1、1PitchBook Data,Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligenceDylan Cox,CFA Head of Private Markets ResearchInstitutional Research GroupAnalysisPublished on December 17,2024PublishingDesigned by Drew SandersDataNick Zambrano Data A2025 US Private Equity OutlookOur ana

2、lysts outlook on the private equity market in 2025PitchBook is a Morningstar company providing the most comprehensive,most accurate,and hard-to-find data for professionals doing business in the private markets.p.2The share of cumulative capital raised for private debt funds will hit a decade high of

3、 33%for the top 10 managers.p.5PE-backed IPOs will capture 40%of US IPO capital.p.8The maturity wall facing PE funds will grow as GPs struggle to wind down older vintages that enter their harvesting stage.p.11PE will see a decline in annual fundraising following multiple years of robust activity.202

4、5 outlooksTim Clarke Lead Analyst,Private Equity Kyle Walters Associate Analyst,Private Equity Jinny Choi Senior Analyst,Private Equity Garrett Hinds Senior Analyst,Private Equity 22025 US Private Equity OutlookOutlook:The share of cumulative capital raised for private debt funds will hit a decade h

5、igh of 33%for the top 10 managers.RationaleThe rapid growth of private debt as an asset class in recent years has been well documented.AUM has grown nearly four-fold over the past decade,from$557 billion in 2014 to more than$2 trillion in 2023,and that is before considering leverage applied.Those fi

6、gures translate to a historic annual growth rate of 14.4%,which compares favorably to the 11.9%growth achieved by PE during the same span.That kind of growth record,not to mention the highly recurring nature of related fees,makes private debt the apple of the asset management industrys eye,as illust