1、Private CapitalIndexesQ2 2025Overview3Desmoothed returns6Private equity9Venture capital11Real estate13Real assets15Private debt17Funds of funds19Secondaries21Appendix23Select PitchBook Private Capital Indexes quarterly returnsIndexQ3 2024Q4 2024Q1 2025Q2 2025Private equity2.7%1.3%1.3%-1.1%Buyout2.8%

2、0.9%1.2%-1.8%Growth/expansion1.6%3.7%2.3%2.7%Venture capital1.6%1.5%0.8%2.7%Early-stage VC0.1%3.3%2.6%2.2%Multi-&later-stage VC2.2%0.8%0.1%2.9%Real estate1.0%-1.1%0.3%2.0%Opportunistic2.0%-2.6%-0.2%2.3%Value-add-0.7%0.3%1.3%0.3%Real assets2.1%-0.2%2.4%-1.2%Infrastructure2.5%0.1%2.9%-1.4%Natural reso

3、urces0.9%-1.5%0.0%-0.2%Private debt2.6%0.6%-1.0%3.6%Direct lending2.6%1.3%-0.5%8.0%Distressed1.4%0.7%-2.3%2.0%Mezzanine3.7%-0.6%-0.9%3.2%Funds of funds0.6%0.7%0.7%6.1%PE FoFs1.3%0.6%0.1%6.5%VC FoFs-0.2%1.7%-0.1%11.1%Secondaries0.7%3.7%0.3%1.2%Private capital2.3%0.9%1.0%0.1%Source:PitchBook Geography

4、:Global As of June 30,20252Q2 2025 PITCHBOOK PRIVATE CAPITAL INDEXESContentsNote:Q2 2025 data in this report is preliminary.As of Q1 2025,the total net asset value(NAV)of included funds was$4.3 trillion.For furtherinformation on our methodologies,please review PitchBooks Fund Benchmarks Data and Met

5、hodology technical explainer.Published on October 31,2025PitchBook Data,Inc.Nizar Tarhuni Executive Vice President of Research&Market IntelligenceDaniel Cook,CFA Global Head of Quantitative Research&Market IntelligenceZane Carmean,CFA,CAIA Director of Quantitative ResearchInstitutional Research Grou

6、pAnalysisZane Carmean,CFA,CAIADirector of Quantitative RMiles OstroffAssociate Quantitative Research APitchBook Private Capital Indexes five-year return(indexed to 100)Source:PitchBook Geography:Global As of June 30,20253Q2 2025 PITCHBOOK PRIVATE CAPITAL INDEXESOVERVIEWOverview1:Specifically,we incl