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PitchBook:2025年第二季度美国私募股权中间市场报告(中译版)(26页).pdf

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1、USPE Middle Market ReportSponsored byQ220252025 CliftonLarsonAllen LLP.CLA(CliftonLarsonAllen LLP)is an independent network member of CLA Global.See CLA advisory services are offered through CliftonLarsonAllen Wealth Advisors,LLC,an SEC-registered investment advisor.Where is your there?CLA brings ba

2、lance to get you where you want to go.Start at CLA by3Contents Sponsored byQ2 2025 US PE MIDDLE MARKET REPORTPitchBook Data,Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligenceMarina Lukatsky Global Head of Research,Credit and US Private EquityInstitutional Research GroupAn

3、alysisDataCharlie Farber Manager,Data APublishingReport designed by Adriana HansenPublished on September 12,2025Click here for PitchBooks report methodologies.Executive summary 4Deals 6Deal valuation metrics 11A word from CliftonLarsonAllen 12Deals by backing and sector 14Spotlight:From Peak to Pivo

4、t:Sponsor Equity Eases as Lenders Loosen Up 15Exits 17Fundraising and performance 22Garrett Hinds Senior Research Analyst,Private Equity Jinny Choi Senior Research Analyst,Private Equity Kyle Walters Research Analyst,Private Equity Sponsored by4Q2 2025 US PE MIDDLE MARKET REPORTExecutive summaryThe

5、first half of 2025 underscored the resilience of the US middle market,which continues to distinguish itself from the broader PE landscape.Middle-market deal activity managed to defy the broader market deceleration,posting sequential growth in value and volume at$97.2 billion in Q2a 4.9%gain QoQ and

6、an 18.1%rise YoY.The tally of 978 closed or announced deals marks expansions of 6.1%QoQ and 39.1%YoY.Extrapolating these figures,the year is on track for$383 billion in total deal value and 3,829 transactions,an 11.8%YoY increase that potentially positions 2025 as the second-best year on record,trai

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根据《USPE MiddleMarket Report》的内容,以下是全文关键点的概括: 1. **市场表现**:2025年上半年,美国中端市场表现出韧性,交易价值和数量均实现增长,达到972亿美元,同比增长18.1%。 2. **交易活动**:中端市场交易量达到97.2亿美元,环比增长4.9%,同比增长18.1%,预计全年交易量将达383亿美元,同比增长11.8%。 3. **退出活动**:退出活动受限,第二季度退出价值下降5.3%,数量下降7%,但退出数量连续八季度高于历史平均水平。 4. **融资活动**:融资活动面临挑战,上半年59只中端市场基金关闭,筹集资金416亿美元,低于2024年同期。 5. **估值指标**:中端市场估值指标稳定在疫情前水平,全球中端市场并购EV/EBITDA中位数倍数为11.3倍,EV/收入为2倍。 6. **行业趋势**:科技驱动型交易和信用可用性改善推动估值上升,但市场未过热也未低估。 7. **退出路径**:IPO窗口开启,第二季度有两家公司通过IPO筹集12亿美元,但未售出公司库存持续增加,达到5214家。 8. **新兴管理公司**:新兴管理公司筹集资金占比38.3%,表明持续创新,86.7%的基金规模超过其前代基金。
稳健增长还是放缓?" 2025年展望如何?" 挑战与机遇并存?"
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