1、Private CapitalIndexesQ42025Overview3Desmoothed returns6Private equity9Venture capital11Real estate13Real assets15Private debt17Funds of funds19Secondaries21Appendix23Select PitchBook Private Capital Indexes quarterly returnsIndexQ1 2025Q2 2025Q3 2025Q4 2025Private equity2.7%0.5%1.0%2.5%Buyout2.6%0.
2、4%0.5%2.7%Growth/expansion3.6%0.9%4.0%1.4%Venture capital3.1%3.5%7.8%-0.7%Early-stage VC2.5%0.9%10.8%3.6%Multi-&later-stage VC3.3%4.5%6.9%-2.8%Real estate0.1%2.2%-0.8%1.6%Opportunistic0.1%2.5%-1.5%2.3%Value-add0.6%1.3%-0.2%0.1%Real assets2.2%1.8%2.9%0.5%Infrastructure2.1%1.7%2.6%0.6%Natural resource
3、s2.6%2.4%4.6%0.0%Private debt-0.5%1.3%1.9%2.7%Direct lending-0.4%0.4%3.2%5.2%Distressed-0.3%1.9%0.8%0.4%Mezzanine0.4%2.5%-1.6%3.6%Funds of funds0.4%3.1%1.0%3.7%PE FoFs0.7%2.5%-0.4%2.0%VC FoFs0.3%3.6%3.9%8.1%Secondaries0.6%2.9%0.9%2.3%Private capital1.9%1.3%1.5%2.1%Source:PitchBook Geography:Global A
4、s of December 31,20252Q4 2025 PITCHBOOK PRIVATE CAPITAL INDEXESContentsNote:Q4 2025 data in this report is preliminary.As of Q3 2025,the total net asset value(NAV)of included funds was$4.6 trillion.For further information on our methodologies,please review PitchBooks Fund Benchmarks Data and Methodo
5、logy technical explainer.PitchBook Data,Inc.Nizar Tarhuni Executive Vice President of Research&Market IntelligenceDaniel Cook,CFA Sr.Director,Global Head of Quantitative ResearchInstitutional Research GroupAnalysisMiles OstroffAssociate Quantitative Research APublished on April 16,2026PitchBook Priv
6、ate Capital Indexes five-year return(indexed to 100)Source:PitchBook Geography:Global As of December 31,20253Q4 2025 PITCHBOOK PRIVATE CAPITAL INDEXESOVERVIEWOverview1:Specifically,we include active funds for which PitchBook has adequate returns history.As of Q3 2025,the total NAV of included funds
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