Many private equity companies sent out their December quarter valuation reports to investors last week. But limited partners may be tempted to hit the delete button, as the coronavirus rendered these lagging reports practically useless.

While March was one of the worst months for listed stocks around the world, private equity-backed companies have been protected from daily volatility in prices. But they can’t escape the fallout from the widespread lockdown of the global economy even if the true impact will not be known until later in the year.