1、GLOBALPrivate Market Fundraising ReportQ120252Q1 2025 GLOBAL PRIVATE MARKET FUNDRAISING REPORTPitchBook Data,Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligenceDaniel Cook,CFA Global Head of Quantitative Research and Market IntelligenceZane Carmean,CFA,CAIA Director of Qua

2、ntitative ResearchInstitutional Research GroupAnalysisHilary Wiek,CFA,CAIA Senior Strategist,Fund Strategies&Sustainable Investing Anikka Villegas Senior Research Analyst,Fund Strategies&Sustainable Investing Jinny Choi Senior Research Analyst,Private Equity Emily Zheng Senior Research Analyst,Ventu

3、re Capital Nathan Schwartz,CFA Senior Quantitative Research Analyst Kyle Walters Research Analyst,Private Equity DataSara Good Data APublishingReport designed by Josie Doan and Megan WoodardPublished on May 23,2025ContentsOverview3Spotlight:Global private markets in 20296Private equity9Venture capit

4、al11Real estate13Real assets15Private debt18Funds of funds20Secondaries22Co-investment24Top funds by size26Trailing four-quarter YoY fundraising changes by strategySource:PitchBook Geography:Global As of March 31,2025Capital raised($B)YoY changeFund countYoY changePrivate capital$1,256.7-17.0%2,658-

5、47.9%Private equity$462.4-29.5%563-48.6%Venture capital$148.4-31.0%1,346-44.8%Real estate$78.3-40.4%183-60.8%Real assets$122.3-16.6%81-39.1%Private debt$260.818.2%176-46.8%Fund of funds$35.0-16.0%112-48.4%Secondaries$122.351.6%96-15.0%Co-investment$27.217.5%101-67.0%An accompanying Excel file contai

6、ns additional charts and all underlying data for this report.Click here for PitchBooks report methodologies.Click here for PitchBooks private market glossary.3Q1 2025 GLOBAL PRIVATE MARKET FUNDRAISING REPORTOverviewPrivate capital fundraising activity$924.9$1,035.7$1,229.6$1,285.4$1,384.2$1,469.4$1,