2025年美国私募股权中间市场报告（英）

Contents Executive summary4 Institutional Research Group Garrett HindsSenior Research Analyst,Private Equitygarrett.hinds@pitchbook.com Deals6 Deal valuation metrics12 Jinny Choi Senior Research Analyst,Private Equityjinny.choi@pitchbook.com A word from Protiviti13 Deals by backing and sector 15 Kyle WaltersResearch Analyst, Private Equitykyle.walters@pitchbook.com Spotlight: Private Equity’s Exposureto the Software Reckoning16 pbinstitutionalresearch@pitchbook.com Exits18 Published on March 13, 2026 Fundraising and performance23 Executive summary Russell 2000 versus S&P 500 price return Deals Exits Middle-market exits extended their recovery in 2025, withan estimated 1,022 transactions generating $140.4 billion,up 11.6% and 5.6% YoY, respectively, and surpassing pre-pandemic averages for the first time since 2021. Growth wassteady throughout the year, culminating in a strong Q4, andnotably driven by an improving exit count rather than a narrowset of large realizations. Unlike the broader US PE market,where mega-exits accounted for 78% of total exit value anddrove a 90.1% YoY surge in value, middle-market performancereflected breadth and consistency. Sponsor-to-sponsorexits gained share, representing 61.2% of value, while exitsto corporates declined meaningfully because of cautiousstrategic buyers. Continuation funds reached record levelsglobally, though we expect activity to moderate as traditionalexit lanes reopen. Sector trends diverged, with healthcarebuilding momentum while IT exits fell by around 38% YoY asbuyers reassessed AI-related disruption risks. With more than6,000 PE-backed middle-market companies still in inventory In 2025, the US PE middle market extended its recovery, withdeal value rising 8.5% YoY to $410.7 billion across an estimated4,018 transactions, up 16% YoY, as improving sentimentand ample liquidity supported steady activity. Momentumbroadened into year-end, with Q4 deal count up 22.9% YoYas the average deal size drifted lower. While megadealsdominated headlines amid tight credit spreads and a moreaccommodative regulatory backdrop, the middle marketremained a consistent engine of PE deployment. Valuationsappear broadly balanced. We expect multiples to remain flat ordrift modestly lower as PE-backed middle-market companiesrepresenting more than $1 trillion in unrealized value await anexit, including a significant cohort of longer-held and lower-margin businesses that could weigh on pricing as they cometo market. By sector, activity rotated toward financial servicesand energy. Deal close timelines improved to an average of 8.8weeks, down from almost 12 in 2024, with help from AI-enableddue diligence tools. $5.7 billion across 18 funds. Larger vehicles proved moreresilient, particularly in Q4, when nine funds of $1 billion ormore accounted for nearly 80% of quarterly capital raised.A sustained recovery in exits will be critical to reviving LPallocations to the middle-market segment. and the median holding period for exits stretching to 6.4 years,exit pressure remains elevated, but improving sentimentand earnings resilience position the segment for continuednormalization in 2026. Fundraising Dry powder and performance After four years of robust capital formation, middle-marketfundraising retrenched sharply in 2025. Managers raised$94.8 billion across 120 funds, down 43.3% and 41.5% YoY,respectively, falling below the five-year average even afteraccounting for typical late reporting. Capital continuedto consolidate among a smaller group of large platforms.Outside of the middle market, the 10 largest PE fundscaptured 43% of all PE capital raised, and that concentrationis expected to persist into 2026. Fund count contraction wasespecially pronounced, with 2025 marking the weakest yearfor middle-market fundraising since before the pandemic.Emerging managers faced similar pressure, raising $21.9billion across 52 funds, while first-time vehicles declined to Dry powder remained elevated at $595.2 billion as of midyear,representing 53.1% of total US PE dry powder and 28.6% ofUS PE middle-market AUM. While softer fundraising andimproving deployment should gradually temper balances,capital overhang remains meaningful. Performance hasheld steady, with a rolling one-year IRR of 7.6%, roughly inline with the Russell 2000 but trailing the S&P 500. However,distributions remain muted. For middle-market funds, 2016 isthe most recent vintage with DPI above 1, and 2018 sits at just0.68 despite healthy TVPI multiples. A sustained rebound inrealizations will be necessary to convert unrealized gains intoliquidity and restore full momentum to the asset class. Deals PE middle-market deal activity Regional performance shifted in 2025. The South andSoutheast saw softer activity, with their share of deal valuedeclining by 200 and 110 basis points YoY, respectively. Incontrast, the West Coast gained 150 basis points YoY, and theGreat Lakes region rose 120 basis points YoY, reflecting