2024年第四季度PitchBook基准（英）

ContentsIntroductionMethodologyPrivate capitalHorizon IRRsOne-year horizon IRRsPrivate equityIRRs by vintagePMEs by vintageMultiples by vintageQuarterly returnVenture capitalIRRs by vintagePMEs by vintageMultiples by vintageQuarterly returnReal estateIRRs by vintagePMEs by vintageMultiples by vintageQuarterly return2PITCHBOOK BENCHMARKS: GLOBAL PITCHBOOK BENCHMARKS: PRIVATE MARKETS DATAPitchBook 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.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 theaccompanying Excel data packs.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.Introduction Additional PitchBook Benchmark PDFs:GlobalVenture capitalEuropeFunds of fundsNorth AmericaSecondariesPrivate equityReal estateReal assetsPrivate debtCommitment pacing and cash flow modelsare available in the Portfolio Forecasting tool in thePitchBook Platform.PitchBook clients have access to all the underlying funds as well as additional benchmarkinganalysis using theBenchmarks Tool:Clients can access additional data and vintage years in theExcel data packs.Private capitalPrivate equityVenture capitalReal estateReal assetsPrivate debtFunds of fundsSecondariesAdditional PitchBook research specific to fund returns can be found in ourFund PerformanceEvaluation analyst workspace. PITCHBOOK BENCHMARKS: PRIVATE MARKETS DATAMethodologyPrivate equityBuyoutGrowth/expansionRestructuring/turnaroundDiversified PEVenture capitalReal estateReal estate coreReal estate core plusReal estate value addedReal estate opportunisticReal estate distressedData compositionPitchBook’s fund returns data is sourced primarily from individual LP reports, serving as the baseline for ourestimates of activity across an entire fund. For any given fund, return profiles will vary for LPs due to a rangeof factors, including fee discounts, timing of commitments, and inclusion of co-investments. This granularityof LP-reported returns—all available on the PitchBook Platform—provides helpful insight to industrypractitioners but results in discrepancies that must be addressed when calculating fund-level returns.To be included in pooled calculations, a fund must have: (i) at least one LP report within two years of thefund’s vintage, and (ii) LP reports in at least 45% of applicable reporting periods. To mitigate discrepanciesamong multiple LPs reporting, the PitchBook Benchmarks (iii) determine returns for each fund based ondata from all LP reports in a given period. For periods that lack an LP report, (iv) a straight-line interpolationcalculation is used to populate the missing data; interpolated data is used for approximately 10% ofreporting periods, a figure that has been steadily declining.Fund classifications 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 calculation criteria.In our Q2 2021 report, we made additional improvements to the inclusion criteria for reported IRRs, whichcaused some shifts in vintage year data counts compared with prior iterations. In Q3 2025, we updated ourfund filters to include funds with available multiples data, even if these funds do not have robust cash flowhistories. This has allowed us to include significantly more multiples in our quantiles tables.Due to lag in reporting for some funds and liquidation causing older funds to no longer report returns, wewill pull forward cash multiples and IRR information from previous quarters under the following stipulations:(i) We extend cash multiples and IRR after five years since fund inception if reported net asset value (NAV)was less than 5% of commitments. (ii) If NAV is unknown or is greater than 5% after five yea