PitchBook：2025年第二季度美国私募资本回报晴雨表（英文版）

The PitchBook Private Capital Return Barometers are a suite of models designed to evaluate the current return environment for US private market funds—encompassing PE, VC, private debt, infrastructure, and natural resources. These models provide a data-driven assessment of private market performance, leveraging macroeconomic and market fundamental factors to quantify return trends. Collectively, we refer to these models as the PitchBook Private Capital Barometers, or simply the “Barometers.”