2024年三季度全球PitchBook基准

PitchBook BenchmarksGLOBAL Contents Introduction PitchBook Benchmarks aim to help both LPs and GPs better understand fund performance relative tobroader asset classes and other private market strategies. We present performance through severallenses—including internal rates of return (IRRs) and cash multiples—to provide a holistic view forassessing performance within and between strategies, as well as across vintage years. Furthermore,the returns of private market funds are measured relative to easily accessible public market substitutesusing a public market equivalent (PME) metric. Our goal is to provide the most transparent, comprehensive, and useful fund performance data forprivate market professionals. We hope that our Benchmarks prove useful in your practice, and wewelcome any and all feedback that may arise as you make your way through our various benchmarkgroupings. Should there be any additional benchmark categories or data points you would like to seeincluded in the future, please contact us directly atbenchmarks@pitchbook.com. Clients can access additional data and vintage years in theExcel data packs. We have expanded PitchBook Benchmarks to include additional slices based on fund strategy andgeography, enabling performance comparisons with more representative peer groups. We includededicated PitchBook Benchmarks for North America, Europe, private equity, venture capital, real estate,real assets, private debt, funds of funds, and secondaries. To easily access the supporting data in thisPDF, be sure to download the accompanying Excel data packs. Additional PitchBook Benchmark PDFs: As transparency is fundamental to our benchmarking efforts, subscribers to the PitchBook Platform canuse the data packs to gain directaccess to all the underlying fundsand performance metrics used tocalculate our Benchmarks. Commitment pacing and cash flow modelsare available in the Portfolio Forecasting tool in thePitchBook Platform. PitchBook clients have access toall the underlying fundsas well as additional benchmarkinganalysis using theBenchmarks Tool. Additional PitchBook research specific to fund returns can be found in ourFund PerformanceEvaluation analyst workspace. Methodology straight-line interpolation calculation is used to populate the missing data; interpolated data is used forapproximately 10% of reporting periods, a figure that has been steadily declining. Fund classifications Private equity Private debt Real assets Beginning with the PitchBook Benchmarks with data as of Q4 2019, we expanded our dataset to includefunds with a reported IRR, even if the fund’s cash flow data does not meet the pooled calculationcriteria. In our Q2 2021 report, we made additional improvements to the inclusion criteria for reportedIRRs, which caused some shifts in vintage year data counts compared with prior iterations. Infrastructure coreInfrastructure core plusInfrastructure value addedInfrastructure opportunisticInfrastructure greenfieldOil & gasTimberMetals/miningAgriculture Direct lendingBridge financingDistressed debtCredit special situationsInfrastructure debtVenture debtReal estate debtMezzanine BuyoutGrowth/expansionRestructuring/turnaroundDiversified PE Venture capital Due to lag in reporting for some funds and liquidation causing older funds to no longer report returns,we will pull forward cash multiples and IRR information from previous quarters under the followingstipulations: (i) We extend cash multiples and IRR after five years since fund inception if reported NAVwas less than 5% of commitments. (ii) If NAV is unknown or is greater than 5% after five years, weextend cash multiples and IRR if the fund is older than eight years as of the last known data. (iii) Forfunds that are less than five years or are less than eight years with NAV greater than 5%, we extendcash multiples and IRRs from the prior quarter if available. Real estate Real estate coreReal estate core plusReal estate value addedReal estate opportunisticReal estate distressed Funds of funds Secondaries Note: Benchmark reports prior to the Q4 2021 release included mezzanine under private equity. We strive to maintain consistency from edition to edition of PitchBook Benchmarks, but fundclassifications will change occasionally, and new funds will be incorporated into the dataset as wegather more information. Data composition PitchBook’s fund returns data is sourced primarily from individual LP reports, serving as the baseline forour estimates of activity across an entire fund. For any given fund, return profiles will vary for LPs dueto a range of factors, including fee discounts, timing of commitments, and inclusion of co-investments.This granularity of LP-reported returns—all available on the PitchBook Platform—provides helpfulinsight to industry practitioners but results in discrepancies that must be addressed when calculatingfund-level returns. All returns data in this report is net of fees and carry. Definitions and