PitchBook基准（2025年第二季度及第三季度初步数据）

PitchBook Benchmarks 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 present performancethrough several lenses—including internal rates of return (IRRs) and cash multiples—to provide a holistic viewfor assessing performance within and between strategies, as well as across vintage years. Furthermore, thereturns of private market funds are measured relative to easily accessible public market substitutes using apublic 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 benchmarking analysisusing theBenchmarks Tool: We have expanded PitchBook Benchmarks to include additional slices based on fund strategy and geography,enabling performance comparisons with more representative peer groups. We include dedicated PitchBookBenchmarks 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 this PDF, be sure to download theaccompanying Excel data packs. Additional PitchBook research specific to fund returns can be found in ourFund Performance Evaluationanalyst workspace. Our goal is to provide the most transparent, comprehensive, and useful fund performance data for privatemarket professionals. We hope that our Benchmarks prove useful in your practice, and we welcome any andall feedback that may arise as you make your way through our various benchmark groupings. Should there beany additional benchmark categories or data points you would like to see included in the future, please contactus directly atbenchmarks@pitchbook.com. Additional PitchBook Benchmarks data and vintage years for the segments below areavailable for clients inExcel data packs 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 a reportedIRR, even if the fund’s cash flow data does not meet the pooled calculation criteria. In our Q2 2021 report, wemade additional improvements to the inclusion criteria for reported IRRs, which caused some shifts in vintageyear data counts compared with prior iterations. In Q3 2025, we updated our fund filters to include funds withavailable multiples data, even if these funds do not have robust cash flow histories. This has allowed us toinclude 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 Funds of funds Due to lag in reporting for some funds and liquidation causing older funds to no longer report returns, we willpull forward cash multiples and IRR information from previous quarters under the following stipulations: (i) Weextend cash multiples and IRR after five years since fund inception if reported net asset value (NAV) was lessthan 5% of commitments. (ii) If NAV is unknown or is greater than 5% after five years, we extend cash multiplesand IRR if the fund is older than eight years as of the last known data. (iii) For funds that are less than five yearsor are less than eight years with NAV greater than 5%, we extend cash multiples and IRRs from the prior quarter ifavailable. Real estate Real estate coreReal estate core plus Secondaries Note: Benchmark reports prior to the Q4 2021 release included mezzanine under private equity. Data composition PitchBook’s closed-end drawdown fund returns data is sourced primarily from individual LP reports, serving asthe baseline for our estimates of activity across an entire fund. For any given fund, return profiles will vary for LPsdue to a range of factors, including fee discounts, timing of commitments, and inclusion of co-investments. Thisgranularity of 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. We strive to maintain consistency from edition to edition of PitchBook Benchmarks, but fund classifications willchange occasionally, and new funds will be incorporated into the dataset as we gather more information. All returns data in this report is net of