Public markets in September were marked by choppiness — interest rate anxiety, weak consumer sentiment, and renewed recession chatter pulled headlines in every direction. But in the private markets? A different story.
Private credit held steady. Real estate kept delivering income. And private equity showed strength where public equities stumbled. With Q4 now underway, private strategies continue to act as ballast in an otherwise uncertain investing environment.
Private Real Estate: Resilient Income Across Cycles
BREIT (Blackstone Real Estate Income Trust) gained +0.66% in September, pushing its YTD return to 4.77%. With 80% of the portfolio concentrated in rental housing, industrial assets, and data centers, it continues to benefit from structural demand and demographic tailwinds.
Blackstone notes that over 90% of BREIT’s portfolio is indexed to inflation and growing rent rolls, a compelling feature in today’s higher-rate world.
Nuveen Global Cities REIT (GCREIT) also posted a positive month, up +0.31%, and now +3.00% YTD. The fund’s 118-property portfolio spans industrial, necessity retail, and healthcare assets across 15+ countries — providing consistent yield and global diversification.
Private Credit: Durable Yield with Low Volatility
Private credit remains the star when it comes to consistent, high-income cash flow — especially in today’s rate environment:
Carlyle Tactical Credit (C•TAC) led the credit group in September with +0.77%, now +5.30% YTD, and distributing 9.32% annually. Carlyle’s active allocation across direct lending, structured credit, and real assets continues to adapt with evolving market conditions.
Blue Owl OCIC posted +0.66%, now +6.16% YTD, with a 10.29% distribution rate. The fund’s senior secured loans continue to generate reliable yield across a diversified portfolio of middle-market companies. Notably, 99% of loans are floating-rate and 94% first-lien.
BCRED (Blackstone Credit) delivered +0.40%, bringing YTD performance to 6.20%, with a 9.6% yield. Its portfolio of 97% senior secured loans continues to benefit from elevated base rates and strong underwriting.
Private Equity: Steady Growth for the Long Term
BlackRock Private Investment Fund (BPIF) delivered another positive month, returning +0.98% in September and bringing its YTD performance to 10.95%. The portfolio’s blend of direct investments and secondaries continues to prove valuable. Key allocations to financial infrastructure, healthcare delivery, and global logistics companies helped boost valuations.
While private equity won’t win the headlines battle against public mega-cap stocks, the real compounding happens here — quietly and over time.
iDirect Private Markets Fund had a slightly positive month, returning +.12%, lifting YTD private market performance to +8.33%. The fund continues to benefit from allocations to top-tier sponsors such as KKR, Warburg Pincus, and Vista Equity, with a focus on enterprise software and business services. While public equity indices have been dominated by just a few names, private equity’s diversification is delivering results more broadly.
September 2025 Private Market Performance Snapshot
| Fund | September | YTD | Annualized Dividend Rate |
|---|---|---|---|
| Blackstone REIT (BREIT)1 | 0.66% | 4.77% | 4.80% |
| Nuveen Global Cities REIT2 | 0.31% | 3.00% | 5.55% |
| Blackstone Private Credit3 | 0.40% | 6.20% | 9.6% |
| Carlyle Tactical Credit (C•TAC)4 | 0.77% | 5.30% | 9.32% |
| Blue Owl OCIC5 | 0.66% | 6.16% | 10.29% |
| iDirect Private Markets Fund6 | 0.12% | 8.33% | N/A |
| BlackRock Private Investment7 Fund (BPIF) | 0.98% | 10.95% | N/A |
Conclusion: Private Markets Keep Compounding
While headlines focused on market turbulence and rate fears, private investments quietly advanced in September. These holdings aren’t designed for daily drama — they’re built to create income, manage volatility, and provide long-term upside.
As we enter Q4, they remain an essential counterweight to public market volatility — with strong cash flow and steady hands at the helm. For more insights on how these strategies can optimize your wealth plan, visit the 9M Investments and get a free assessment.
- 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.