2025年三季度全球私人市场筹资报告（英）2025

Contents Overview3Spotlight: The haves and have-nots6Private equity9Venture capital11Real estate13Real assets15Private debt17Funds of funds19Secondaries21Co-investment funds23Top funds by size25 PitchBook Data, Inc. Nizar TarhuniExecutive Vice President of Researchand Market Intelligence Daniel Cook, CFAGlobal Head of Quantitative Research andMarket Intelligence Zane Carmean, CFA, CAIADirector of Quantitative Research Institutional Research Group Analysis Hilary Wiek, CFA, CAIASenior Strategist, Fund Strategies &Sustainable Investinghilary.wiek@pitchbook.com Juan Mier, CFALead Research Analyst, Fund Strategies &Sustainable Investingjuan.mier@pitchbook.com Anikka VillegasSenior Research Analyst, Fund Strategies &Sustainable Investinganikka.villegas@pitchbook.com Trailing four-quarter YoY fundraising changesby strategy Nalin Patel Director of Research, EMEA Private Capitalnalin.patel@pitchbook.com Kyle WaltersResearch Analyst, Private Equitykyle.walters@pitchbook.com Data Sara GoodData Analyst pbinstitutionalresearch@pitchbook.com Publishing Report designed byDrew Sanders Published on November 26, 2025 Overview Hilary Wiek, CFA, CAIA Senior Strategist, Fund Strategies & Sustainable Investing Despite word of an improving dealmaking environment in2025 for both PE and VC,1, 2, 3, 4fundraising figures continueto be weak, both in terms of number of funds closed andcapital committed. While it is easy to complain about marketswell off their highs, over $900 billion was committed in thefirst nine months of the year—a total that would have beena pretty great full year prior to 2016. The numbers will growboth from the addition of another quarter for the calendaryear and because data collection often takes some time forsmaller funds and fund managers that do not take the time toissue a press release when they close a fund. Based on pastadditions to our data over time, we would expect 2025 to havea good shot at beating 2024, but it may take a year or longerfor that picture to become clear. Europe has seen its share of private capital raised climbfor several years now. While North America continues togarner the largest portion, the 34.2% of 2025 fundraisingcommitted to European funds is an all-time high. In termsof assets raised, however, the $310.5 billion committed toEuropean funds thus far in 2025 is still lower than the 2021full-year record of $457.7 billion. The shift to Europe has notbeen uniform across strategies, however. Real assets, whichis made up of mainly infrastructure funds, has seen stronggrowth in share going to Europe. This is unsurprising given theexistential threat to energy sources that the Russia-Ukrainewar brought to the forefront in 2022, requiring an immenseamount of capital for infrastructure that could lessen Europe’sdependence on energy from that region. Europe has alsoshown strength in secondaries as that market has matured forthe exchange of secondary fund interests. In addition, France-based Ardian has raised some of the largest secondariesfunds in recent years, so each time it raises a fund, Europesees a spike in secondaries fundraising—both from the April 2020 raise of the $19 billion Ardian Secondary Fund VIII and2025’s $30 billion Ardian Secondary Fund IX. Enough capital was raised to more than compensate for thecapital calls issued thus far in 2025 to cause dry powder to growagain from the year-end 2024 figure. Looking at the individualstrategy dry powder charts (which PitchBook clients can find inthedata packfor this report), the growth in dry powder camelargely from a 7.2% increase for PE, which added $120.2 billionof the $190.6 billion increase in overall private capital availablefor investment. VC dry powder grew 6% off a lower base to add$39.9 billion to overall dry powder. Despite strong fundraisingfor secondaries—2025 has almost reached full-year 2024figures—those managing funds in that strategy have put evenmore money to work in 2025, causing a 1.3% drop in secondariesdry powder. A caveat: While multiple evergreen funds are beingraised to invest in secondaries, these funds are not yet countedin our totals. We will release more research on that front later inQ4 when we launch our first-ever evergreen funds report. One interesting trend seen in the dry powder data is that itis aging and thus potentially putting some urgency on fundmanagers to put capital commitments to work before theirinvestment periods end. Years of successive records beingset in fundraising up until 2021, paired with a rapid decline indeal activity after that year, has meant that for three years,the amount of dry powder reaching an age of two to fiveyears has been growing. The aging of dry powder will runon a lag to disruptive periods. In 2003, a few years after thedot-com bust, 45% of dry powder was in the two- to five-year grouping, while in 2010, a few years after the start of the global financial crisis, it reached 52.7%. In 2025, the figure hasreached an all-time high of 54.4%,