PitchBook：2025年第三季度全球基金业绩报告（含2025 Q4 初步数据）（英文版）（61页）.pdf

1、GLOBALQ32025with preliminary Q4 2025 dataFund Performance ReportTable of contentsInstitutional Research GroupJuan Mier,CFA Lead Research Analyst,Fund SNick Rescigno Research Analyst,Fund SCMiles Ostroff Associate Quantitative Research AAnikka Villegas Senior Research Analyst,Fund Strategies&Sustaina

2、ble IQ3 2025 GLOBAL FUND PERFORMANCE REPORTPG 2Hilary Wiek,CFA,CAIA Principal Research Analyst,Fund SState of private markets performance 4 Cash flows and multiples 39 Performance spotlight:Private debt 47 The long view 56Published on May 19,2026Key takeawaysPG 3Q3 2025 GLOBAL FUND PERFORMANCE REPOR

3、TState of private markets performance:Recent returns across strategies have struggled versus longer-term measures,though it is too soon to tell if this is a downward structural shift with the influx of less discerning retail capital into the private markets or if 2021 exuberance is still unwinding.T

4、he latest marks have improved the VC picture,but while cumulative exit value has been improving for several years,this has come from a small number of deals.A broader-based exit environment would make LPs more comfortable with VC returns,as the 2021 experience is still fresh in investors minds.The P

5、itchBook Private Capital Return Barometers have factored in macro events since the September 30,2025,date of our performance results and are indicating that natural resources should do well as the calendar moves forward.Oil&gas funds,in particular,would benefit from disruptions in commodity markets

6、resulting from the conflict in Iran.The Morningstar-PitchBook US Evergreen Fund Indexes are a valuable,more-current indicator of overall private market health,given the lag in drawdown fund performance.The experience of evergreen fund investors has been mixed.Private debt indexes have delivered soli