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

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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

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1. **市场规模与增长**:2025年全球私募债务资产管理规模(AUM)达2万亿美元,含永续资本后超2.6万亿美元;直接借贷占比最高(7511亿美元)。 2. **募资动态**:全年募资2212亿美元(同比下降7.8%),但基金数量连续三年下降;93%资本流向经验丰富的管理人(第四只基金及以上)。 3. **渠道表现**: - **机构渠道**:北美占募资60.5%,欧洲占比升至35.9%(受美国关税政策推动)。 - **财富渠道**:非交易BDCs净AUM激增,但2026年初因AI冲击软件信贷,赎回压力上升。 - **保险渠道**:成为重要资金来源,Big Seven管理人相关保险AUM超1300亿美元。 4. **业绩与风险**:2025年上半年滚动一年IRR降至3.9%(2020年以来最低);软件信贷拖累杠杆贷款表现,二月单月回报-4.17%。 5. **干粉与趋势**:干粉达6885亿美元(同比增8.5%),预计2026年随交易加速而下降;夹层资本募资逆势增长(资本额同比增84.9%)。
私募债趋势如何? 软件市场影响几何? 干粉资金动向?
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