PitchBook：基准与2025年第三季度初步数据报告（英文版）

PitchBook Benchmarks aim to help both LPs and GPs better understand closed-end drawdown fund performance relative to broader asset classes and other private market strategies. We present performance through several lenses—including internal rates of return (IRRs) and cash multiples—to provide a holistic view for assessing performance within and between strategies, as well as across vintage years. Furthermore, the returns of private market funds are measured relative to easily accessible publi