德杰律师事务所&Mergermarket：2025年全球私募股权展望报告（英文版）（60页）.pdf

1、2025Global Private Equity OutlookContentsMethodology 2Foreword 3Introduction 4Key findings 6U.S.election special 8Fund trends 11 Management companies:To list or not to list?16Deal environment:Challenges and impacts 17 Regulatory scrutiny:Antitrust to the fore 21Co-investments:Best of both worlds?24N

2、orth America spotlight 28Private credit 30EMEA spotlight 34Deal trends 36 Buy and build:Toward new approaches 40Asia-Pacific spotlight 42Sustainability 44Exits and other liquidity events 48GP-led secondaries and stake divestitures 51Conclusion 54Methodology In July 2024,Mergermarket,on behalf of Dec

3、hert LLP,surveyed 100 senior-level executives at PE firms based in North America(45%),EMEA(35%)and Asia-Pacific(20%).In order to qualify for inclusion,the firms all needed to have US$1 billion or more in assets under management(AUM)and respondents could not be first-time fund managers.The survey inc

4、luded a combination of qualitative and quantitative questions,and all interviews were conducted over the telephone by appointment.Results were analyzed and collated by Mergermarket,and all responses are anonymized and presented in aggregate.2ForewordWelcome to the seventh edition of Decherts Global

5、Private Equity Outlook,our comprehensive annual report on the global private equity(PE)sector.We are delighted to once again present our view of where the PE market stands today and the challenges and opportunities that lie ahead.Our research,produced in conjunction with Mergermarket,provides compel

6、ling insights into an industry that has been through a period of seismic change.After 15 years of ultra-low interest rates,the PE sector has had to adjust to more normal borrowing costs over the last three years and to endure a period of almost constant geopolitical volatility,economic turmoil and i