Compare private equity
Compare ways to access private equity by strategy, diversification, liquidity, valuation frequency, fees and investor eligibility.
Private-equity investments are higher risk and can be difficult to sell. Values are often based on periodic private-company valuations rather than daily market prices.
Past performance and historic IRRs are not reliable indicators of future returns.
Last checked: 10 Aug 2026
Capital at risk
You could lose some or all of your investment.
Illiquid assets
Underlying private-company investments may take years to realise.
Valuations are periodic
Private-company valuations are usually updated less frequently than listed-market prices.
Access varies
Some routes are available to ordinary retail investors; others may require advice or investor eligibility.
Compare vehicles
Compare listed private-equity vehicles and other access routes by strategy, diversification, liquidity, valuation frequency, fees and investor eligibility.
8 private-equity vehicles currently listed
We do not rank by historic IRR or projected return.
8 private-equity vehicles
7 listed vehicles · 1 LTAF · 4 with global exposure
Strategy
European mid-market private equity
Liquidity
Listed
NAV frequency
Monthly estimated NAV
NAV
862.5p
Discount / premium
29.5% discount
Discount may not close
Diversification
Multi-manager / highly diversified
Capital at risk. Listed share liquidity does not make the underlying private assets liquid.
Strategy
Buyout-led private equity with fund and direct/co-investments
Liquidity
Listed
NAV frequency
Quarterly / periodic NAV
NAV
2,036p
Discount / premium
27.4% discount
Discount may not close
Diversification
Multi-manager / highly diversified
Capital at risk. Listed share liquidity does not make the underlying private assets liquid.
Strategy
Global diversified private equity
Liquidity
Listed
NAV frequency
Monthly / periodic company NAV
NAV
525.7p
Diversification
Multi-manager / highly diversified
Capital at risk. Listed share liquidity does not make the underlying private assets liquid.
Strategy
Global diversified private equity
Liquidity
Listed
NAV frequency
Monthly estimated NAV
Diversification
Multi-manager / highly diversified
Capital at risk. Listed share liquidity does not make the underlying private assets liquid.
Strategy
Later-stage private growth
Liquidity
Listed
NAV frequency
Periodic NAV
NAV
226.76p
Discount / premium
14.9% discount
Discount may not close
Diversification
Concentrated
Capital at risk. Listed share liquidity does not make the underlying private assets liquid.
Strategy
European mid-market private equity
Liquidity
Listed
NAV frequency
Quarterly / periodic NAV
NAV
782p
Indicative discount
31.7% discount
Discount may not close
Diversification
Diversified
Capital at risk. Listed share liquidity does not make the underlying private assets liquid.
Strategy
Global private equity
Liquidity
Semi-liquid / gated
Minimum
Check distributor
Valuation
Periodic NAV
Holding period
5–7+ years
Access
Adviser / wealth
Capital at risk. Listed share liquidity does not make the underlying private assets liquid.
Strategy
Concentrated proprietary private equity plus infrastructure
Liquidity
Listed
NAV frequency
Quarterly / periodic NAV
NAV
3,131p
Diversification
Single-manager concentrated
Capital at risk. Listed share liquidity does not make the underlying private assets liquid.
Access routes
Routes differ by liquidity, eligibility and fees. We do not rank access routes.
Bought through a stockbroker or investment platform like ordinary listed shares.
Long-term funds designed to provide broader access to illiquid/private assets, usually with periodic rather than daily redemption.
Can provide access to individual private-equity funds but may impose higher minimums and investor-eligibility requirements.
Can provide access to specialist funds or LTAFs following suitability and eligibility checks.
Access routes are not ranked. Liquidity, eligibility and fees differ by structure — listed share trading does not make underlying private assets liquid.
You are buying a liquid share in a company or trust that owns illiquid investments.
A discount can create an apparent valuation opportunity, but it can persist or widen.
NAV per share
£10.00
Market share price
£7.50
Discount
25%
Buying at a discount does not mean the discount must close.
Market liquidity available but share price can diverge from NAV.
Periodic withdrawals, potentially subject to notice periods or gates.
Capital may be committed for 10 years or more.
A fund interest might be sold, often with pricing uncertainty.
Never assume an investment can be sold at its latest stated NAV.
Managers acquire established businesses, often taking controlling stakes.
Capital is provided to established private companies seeking expansion.
Investment in earlier-stage businesses with higher company-failure risk.
Existing private-equity fund interests or company stakes are bought from other investors.
Investors participate alongside a private-equity manager in individual transactions.
A portfolio invests across multiple private-equity managers or funds.
Strategy has a major effect on leverage, company maturity, diversification, fees and holding period.
Consumers should compare number of managers, underlying funds, companies, geography, strategy, sector, vintage year and concentration in largest holdings.
A portfolio with hundreds of underlying companies can still be concentrated by manager, strategy or geography.
Do not compare a diversified multi-manager trust and a company heavily concentrated in one major holding using the same diversification label. Check portfolio notes and largest holdings carefully.
Private businesses do not have continuous stock-market prices. NAV can therefore be based on manager valuations, comparable company multiples, recent funding rounds, discounted cash flows and latest underlying fund reports.
An investment trust's share price may react to new information before its reported NAV does.
Private-equity vehicles may use borrowing, revolving credit facilities, commitments to underlying funds and capital calls.
Commitments can create future funding obligations even when capital has not yet been drawn. A large commitment is not automatically financial distress.
Management / administration costs at the listed trust or fund level.
Private-equity fund management charges inside the portfolio.
Potential share of profits paid to managers.
Costs charged by the route used to access the investment.
Relevant to listed vehicles bought through brokers or platforms.
Do not treat a single annual fee as though all private-equity routes have identical charging structures.
You could lose some or all of your investment.
Underlying private-company investments may take years to realise.
NAV can depend on models, assumptions and judgement.
Listed vehicles can trade at a persistent or widening discount.
Debt and commitments can magnify losses.
Large positions in one company, manager or strategy can dominate outcomes.
Outcomes depend heavily on manager selection and execution.
Overseas private assets can move with exchange rates.
Realisation can take longer or occur at lower values than expected.
Unfunded commitments can create future funding obligations.
Private equity is not automatically less volatile just because valuations are updated less frequently.
Educational only — not advice.
Our methodology
We do not default-sort by historic IRR or projected return. We do not assume a larger discount to NAV automatically means better value. Commercial relationships do not determine factual product information.
Last checked: 10 Aug 2026.