PitchBook-2025年二季度全球基金业绩报告（含2025年第三季度初步数据）.pdfVIP

GLOBAL

FundPerformance

Report

Q2

2025

withpreliminary

Q32025data

Introduction

Thelaggednatureofprivatecapital’sperformancereportingmeansthatwearejustnowprovidingfinalInstitutionalResearchGroup

figuresforthesecondquarterof2025.Itfeelsmuchlongeragoatthispoint,butitwasjustonApril2,

2025,whenPresidentDonaldTrump’s“LiberationDay”tariffannouncementssentglobalmarketsintoa

tailspin.Thetariffshocksparkedconcernsaboutrenewedinflationarypressures,snarledsupplyHilaryWiek,CFA,CAIAPrincipalResearchAnalyst,FundStrategies

chains,andraisedfearsofaslowdownineconomicgrowth.Despiteheighteneduncertainty,public

hilary.wiek@

equitymarketsprovedresilient,recoveringlosseswithinaboutamonthandcontinuingtorisesteadily

fortheremainderoftheyear.However,investorsentimentisstilluneasyamidseveralunresolved

geopoliticalflashpoints,fearsofanAIassetbubble,potentialcracksinprivatecredit,stubborn

inflation,andlabormarketconcerns.JuanMier,CFALeadResearchAnalyst,FundStrategies

juan.mier@

Forprivatecapital,short-termmarketmovementsarenotreflectedinrealtimebutmayinfluence

allocators’viewsandfuturenetassetvalue(NAV)determinations.Althoughinvestorsentiment

remainsfragile,therehavebeensomeencouragingsignsforprivatemarkets.PEandVCdealmaking

acceleratedinthec