- A private equity ETF is an exchange-traded fund that tracks an index of private equity companies that are themselves listed (Blackstone, KKR, 3i, EQT…). It does not invest directly in unlisted companies.
- The best known, the iShares Listed Private Equity (IPRV), holds about 90 positions, charges 0.75% in annual fees and is not eligible for the PEA.
- It can be sold in one click, but it follows the stock market: -29.0% in 2022 for IPRV, when the Cambridge Associates index of unlisted US private equity fell by 4.3%.
- Since its launch in 2007, IPRV has returned 4.81% a year, against 10.7% a year over ten years for unlisted French private equity (France Invest and EY).
- The ETF gives exposure to the private equity sector. To capture the performance of the best unlisted funds, you have to subscribe to those funds, which pooling vehicles such as the FPCI make possible.
A private equity ETF is a listed index fund that invests in management companies and private equity vehicles listed on the stock market, not in the unlisted companies they finance. It provides liquid, low-cost exposure to the private equity sector, but its performance depends mainly on equity markets.
What is a private equity ETF?
A private equity ETF is a tracker that replicates an index made up of listed companies active in private equity: private asset managers, investment holding companies and private debt vehicles. It is bought and sold on the stock market like a share, at any time during trading hours.
The investor therefore does not hold units of unlisted funds, but shares in three types of companies:
- private asset managers, such as Blackstone, KKR, Apollo, EQT or Partners Group, which raise funds and earn management fees and a share of capital gains;
- listed investment companies, such as 3i or Brookfield Corporation, which directly hold stakes in unlisted companies;
- private debt vehicles, such as US BDCs (Business Development Companies), including Ares Capital.
The main reference indices are the S&P Listed Private Equity Index, tracked by iShares, and the LPX Major Market, which groups 25 companies and underpins Xtrackers' ETF.
What are the main private equity ETFs?
The main private equity ETFs available in Europe are the iShares Listed Private Equity, in distributing and accumulating versions, the Xtrackers LPX MM Private Equity and, since January 2026, the Goldman Sachs MSCI World Private Equity Return Tracker. None is eligible for the PEA: they are held in an ordinary securities account.
Sources: BlackRock, iShares Listed Private Equity UCITS ETF fact sheet, www.blackrock.com; justETF, fact sheets IE000D8FCSD8, LU0322250712 and IE000GNOSM10, www.justetf.com (accessed 11/02/2026).
The iShares Listed Private Equity (IPRV)
The IPRV ETF is the oldest and largest European private equity ETF: launched in 2007, it holds about 90 companies. Its top ten holdings make up more than half of the portfolio (52.88% as of 07/30/2026, according to justETF):
- Blackstone, 7.77%;
- Brookfield Corporation, 7.35%;
- 3i, 6.78%;
- KKR, 5.61%;
- Apollo, 4.52%;
- EQT, 4.30%.
More than half of the exposure is American (52.61%), ahead of the United Kingdom (19.16%) and Canada (9.45%). BlackRock also states that some positions are taken through CFDs (contracts for difference), derivative products that do not confer ownership of the securities.
The Goldman Sachs Private Equity Return Tracker
The tracker launched by Goldman Sachs in January 2026 holds no private equity company. It aims to replicate, with listed shares, the sector, regional and style exposures of the MSCI Private Capital universe. At the end of July 2026, its top holdings were AMD, Applied Materials, Eli Lilly, Broadcom or Palantir, plus US Treasury bills, with 98% exposure to the United States. The name of an ETF therefore does not always say what it contains: it is the composition that you need to read.
What performance can you expect from a private equity ETF?
A private equity ETF has performance close to that of equities, with high volatility: IPRV shows 9.77% a year over ten years and 4.81% a year since its launch in 2007 (in dollars, as of 09/30/2026). Its maximum loss since launch reaches -81.64%, according to justETF.
Its results vary widely from one year to the next, in step with markets and interest rates:
- good years: +44.7% in 2019, +41.9% in 2021, +38.9% in 2023;
- down years: -14.2% in 2018, -29.0% in 2022;
- 2026: -16.16% over one year as of 09/30/2026.
This chart shows that a private equity ETF behaves like an equity investment, with gaps of more than 70 points between the best and the worst year.
Source: BlackRock, iShares Listed Private Equity UCITS ETF fact sheet, performance in USD, www.blackrock.com (accessed 11/02/2026). Past performance is no guarantee of future results.
In euros, the figures differ because of the exchange rate: justETF calculates -24.54% in 2022 and +34.02% in 2023 for the same ETF. Always compare two performances in the same currency.
Private equity ETF or unlisted fund: what are the differences?
A private equity ETF buys shares of listed managers, whereas an unlisted fund directly buys companies in order to transform them and resell them after a few years. The two have neither the same return, nor the same risk, nor the same liquidity.
Sources: Cambridge Associates, “US PE/VC Benchmark Commentary, Calendar Year 2022”, publishedresearch.cambridgeassociates.com; France Invest and EY, “Net performance of French private equity players at end 2025”, press release of 06/25/2026, www.franceinvest.eu.
The 2022 gap is partly due to method: an unlisted fund is valued each quarter by its manager, which smooths variations, whereas an ETF takes the stock market price from day to day. It is also due to the nature of the assets: the companies in a LBO or growth equity fund are not resold during a market downturn, as the manager waits for the right moment to sell.
“ When you buy a private equity ETF, you are buying Blackstone, KKR or Apollo, that is, the companies that collect private equity's fees, not the companies their funds invest in. These three managers are in fact already part of the S&P 500: if you have a World or S&P 500 ETF, you already hold them. The result shows in 2022: -29% for the benchmark ETF, -4.3% for the index of unlisted US private equity. These are not two ways of investing in the same thing, they are two different assets. ”
The limits of a private equity ETF
A private equity ETF has four main limits: it follows the stock market, it does not capture the performance of the best funds, it stacks two layers of fees and it often duplicates a standard equity ETF.
- High volatility. IPRV's 3-year standard deviation reaches 20.79% (BlackRock, as of 09/30/2026), the level of a sector equity ETF. Listed managers react strongly to interest rates and the pace of exits.
- Average performance. The ETF replicates an index, it does not select managers. Yet in private equity, the gap between the first and the last quartile exceeds 29 points of net IRR on the French market. Our article on private equity returns details these gaps by strategy.
- A double layer of fees. On top of the ETF's 0.50% to 0.75% come the running costs of the companies held, included in their prices.
- Overlap with equity ETFs. Blackstone joined the S&P 500 in September 2023, KKR in June 2024 and Apollo in December 2024. These three stocks weigh about 18% of IPRV and are already in an S&P 500 or MSCI World ETF.
- Currency risk. IPRV is denominated in dollars and more than half of its companies are American: the movement of the euro against the dollar adds to that of the shares.
How to invest in unlisted private equity with Fundora
To invest in real unlisted funds rather than in listed managers, Fundora provides access to strategies selected from the global top 25% of funds. Fundora identifies and offers these strategies, with actual management carried out by Kyoseil Asset Management under the mandate, a portfolio management company approved by the AMF under number GP-99040.
These institutional funds usually require tickets of €200,000 to €1 million. Fundora pools the subscriptions of several individual investors in an FPCI (Fonds Professionnel de Capital Investissement, a professional private equity fund) associated with an SPV (Special Purpose Vehicle), which invests directly in the target funds. The entry threshold is thus significantly lowered compared with a direct subscription, with the minimum amount varying according to the strategy open for subscription.
The strategies cover venture capital, leveraged buyout and secondary private equity, which buys units of funds that are already invested to shorten the lock-up period. Our guide to investing in unlisted assets compares the other access routes, and our page on investing in private equity details how the platform works.
ETFs and unlisted funds are not mutually exclusive: the ETF can serve as a liquid pocket, while unlisted assets target long-term return on a portion of savings that can be locked up for several years. Our guide to building a diversified portfolio explains how to split the two.
These investments carry a risk of capital loss and a lock-up period of several years. Past performance is no guarantee of future results.
FAQ
What is a private equity ETF?
It is a listed fund that replicates an index of private equity companies listed on the stock market, such as Blackstone, KKR or 3i. It gives exposure to the private equity sector, without investing directly in unlisted companies.
What is the best private equity ETF?
The most widely used is the iShares Listed Private Equity (IPRV), the oldest and largest, with 0.75% in fees. The Xtrackers LPX MM Private Equity is slightly cheaper (0.70%) but synthetic. The choice depends mainly on the preference between distributing and accumulating dividends.
Can you put a private equity ETF in a PEA?
No. Private equity ETFs mainly invest in American, British and Canadian companies and are not eligible for the PEA. They are bought in an ordinary securities account, at the 31.4% flat tax (PFU), as explained in our article on private equity taxation.
Does a private equity ETF invest in unlisted companies?
No, not directly. It holds shares of listed managers and holding companies, which themselves invest in unlisted companies. Its performance therefore follows first the stock market price of these companies.
Private equity ETF or private equity fund: which to choose?
The ETF suits those who want liquid exposure to the sector, with the volatility of equities. The unlisted fund targets a higher long-term return, in exchange for capital locked up for several years and a risk of capital loss.
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