PitchBook：2025年第三季度美国公开市场私募股权与普通合伙人交易综述报告（英文版）

Performance falls to single digits: The six major public alternative managers’ streak of two consecutive quarters of double-digit PE returns ended in Q3, with the median trailing 12-month (TTM) return for the group slipping to 8.9%. The group’s median TTM return trails that of the S&P 500, which posted a one-year return of 17.6% through the end of September. Managers highlighted the growing revenue base of their portfolio companies and anticipated acceleration of their monetization pipeli