Tired of waiting months to see how private funds return? Same. Luckily, we have a kind weather report for returns, and the latest reading is excellent.

In some corners of private markets, PitchBook’s Private Capital Return Barometers indicate the best conditions for private funds in years.

• Private equity’s implied quarterly return of 4.9% in Q2 is the strongest it has been since the rebound following the 2020 downturn.

• Venture capital has also experienced one of its strongest return environments in recent years, with models suggesting a 5.5% return for the quarter.

Across all private-market strategies, conditions have improved since the last official returns data at the end of 2025.

Public equities rallied in Q2 across the model’s favored indexes, spanning growth, small-cap, and value equities, while market volatility declined and financial stress remained low. Those are precisely the conditions the model has historically associated with stronger returns, particularly for PE and VC.

The real test will come when managers begin reporting their Q2 marks. Until then, the early read is encouraging.

Corporations are increasingly investing directly in venture-backed startups, yet most lack the years and relationships required to build a world-class program in-house. Pegasus Tech Ventures offers Venture Capital-as-a-Service (VCaaS), a model built to give corporate partners direct access to top-tier startups without the overhead of an internal fund.

With a network of 300+ portfolio companies and operations spanning the globe, Pegasus connects partners to breakthrough technology across every stage and sector. Pegasus’ model delivers curated deal flow and full-service execution without the cost of building from scratch.

Transform how your corporation accesses cutting-edge innovation.

Richard A. Brooks/Getty Images

Shein is asking some of its existing backers to invest in an IPO that’s supposed to give them an exit.

Bloomberg reported Thursday that Boyu Capital and UBS Asset Management are in talks to become cornerstone investors in the online fast-fashion retailer’s Hong Kong listing. Shein has set aside at least $400 million of stock for cornerstone investors and is seeking to raise about $2 billion overall at a valuation of $26 billion to $27 billion.

Shein’s repeated attempts to list have become a source of frustration for investors waiting for distributions, said one limited partner whose portfolio holds stakes in the company through several funds. The person, who described the cornerstone talks as welcome news, said investors have spent years watching the company pursue different listing venues without success.

The company confidentially filed for an IPO in the US in November 2023 but faced scrutiny in Washington over its supply chain, ties to China and heavy reliance on the de minimis trade exemption. Shein subsequently turned to London, but the transaction failed to secure clearance from Chinese regulators.

China’s securities regulator approved a Hong Kong listing in July. But an IPO at the target would value the business roughly 73% below its peak.