2025年第一季度PitchBook基准

PitchBook BenchmarksGLOBAL Contents Introduction PitchBook Benchmarks aim to help both LPs and GPs better understand closed-end drawdown fundperformance relative to broader asset classes and other private market strategies. We presentperformance through several lenses—including internal rates of return (IRRs) and cash multiples—toprovide a holistic view for assessing performance within and between strategies, as well as acrossvintage years. Furthermore, the returns of private market funds are measured relative to easilyaccessible public market substitutes using a public market equivalent (PME) metric. Commitment 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: Venture capital Private equity 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. Additional PitchBook research specific to fund returns can be found in ourFund PerformanceEvaluation analyst workspace. 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. Additional PitchBook Benchmark PDFs: Methodology For further information on our methodologies, please reviewPitchBook’s Fund Benchmarks Data andMethodology technical explainer. Fund classifications Real estate value-addReal estate opportunisticReal estate distressed Private equity Private debt Direct lendingBridge financingDistressed debtCredit special situationsInfrastructure debtVenture debtReal estate debtMezzanine BuyoutGrowth/expansionRestructuring/turnaroundDiversified PE Beginning with the Q4 2019 PitchBook Benchmarks, we expanded our dataset to include funds with areported IRR, even if the fund’s cash flow data does not meet the pooled calculation criteria. In our Q2 2021report, we made additional improvements to the inclusion criteria for reported IRRs, which caused someshifts in vintage year data counts compared with prior iterations. In Q3 2025, we updated our fund filters toinclude funds with available multiples data, even if these funds do not have robust cash flow histories. Thishas allowed us to include significantly more multiples in our quantiles tables. Real assets Infrastructure coreInfrastructure core plusInfrastructure value-addInfrastructure opportunisticInfrastructure greenfieldOil & gasTimberMetals/miningAgriculture Venture capital Early-stage VCLate-stage VCVenture - general 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 years, we extendcash multiples and IRR if the fund is older than eight years as of the last known data. (iii) For funds that areless than five years or are less than eight years with NAV greater than 5%, we extend cash multiples andIRRs from the prior quarter if available. Funds of funds Real estate Real estate coreReal estate core plus Secondaries Data composition PitchBook’s closed-end drawdown fund returns data is sourced primarily from individual LP reports, servingas the baseline for our estimates of activity across an entire fund. For any given fund, return profiles willvary for LPs due to a range of factors, including fee discounts, timing of commitments, and inclusion ofco-investments. This granularity of LP-reported returns—all available on the PitchBook Platform—provideshelpful insight to industry practitioners but results in discrepancies that must be addressed whencalculating fund-level returns. We strive to maintain consistency from edition to edition of PitchBook Benchmarks, but fund classificationswill change occasionally, and new funds will be incorporated into the dataset as we gather more information. All returns data in this report is net of fees and carry. Definitions and calculation methodologies To b