1、GLOBAL Private Market Fundraising ReportQ220252Q2 2025 GLOBAL PRIVATE MARKET FUNDRAISING REPORTContentsPitchBook 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 Direct

2、or of Quantitative ResearchInstitutional Research GroupAnalysisHilary Wiek,CFA,CAIA Senior Strategist,Fund Strategies&Sustainable Investing Juan Mier,CFA Lead Research Analyst,Fund Strategies&Sustainable Investing Anikka Villegas Senior Research Analyst,Fund Strategies&Sustainable Investing Garrett

3、Hinds Senior Research Analyst,Private Equity Susan Hu Quantitative Research Analyst Navina Rajan Senior Research Analyst,EMEA Private Capital Kyle Walters Research Analyst,Private Equity DataSara Good Data APublishingReport designed by Megan Woodard and Josie DoanPublished on September 8,2025Trailin

4、g four-quarter YoY fundraising changes by strategy Source:PitchBook Geography:Global As of June 30,2025Capital raised($B)YoY changeFund countYoY changePrivate equity$440.2-34.4%664-49.3%Venture capital$143.7-35.0%1,379-46.8%Real estate$87.8-20.3%242-56.2%Real assets$157.0-1.4%96-38.9%Debt$252.59.0%2

5、12-43.8%Fund of funds$36.2-9.6%120-54.5%Secondaries$118.120.4%77-47.3%Co-investment$32.224.8%150-56.8%Private capital$1,267.8-18.6%2,940-48.8%Overview3Spotlight:Sizing the institutional VC direct secondaries market 6Private equity 9Venture capital 11Real estate 13Real assets 15Private debt 17Funds o

6、f funds 19Secondaries21Co-investment23Top funds by size 25Click here for PitchBooks report methodologies.Click here for PitchBooks private market glossary.3Q2 2025 GLOBAL PRIVATE MARKET FUNDRAISING REPORTOverviewPrivate capital AUM($B)$0$2,000$4,000$6,000$8,000$10,000$12,000$14,000$16,00020092010201