2025年上半年全球私人债务报告

Contents Key takeaways3 PitchBook Data, Inc. Nizar TarhuniExecutive Vice President of Researchand Market Intelligence Fundraising and dry powder4 Marina LukatskyGlobal Head of Research, Credit andUS Private Equity US and European market stats12 Private debt fund stats13 Institutional Research Group Spotlight:July 2025 US Private Credit Monitor14 Analysis LBO dealmaking and take-private update17 Garrett HindsSenior Research Analyst, Private Equitygarrett.hinds@pitchbook.com Private debt fund performance20 Fund type definitions23 Jinny ChoiSenior Research Analyst, Private Equityjinny.choi@pitchbook.com Kyle WaltersResearch Analyst, Private Equitykyle.walters@pitchbook.com Data Harrison WaldockData Analyst pbinstitutionalresearch@pitchbook.com Publishing Report designed byJosie Doan Published on September 22, 2025Clickherefor PitchBook’s report methodologies. Key takeaways Private credit’s fundraising engine broadened and deepenedacross channels even as market conditions shifted.Perpetualvehicles for private wealth raised $86.4 billion in H1—up morethan 50% YoY—with an estimated 55% ($47.5 billion) directedto private debt strategies spanning nontraded BDCs, interval,and tender offer funds. The wealth channel is accelerating:Several mega-alternatives managers now target approximately25% or more of flows from retail. Blue Owl’s TTM inflowsthrough Q2 were $36.1 billion, with $16.3 billion, or 45.2%,sourced from private wealth, led by private credit. Policytailwinds are expanding access, including the new pathwayinto 401(k) plans, while partnerships with large traditionalmanagers, including Wellington, Vanguard, Capital Group, andVoya, are another avenue being explored to capture additionalcredit inflows from the private wealth channel. fundraising incremental to institutional drawdown and retailevergreen tallies for the asset class. Deployment improved.Private debt dry powder fell 3.4%YoY to $542.7 billion as of year-end 2024, or 29.3% of AUM,signaling capital being put to work after two years of supplyoutpacing demand. We expect further moderation in drypowder as PE dealmaking accelerates into year-end. Privatecredit managers remain well capitalized, with substantialdry powder ready to deploy. Lending markets appear wellpositioned to absorb a resurgence in activity into year-end,supported by the prospect of lower rates, easing recessionrisks, and greater clarity around trade policy. Private debt returns continued their descent amid persistentrate-cutting cycles in major markets around the world. Insurance remains a force multiplier.Among the top sevenUS public alt managers, TTM inflows to credit strategiesapproached $150 billion in H1. Though the majority of insurers’investments trickles into liquid fixed income for regulatoryreasons, a meaningful sleeve of capital is still committed toprivate debt strategies. Assuming a conservative 15% privatedebt allocation on the $999 billion of insurance AUM at thebig seven and $149 billion of insurance-related TTM inflowsimplies an additional $149.9 billion in AUM and $22.4 billion in Private debt posted a one-year return of 6.5% through the endof 2024, below the asset class’s five- and 10-year horizon IRRsof 8.6% and 8.1%, respectively. Moreover, most private debtsubstrategies sit in the mid-single digits, with infrastructuredebt proving to be the exception, posting a one-year return of13.1%. Competitive dynamics tightened spreads—particularlyon larger loans—as BSLs regained share and some borrowersrefinanced out of direct loans. Nonetheless, BDC commentaryturned more constructive on forward pipelines. Fundraising and dry powder Private debt fundraising activity of funds closed peaked in 2022 with 559 funds and has morethan halved to 236 funds closed just two years later as twotrends play out simultaneously: Fund sizes are getting larger,and capital is flowing to more experienced managers. Themedian debt fund size has grown significantly in the last twoyears, climbing from $208.6 million in 2022 to $310 millionby the end of 2024. The median fund size for H1 2025 waspushed further up to $375 million, as 80% of those funds wereclosed at sizes larger than their predecessor funds. Global private debt fundraising activity is pacing to achieveanother strong year, continuing the momentum seen in thelast six years of $200 billion or more in capital raised. As areminder, our fundraising data counts solely equity capitaland upon final closing only. Through the end of June 2025,the asset class saw 82 funds raised for an aggregate of$113.2 billion. Private debt funds continue to draw interestfrom investors looking to diversify their portfolios andgain exposure to a relatively consistent return profile inalternative assets. Private debt funds remain compelling,offering higher yields driven by illiquidity and complexitypremiums, alongside tighter covenant protections, portfoliodiversification, and reduced mark-to-market volatilitycompared with broadly s