2025年第三季度全球不动产报告

Contents 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 Juan Mier, CFALead Research Analyst, Fund Strategies &Sustainable Investing Anikka VillegasSenior Research Analyst, Fund Strategies &Sustainable Investing Data Sara GoodData Analyst pbinstitutionalresearch@pitchbook.com Publishing Report designed byDrew SandersandChloe Ladwig Published on December 10, 2025 Clickherefor PitchBook’s report methodologies.Clickherefor PitchBook’s private market glossary. Overview Real assets observers have been kept busy through Q32025. Gold prices have surged. The International EnergyAgency’s (IEA’s) World Energy Outlook 2025 now statesthat oil & gas demand will persist for longer.1Tariffs andgeopolitics have rocked the markets for critical minerals be slightly higher than Japan’s total electricity consumptionin 2024. Datacenter global electricity demand is expectedto more than double from 415 terawatt-hours (TWh) in2024 to 945 TWh by 2030, reaching 3% of total electricityconsumption.4, 5This has wide-ranging implications forinfrastructure and energy investments. Power-hungry One of the most powerful themes in recent months is thatof energy security.2Interestingly, this idea is a positivedriver for both fossil fuel and renewable energy sources. In amultipolar world, nations look to secure access to energy byany means, including diversifying their sources and reducing Despite uncertainties about the scope and scale of the AIdatacenter boom, investment opportunities are there for thetaking, and carefully planned projects are poised to performwell. Private markets seem well-positioned because of theirability to direct capital to individual, targeted deals andtheir focus on long-term investments. Digital infrastructureprojects include opportunities for specialized electricalequipment and solutions, data transmission lines, coolingequipment, as well as energy-efficient building techniques. Similarly, infrastructure and critical minerals are increasinglyintertwined in strategic and geopolitical matters. Ports andother supply chain infrastructure deals are being discussedalongside national security concerns. One example is theyet-to-close acquisition of the Panama Canal ports by US-based BlackRock from Chinese ownership via CK Hutchinson The demand for powering AI computing has changedthe outlook on global electricity consumption. By 2030, have to go back prior to 2016 to find a time this share wasmore evenly split with natural resources. The top fundsraised YTD are consistent with this trend. Out of the top 15largest funds, there has been only one oil & gas fund andone timber fund, with the rest belonging to infrastructure. In this environment, fundraising for private real assets ismoving at a healthy pace in 2025. Through Q3, $126.1 billionhas been raised, already ahead of the 2024 total of $118.9billion. The trailing 12-month (TTM) fundraising data pins the Fundraising efforts in 2025 are being carried out by fewerfunds, as 61 vehicles have held final closings as of Q3,compared with 139 in 2024. While some lagged fundraisingdata has yet to be counted, 2025 is likely to be a moreconcentrated fundraising year. The top five and top 10funds account for 57.2% and 70.2% of the capital raised, As fundraising dropped sequentially following its peak in2022 and capital calls continued their course, dry powderdeclined $60.3 billion from 2023 to 2024. Fundraising strengthin 2025 has partially replenished dry powder reserves forreal assets. Through Q1 2025, the figure has rebounded by Real assets have posted a strong recent performance. As ofQ1 2025, the real assets trailing one-year IRR of 9.6% standsout among private capital returns, as we discussed further inourQ1 2025 Global Fund Performance Report. Interestingly,the recent track record of real assets is in line with longer-term return horizons. This contrasts with other private Preliminary quarterly returns for Q2 were negative. Webelieve this could be attributed to returns normalizing aftera period of strong performance. However, execution risks, Due to the lagged nature of private market data, examiningpublic markets can be instructive and useful for obtainingmore timely performance information. In commodities, gold In listed real assets equities, energy and infrastructureindexes have returned double digits YTD through October2025. Utilities, refiners, and European energy majors havebeen among the top contributors. Timber equities haveperformed poorly, in part due to concerns about housingactivity and affordability. It may come as a surprise to some Infrastructure Three-quarters into 2025, infrastructure funds had alreadyraised more capital than they did in the entirety of 2024. With$115.8 billion in commitments and 41 funds closed, 202