2025年下半年全球基金银行业展望影响私人市场的趋势（英）

As we look ahead to the remainder of 2025, one thing is clear: The conversation in private markets has shifted. Not long ago,the focuswas squarely on interest rates and inflation. While rates may be top of mind again as the Fed starts cutting, over the past fewmonths,tariffs and trade policies have dominated discussions with fund managers. Tariffs have reached levels not seen in a century,leaving funds Fundraising sentiment has found a steady middle ground.Most describe the environment as stable but demanding—not worsening,but not easing either. Fundraising has returned to pre-pandemic levels, but we are seeing a split emerge. Capital continues to flow towardeither large platforms or niche managers, while those in the middle face tougher conditions.Capital call activity has also been on the rise, particularly among VCs—AI-driven investment opportunities have fueled greater activity among tech funds. AI has led to one of the most striking shifts this year in private markets—how funds themselves are implementing the technology. Thehesitation to use AI just a year ago has all but disappeared.Nearly all firms are now exploring AI tools, with the largest playersleading the way.Integration into daily fund operations is still in its early stages, but adoption is widespread and moving quickly.Fortunately for those early in their careers, hiring of junior investment staff remains resilient. Firms report using AI to augment rather than As always, our goal in this report is to focus on emerging trends to provide insight into the decisions you make every day. We remaingrateful for your partnership and look forward to continuing the conversation in the months ahead.