2025年全球私募股权报告

Contents4Foreword6Investment trends12Market insights17Portfolio performance26Predictions for 202528Conclusion & acknowledgements29Appendix: survey methodology Global private equity report 2025ForewordFinancial services and technology &telecommunications stand out as top investmentsectors, while cyclical businesses and thosedependent on volatile supply chains are currentlyless attractive. Responses suggest increased focuson mid-market funds and deals, reflecting patternsseen in many markets and broader deal trends.“The market is less predictablethan ever, but it’s positive to seefrom our results that PE firmsglobally are prepared to weatherthat uncertainty and succeeddespite it. Value creation remainsan important part of portfolioperformance, and the ability todo this effectively will be a keyresilience measure and indicatorof future returns.”Firas Abou MerhiPartner & Head of Financial Advisory,Forvis Mazars GroupThis report summarises findings from the Forvis Mazars global privateequity (PE) survey, featuring insights from over 300 respondentsacross North America, Europe, Asia-Pacific, Africa, and Latin America.Looking ahead to 2025, our research shows that firms remainoptimistic, supported by their capacity to operationally drive valuecreation despite market uncertainties. Forvis MazarsDespite concerns around market fluctuations,interest rates and emerging technologies like AI,most respondents remain confident about the futureof the market, especially in North America and Asia-Pacific. Cross-border strategies remain opportunisticin nature, with compliance challenges, cashrepatriation and geopolitical uncertainty increasingthe complexity and costs of international deals.“The uncertainty of the US businessenvironment post-election putsa new lens on deals that requiresPE firms to consider the potentialimpacts of tariffs and regulatorychanges. The market is waiting forclarity, but expectations are thatdeal activity could rise in 2025as interest rates decline andinflationstabilises.”Scott LinchPartner & Private Equity NationalIndustry Leader, Forvis Mazars US 4 Global private equity report 2025Portfolio performance generally aligns withexpectations, with North American firmsoutperforming others. Minority active shareholdersreport the highest satisfaction, while majority activeshareholders achieve the highest returns. Firmsare extending portfolio holding periods to enhancereturns, leveraging formal value creation strategiesamidst volatility. Delayed exits are impactingliquidity and investor confidence, leading manyfirms to extend fund lifecycles.“After a difficult year with strongcompetition to invest in the bestperforming companies, PE firmsare focusing on acceleratinggrowth and resilience with theirportfolios. By taking advantageof positive trends in certainsectors and geographies, alongwith implementing digital andsustainable strategies, firmsare generating better returnsfor investors, extending theholding period of their portfoliocompanies.”ForewordMatthieu BoyéPartner & Head of Private Equity,Forvis Mazars Group Investment trends Global private equity report 2025Companies in portfolioPercent of respondents.Portfolio company preferred sizePercent of respondents.2417102<$100M$100-500M$500M - 1B>$1BNo preference3537280-1011-20>20Investment trendsKey highlights Forvis Mazars•Most respondents across regions manageportfolios with up to 20 companies, generallywith valuations below $500m.•Average investment ticket size amongstrespondents is under $50m, aligning with theindustry’s focus on more manageable andflexibleinvestments.•Survey responses suggest a growing interestin mid-market funds and deals, with increasedengagement in this segment.•Tenure policies sit between 3-7 years on average,although many respondents indicate that thesetimeframes are currently being extended dueto market conditions. This shift is reflective of amore cautious investment landscape, with firmspreferring to hold on to portfolio companieslonger to maximise value creation.•In the US, add-on deals have dominated themarket in the past year, indicating a preferencefor consolidating existing platforms. Platformdeals, on the other hand, have seen a globaldecline, possibly due to a challenging financingenvironment and heightened market uncertainty.This change signals a preference for de-riskedtransactions with companies that are alreadyestablished in the market. 7 46 Countries invested in (%)44433333USAUKSouth AfricaCanadaChinaNetherlandsGermanyBrazilFranceHong KongMexicoSingaporeSouth KoreaNigeriaAustraliaItalyChileSpainIrelandSwitzerlandPortugalAustriaQatarUnited Arab EmiratesPolandSaudi ArabiaInvestment trendsKey highlights Global private equity report 2025Investment trendsSector-specific growth targetsFinancial services and technology &telecommunications have been identified as primarysectors of interest, with further analysis indicatingthat investors are targeting sub-sectors and specificbusiness models within these industries, r