Investment Rating - The report provides a comprehensive overview of the PitchBook Private Capital Indexes, which serve as quarterly return benchmarks for the private market industry, indicating a stable investment environment with a focus on various asset classes [7][8]. Core Insights - The overall Private Capital Index shows a quarterly return of 1.5% for Q3 2025, with a total net asset value (NAV) of included funds at $4.7 trillion as of Q2 2025 [4][15]. - The report highlights the performance of different asset classes, with private equity showing a 1-year return of 6.3% and a 5-year return of 14.1%, while venture capital has a 1-year return of 11.5% and a 5-year return of 11.0% [21][73]. - The report emphasizes the importance of desmoothed returns to better understand private market volatility and risk, indicating that traditional reported figures may understate actual volatility [10][31]. Summary by Sections Private Equity - The Private Equity Index shows a 5-year return indexed to 100 at 193.7, with a 1-year return of 6.3% and a 5-year return of 14.1% [57][60]. - Buyout strategies have a 5-year return of 14.0%, while growth/expansion strategies yield a 5-year return of 14.9% [57]. Venture Capital - The Venture Capital Index has a 5-year return indexed to 100 at 168.3, with a 1-year return of 11.5% and a 5-year return of 11.0% [73][76]. - Early-stage VC shows a 5-year return of 13.6%, while multi- & later-stage VC has a 5-year return of 10.4% [73]. Real Estate - The Real Estate Index has a 5-year return indexed to 100 at 136.2, with a 1-year return of 2.5% and a 5-year return of 6.4% [88][90]. - Opportunistic strategies yield a 5-year return of 6.3%, while value-add strategies yield a 5-year return of 4.8% [88]. Real Assets - The Real Assets Index shows a 5-year return indexed to 100 at 175.8, with a 1-year return of 5.9% and a 5-year return of 11.9% [100][103]. - Infrastructure strategies yield a 5-year return of 11.0%, while natural resources yield a 5-year return of 13.2% [100]. Private Debt - The Private Debt Index has a 5-year return indexed to 100 at 154.5, with a 1-year return of 3.3% and a 5-year return of 9.1% [115][118]. - Direct lending strategies yield a 5-year return of 8.6%, while distressed strategies yield a 5-year return of 8.8% [115]. Funds of Funds - The Funds of Funds Index shows a 5-year return indexed to 100 at 177.8, with a 1-year return of 8.9% and a 5-year return of 12.2% [128][131]. - Private equity funds of funds yield a 5-year return of 11.2%, while venture capital funds of funds yield a 5-year return of 13.0% [128]. Secondaries - The Secondaries Index has a 5-year return indexed to 100 at 205.0, with a 1-year return of 6.3% and a 5-year return of 15.4% [141][144]. - The report indicates that secondaries strategies have shown strong performance relative to other asset classes [141].

Company Overview - Tiptree was founded in 2007 with a focus on long-term value creation for shareholders [24] - The company has a flexible capital allocation model and aligned management incentives [16] - Insider ownership is at 34% [24] Financial Performance - Tiptree has $24 billion of realized investments representing a 28x MOIC and 22% IRR since inception [24] - $177 million of capital has been returned to shareholders through share repurchases, tax-deferred distributions, and common dividends [17] - The company's realized investment IRR is 22% [30] Recent Transactions - Tiptree agreed to sell Fortegra in an all-cash transaction for $165 billion, with $112 billion in gross proceeds to Tiptree [13] - The Fortegra valuation is 23x book value (39x tangible book value) and 107x LTM net income [13] - The estimated gross return on the Fortegra sale is 141x MOIC and 227% IRR, with an anticipated closing in mid-2026 [13] - Tiptree agreed to sell Reliance First Capital for 935% of tangible book value at closing, or $51 million of estimated gross proceeds as of September 30, 2025 [13] - The estimated gross return on the Reliance sale is 29x MOIC and 135% IRR, with an anticipated closing in the first quarter of 2026 [13] - Pro-forma book value as of September 30, 2025, is estimated to be $930 million, net of estimated taxes and transaction expenses for both transactions [13]