PitchBook：2025年第四季度美国公开市场私募股权与普通合伙人交易综述报告（英文版）（29页）.pdf

1、USPublic PE and GP Deal RoundupQ42025Q4 2025 US PUBLIC PE AND GP DEAL ROUNDUP2ContentsInstitutional Research GroupGarrett Hinds Senior Research Analyst,Private Equity Jinny Choi Senior Research Analyst,Private Equity Kyle Walters Research Analyst,Private Equity Published on February 27,2026Key takea

2、ways 3How the Big Seven are framing the software reset 4PE performance 5Deployment 7Realizations 9Fundraising 11Strategy expansion 16Share of AUM by manager and strategy 19GP deal activity 21GP stake transactions 23Operating results 25Stock performance and comparables 26Note:“PE”has a specific meani

3、ng for the seven major public alternative managers referenced in this report.1.Blackstone and Carlyle:“Corporate PE”as defined in company reports.2.KKR:“Traditional PE”as defined in company reports.3.Apollo:“Flagship PE”and“European principal finance”as defined in company reports.4.Ares:“Corporate P

4、E”and“special opportunities”as defined in company reports.5.TPG:“Capital”and“growth”as defined in company reports.1 6.Blue Owl:“PE”represents PitchBook estimates of ownership stakes held by“GP Strategic Capital”funds in managers primarily engaged in PE buyout and growth equity strategies.Note:“Priva

5、te credit”has a specific meaning for the seven major public alternative managers referenced in this report.1.KKR:“Alternative Credit”as defined in company reports.2.Ares:“US Senior Direct Lending”as defined in company reports.3.Blue Owl:“Direct Lending Gross Returns”as defined in company reports.4.A

6、pollo:“Direct Origination”as defined in company reports.5.Blackstone:“Private Credit”as defined in company reports.6.Carlyle:“Global Credit”as defined in company reports.7.TPG:“TPG AG Credit”as defined in company reports.1:Starting with this report,we are including Impact figures to better reflect T