. The fourth quarter ended up with a strong 3.77%, giving us 11.83% for 2023. I was very happy with these numbers, considering there were several headwinds with in the PE space in 2023. Remember this fund is 61% direct investments and 39% secondary investments. The secondary market in 2023 was a challenge. But pricing has stabilized and some of these investments made in 2023 could provide great out-performance going forward. This fund is 82% buyout and 18% venture capital as well. The venture capital space was a struggle with higher rates, but the deals done last year could be the opportunity for significant performance going into the future. We are still waiting on the numbers for 2023 with iDirect, but I will give you the lastest update as they come available. 

Private Real Estate

2023 was a rough year for the whole REIT sector. So while the performance was not great from Blackstone's BREIT and Nuveen's Global Cities REIT, there was still quite the out-performance of the sector. January's numbers were a bit mixed, Nuveen was down slightly at -.04%, but BREIT was up a healthy .56% on the month. This sector is all about the long term and I completely expect the performance to show that. And then we still get a strong dividend with great tax advantages.

Private Credit

 Blackstone's and Carlyle's funds are off to a great start again in 2024. With the funds up 1.0% and 1.4% through January. Comparing that to the AGG, and you can see why investors have been trilled to have private credit in their portfolios. I expect both of these funds to have strong years again in 2024.

Year to DateAnnualized Dividend Rate
Blackstone REIT10.56%.56%4.6%
Nuveen Global Cities REIT2-0.04%-0.04%5.59%
Blackstone Private Credit31.0%1.0%10.4%
Carlyle Tactical Credit41.24%1.24%10.4%
iDirect Private Markets Fund5-0.06%
BlackRock Private Investment Fund6.44%

  1. https://www.breit.com/performance/
  2. https://www.nuveen.com/gcreit/performance
  3. https://www.bcred.com/performance/
  4. https://www.carlyle.com/fund?_month=8&_year=2023
  5. https://idirectpmfund.com/idirect-pm-fund/performance/#performance
  6. 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.