2025年全球私募股权报告 Global Private Equity Report 2025（英）-贝恩-2025-68页.pdf

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1、Global Private Equity Report 2025Net Promoter,NPS,NPS Prism,and the NPS-related emoticons are registered trademarks of Bain&Company,Inc.,NICE Systems,Inc.,and Fred Reichheld.Net Promoter ScoreSM and Net Promoter SystemSM are service marks of Bain&Company,Inc.,NICE Systems,Inc.,and Fred Reichheld.Cop

2、yright 2025 Bain&Company,Inc.All rights reserved.About Bain&Companys Private Equity businessBain&Company is the leading consulting partner to the private equity(PE)industry and its stakeholders.PE con-sulting at Bain has grown eightfold over the past 15 years and now represents about one-third of th

3、e firms global business.We maintain a global network of more than 2,000 experienced professionals serving PE clients.Our prac-tice is more than triple the size of the next-largest consulting company serving PE firms.Bains work with PE firms spans fund types,including buyout,infrastructure,real estat

4、e,and debt.We also work with hedge funds,as well as many of the most prominent institutional investors,including sovereign wealth funds,pension funds,endowments,and family investment offices.We support our clients across a broad range of objectives:Deal generation.We work alongside investors to deve

5、lop the right investment thesis and enhance deal flow by pro-filing industries,screening targets,and devising a plan to approach targets.Due diligence.We help support better deal decisions by performing integrated due diligence,assessing revenue growth and cost-reduction opportunities to determine a

6、 targets full potential,and providing a post-acquisition agenda.Immediate post-acquisition.After an acquisition,we support the pursuit of rapid returns by developing strategic blueprints for acquired companies,leading workshops that align management with strategic priorities,and di-recting focused i

7、nitiatives.Ongoing value addition.During the ownership phase,we help increase the value of portfolio companies by supporting revenue enhancement and cost-reduction initiatives and refreshing their value-creation plans.Exit.We help ensure that investors maximize returns by preparing for exit,identify

8、ing the optimal exit strategy,pre-paring the selling documents,and prequalifying buyers.Firm strategy and operations.We help PE firms develop distinctive ways to achieve continued excellence by devising dif-ferentiated strategies,maximizing investment capabilities,developing sector specialization an

9、d intelligence,enhanc-ing fund-raising,improving organizational design and decision making,and enlisting top talent.Institutional investor strategy.We help institutional investors develop best-in-class investment programs across as-set classes,including private equity,infrastructure,and real estate.

10、Topics we address cover asset class allocation,portfo-lio construction and manager selection,governance and risk management,and organizational design and decision making.We also help institutional investors expand their participation in private equity,including through coin-vestment and direct inves

11、ting opportunities.Bain&Company,Inc.131 Dartmouth Street Boston,Massachusetts 02116 USA Tel:+1 617 572 2000 1Global Private Equity Report 2025ContentsRecovery by Degrees .2Private Equity Outlook 2025:Is a Recovery Starting to Take Shape?.3Investments.8Exits .14Liquidity.17Fund-raising .25Returns .30

12、Field Notes from the Generative AI Insurgency in Private Equity .33Wanted:Margin Growth in Software Investing .40PE-Backed Carve-Outs Used to Be Reliable Winners.So What Happened?.46This Time Its Different:The Strategic Imperative in Private Equity.542Global Private Equity Report 2025Recovery by Deg

13、reesDear Colleague:Through one lens,2024 can be considered the year of the partial exhale.Interest rates and inflation finally came down.Economic growth in many markets remained stable.In response,deal investment value increased by 37%and exit value moved 34%higher.Alas,fund-raising struck a discord

14、ant note,falling 23%.As weve mentioned before,fund-raising is a lagging indicator for deal activity.The real culprit behind lackluster fund-raising is a persistent liquidity situation for global limited partners(LPs).While exit activity accelerated last year,distributions as a portion of net asset v

15、alue sank to 11%,the lowest rate in over a decade.Positive signs?Rates and inflation appear poised to remain stable or decrease in many markets.Dry powder is still mountainous and aging.General partners are finding new and creative ways to boost LP liquidity.More dollars should flow into the industr

16、y from sovereign wealth funds and private wealth.And most important,returns remain strong.We will see if private equity can avoid black swans in 2025 and get firmly back on the growth track.Best wishes,Hugh MacArthur Chairman,Global Private Equity3At a Glance Private equity caught some traction in 2024 as investments and exits finally reversed their two-year declines.Fund-raising,meanwhile,lagged as limited partners kept a check on allocations in the face of prolonged asset holding periods.When