1、GLOBALFund Performance Reportwith preliminary Q2 2025 dataQ120252ContentsQ1 2025 GLOBAL FUND PERFORMANCE REPORT Overview3Spotlight:Are Private Markets Worth It?5Private equity 8Venture capital 10Real estate 12Real assets 14Private debt 16Funds of funds 18Secondaries20Private capital horizon IRRs Sou

2、rce:PitchBook Geography:Global As of March 31,2025*Q2 2025 figures are preliminary quarterly returns.Q2 2025*1-year3-year5-year10-yearPrivate equity-1.0%7.5%5.9%17.5%14.7%Venture capital2.7%2.6%-4.7%13.6%11.6%Real estate2.1%-0.4%-1.5%6.3%7.6%Real assets-1.2%9.6%8.4%12.0%7.7%Private debt4.0%3.8%6.3%9

3、.2%7.8%Funds of funds6.0%1.8%-0.8%15.1%12.3%Secondaries1.2%6.6%6.1%15.7%12.8%Private capital0.1%6.0%4.5%14.2%11.8%PitchBook clients can access an accompanying Excel file containing additional charts and all underlying data for this report.The Q1 2025 PitchBook Benchmarks(with preliminary Q2 2025 dat

4、a)may be found here.The quarterly report provides greater detail than the Fund Performance Report,with granular IRR,multiple,and PME breakouts for Global,North America,Europe,Private Equity,Venture Capital,Real Estate,Real Assets,Private Debt,Funds of Funds,and Secondaries.Both Excel and PDF version

5、s are available.Click here for PitchBooks report methodologies.Click here for PitchBooks private market glossary.PitchBook Data,Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligenceDaniel Cook,CFA Global Head of Quantitative Research and Market IntelligenceZane Carmean,CFA,C

6、AIA Director of Quantitative ResearchInstitutional Research GroupAnalysisDataMiles Ostroff Associate Quantitative Research A PublishingReport designed by Chloe Ladwig and Adriana HansenPublished on November 5,2025Hilary Wiek,CFA,CAIA Senior Strategist,Fund Strategies&Sustainable Investing Juan Mier,