PitchBook：2024年第四季度全球基金业绩报告（含2025Q1初步数据）（英文版）

Looking back at private capital performance in 2024, the year’s story is broadly one of gradual, muted recovery. Returns for the year remained below historical norms for many strategies but appeared to be on their way to stabilizing. Only real estate had a negative one-year IRR, at -0.8%, although funds of funds (FoFs) and VC continued to lag the rest of the strategies as well. Private equity, real assets, and secondaries funds led the pack with one-year returns over 9%, though no strategy re