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1、Q3 2025 PRIVATE CAPITAL RETURN BAROMETERSQUANT RESEARCHPrivate Capital Return BarometersTimely insights into private market performance20252025Q3Q3Q3 2025 PRIVATE CAPITAL RETURN BAROMETERSNathan Schwartz,CFANathan Schwartz,CFASenior Quantitative Research AMiles OstroffMiles OstroffAssociate Quantita

2、tive Research APublishingReport designed by Drew SandersDrew SandersPublished on November 11,2025Click here for PitchBooks report methodologies.Overview3Private equity 6Venture capital9Private debt12Infrastructure15Natural resources18For the most up-to-date PitchBook Private Capital Barometers,pleas

3、e refer to our News&Analysis webpage.2 2ContentsContentsPitchBook Data,Inc.Nizar Tarhuni Nizar Tarhuni Executive Vice President of Research and Market IntelligenceDaniel Cook,CFA Daniel Cook,CFA Global Head of Quantitative Research and Market IntelligenceZane Carmean,CFA,CAIA Zane Carmean,CFA,CAIA D

4、irector,Quantitative ResearchInstitutional Research GroupAnalysisQ3 2025 PRIVATE CAPITAL RETURN BAROMETERS3 3OverviewOverviewThe PitchBook Private Capital Return Barometers are a suite of models designed to evaluate the current return environment for US private market fundsencompassing PE,VC,private

5、 debt,infrastructure,and natural resources.These models provide a data-driven assessment of private market performance,leveraging macroeconomic and market fundamental factors to quantify return trends.Collectively,we refer to these models as the PitchBook Private Capital Barometers,or simply the“Bar

6、ometers.”The advantages of PitchBooks BarometersPrivate market returns tend to move more slowly and are far less transparent than those in public markets.Aside from maintaining an active private market allocation and receiving periodic updates from GPs,participants often must wait several months for