2025年度美国私募股权市场分析报告

Contents Institutional Research Group Jinny ChoiSenior Research Analyst,Private Equity A word from CohnReznick6 Deals8 Kyle WaltersResearch Analyst, Private Equitykyle.walters@pitchbook.com Deal valuation metrics17 Kenny TangSenior Director,US Credit Research Credit market conditions18 Deals by size, backing type, and sector22 Jim CorridoreLead Research Analyst,Industrialsjim.corridore@pitchbook.com Spotlight:US leveraged loan dividend payouts hit Brian WrightLead Research Analyst,Healthcare Exits 25 Fundraising pbinstitutionalresearch@pitchbook.com Performance36 Published on January 13, 2025 EXECUTIVE SUMMARYPE roars back to life and into another $1 trillion year US private equity hit a rough patch early in 2025, despiteexpectations of a surge driven by improving market sentiment,post-election clarity, and the anticipation of business-friendlypolicies. Unpredictable tariff announcements and the resultingmarket volatility caused dealmakers to press pause in Q2,as GPs waited for clarity on macroeconomic risks, financingconditions, and valuation issues. Fortunately, this pause ended, securing impressive exit sizes, it remains to be seen howquickly the rest of the PE inventory will be able to exit. Improvedmarket sentiment and IPO conditions are likely to create more Fundraising remains the only weak link for PE, with significantYoY declines in both fund count and capital raised. 2025ended as the weakest year for PE capital formation since2020. Although exit activity continues to increase, it has notyet reached a sufficient pace to expand fundraising efforts,and we expect 2026 to face a similar situation due to trends inmanager consolidation. Limited capital availability for LPs hascreated a fundraising environment where LPs prioritize long- Sponsors pressed forward with renewed investor appetite,and in doing so, increasingly turned to mega-sizedtransactions. Deals over $1 billion hit new heights in 2025,with 150 megadeals totaling $567.8 billion. While thenumber of megadeals remains just below 2021 levels, totalmegadeal value has already surpassed 2021’s $528.2 billion,underscoring the outsized scale of the largest transactionsin 2025. Looking forward, the outlook for PE deal activity is Exit activity is now clearly out of the woods, securing notonly a second consecutive year of growth but also a reboundthat ranks second only to the record levels seen in 2021. Exitactivity has remained muted in recent years—PE firms opted tohold the majority of assets longer amid valuation uncertainty,while only a handful of assets were able to exit at attractive A WORD FROM COHNREZNICKThe evolving M&A landscape: A Q&A with CohnReznick Given the tumult across multiple markets and sectors in 2025,which do you think are the most underappreciated trends froma technological standpoint for PE firms and the broader PE Margaret ShanleyPartner, Transaction AdvisoryPractice Leader Margaret Shanley is a transactionadvisory leader with over 25 yearsof experience advising strategic Ryan Paskin:The “automated FP&A analyst” is here. Plug anAI layer into a clean, consolidated data warehouse and letit behave like a hyper-responsive analyst who never sleeps.Instead of waiting a week for variance analysis, you prompt on buy- and sell-side diligence across platform, add-on,and carveout deals. She is trusted by founders/C-suite toprepare for processes that maximize value while minimizing Margaret Shanley:The teams most prepared for a transactionalready run the business on a tight set of key performanceindicators and have fit-for-purpose enterprise resource planning(ERP) to automate core processes. That discipline shortens Ryan PaskinPartner, PE Value Creation & CxOAdvisory Leader Ryan Paskin is a PE operatorleading CohnReznick’s ValueCreation & CxO Advisory. He has and ops expertise with a deep grasp of sponsor prioritiesand the modern C-suite – driving strategies that accelerate Jon Schwartz:AI implementation is only as good as the dataand stack underneath it. Industry-specific ERP and accurate,well-governed data are critical to realizing return on investment(ROI). Also keep an eye on evolving AI regulation – multinational Jon Schwartz Managing Director, TransactionAdvisory (Partner-Electas of February 1, 2026)Jon Schwartz has over 25 years of Which client concerns from the past year proved mostinstructive as you worked through them, and why? Paskin:A common client concern is, “We can’t trust thenumbers.” Founder-led platforms with $50-plus million inrevenue running QuickBooks and handwritten accountspayable (AP) logs were common. Before modeling synergies, more than 300 buy- and sell-side diligence engagements forPE and strategics, spanning enterprise values ranging from systems, we focus on removing surprise risk and documentingthe economics clearly so sponsors do not inherit avoidable Shanley:Every deal is predicated on a valuation – often amultiple of earnings – and a target level of net working c