2026年第一季度数据中心资产在私募股权回报下滑中保持韧性

Data-Center Holdings Resilient as Private-EquityReturns Fell Private-capital investments in data centers and associated businesses posted higher returns than private equityoverall for a third consecutive quarter in Q1 2026 amid theAI theme’s continued prominenceacross privateand public markets. The new MSCI Private Capital Data Center Ecosystem Holdings Index returned 5.6% in the first quarter,compared to a drop of 0.7% for global private-equity holdings and a similar decline for global public equities.The drive toward the builders of AI is the same force thatknocked legacy-software buyout holdings in Q1.Over longer horizons, the Ecosystem Holdings Index also outpaced broader private-equity holdings, returning22.7% and 18.7% annualized over the past one and three years, respectively. Operators and the value chain The Ecosystem Holdings Index combines two sub-indexes. An index for operators tracks colocation facilities,operating companies and development land, and an index for the value chain captures the businesses enablingdata-center operations (while excluding direct property exposure). The operator segment accounts for roughlytwo-thirds of holdings valuation in the Ecosystem Holdings Index, up from just over 40% in late 2022, as theinvestment theme has leaned to thephysical infrastructure buildout for AI. Together, the indexes aggregate performanceacross asset classes and entity types in private capital, rangingfrom physical facilities held in real-estate and infrastructure vehicles to the companies held in buyout andventure funds. They aim to give investors a consistent view of a rapidly growing opportunity set that has untilnow been split across mandates. Positive past performance for data centers Gross-of-fees performance for the MSCI Private Capital Data Center Ecosystem Holdings Index, MSCI Private Capital DataCenter Operator Holdings Index, MSCI Private Capital Data Center Value Chain Holdings Index and MSCI Global Private EquityHoldings Index. As of Q1 2026, the Ecosystem Holdings Index comprised 1,093 holdings, 522 of them active and in total worthUSD 152.5 billion. Past performance — whether actual, backtested or simulated — is no indication or guarantee of futureperformance. Data as of Q1 2026. Keith CrouchExecutive Director, MSCI Research &Development Wendy HuVice President, MSCI Research &Development Jorge VelazquezAnalyst, MSCI Research & Development Subscribe todayto have insights delivered to your inbox. Enter your email address Subscribe Private Asset Solutions Integrated intelligence for private markets The Rise and Concentration Risk of Data Centers in Private Markets Data centers have become mainstream in private markets, with investment performance that has eclipsed comparableinfrastructure, private-equity and public-equity benchmarks. Risks remain, however. Read the blog post Private Capital in Focus: VC and Buyout Part Ways on Software Venture capital and buyout went in opposite directions in Q1 2026, driven in part by differing valuations of softwareholdings. Returns in private credit weren't immune to software pressures either. Read the quick take The content of this page is for informational purposes only and is intended for institutional professionals with the analyticalresources and tools necessary to interpret any performance information. Nothing herein is intended to recommend anyproduct, tool or service. For all references to laws, rules or regulations, please note that the information is provided “as is”and does not constitute legal advice or any binding interpretation. Any approach to comply with regulatory or policy initiativesshould be discussed with your own legal counsel and/or the relevant competent authority, as needed.