France's Autorité des marchés financiers (AMF) published a study on the performance of funds investing in unlisted financial assets, including private equity and private debt funds, that are marketed to non-professional clients. The study provides an overview of the French market for these products, setting out historical performance and analysing a range of quantitative indicators. The AMF describes the publication as the first French market study with this level of historical depth and scope. It covers all legal categories of unlisted financial asset funds except real estate funds, and analyses the performance of both active funds and funds that had been liquidated as of end-2023.