PitchBook： 2025年第二季度美国私募股权市场分析报告（英文版）（33页）.pdf

1、USPE BreakdownQ220252Q2 2025 US PE BREAKDOWNPitchBook Data,Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligenceMarina Lukatsky Global Head of Research,Credit and US Private EquityInstitutional Research GroupAnalysisGarrett Hinds Senior Research Analyst,Private Equity Jinny

2、Choi Senior Research Analyst,Private Equity Kyle Walters Research Analyst,Private Equity DataCharlie Farber Manager,Data APublishingReport designed by Jenna OMalley,Josie Doan,and Adriana HansenPublished on July 11,2025Click here for PitchBooks report methodologies.ContentsExecutive summary:Are we s

3、o back?3Deals 5Deal valuation metrics 12Deal financing metrics 14Deals by size,backing type,and sector 15Spotlight:Launch Report:16 Transportation&LogisticsExits 18Fundraising 25Performance 293Q2 2025 US PE BREAKDOWNEXECUTIVE SUMMARYAre we so back?At the halfway mark of 2025,the exuberance that gree

4、ted the new year has cooled,yet a risk-on appetite is slowly re-emerging.Tariff concerns are shifting to the rear-view mirror,and animal spirits are being revived.Many are expecting potential tariff-driven inflation to be a one-off and still expect the Federal Reserve(the Fed)to cut rates this year.

5、Public markets are back to a risk-on posture,and private-market participants closed big deals in the quarter amid the uncertainty.Still,beneath the surface,we see mounting structural risks in credit quality that warrant close attention.In a best-case scenario,PE would benefit from a finely balanced

6、environment with clear trade policy,stable commodity and energy costs,subdued inflation,and declining interest rates.This would enable GPs to exit older holdings at favorable valuations.However,this outcome requires an alignment of variables that feels aspirational rather than probable.A more likely