HarbourVest Data Reveals Private Equity Sector Shifts, Tech Lagging in Recent Years
Event summary
- HarbourVest released Q3 2025 private equity benchmark data showing global buyout returns of 10.5% (1YR), 17.1% (5YR), and 18.3% (10YR).
- Technology sector underperformed Financials and Industrials over the past 5 years despite strong decade-long returns.
- Global ex-US buyouts showed resilience in Information Technology with 20.2% annualized returns over the last 5 years.
- Consumer sector trailed aggregate benchmarks across all timeframes due to persistent headwinds.
The big picture
HarbourVest's data highlights significant sector rotation within private equity, with technology's decade-long dominance waning as Financials and Industrials gain traction. The firm's investment-level benchmarks, built on 65,000 transactions, provide unprecedented transparency for comparing private equity performance to public markets. With $150 billion in AUM, HarbourVest's insights carry particular weight in assessing broader private markets trends.
What we're watching
- Sector Rotation
- Whether private equity investors will continue shifting focus from technology to Financials and Industrials...
- Regional Disparities
- How the performance gap between US and ex-US buyouts will evolve, particularly in technology...
- Consumer Sector Recovery
- The pace at which consumer sector headwinds will dissipate and returns normalize...
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