PitchBook：2026年第一季度美国私募股权市场分析报告（英文版）（35页）.pdf

1、Sponsored byUSPE BreakdownQ12026Q1 2026 US PE BREAKDOWN2Sponsored byContentsSponsored byInstitutional Research GroupSteven Buibish,CFA Director,Private Equity Jinny Choi Senior Research Analyst,Private Equity Garrett Hinds Senior Research Analyst,Private Equity Kyle Walters Research Analyst,Private

2、Equity Kenny Tang Senior Director,US Credit Research Harrison Waldock Senior Data APublished on April 14,2026Executive summary:Software,spreads,and semi-liquids 4A word from Grant Thornton Stax 6Deals 8Deal valuation metrics 14Credit market conditions 15Deals by size,backing type,and sector 19Spotli

3、ght:US evergreen fund landscape 20Exits 22Fundraising 27Performance 32Appendix 34Q1 2026 US PE BREAKDOWN4Sponsored byPE software deployment as a share of PE deal value$58.8$55.9$80.3$80.5$103.1$202.6$188.6$98.2$121.5$226.8$34.712.5%9.4%12.2%11.6%16.3%15.9%19.8%13.4%14.4%19.1%13.3%2016201720182019202

4、0202120222023202420252026Deal value($B)Share of total deal valueSource:PitchBook Geography:US As of March 31,2026Weighted average bid of leveraged loans87899193959799SepMarSepMarSepMarSepMarExcluding softwareSoftware20222023202420252026Source:PitchBook|LCD;Morningstar LSTA US Leveraged Loan Index Da

5、ta Geography:US As of March 27,2026The beginning of 2026 has defied the ambitious expectations that many had coming into the year.The declaration that AI has killed software triggered a sharp valuation reset,turmoil in private credit,and heavy selling of publicly traded alternative asset managers an

6、d their semi-liquid credit funds.However,to paraphrase Mark Twain,reports of the software sectors death have been greatly exaggerated,at least according to leading PE investors.Yet while software businesses are still surviving,and many may indeed thrive in the AI era,the swirling uncertainty surroun