METRIS LENS · PRIVATE CREDIT BENCHMARKS
Private Equity
Direct common equity co-investments and minority stakes in private companies, held by unlisted BDCs — sponsor-backed and held to exit.
Returns reflect price appreciation only. Dividend income is not included for common equity positions.
InceptionJanuary 1, 2019
RebalanceQuarterly
CurrencyUSD
Return TypeGross & Net
Base Level100 (Q1 2019)
Level · Q4 2025+3.3% QoQ
242.86
1 Year
+9.8%
Since Incep.
+15.3%
Constituents
639
Aggregate Fair Value
$25.2B
Unique Companies
569
Constituent Positions
639
Funds Contributing
52
Universe Coverage
92.3%
of eligible AUM
Last Rebalance
May 15, 2026
post-Q4 BDC XBRL
Index performance · Private Equity
Total return summary
NetGrossFee drag
QoQ+3.3%+3.3%−0.0 pp
1 Year+7.4%+9.8%−2.4 pp
3 Year (ann.)+13.2%+5.6%−7.6 pp
5 Year (ann.)--+13.7%--
Since Inception (ann.)+15.0%+15.3%−0.2 pp
Risk Statistics
Volatility (ann.)
11.9%
Sharpe Ratio
0.94
Max Drawdown
-13.4%
Q1 2020
Best Quarter
+15.8%
Q1 2021
Worst Quarter
-13.4%
Q1 2020
% Positive Qtrs
80%
20 of 25
Private Equity
Portfolio
Characteristics
As of Q4 2025
Constituent Positions
639
Unique Companies
569
Aggregate Fair Value
$25.2B
Asset Category Breakdown
Common Equity92.5% (624 constituent holdings)
OTHER7.2% (9 constituent holdings)
FUND0.3% (6 constituent holdings)
Manager Concentration
Ares47.9%Blackstone21.2%Blue Owl16.2%HPS1.9%Barings1.9%TPG1.5%Sixth Street Lending Partners1.4%Monroe Capital1.4%TCW1.4%Crescent Capital0.7%Other4.4%
Largest 25 Holdings
| Issuer | Category | Fair Value | Vehicle | Return |
|---|---|---|---|---|
| Port Arthur LNG Phase II Intermediate Company, LLC | Common | $1,079,456,000 | Blackstone Private Credit Fund | +62.0% |
| Tango Holdings LLC, Class A Units | Common | $526,684,000 | Ares Core Infrastructure Fund | +10.6% |
| Fifth Season Investments LLC, Specialty finance equity investment | Common | $344,960,000 | Blue Owl Credit Income Corp | +0.2% |
| Fifth Season Investments LLC | OTHER | $344,960,000 | Blue Owl Credit Income Corp | +11.5% |
| LSI Financing LLC, Specialty finance equity investment | Common | $321,093,000 | Blue Owl Credit Income Corp | +2.0% |
| Pibb Member Holdings, LLC | Common | $227,678,000 | Blackstone Private Credit Fund | +1.0% |
| Apex Clean Energy TopCo, LLC, Class A common units | Common | $225,800,000 | Ares Capital Corp | +0.4% |
| Meade Pipeline Co LLC | Common | $214,956,000 | Ares Core Infrastructure Fund | +6.0% |
| FEH Group, LLC, Warrant to purchase shares of ordinary shares 1 | Common | $213,400,000 | Ares Capital Corp | +2.3% |
| FEH Group, LLC, Class A common interest 1 | Common | $162,906,400 | Ares Strategic Income Fund | +2.3% |
| Rocade Holdings LLC | OTHER | $115,000,000 | Barings Private Credit Corp | +0.0% |
| Twin Brook Equity Holdings, LLC , Equity interest, Affiliated | Common | $103,655,000 | TPG Twin Brook Capital Income Fund | +5.1% |
| SageSure Holdings, LLC and SageSure LLC, Series A units | Common | $94,100,000 | Ares Capital Corp | +12.0% |
| Elanco Animal Health, Inc | Common | $79,547,000 | Blackstone Private Credit Fund | +2.1% |
| Imaging Business Machines, LLC and Scanner Holdings Corporation, Class A common stock | Common | $79,500,000 | Ares Capital Corp | +13.6% |
| Equity and Other Investments Pharmaceuticals Elysium BidCo Limited Convertible Preference Shares (38,503,125 units) Initial Acquisition Date 12/11/2024 | Common | $58,651,000 | Sixth Street Lending Partners | +4.6% |
| Quintain Investments Holdings Limited, Private asset-backed investment 1 | Common | $57,205,300 | Ares Strategic Income Fund | +1.9% |
| CCI Topco, Inc | Common | $54,604,000 | HPS Corporate Capital Solutions Fund | +3.8% |
| CoreLogic, Inc and T-VIII Celestial Co-Invest LP, Limited partnership units | Common | $53,900,000 | Ares Capital Corp | +8.1% |
| Mimecast Borrowerco, Inc and Magnesium Co- Invest SCSp, Limited partnership interest | Common | $48,600,000 | Ares Capital Corp | +2.5% |
Top 25 of 639 positions across 569 issuers
Top Funds Contributing
| Fund | Positions | Fair Value | % of Index |
|---|---|---|---|
| ARES CAPITAL CORP | 187 | $2.1B | 30.1% |
| Blackstone Private Credit Fund | 24 | $1.5B | 21.2% |
| Blue Owl Credit Income Corp. | 10 | $1.1B | 16.0% |
| Ares Core Infrastructure Fund | 4 | $781.8M | 11.1% |
| ARES STRATEGIC INCOME FUND | 73 | $468.4M | 6.7% |
| Barings Private Credit Corp | 12 | $131.9M | 1.9% |
| HPS Corporate Capital Solutions Fund | 5 | $117.6M | 1.7% |
| TPG Twin Brook Capital Income Fund | 1 | $103.7M | 1.5% |
| Sixth Street Lending Partners | 5 | $101.0M | 1.4% |
| Monroe Capital Income Plus Corp | 14 | $98.4M | 1.4% |
Methodology
Eligibility
Eligible positions are direct common equity investments in private companies held by unlisted BDCs. Includes co-investments, minority stakes, and equity kickers. Excludes preferred equity, warrants, and fund interests.
Construction
The index is fair-value-weighted and chain-linked from a base of 100 (Q4 2022). Returns reflect NAV-based price appreciation only -- dividend income is not included for common equity positions. Rebalanced quarterly.