奥纬咨询：2026资本流向：私募市场规模扩张竞赛研究报告（英文版）（12页）.pdf

1、The race for scale in private marketsCAPITAL CURRENTS Oliver Wyman2Capital Currents is a cross-industry series focused on distilling the key trends in M&A and identifying how management teams can capture value.Oliver Wyman3Private markets are becoming one of the most active areas for dealmaking acro

2、ss asset management.While traditional asset classes continue to face fee pressure and slower growth,private markets assets under management(AuM)are expected to grow at about 12%per annum over the next five years,compared with about 8%for liquid asset classes,reinforcing the strategic importance of p

3、rivate markets franchises for asset managers.Exhibit 1:Market remains fragmented:number of General Partners(GPs)by strategy and AuM2025AuMNumber of GPsAuMNumber of GPs1%1.4%$50 BNNatural capitalAuMNumber of GPsReal estate48%95%10%17%25%$4.9 TNInfrastructure35%2%$16.3 TN51%8%21%20%17.7 K97%0.3%1.3%$3

4、.8 TN42%7%28%23%2.0 K4.8 K87%5%7%Private equityAuMNumber of GPsAuMNumber of GPsPrivate credit2%$3.4 TN$0.6 TN37%7%21%2%2%5%3%9%6%83%16%21%9%53%90%1.1 K0.5 K1%Source:eVestment,Preqin,Oliver Wyman analysis Oliver Wyman4Against this backdrop,private markets are entering a new phase of consolidation.As

5、scale,multi-asset capabilities,and underwriting sophistication become increasingly decisive,competitive advantages are concentrating among a smaller group of large,integrated platforms.Yet,despite rapid growth,the market remains highly fragmented,with many firms still operating as single-strategy GP

6、s.As asset managers seek to close capability gaps and strengthen fundraising relevance,M&A is emerging as one of the fastest paths to build broader and more resilient private markets franchises.Private markets transaction value grew at over 45%per annum between 2023 and 2025,and we expect this conso