PitchBook：2026年一季度分配器解决方案：风险投资是改善了投资组合结果还是使其复杂化？（英文版）

VC as an asset class has delivered mid-tier returns within private markets rather than persistent outperformance. Over the long run, aggregate VC returns have broadly aligned with private capital benchmarks, with periods of strong relative performance concentrated around favorable macroeconomic and exit cycles. • Diversification benefits from VC are more limited than commonly perceived. VC’s correlation with public equities— particularly growth-oriented benchmarks—has remained elevated in rec