麦肯锡: 2025年全球私募市场报告：未雨绸缪 以应时变 (英文 92 页)

目录  

3  三大资产类别回顾  

4  私募股权：迷雾渐散  

8  交易撮合者：强势复苏，头部效应显著  

18  募资机构：压力持续，前景光明  

23  有限合伙人（LPs）：分配增长抵消回报疲软  

28  运营方：价值创造使命永恒  

31  房地产：破晓时分  

33  交易撮合者：把握复苏增长机遇  

38  募资机构：穿越不确定性地带  

41  有限合伙人：市场变局中的重新定位  

44  私募债权：逆风中的稳健前行  

45  交易撮合者：私募债权发行量增长  

50  募资机构：市场降温中直接贷款保持坚挺  

53  有限合伙人：温和但稳定的表现  

55  基础设施：迎接更明朗的前景  

57  交易撮合者与运营方：重拾步伐  

59  募资机构：持续面临的挑战  

64  行业深度观察  

65  另类资产的"另类化"：新型AUM形态崛起  

66  为何另类资本来源激增？  

68  潜在价值几何？  

70  普通合伙人（GPs）的破局之路  

72  私募股权：如何消化历史性退出积压  

74  私募股权面临的退出挑战  

76  退出准备全攻略  

79  二级市场与GP股权：私募市场创新下一波浪潮  

80  二级市场持续上行  

85  GP股权：新兴但快速成长的策略  

89  作者团队  

89  更多深度洞察  

90  致谢  

Contents

3 Asset classes in review

4 Private equity emerging from the fog

8 Dealmakers: Bouncing back, especially at the top

18 Fundraisers: Enduring pressure, but the outlook is bright

23 LPs: Distribution growth offsetting muted returns

28 Operators: The value creation imperative endures

31 Real estate reaches for daylight

33 Dealmakers: Capitalizing on renewed growth

38 Fundraisers: Navigating uncertain terrain

41 LPs: Repositioning in a shifting market

44 Private debt remains steady in the crosswinds

45 Dealmakers: Growth in private debt issuance

50 Fundraisers: Direct lending remains strong amid a cooling market

53 LPs: Subdued but consistent performance

55 Infrastructure poised for clearer conditions

57 Dealmakers and operators: Regaining their stride

59 Fundraisers: Facing ongoing hurdles

64 Industry deep dives

65 Alternative assets get more alternative: The rise of novel AUM forms

66 Why are alternative sources of capital proliferating?

68 What value is at stake?

70 What’s the path forward for GPs?

72 Private equity’s path to clearing the historic exit backlog

74 Private equity’s exit challenge

76 Preparing for an exit

79 Secondaries and GP stakes: The next wave of private market innovation

80 Secondaries sustain upward momentum

85 GP stakes: A nascent but growing strategy

89 Authors

89 Further insights

90 Acknowledgments

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