Private Market Updates

If headlines were any indication, 2025 belonged to artificial intelligence (AI). But the numbers tell an even more compelling story: AI permeated the conversation, and its performance significantly contributed to overall returns of the private market. Private companies in the Forge AI thematic basket outpaced the broader market by a remarkable 2–3X depending on the benchmark. Even as the equal-weighted Forge Private Market Index (FPMI) and the cap-weighted Forge Accuidity Private Market Index (FAPMI) posted impressive gains of 85.9% and 53.1%, respectively, the AI basket outpaced them significantly and appreciated 165.9% through November.