2025年第二季度美国公共PE和GP交易综述（英）2025

USPublic PE and GP Q12025Deal Roundup Contents Key takeawaysPE performanceDeploymentRealizationsFundraising PitchBook Data, Inc. Nizar TarhuniExecutive Vice President of Researchand Market Intelligence Marina LukatskyGlobal Head of Research, Credit andUS Private Equity Institutional Research Group Analysis Garrett HindsSenior Research Analyst, Private Equitygarrett.hinds@pitchbook.com Jinny Choi Senior Research Analyst, Private Equityjinny.choi@pitchbook.com Kyle WaltersResearch Analyst, Private Equitykyle.walters@pitchbook.com Data Charlie FarberManager, Data Analysis pbinstitutionalresearch@pitchbook.com Publishing Report designed byJosie DoanandAdriana Hansen Published on August 27, 2025 Note: “PE” has a specific meaning for the seven major public alternative managers Clickherefor PitchBook’s report methodologies. 1.BlackstoneandCarlyle: “Corporate PE” as defined in company reports.2.KKR: “Traditional PE” as defined in company reports.3.Apollo: “Flagship PE” and “European principal finance” as defined in company reports.4.Ares: “Corporate PE” and “special opportunities” as defined in company reports.5.TPG: “Capital” and “growth” as defined in company reports. Note: “Private credit” has a specific meaning for the seven major public alternative 1.KKR: “Alternative Credit” as defined in company reports.2.Ares: “US Senior Direct Lending” as defined in company reports.3.Blue Owl: “Direct Lending Gross Returns” as defined in company reports.4.Apollo: “Direct Origination” as defined in company reports.5.Blackstone: “Private Credit” as defined in company reports. Key takeaways Credit returns lead:In Q2 2025, PE returns for the “Big Seven”public alternative managers held steady at robust levels,with a median TTM return of 10% for the second straightquarter and a 2.8% quarterly gain—an improvement fromQ1’s 2%. These results continue to outpace the broader PEmarket, where one-year IRRs have slipped from 10.8% to9.4%, though early 2025 data suggests recovery will remain Q2, according to prediction markets.1Apollo led quarterlyactivity at $6 billion, followed by Blackstone at $5.1 billionand KKR at $4.9 billion, with all three posting triple-digit YoYTTM gains. TPG, Carlyle, and Ares showed mixed trends,with Ares re-engaging after a five-quarter lull. Private creditalso accelerated, fueled by robust M&A and public market Retail investor access:On August 7, US President DonaldTrump signed an executive order that aims to enable 401(k)plan allocations to PE strategies without exposing advisorsand plan administrators to undue legal risk—provided properdue diligence is conducted.2While earlier efforts moved in Deployment upswing:In Q2 2025, the large public GPsdeployed $21 billion in corporate PE, an 85.4% YoY surge—bringing TTM totals to $83.1 billion, up 65.3% YoY. GPs in the defined-contribution retirement market is sized atroughly $12 trillion. We believe these allocations will flowlargely through target-date funds, which are structured tohold capital beyond the time frame of a typical PE value-creation play. Presently, 60% of 401(k) funds flow into target- directly from acquirers’ balance sheets—highlight industryconsolidation trends, as do GP stakes transactions, whichuse LP capital to acquire minority positions in managers.July’s marquee deal saw KKR acquire a majority stake inHealthCare Royalty Partners, adding about $3 billion inAUM and expanding its life sciences and credit capabilities.TPG acquired Peppertree Capital Management, marking The second-strongest year for GP deals:Through July 2025,GP deal activity totaled 52 announced or closed transactionsworth $10.2 billion, putting the year on pace to be the second PE performance Blackstone led the seven major public alternatives managersagain with a gross return of 17.2% in its corporate PE strategyfor the TTM period. This was an improvement from the 14.1%return as of Q1 2025. The firm’s quarterly return also improvedfrom 1.1% in Q1 2025 to 5.1% in Q2 2025. During its earningscall, Blackstone shared that there are multiple tailwinds for The six major public alternative managers once again secureddouble-digit returns in Q2, with the median trailing 12-month(TTM) return for the group sitting at 10% for the secondconsecutive quarter. On a quarterly basis, the managersreported a median gross return of 2.8% from the PE funds andstrategies they manage, showing improvement from the 2% KKR’s PE strategy marked a TTM gross return of 13% as ofQ2 2025, posting the second-highest performance out of itspeer group. Company leadership has emphasized discipline The alternatives managers’ returns trailed the S&P 500’s15.2% TTM return ending Q2 2025, as the public marketsexperienced whiplash from the initial policy uncertaintysurrounding the “Liberation Day” tariffs and rallied when Although Blue Owl does not directly manage a PE strategy,its GP Strategic Capital (GPSC) funds offer indirectexposure. Approximately half of the GP stakes it hasac