2025年全球私募股权报告_Global_Private_Equity_Report_2025（英）-贝恩-2025_68页_4mb

报告摘要

Bain & Company is the leading PE consulting partner with a global network of 2,000 professionals, serving clients across buyout, infrastructure, real estate, and hedge funds.
The firm offers support across deal generation, due diligence, post-acquisition strategy, and firm-level operations, with a focus on value creation through operational expertise and client partnerships.

Improved Deal Activity: Investments and exits rebounded 37% and 34% YoY, respectively, amid easing inflation and lower interest rates.
Fundraising Lag: Global buyout fundraising fell 23% YoY, constrained by LP reluctance due to low distribution rates (11% of NAV) and prolonged asset holding.
Geographic Shifts: Europe and North America drove deal growth (54% and 34% YoY increases), while Asia-Pacific growth slowed due to China’s challenges.

Exit value increased 34% YoY, but pressure persists due to $3.6T unrealized value from unsold assets.
Sponsor-to-sponsor exits surged ($181B), while IPOs remained sluggish (6% of exits by value).
Strategies include minority sales, secondaries (raising $102B), and NAV loans to improve liquidity.

Historical Trend: Buyout AUM tripled since 2014, but distributions fell sharply to record lows (11% of NAV), worsening the cash flow deficit.
Solutions: Tools like secondaries ($601B AUM) and coinvestments are mitigating cash flow, but fund returns remain strained.

Buyout fundraising declined 23% YoY, with average fund size shrinking to $843M.
LPs prioritize top-quartile funds (36% of capital capture), and differentiation (e.g., tech focus, operational strength) is key to attracting capital.

Buyout funds outperform public markets over 5+ years in all regions except US short-term intervals.
Public equity surges (e.g., S&P 500 at 23% 2024), narrowing the PE gap, but long-term PE edges remain strong.

Generative AI: Leading PE firms invest in AI to drive operational efficiency, with Vista and Apollo demonstrating significant ROI via product innovation and cost savings.
Margin Growth in Software Investing: Revenue growth dominates returns, but rigorous due diligence integrating technical, commercial, and operating factors is critical.
Corporate Carve-Outs: Returns declined post-2012 (average 1.5x MOIC), requiring stronger value-creation plans and execution.
Strategic Imperative: Structural industry shifts demand focus on differentiation, operational strength, and strategic M&A to maintain competitiveness.

Market Risks: Uncertainty from trade policies, monetary tightening, and geopolitical tensions.
Strategic Initiatives: Focus on AI integration, margin expansion, and differentiation to sustain long-term returns and attract capital.
Advice:
- Prioritize operational excellence and efficient fund use.
- Adapt to fee pressures by innovating value creation.
- Leverage scale and differentiation to compete in a maturing industry.

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