2025年第三季度美国公开私募股权和GP交易综述

Contents Key takeaways3PE performance5Deployment7Realizations9Fundraising11 PitchBook Data, Inc. Nizar TarhuniExecutive Vice President of Researchand Market Intelligence Marina LukatskyGlobal Head of Research, Credit andUS Private Equity Institutional Research Group Analysis 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 byAdriana Hansen Published on November 25, 2025 Note: “PE” has a specific meaning for the seven major public alternative managersreferenced in this report. 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. Key takeaways Performance falls to single digits:The six major publicalternative managers’ streak of two consecutive quartersof double-digit PE returns ended in Q3, with the mediantrailing 12-month (TTM) return for the group slipping to 8.9%.The group’s median TTM return trails that of the S&P 500,which posted a one-year return of 17.6% through the end of deal environment and ample PE dry powder have enabledthem to allocate capital with a more bullish outlook. Privatecredit deployment also benefited from a more constructive Capital inflows are driven beyond PE funds:PE inflows forthe public PE managers remained flat QoQ when excludingthe equity inflows from Apollo that are skewed significantlyhigher due to its recent acquisition of Bridge InvestmentGroup. Some managers remain out of the market with theirrespective flagship buyout funds, expecting to be back inmarket sometime next year. Credit strategies continue to Deployment improves on a TTM basis:In Q3 2025, theBig Seven’s corporate PE deployment reached $18.9 billion,slightly below the pace of each of the previous four quarters. year ever in GP deal activity value. Strategic M&A—whereacquirers invest balance sheet capital—was led by JanusHenderson’s acquisition of private credit manager VictoryPark Capital and Goldman Sach’s acquisition of IndustryVentures as consolidation trends continue across the industry. dollar space to gain access to scalable capital thatstrengthens management fee streams—all while making themless reliant on traditional institutional investors. Similarly,insurance has become a staple fundraising channel as the Robust GP deal activity:Through October 2025, GP dealactivity totaled 80 announced or closed deals for an PE performance The six major public alternative managers saw their streakof two consecutive quarters of double-digit PE returns end inQ3, with the median TTM return for the group sitting at 8.9%.On a quarterly basis, the managers reported a median grossreturn of 2.2% from the PE funds and strategies they manage, group. Within the firm’s capital, growth, and impact platform,its companies continue to outperform the market withrevenue and EBITDA growth of approximately 17% and 20%, The only other manager to achieve double-digit PE returns ona TTM basis through Q3 was KKR, with its 10% return, edgingthe group’s median return of 8.9%. Like other managers, itfell from its TTM return of 13% through Q2. KKR alluded to agrowing monetization pipeline, which could buoy returns inthe coming quarters. Conversely, Apollo’s PE returns improved Blackstone again led the seven major public alternativesmanagers, with a gross return of 13.6% in its corporate PEstrategy for the TTM period. This was a decline from the17.2% return as of Q2 2025. The firm’s quarterly return of2.5% also falls below the 5.1% quarterly return in Q2. Despite Ares reported a TTM gross return of 5.2%—slightly belowthe TTM return of 5.6% in Q2. Both represent meaningfulimprovements for the firm’s PE returns, which had been Private credit returns remain stable, with five of the BigSeven managers posting double-digit returns for their creditstrategies. The group had a median TTM gross return of 12%and a quarterly return of 3.1%. Not all of these private credit While the firm just closed its seventh flagship buyout fund,its predecessor, Fund VI, sits in the top quartile of fundperformance. Carlyle reported the lowest PE return of the PE Although Blue Owl does not directly manage a PE strategy,its GP Strategic Capital (GPSC) funds offer