Refugio Research beta
Finding firmer ground in alternative investments.
An index of the industry: the three largest funds by net assets in each of private equity, private credit, and private real estate — monitored filing by filing.
Urgent/Notify counts are current findings from the trailing 365 days. Net capital flows = subscriptions minus redemptions, independent of investment returns. Leverage utilization (against cap) = borrowings as a share of what the fund's own ceiling permits.
| Fund | Wrapper | Net assets | NAV/share | Net flows (last qtr, % NAV) | Leverage utilization (against cap) | Urgent | Notify | Notable recent development |
|---|---|---|---|---|---|---|---|---|
| Apollo Diversified Real Estate Fund |
Interval Fund |
$3.34B |
$23.99 |
-4.1%
|
2% |
0 | 2 | NAV per share ($23.99) is 3.2% below its trailing four-observation average ($24.78) as of 2026-03-31. |
| Blackstone Private Credit Fund |
BDC |
$45.04B |
$23.94 |
-1.7%
|
66% |
0 | 6 | On June 15, 2026, Katherine Rubenstein departed her role as Blackstone Private Credit Fund’s (the “Fund”) Chief Operating Officer to pursue other opportunities. (2026-06-15) |
| Blackstone Real Estate Income Trust, Inc. |
REIT |
$50.77B |
$14.43 |
-0.9%
|
71% |
0 | 19 | Net flows deteriorated to $-452.4M from $-599.3M (period ended 2026-03-31). |
| Blue Owl Credit Income Corp. |
BDC |
$19.15B |
$9.32 |
-1.8%
|
70% |
0 | 16 | Barracuda Parent, LLC marked down -42% (2025-12-31 $108,936,000 -> 2026-03-31 $63,253,000) with par balance unchanged (+-2%) -- a valuation mark, not a trade. (2026-03-31) |
| Cliffwater Corporate Lending Fund |
Interval Fund |
$31.31B |
$10.52 |
-1.7%
|
36% |
0 | 3 | NAV per share fell 2.3% from $10.77 to $10.52 (2026-03-31). |
| KKR Private Equity Conglomerate LLC |
Operating Company |
$10.78B |
$33.10 |
+9.1%
|
0 | 16 | to this Current Report on Form 8-K). (2026-07-02) | |
| Partners Group Private Equity Fund, LLC |
Tender-Offer Fund |
$15.30B |
$2.22 |
+0.9%
|
12% |
0 | 5 | NAV per share fell 3.9% from $2.31 to $2.22 (2026-03-31). |
| Starwood Real Estate Income Trust, Inc. |
REIT |
$4.06B |
$19.54 |
-2.9%
|
99% |
8 | 15 | Redemptions prorated for the period ending 2026-03-31: only 3.0% of requests fulfilled. (2026-03-31) |
| StepStone Private Markets |
Tender-Offer Fund |
$5.83B |
$61.74 |
+3.7%
|
0 | 2 | Trive Capital Fund III LP marked down -81% (2025-06-30 $21,752,108 -> 2025-09-30 $4,171,009) with par balance unchanged (+-2%) -- a valuation mark, not a trade. (2025-09-30) |
The latest current findings across the nine index funds, newest first.
The fund is at or near its allowed leverage limit (99% of permitted leverage in use as of 2026-03-31) (GAAP-equity approximation of a cost-basis charter test; the fund's own NASAA calculation may show compliance).
Redemptions prorated for the period ending 2026-03-31: only 3.0% of requests fulfilled. (2026-03-31)
Redemptions prorated for the period ending 2026-02-28: only 3.0% of requests fulfilled. (2026-02-28)
Redemptions prorated for the period ending 2026-01-31: only 3.0% of requests fulfilled. (2026-01-31)
The fund is at or near its allowed leverage limit (101% of permitted leverage in use as of 2025-12-31) (GAAP-equity approximation of a cost-basis charter test; the fund's own NASAA calculation may show compliance).
Redemptions prorated for the period ending 2025-09-30: only 4.0% of requests fulfilled. (2025-09-30)