科勒资本（Coller Capital）：2025年夏季全球私募资本晴雨表（第42版）（英文版）（15页）.pdf

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1、Global Private Capital BarometerSummer 202542ND EDITIONColler Research InstituteColler CapitalsGlobal Private Capital BarometerIn this edition of the Global Private Capital Barometer,we explore investor sentiment towards private markets,and examine their views on allocations and risk in the current

2、macroeconomic climate.We uncover Limited Partners(LPs)perspectives on secondaries,private credit,and evergreen vehicles and delve further into their longterm convictions and nearterm expectations of todays dynamic investment landscape.Fieldwork for this edition of the Barometer took place from 19th

3、February to 14th April 2025.Key findings 3Industry outlook 4Allocations and commitments 5Macroeconomic lens 7Secondaries 8Evergreens 9Private credit 10Performance and value creation 11Methodology/demographics 12About Coller Capital 13Contents3Summer 2025Over a third of LPs believe new manager format

4、ion will outpace industry consolidation.Mega-funds face challenges in meeting LP return expectations.LP responses offer early indication that most continuation vehicles are meeting or exceeding performance expectations.Key findings123Contact:Andrew KellyBNotes:Limited Partners(or LPs)are investors i

5、n private equity funds.General Partners(or GPs)are private capital fund managers.In this Barometer report,the term private capital is a generic term encompassing the following asset classes:private equity,private debt,venture capital and real assets.4Summer 2025Industry outlookFig.2:How has the numb

6、er of spin-out funds(where one or more team members have left a GP to form their own firm)changed within your private markets portfolio over the last two-to-three years?It has increased It has notmaterially changedIt has decreased 3%36%61%Fig.1:Across the market as a whole,how do you expect the numb