2025年全球私募股权报告（英）

About Bain & Company’s Private Equity business Bain & Company is the leading consulting partner to the private equity (PE) industry and its stakeholders. PE con-sulting at Bain has grown eightfold over the past 15 years and now represents about one-third of the frm’s globalbusiness. We maintain a global network of more than 2,000 experienced professionals serving PE clients. Our prac-tice is more than triple the size of the next-largest consulting company serving PE frms. Bain’s work with PE frms spans fund types, including buyout, infrastructure, real estate, and debt. We also work withhedge funds, as well as many of the most prominent institutional investors, including sovereign wealth funds, pensionfunds, endowments, and family investment ofces. We support our clients across a broad range of objectives: Deal generation.We work alongside investors to develop the right investment thesis and enhance deal fow by pro-fling industries, screening targets, and devising a plan to approach targets. Due diligence.We help support better deal decisions by performing integrated due diligence, assessing revenuegrowth and cost-reduction opportunities to determine a target’s full potential, and providing a post-acquisition agenda. Immediate post-acquisition.After an acquisition, we support the pursuit of rapid returns by developing strategicblueprints for acquired companies, leading workshops that align management with strategic priorities, and di-recting focused initiatives. Ongoing value addition.During the ownership phase, we help increase the value of portfolio companies bysupporting revenue enhancement and cost-reduction initiatives and refreshing their value-creation plans. Exit.We help ensure that investors maximize returns by preparing for exit, identifying the optimal exit strategy, pre-paring the selling documents, and prequalifying buyers. Firm strategy and operations.We help PE frms develop distinctive ways to achieve continued excellence by devising dif-ferentiated strategies, maximizing investment capabilities, developing sector specialization and intelligence, enhanc-ing fund-raising, improving organizational design and decision making, and enlisting top talent. Institutional investor strategy.We help institutional investors develop best-in-class investment programs across as-set classes, including private equity, infrastructure, and real estate. Topics we address cover asset class allocation, portfo-lio construction and manager selection, governance and risk management, and organizational design and decisionmaking. We also help institutional investors expand their participation in private equity, including through coin-vestment and direct investing opportunities. Bain & Company, Inc. 131 Dartmouth StreetBoston, Massachusetts 02116 USATel: +1 617 572 2000www.bain.com Net Promoter®, NPS®, NPS Prism®, and the NPS-related emoticons are registered trademarks of Bain & Company, Inc., NICE Systems, Inc.,and Fred Reichheld. Net Promoter ScoreSMand Net Promoter SystemSMare service marks of Bain & Company, Inc., NICE Systems, Inc.,and Fred Reichheld. Global Private Equity Report 2025 Contents Recovery by Degrees2 Private Equity Outlook 2025:Is a Recovery Starting to Take Shape?3Investments8Exits14Liquidity17Fund-raising25Returns30 Field Notes from the Generative AI Insurgencyin Private Equity33 Wanted: Margin Growth in Software Investing40 PE-Backed Carve-Outs Used to Be Reliable WinnersSo What Happened?46 This Time It’s Diferent:The Strategic Imperative in Private Equity54 Global Private Equity Report 2025 Recovery by Degrees Dear Colleague: Through one lens, 2024 can be considered the year of the partial exhale. Interest rates and infation fnally came down. Economic growth in many markets remained stable. Inresponse, deal investment value increased by 37% and exit value moved 34% higher. Alas, fund-raisingstruck a discordant note, falling 23%. As we’ve mentioned before, fund-raising is a lagging indicator fordeal activity. The real culprit behind lackluster fund-raising is a persistent liquidity situation for global limited partners(LPs). While exit activity accelerated last year, distributions as a portion of net asset value sank to 11%, thelowest rate in over a decade. Positive signs? Rates and infation appear poised to remain stable or decrease in many markets. Drypowder is still mountainous and aging. General partners are fnding new and creative ways to boost LPliquidity. More dollars should fow into the industry from sovereign wealth funds and private wealth. Andmost important, returns remain strong. We will see if private equity can avoid black swans in 2025 and get frmly back on the growth track. Best wishes, Hugh MacArthurChairman, Global Private Equity Private Equity Outlook 2025: Is aRecovery Starting to Take Shape? Dealmaking rebounded in 2024, but regaining fund-raising momentum may take longer. By Hugh MacArthur, Rebecca Burack, Graham Rose, Alexander Schmitz, Kiki Ya