Correlations are represented by the following indices: Private Infrastructure = Preqin Private Infrastructure Index; Private Equity = Preqin Private Equity Index ex. VC; Private Credit = Preqin Private Credit Index; Real Estate = Preqin Real Estate Index; U.S. Stocks = S&P 500^® Index; Global Stocks = MSCI World Index; Bonds = Bloomberg U.S. Aggregate Bond Index; Listed Infrastructure = S&P Global Infrastructure Index.

Private market index providers rely on voluntary performance reporting by funds. This means that underperforming funds may delay reporting or, in some cases, not report at all. Additionally, poorly performing funds might liquidate, which further skews the results. As a result, private market indices may reflect a bias towards funds with successful track records, leading to the appearance that historical average fund performance is higher than it actually is.  It’s critical for investors to be aware of survivorship bias when assessing historical performance. Understanding this bias can help make more informed decisions when evaluating current private market investments.

Past performance does not guarantee future results. There is no guarantee any of these trends will continue. Investing involves risk. It does not constitute investment advice or an offer or solicitation to purchase or sell any security and is subject to change at any time due to changes in market or economic conditions. The comments should not be construed as a recommendation of individual holdings or market sectors, but as an illustration of broader themes. All data referenced are from sources deemed to be reliable but cannot be guaranteed as to accuracy or completeness. Information or opinions expressed herein are general and educational in nature and have been provided for information purposes only. Neither the information nor opinions expressed constitute investment advice and are not intended, nor should be considered, as an endorsement of any specific investment strategy. The information and opinions contained herein are current as of the date published and are subject to change without notice. Information has been obtained from sources believed to be reliable, but its accuracy, completeness, and interpretation are not guaranteed. Alternative investments are often speculative, typically have higher fees than traditional investments, often include a high degree of risk, and are suitable only for eligible, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time. They may be highly illiquid and can engage in leverage and other speculative practices that may increase volatility and risk of loss. The Preqin Private Infrastructure Index captures in an index the return earned by investors on average in their private infrastructure portfolios, based on the actual amount of money invested in private capital partnerships. The Preqin Private Equity Index ex. VC captures in an index the return earned by investors on average in their private equity portfolios, based on the actual amount of money invested in private capital partnerships. The Preqin Private Credit Index captures in an index the return earned by investors on average in their private credit portfolios, based on the actual amount of money invested in private capital partnerships. For Preqin Indices, each data point is individually calculated from the pool of closed-end funds for which comprehensive performance data is held, as of both the start and end of the quarter. The Preqin Real Estate Index captures in an index the return earned by investors on average in their private real estate portfolios, based on the actual amount of money invested in private capital partnerships. The S&P 500^® Index is a market capitalization-weighted index designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The Bloomberg U.S. Aggregate Bond Index is an index of the U.S. investment-grade fixed-rate bond market, including both government and corporate bonds. The S&P Global Infrastructure Index is composed of 75 of the largest publicly listed companies in the global infrastructure industry. The index has balanced weights across three distinct infrastructure clusters: energy, transportation, and utilities. Indices are unmanaged, are not available for investment, and do not incur expenses. Reproduction and distribution is prohibited without express permission. AMG Funds LLC cannot guarantee that the information herein is accurate, complete, or timely. AMG Funds LLC makes no warranties with regard to such information or results obtained by its use and disclaims any liability arising out of your use of, or any reliance on, such information. See wealth.amg.com for additional disclosures, our privacy policy, and terms of use.

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