Private Equity Can’t Top Public Markets, Even Without Mag 7

Private equity investors would have been better off parking their money in the public markets over the last five years, even when gains from the so-called Magnificent 7 stocks are stripped out, a new report shows.

The asset class has underperformed major public benchmarks over the last one, three and five years, with or without the Mag 7 included, according to the 2026 Market Overview from private capital manager Hamilton Lane Inc.