PitchBook：2025年全球私募债权年度报告（英文版）（28页）.pdf

1、Sponsored byGLOBALPrivate DebtReport2025ANNUAL2025 ANNUAL GLOBAL PRIVATE DEBT REPORT2Sponsored byContentsSponsored byInstitutional Research GroupGarrett Hinds Senior Research Analyst,Private Equity Jinny Choi Senior Research Analyst,Private Equity Kyle Walters Research Analyst,Private Equity Publish

2、ed on March 23,2026Key takeaways 3Fundraising and dry powder 4A word from Arrow Global 12US and European market stats 15Private debt fund stats 16A word from AIC 17Spotlight:Software Slump Drags Leveraged Loans to Decade-Worst Start 20LBO dealmaking and take-private update 22Private debt fund perfor

3、mance 25Fund type definitions 272025 ANNUAL GLOBAL PRIVATE DEBT REPORT3Sponsored byKey takeawaysPrivate debt AUM($B)by channel$0$500$1,000$1,500$2,000$2,500$3,00020152016201720182019202020212022202320242025Insurance estimateRetailInstitutionalSource:PitchBook Geography:Global As of June 30,2025Note:

4、Retail and insurance figures are as of December 31,2025.Robust 2025 fundraising:Private debt fundraising remained resilient as investors continued to favor floating-rate exposure in a higher-for-longer environment and view the asset class as compelling on a risk-adjusted basis relative to public fix

5、ed income.Structural shifts in financing markets,including bank retrenchment and companies staying private longer,continue to expand the opportunity set,while sponsors broaden strategies into asset-backed finance and opportunistic credit.Although headline capital formation remains strong across inst

6、itutional,wealth,and insurance channels,fund count has declined for a third consecutive year.Capital is consolidating among larger,experienced managers,with 93%of capital raised in 2025 flowing to sponsors raising their fourth fund or later,reinforcing scale as the defining advantage in the current