1、GREATER CHINAPrivate CapitalBreakdown20252Contents2025 GREATER CHINA PRIVATE CAPITAL BREAKDOWNPitchBook Data,Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligencePaul Condra Global Head of Private Markets ResearchInstitutional Research GroupAnalysisMelanie Tng Research Analy

2、st,APAC Private Capital DataHarrison Waldock Data APublishingReport designed by Chloe Ladwig and Megan WoodardPublished on September 16,2025Click here for PitchBooks report methodologies.Greater China market overview 3Dealmaking 7Exits 14Fundraising 20Note:Greater China is defined as mainland China,

3、Hong Kong,Macao,and Taiwan.PitchBook clients can access an accompanying Excel file containing additional charts and all underlying data for this report here.32025 GREATER CHINA PRIVATE CAPITAL BREAKDOWNPrivate capital deal value($B)$0$50$100$150$200$2502016201720182019202020212022202320242025VC deal

4、 valuePE deal valueSource:PitchBook Geography:Greater China As of June 30,2025ChinaAmong global emerging markets,China continues to house one of the largest and comparatively more developed private capital ecosystems.However,investor activity has retreated notably over the past year.Both VC and PE d

5、ealmaking have declined,with the first half of 2025 recording just 2,320 VC deals in China,a pace that suggests the full-year total will fall further from 2024 levels.On the PE side,only 86 deals were completed in H1 2025,far off the pace of 279 recorded across 2024.The data reflects a broader slowd

6、own in private capital deployment as macroeconomic and geopolitical headwinds continue to weigh on investor confidence.While headline economic growth in 2025 has appeared resilient on the surface,with GDP rising 5.4%in Q1 and 5.2%in Q2,a closer look reveals that the recovery is uneven and heavily re