PitchBook：2025年四季度私人市场有多少阿尔法？量化私人市场中技能型经理选择的预期阿尔法值报告（英文版）

Unlike public markets, private markets lack representative and investable passive indexes. If allocators want to include private markets in their portfolios, they are forced to take an active approach to portfolio construction. Over the past several decades, passive implementations have gained significant market share across public asset classes at the same time allocators have increased exposure broadly to private markets. Together, these trends have shifted active risk budgets increasingly