私人资本推动更大更好的并购交易

Capital Currents isa cross-industry seriesfocused on distillingthe key trends in M&A Private markets are becoming one of the most active areas for dealmaking across assetmanagement. While traditional asset classes continue to face fee pressure and slower growth,private markets assets under management (AuM) are expected to grow at about 12% per Against this backdrop, private markets are entering a new phase of consolidation. As scale,multi-asset capabilities, and underwriting sophistication become increasingly decisive,competitive advantages are concentrating among a smaller group of large, integratedplatforms. Yet, despite rapid growth, the market remains highly fragmented, with many firms Private markets transaction value grew at over 45%per annum between 2023 and 2025, and we expect Why consolidationis accelerating Competitive advantages in private markets are increasingly concentrating amonglarger,multi-capability platforms. As scale, product breadth, and underwriting capabilities become Scale As fundraising concentrates and competition intensifies, size is shifting from anadvantageto a prerequisite, making scale the most immediate catalyst for consolidation. Scaled managerswith more than $10 billion in AuM have increased their share of global fundraising from Larger firms benefit from structural sourcing advantages including wider networks, brand-driven proprietary access, and parallel origination across sectors and geographies. They alsoretain talent more effectively. Scale also enables institutional-grade capabilities across risk, % of total capital raised by GPs >$10BN in AuM Scope Once GPs reach meaningful size, the ability to offer more strategies, structures, and solutionsacross private markets becomes critical. Since 2005, the top 20 largest GPs have more thansextupled the average number of active products. They have expanded beyond flagship funds These multi-strategy platforms allow managers to meet sponsors and borrowers where needsare most acute, placing the right capital at the right point in the capital structure and shiftingunderwriting posture as market conditions change. On the LP side, broader product sets Since 2005, the top 20 largest GPs have more thansextupled the average number of active products. Underwriting Expanding across strategies only creates durable value if the platform can underwriteconsistently through the cycle, particularly when liquidity is tighter and outcomes diverge.Underwriting is therefore returning to the center of LP and lender diligence as credit conditions In today’s more selective environment, performance depends increasingly on entry discipline,downside protection, and testing cash-flow resilience under higher-for-longer rates and slowergrowth. Rising maturities are also driving more stressed and complex cases where preserving Scale, scope and underwriting capabilities are becoming increasingly central to how assetmanagers compete in private markets. As firms seek to close capability gaps and build moreresilient multi-strategy platforms, M&A is emerging as a key route to accelerate capability We expect a continued rise of structured and hybridequity solutions that sit at the boundary of private equity From capability gapsto value creation As consolidation accelerates across private markets, acquirers are increasingly focused onhow strategic combinations can create value. In most transactions, the primary drivers arecentered on (1) revenue growth, (2) margin expansion, (3) multiple expansion, (4) GP alpha, 1. Revenue growth is often the most immediate and controllable driver of value. This is particularly true where the acquirer can bring seeding capacity and distributionreach. Scaling existingstrategiesLaunching new products and expanding into adjacent sub-asset classes Examples include BlackRock/Global Infrastructure Partners, Schroders/Adveq andGeneralAtlantic/Actis. 2. Margin expansion comes from scale and operating leverage. Transactions can create cost synergies by removing duplicated infrastructure, consolidatingvendor spend and spreading fixed costs across a larger asset base. Examples include Technology platforms and marketdataFund administration and external vendors 3.Multiple expansion often functions as an upside rather than a guaranteed outcome. It typically materializes when a transaction strengthens the platform narrativethrough: Improving diversification acrossstrategiesIncreasing scale and earnings resilience These factors can improve how investors value the platform over time. Past examplesof liquid asset managers expanding into illiquid world through M&A underscore how 4. GP‑alpha adds a second earnings engine beyond management fees. It does so by giving the acquirer exposure to carried interest and performancefees. Sustain fundraising momentum and support future fundlaunchesIncrease carry and performance feepotential This GP alpha is a core rationale behind GP stakes strategies pursued by investors sucha