1、USPE BreakdownQ120252Q1 2025 US PE BREAKDOWNContentsPitchBook Data,Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligenceMarina Lukatsky Global Head of Research,Credit and US Private EquityInstitutional Research GroupAnalysisKazi Helal,Ph.D.Senior Research Analyst,Biopharma a

2、nd Pharmatech DataNick Zambrano Data APublishingReport designed by Julia Midkiff,Chloe Ladwig,and Drew SandersPublished on April 11,2025Click here for PitchBooks report methodologies.Executive summary:Walking a fine line between greed and fear3Deals4Deal valuation metrics11Deal financing metrics12De

3、als by size,backing type,and sector 13Spotlight:Southeast Asia Private Capital Breakdown 14Exits16Fundraising 22Performance25Garrett Hinds Senior Research Analyst,Private Equity Jinny Choi Senior Research Analyst,Private Equity Kyle Walters Research Analyst,Private Equity 3Q1 2025 US PE BREAKDOWNEXE

4、CUTIVE SUMMARYWalking a fine line between greed and fearTariffs recently emerged as a critical factor in reducing overall risk appetite and driving volatility in public markets.Clearly,PE will also be impacted by these new policies,but we expect the ecosystem to be relatively well positioned to navi

5、gate this uncertain period,aided by ample dry powder in both the equity and credit strategies as well as longer investment horizons.We see key near-term risks in exit activity.3,800 US PE-backed portfolio companies have been held for five to 12 years,awaiting exit opportunities.Improving credit cond

6、itions for sponsor-to-sponsor transactions and renewed IPO activity have sustained growth in exit activity even through Q1 2025,but we could see a scenario where buyers and sellers have divergent value expectations and exit transaction momentum stalls later in 2025.Valuations may prove increasingly