2025年全球私人债务报告（英）

Contents Key takeaways3 Institutional Research Group Garrett HindsSenior Research Analyst,Private Equitygarrett.hinds@pitchbook.com Fundraising and dry powder4 A word from Arrow Global12 Jinny Choi Senior Research Analyst,Private Equityjinny.choi@pitchbook.com US and European market stats 15 Private debt fund stats 16 Kyle WaltersResearch Analyst, Private Equitykyle.walters@pitchbook.com A word from AIC17 Spotlight: Software Slump Drags LeveragedLoans to Decade-Worst Start20 pbinstitutionalresearch@pitchbook.com Published on March 23, 2026 LBO dealmaking andtake-private update 22 Private debt fund performance 25 Fund type definitions27 Key takeaways Retail risk-off:Perpetual private wealth vehicles, includingnontraded BDCs, interval funds, and tender offer funds,sustained strong momentum through 2025, with private creditserving as the primary growth engine. Net AUM across privatecredit evergreen structures has expanded rapidly in recentyears, driven largely by direct lending and the sharp rise innontraded BDC assets. However, PE-backed, publicly tradedBDCs have experienced pronounced share-price volatility andresets entering 2026, reflecting concerns around credit qualityand software exposure amid AI-driven disruption. Elevatedredemptions in nontraded BDCs and weaker sentiment arelikely to temper growth in H1 2026 until investors can bettersize risks and refocus on underlying credit fundamentals, evenas long-term wealth channel demand remains intact. Robust 2025 fundraising:Private debt fundraising remainedresilient as investors continued to favor floating-rate exposurein a higher-for-longer environment and view the asset classas compelling on a risk-adjusted basis relative to public fixedincome. Structural shifts in financing markets, including bankretrenchment and companies staying private longer, continue toexpand the opportunity set, while sponsors broaden strategiesinto asset-backed finance and opportunistic credit. Althoughheadline capital formation remains strong across institutional,wealth, and insurance channels, fund count has declined for athird consecutive year. Capital is consolidating among larger,experienced managers, with 93% of capital raised in 2025flowing to sponsors raising their fourth fund or later, reinforcingscale as the defining advantage in the current cycle. Healthy dry powder levels:Strong deal activity defined 2025,bolstered by record take-private volume in the second halfof the year. Private debt underwriters participated activelyin this resurgence, and deployment accelerated in step withthe rebound in PE transactions. Looking ahead into 2026, weexpect to see a healthier equilibrium between fundraising andissuance following a period when capital formation outpaceddeal flow. Global private debt AUM reached $2 trillion bymidyear 2025 and is materially higher when including perpetualvehicles, underscoring the asset class’s scale. Anchored bydirect lending, private debt remains a critical funding channelfor global PE expansion. Returns slow:Private debt performance has moderatedamid coordinated global rate cuts and historically tight creditspreads, compressing lender returns after several years ofunusually favorable conditions. Through H1 2025, rolling one-year IRRs fell to 3.9%, marking the weakest reading since 2020and well below longer-term averages. While excess spreadover public fixed income remains the core value proposition,dispersion is increasing across strategies. Infrastructure debtcontinues to benefit from digital asset financing, while realestate debt has weakened and direct lending has stabilizedat lower levels. With competition rising and underwritingdiscipline in focus, future performance is likely to depend moreon manager selectivity than on macro tailwinds. Fundraising and dry powder Private debt funds experienced robust inflows as investorappetite for floating-rate debt remained strong amid a “higher-for-longer” rate backdrop. Private debt remains compellingon a risk-adjusted basis relative to public fixed income, andalthough lower base rates may diminish some investor interest,ongoing structural shifts in the financing markets may fuelfurther expansion of the private debt market. Private debt hasstepped into the gaps created by the withdrawal of traditionalbank lenders, reinforcing its role as a critical financing source.Private lenders are increasingly competing with traditionalbanks for loans, as the removal of banks and their associatedfees can yield higher returns. Demand for financing for middle-market companies and companies staying private for longerpoints to sustained demand for flexible capital solutions fromthe private debt market. At $221.2 billion, private debt is the second leading fundraisingstrategy in private capital markets, behind only private equity.Capital flow into private debt strategies is also strong outsideof institutional drawdown fundraising, dominating privatemarket fundraising in the insurance and wealth