2025-04-20-PitchBook-2024年三季度全球PitchBook基准（英）_60页_3mb

Private Capital Benchmark Summary (Q4 2024)

This analysis summarizes key performance metrics from PitchBook Benchmarks for various private capital strategies as of Q4 2024. The data includes IRRs, internal rates of return (IRR), private market equivalents (PMEs), cash multiples, and quarterly returns, comparing them to public market indices over various
periods.

Performance Overview

• Overall Performance: Private capital strategies generally outperformed public markets (e.g., S&P 500, MSCI World Small Cap Growth) in 2024, but results vary significantly by strategy and vintage year.
• Recent Horizon Metrics:
  • One-year horizon IRRs for global private capital were 0.77% (Q4 2024 preliminary), slightly down from 2.90% in Q3 2024, but still positive compared to some public indices like the S&P 500 (2.41%);
  • Three-year IRRs averaged 6.54% globally, improving on previous periods, with venture capital experiencing a dip due to vintage year effects.

Performance by Strategy

• Private Equity (PE): Averages strong IRRs (e.g., 10.78% for five-year IRR), with varying performance by sub-strategy (buyout vs. growth/expansion). Recent downturns in 2022-2023 were partially offset by robust vintages like 2022, though median returns cool compared to peak years.
• Venture Capital (VC): Highly variable, with high volatility. Recent years show resilience against public markets, though early-stage funds underperformed some periods (e.g., negative returns in 2020). Horizon IRRs and PMEs highlight opportunity costs relative to indices like the S&P 500.
• Real Assets: Steady performance, with infrastructure and real estate showing recovery post-2020. Distributions and multiples reflect capital efficiency in slightly inflation-bufferring assets.
• Private Debt shows stable and often higher risk-adjusted returns compared to equity strategies, but with less year-to-year variation.
• Secondary Market: Strong performer in Q4 2024 with year-on-year growth, driven by private equity deals and fund exits, though returns can be illiquid.

Comparative Analysis

• PMEs indicate varying levels of outperformance, with many strategies exceeding public indices. For example, global private debt had a KS-PME of approximately 1.01 in 2024 (adjusted for fees), showing modest outperformance,.
• Real estate and private debt engines partially absorbed inflationary pressures, while venture capital remains a high-growth/ high-risk choice.

Year-over-Year Trends

• 2024 saw a moderate pickup in private fund performance following slower starts in 2022-2023, evidenced in horizon returns and multiples.
• Vintage year analysis shows that later cohorts (e.g., 2022) had higher IRRs and medians, likely reflecting timely market conditions, while some earlier cohorts (pre-2020) lagged.
• Fund dynamism remains key to benchmark outperformance, supported by aggregation methodologies.

Key Takeaways for LPs and GPs

• Focus funds on well-defined peer groups for accurate comparison.
• Diversification across asset classes continues to be beneficial, with real assets and secondaries providing stable returns.
• Timing is critical: Earlier commitments may yield higher long-term returns, but vigilance on vintage-specific risks is needed.

Data and Methodology Notes

• Includes preliminary Q4 2024 data for global funds, sourced via LP reports and subscriptions to the PitchBook Platform.
• Notation highlights data interpolation and adjusted calculations for improved comparability.
• Data packs and executive reports available for deeper insight into strategies like real assets, high-yield debt, and secondaries.

BOTTOM LINE: Private markets delivered solid returns despite global uncertainties. Careful vintage and strategy selection is key to long-term value generation, aligning with public market underperformance in risk-adjusted terms.