Q3 2025 Private Capital Indexes Contents | Overview | 3 | | --- | --- | | Desmoothed returns | 6 | | Private equity | 9 | | Venture capital | 11 | | Real estate | 13 | | Real assets | 15 | | Private debt | 17 | | Funds of funds | 19 | | Secondaries | 21 | | Appendix | 23 | Select PitchBook Private Capital Indexes quarterly returns | Index | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | | --- | --- | --- | --- | --- | | Private equity | 1.0% | 2.5% | 1.4% | 1.2% | | Buyout | 0.6% | 2.5% | 0.8% | 1.1% | | Growth/ex ...