2025年第一季度全球基金业绩报告（含2025年第二季度初步数据）

Contents Overview3Spotlight:Are Private Markets Worth It?5 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 Investing Juan Mier, CFALead Research Analyst, Fund Strategiesjuan.mier@pitchbook.com Anikka Villegas Senior Research Analyst, Fund Strategies &Sustainable Investing Nalin Patel Director of Research, EMEA Private Capitalnalin.patel@pitchbook.com Jinny Choi Senior Research Analyst, Private Equityjinny.choi@pitchbook.com Nathan Schwartz, CFASenior Quantitative Research Analystnathan.schwartz@pitchbook.com Kyle WaltersResearch Analyst, Private Equitykyle.walters@pitchbook.com PitchBook clients can access anaccompanying Excel filecontaining additionalcharts and all underlying data for this report. Data The Q1 2025 PitchBook Benchmarks (with preliminary Q2 2025 data) maybe foundhere. The quarterly report provides greater detail than the FundPerformance Report, with granular IRR, multiple, and PME breakouts forGlobal,North America,Europe,Private Equity,Venture Capital,Real Estate,Real Assets,Private Debt,Funds of Funds,andSecondaries. Both Excel and Miles OstroffAssociate Quantitative Research Analyst pbinstitutionalresearch@pitchbook.com Publishing Report designed byChloe LadwigandAdriana Hansen Overview over 1,000 basis points. Five-year marks still include the last ofthe good times, so every strategy is posting shorter-term returns Hilary Wiek, CFA, CAIA Senior Strategist, Fund Strategies & Sustainable Investing At a recent conference where the panelists discussed thepersistently difficult environment for fundraising, one noted thateven performance may not be enough to get a fund raised thesedays. The main advice offered on the back of this statement wasto partner better with LPs: Look for ways to share economics, to As discussed inNumbers Mean Nothing Without Benchmarking andBenchmarking and Returns: Why Are There So ManyNumbers?, the decision to invest in a fund may be evaluatedat several different levels, and there are a variety of returncalculations that can facilitate that exercise. At some points intime, many LPs are big fans of multiples, saying “you can’t eatIRR,” but most would agree that a 3x multiple would be moreattractive if achieved over five years than over 15 years, which For every strategy save real assets, one- and three-year returnsare still lagging the 10-year period, as private fund managerssuffer under higher interest rates and the long unwinding of 2021and 2022 exuberance. In preliminary numbers, funds of funds(FoFs) showed the most strength in Q2 2025, but reports of Particularly in VC and real estate, distributions are verydepressed versus history; it is not a coincidence that recentfundraising flowing to those strategies has also been anemic. report, we show that more recent vintages have a muchhigher share of NAV to fund commitments than is typical offunds of a similar age historically—capital has been called,but distributions have been much slower to be returned. On arelated note, in that same report we show that the proportionof US PE NAV that is in assets held for seven or more years hasbeen on the rise—35% at the end of 2024 versus 27% in 2021.1While this was much higher following the global financial crisis(GFC), reaching 56%, the increasing age of PE portfolios has The depressed state of distributions and the resulting increasein the age of portfolio companies have led to the unprecedenteduse of a variety of liquidity solutions: secondary sales by LPs, theincreased use of secondary sales of company interests, and the alignment of interests between LPs and GPs is still intact. Look tothis report, as well as our benchmarks and indexes reports, for SPOTLIGHTAre Private Markets Worth It? Nathan Schwartz, CFASenior Quantitative Research Analyst absence of individual fund cash flows, they are often appliedat the pooled or average fund level, which is not directlyinvestable. Even with individual fund cash flows, PMEs do not Note: This section is adapted from our recentAllocator Solutions: Before the turn of the century, allocations to private marketswere relatively rare and largely limited to a select numberof pensions and endowments. Since then, investment inprivate assets has accelerated meaningfully, and today,private allocations occupy an ever-larger share of risk budgets To address these shortcomings and capture the real-worldexperience of allocators, we employ a simulation frameworkleveraging PitchBook’s database of historical cash flowsand NAVs for individual funds. The framework evaluates Our analysis compares two portfolios starting with identicalallocations of 60% equity and 40% fixed income, whichincludes a 1.5% liquidity sleeve allocated to Tre