PitchBook年三季度美国PE细分

Contents Executive summary:Recession? Fuggetaboutit3 PitchBook Data, Inc. Nizar TarhuniExecutive Vice President of Researchand Market Intelligence Deals5 Marina LukatskyGlobal Head of Research, Credit andUS Private Equity Deal valuation metrics12 Credit market conditions13 Institutional Research Group Deals by size, backing type, and sector 16 Analysis Spotlight:H1 2025 Global Private Debt Report17 Garrett Hinds Exits 19 Senior Research Analyst, Private Equitygarrett.hinds@pitchbook.com Fundraising 24 Jinny Choi Performance28 Senior Research Analyst, Private Equityjinny.choi@pitchbook.com Kyle Walters Research Analyst, Private Equitykyle.walters@pitchbook.com Kenny Tang Senior Director, US Credit Researchkenny.tang@pitchbook.com Data Charlie FarberManager, Data Analysis Caleb WilkinsData Analyst pbinstitutionalresearch@pitchbook.com Publishing Report designed byMegan Woodard,Josie Doan, andChloe Ladwig Published on October 10, 2025 Clickherefor PitchBook’s report methodologies. EXECUTIVE SUMMARYRecession? Fuggetaboutit PE activity overview As we approach the end of the year, public markets are tiltingdecisively toward a risk-on posture. The Federal Reserve’s(the Fed’s) recent cuts have bolstered equities, while inflationremains a watchpoint, leaving PE investors increasinglyoptimistic. The balance between risk-on and risk-off, whichwas tenuous at midyear, now appears firmly in the formercamp as market participants acclimate to an environment ofsteady growth, moderating prices, and gradually expandingopportunity sets. Within this backdrop, the private equityecosystem is contending with the ascent of deal activity, theheadwinds of fundraising, and the halting recovery of fundperformance that together define the near-term trajectory ofthe asset class. The fundraising environment remained subdued, weigheddown by muted exit activity and weaker distributions back toLPs. Through the first three quarters, 244 US PE funds closed,raising $214.4 billion, a mixed bag compared with the firstthree quarters of 2024. Fund count was up, but capital raisedwas down. The slowdown highlights a broader structuralrecalibration. LPs, constrained by allocation pressures, arecommitting to fewer managers and concentrating capital withestablished relationships, particularly among megafunds—PE funds that raise $5 billion or more in committed capital.Even so, some resilience is evident. Roughly 76.2% of fundsclosed YTD exceeded the size of their predecessor vehicles,with a median step-up of 43.4%—the strongest in years.Median fund size reached a record $183 million, highlightingthe divergence between larger, successful closes and thestruggles of many smaller or emerging managers. Drypowder, which topped $1 trillion in 2023, has since eased tojust under that mark, as deal activity absorbed more capital,leaving dry powder at its lowest share of AUM on record at27.8%. While this suggests healthier deployment dynamics,the overall fundraising picture is still challenged and will likelyremain so into 2026 absent a sharp revival in exit flows. Q3 2025 closed with 2,347 announced and closed deals,including estimates for late-reporting transactions, up 3.7%sequentially and 11.7% from the prior year. Aggregate dealvalue totaled $331.1 billion (including estimates for late-reporting and undisclosed values), a sizable 28% increaseQoQ and even more impressive 38% growth YoY. The “airpocket” in Q2 suggested a pause, not a reversal, as GPs heldback amid valuation frictions and awaited clarity on financingconditions. That air pocket has since dissipated as sponsorscontinue to branch out in the deals they undertake. Sectordivergences persisted: Technology transactions YTD havealready exceeded last year’s total in terms of deal value, andB2B deals remain equally resilient, underscoring sponsors’confidence in companies positioned for operational durability.Carveouts climbed above their five-year trend, reflectingrenewed corporate willingness to shed noncore units. Takentogether, the data depicts improving dealmaking sentiment,where optimism and increased risk-appetite define the GPstrategy heading into 2026. Fund performance is gradually climbing back toward durabledouble-digit territory, with US PE funds posting a one-yearIRR of 9.7% through year-end 2024. Growth equity fundsoutpaced buyouts modestly, returning 9.9% comparedwith 9.5%, though both hovered just below the 10% mark.The recovery has taken place despite slow exit activity,underscoring the degree to which sponsors have selectivelysold only their strongest assets. Looking forward, the reboundin public market volatility post-Liberation Day in Q2 2025,combined with the Fed’s mid-September rate cut, have set thestage for stronger relative returns as the exit window reopens.If exits accelerate in the final quarter of 2025, PE could closethe gap with public markets and restore the flywheel ofdistributions, fundraising, and reinvestment that sustains theasset cla