硅谷银行：2025年下半年全球基金银行业展望报告：影响私募市场的趋势（英文版）（22页）.pdf

1、As we look ahead to the remainder of 2025,one thing is clear:The conversation in private markets has shifted.Not long ago,the focus was squarely on interest rates and inflation.While rates may be top of mind again as the Fed starts cutting,over the past few months,tariffs and trade policies have dom

2、inated discussions with fund managers.Tariffs have reached levels not seen in a century,leaving funds to manage increased currency,operational and investment risk.Unsurprisingly,CFOs are already adapting,increasing their use of foreign exchange(FX)hedging to manage the uncertainty.Fundraising sentim

3、ent has found a steady middle ground.Most describe the environment as stable but demanding not worsening,but not easing either.Fundraising has returned to pre-pandemic levels,but we are seeing a split emerge.Capital continues to flow toward either large platforms or niche managers,while those in the

4、 middle face tougher conditions.Capital call activity has also been on the rise,particularly among VCs AI-driven investment opportunities have fueled greater activity among tech funds.AI has led to one of the most striking shifts this year in private markets how funds themselves are implementing the

5、 technology.The hesitation to use AI just a year ago has all but disappeared.Nearly all firms are now exploring AI tools,with the largest players leading the way.Integration into daily fund operations is still in its early stages,but adoption is widespread and moving quickly.Fortunately for those ea

6、rly in their careers,hiring of junior investment staff remains resilient.Firms report using AI to augment rather than replace staff.What lags behind is governance.Many firms still lack clear AI use policies,a potential area for growth over