PitchBook：2025年二季度美国公共PE和GP交易综述报告（英文版）

Credit returns lead: In Q2 2025, PE returns for the “Big Seven” public alternative managers held steady at robust levels, with a median TTM return of 10% for the second straight quarter and a 2.8% quarterly gain—an improvement from Q1’s 2%. These results continue to outpace the broader PE market, where one-year IRRs have slipped from 10.8% to 9.4%, though early 2025 data suggests recovery will remain uneven. The managers’ performance still trails the S&P 500’s 15.2% TTM gain as policy shi