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PitchBook:2025年第四季度美国公开市场私募股权与普通合伙人交易综述报告(中译版)(29页).pdf

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1、USPublic PE and GP Deal RoundupQ42025Q4 2025 US PUBLIC PE AND GP DEAL ROUNDUP2ContentsInstitutional Research GroupGarrett Hinds Senior Research Analyst,Private Equity Jinny Choi Senior Research Analyst,Private Equity Kyle Walters Research Analyst,Private Equity Published on February 27,2026Key takea

2、ways 3How the Big Seven are framing the software reset 4PE performance 5Deployment 7Realizations 9Fundraising 11Strategy expansion 16Share of AUM by manager and strategy 19GP deal activity 21GP stake transactions 23Operating results 25Stock performance and comparables 26Note:“PE”has a specific meani

3、ng for the seven major public alternative managers referenced in this report.1.Blackstone and Carlyle:“Corporate PE”as defined in company reports.2.KKR:“Traditional PE”as defined in company reports.3.Apollo:“Flagship PE”and“European principal finance”as defined in company reports.4.Ares:“Corporate P

4、E”and“special opportunities”as defined in company reports.5.TPG:“Capital”and“growth”as defined in company reports.1 6.Blue Owl:“PE”represents PitchBook estimates of ownership stakes held by“GP Strategic Capital”funds in managers primarily engaged in PE buyout and growth equity strategies.Note:“Priva

5、te credit”has a specific meaning for the seven major public alternative managers referenced in this report.1.KKR:“Alternative Credit”as defined in company reports.2.Ares:“US Senior Direct Lending”as defined in company reports.3.Blue Owl:“Direct Lending Gross Returns”as defined in company reports.4.A

6、pollo:“Direct Origination”as defined in company reports.5.Blackstone:“Private Credit”as defined in company reports.6.Carlyle:“Global Credit”as defined in company reports.7.TPG:“TPG AG Credit”as defined in company reports.1:Starting with this report,we are including Impact figures to better reflect T

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1. **业绩表现**:2025年七大PE机构中位数TTM回报率9%,Q4单季中位数回报3.2%;私人信贷表现突出,中位数TTM回报11.2%。 2. **投资部署**:PE全年部署987亿美元(同比+52.5%),Q4单季352亿美元(环比+86.5%);私人信贷全年部署6050亿美元(同比+21.9%)。 3. **退出与募资**:PE全年实现707亿美元(同比+14.8%),KKR(165亿)、黑石(162亿)领先;PE募资1543亿美元,私人信贷募资8609亿美元(占比52.8%)。 4. **策略扩张**:聚焦数字基建(如黑石、KKR)、体育投资(TPG、Apollo)及GP份额交易;财富管理AUM达2万亿美元(占AUM 42%)。 5. **行业趋势**:AI引发软件估值调整,但机构认为非基本面恶化;私人信贷因风险调整收益优势持续吸引资本。
AI如何影响PE? 私募信贷表现如何? GP并购趋势如何?
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