PitchBook年三季度全球私人市场筹资报告（英）

GLOBAL Private Market Fundraising ReportQ320252Q3 2025 GLOBAL PRIVATE MARKET FUNDRAISING REPORTContentsOverview3Spotlight: The haves and have-nots 6Private equity 9Venture capital 11Real estate 13Real assets 15Private debt 17Funds of funds 19Secondaries21Co-investment funds 23Top funds by size 25Trailing four-quarter YoY fundraising changes by strategy Source: PitchBook • Geography: Global • As of September 30, 2025Capital raised ($B) YoY changeFund countYoY changePrivate equity$440.0-32.3%815-41.3%Venture capital$140.4-42.5%1,509-45.2%Real estate$93.2-19.7%293-54.5%Real assets$157.7-11.7%104-46.1%Debt$218.1-16.9%236-44.7%Fund of funds$34.3-18.2%135-50.2%Secondaries$122.621.9%78-45.1%Co-investment$43.423.5%202-47.0%Private capital$1,249.7-23.2%3,372-45.6%Click here for PitchBook’s report methodologies.Click here for PitchBook’s private market glossary.Hilary Wiek, CFA, CAIA Senior Strategist, Fund Strategies & Sustainable Investing hilary.wiek@pitchbook.comJuan Mier, CFA Lead Research Analyst, Fund Strategies & Sustainable Investing juan.mier@pitchbook.comAnikka Villegas Senior Research Analyst, Fund Strategies & Sustainable Investing anikka.villegas@pitchbook.comNalin Patel Director of Research, EMEA Private Capital nalin.patel@pitchbook.comKyle Walters Research Analyst, Private Equity kyle.walters@pitchbook.comDataSara Good Data Analystpbinstitutionalresearch@pitchbook.comPublishingReport designed by Drew SandersPublished on November 26, 2025PitchBook Data, Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligenceDaniel Cook, CFA Global Head of Quantitative Research and Market IntelligenceZane Carmean, CFA, CAIA Director of Quantitative ResearchInstitutional Research GroupAnalysis3Q3 2025 GLOBAL PRIVATE MARKET FUNDRAISING REPORT1: “Q3 2025 US PE Breakdown,” PitchBook, Garrett Hinds, et al., PitchBook, October 10, 2025. 2: “Q3 2025 PitchBook-NVCA Venture Monitor,” Kyle Stanford, CAIA, Emily Zheng, and Susan Hu, PitchBook, October 13, 2025. 3: “Q3 2025 European PE Breakdown,” Nicolas Moura, CFA, CAIA, PitchBook, October 9, 2025. 4: “Q3 2025 European Venture Report,” Navina Rajan, PitchBook, October 9, 2025.OverviewPrivate capital fundraising activity20252015201620172018201920202021202220232024Capital raised ($B)Fund count$918.8 $1,017.9 $1,236.7 $1,238.2 $1,429.5 $1,461.5 $1,899.6 $1,732.2 $1,607.9 $1,407.7 $906.9 4,6535,1625,5835,9765,7576,3488,4219,1787,0994,1741,744Source: PitchBook • Geography: Global • As of September 30, 2025Hilary Wiek, CFA, CAIA Senior Strategist, Fund Strategies & Sustainable InvestingDespite word of an improving dealmaking environment in 2025 for both PE and VC,1, 2, 3, 4 fundraising figures continue to be weak, both in terms of number of funds closed and capital committed. While it is easy to complain about markets well off their highs, over $900 billion was committed in the first nine months of the year—a total that would have been a pretty great full year prior to 2016. The numbe