PitchBook-2024年三季度全球PitchBook基准（英）_59页_792kb

PitchBook Q3 Private Capital Report Summary

Overview

The report from PitchBook provides comprehensive private market performance data, allowing limited partners (LPs) and general partners (GPs) to assess fund performance across various asset classes and strategies.
Key highlights include:

• Expansion to additional asset slices, including real assets and greenfield infrastructure
• Data availability through Excel data packs for subscribers
• Definitions for metrics such as TVPI, DPI, RVPI and various IRR calculations provided

Methodology Notes

PitchBook

• Uses LP-specific data to address discrepancies in fund reporting
• Implements fee and carry netting across all calculations
• Applies specific rules for handling elderly funds and low liquidity
• Includes fund-only minimal reporting periods (45% LP reports within 2 years, covering 45% of periods)

Performance Highlights (Q4 2024 data)

General Trends

• Public market outperformance during 2020–2024, particularly during economic crisis years
• Certain strategies show higher quantum differentiation between top and bottom quartiles in IRR growth

Key Asset Class Performances

Private Equity

• Net IRR for global PE funds (10-year): 9.59% (CAGR)
• Notable vintage differentiation, with 2023 showing sharp declines

Venture Capital (VC)

• 10-year IRR: 9.55% globally
• Recent years showed pullback linked to financing challenges, though latest shows modest recovery

Real Estate

• Mixed performance by vintage, with newer funds showing significant growth while older stabilizes

Private Debt

• Underperforms public high-yield markets recently (10-year IRR: 8.62% vs 2.56% in high-yield indices)

Funds of Funds (FoFs)

• Underperformed public indices in 2022; show retrieval in late 2023–early 2024.

Secondaries

• Highest private market performer (10-year IRR: 11.66%), with sharp growth in early-secondary deals

Public Market Comparisons

• PME calculations show varying levels of performance relative to public markets across strategies
• Real assets show signs of divergence from public indices, though real estate underperformed significantly

Key Takeaways

• While many private strategies underperformed in 2020–2022, many recovered since 2023.
• Strategies like infrastructure and buyout have shown gradual growth post-harsh declines.
• Additional data packs allow for exhaustive vintage and geographic comparisons.

Subscribers

• Access portfolio forecasting models and deep analysis via the PitchBook Platform.

* _PitchBook Benchmarks subject to conditions, standard deviations, and limited visibility for strategies with fewer data points._