PitchBook年二季度私人资本指数（英）

Private CapitalIndexesQ2 2025Overview3Desmoothed returns6Private equity9Venture capital11Real estate13Real assets15Private debt17Funds of funds19Secondaries21Appendix23Select PitchBook Private Capital Indexes quarterly returnsIndexQ3 2024Q4 2024Q1 2025Q2 2025Private equity2.7%1.3%1.3%-1.1%Buyout2.8%0.9%1.2%-1.8%Growth/expansion1.6%3.7%2.3%2.7%Venture capital1.6%1.5%0.8%2.7%Early-stage VC0.1%3.3%2.6%2.2%Multi- & later-stage VC2.2%0.8%0.1%2.9%Real estate1.0%-1.1%0.3%2.0%Opportunistic2.0%-2.6%-0.2%2.3%Value-add-0.7%0.3%1.3%0.3%Real assets2.1%-0.2%2.4%-1.2%Infrastructure2.5%0.1%2.9%-1.4%Natural resources0.9%-1.5%0.0%-0.2%Private debt2.6%0.6%-1.0%3.6%Direct lending2.6%1.3%-0.5%8.0%Distressed1.4%0.7%-2.3%2.0%Mezzanine3.7%-0.6%-0.9%3.2%Funds of funds0.6%0.7%0.7%6.1%PE FoFs1.3%0.6%0.1%6.5%VC FoFs-0.2%1.7%-0.1%11.1%Secondaries0.7%3.7%0.3%1.2%Private capital2.3%0.9%1.0%0.1%Source: PitchBook • Geography: Global • As of June 30, 20252Q2 2025 PITCHBOOK PRIVATE CAPITAL INDEXESContentsNote: Q2 2025 data in this report is preliminary. As of Q1 2025, the total net asset value (NAV) of included funds was $4.3 trillion.For further information on our methodologies, please review PitchBook’s Fund Benchmarks Data and Methodology technical explainer.Published on October 31, 2025PitchBook Data, Inc.Nizar Tarhuni Executive Vice President of Research & Market IntelligenceDaniel Cook, CFA Global Head of Quantitative Research & Market IntelligenceZane Carmean, CFA, CAIA Director of Quantitative ResearchInstitutional Research GroupAnalysisZane Carmean, CFA, CAIADirector of Quantitative Researchzane.carmean@pitchbook.comMiles OstroffAssociate Quantitative Research Analystmiles.ostroff@pitchbook.compbinstitutionalresearch@pitchbook.comPitchBook Private Capital Indexes five-year return (indexed to 100)Source: PitchBook • Geography: Global • As of June 30, 20253Q2 2025 PITCHBOOK PRIVATE CAPITAL INDEXESOVERVIEWOverview1: Specifically, we include active funds for which PitchBook has adequate returns history. As of Q1 2025, the total NAV of included funds was $4.3 trillion.What are the PitchBook Private Capital Indexes?The PitchBook Private Capital Indexes are quarterly return benchmarks for the private market industry. These indexes are built with PitchBook's fund cash flow and NAV data and serve as a supplement to our quarterly PitchBook Benchmarks report. This report is organized into sections for each of the seven strategies, with subcategories within private equity, venture capital, real estate, real assets, private debt, and funds of funds. We also track returns by fund quartile ranking, bucketed according to a fund's class and vintage year benchmark. For the overall Private Capital Index, we include versions by global region. These various combinations provide an overall view of private market performance by money-weighting the cash flows and NAV changes of active funds in a respective fund category.Our Benchmarks report has been providing quarterly returns since 2018, with