1、GLOBALPrivate Debt ReportH120252H1 2025 GLOBAL PRIVATE DEBT REPORTPitchBook Data,Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligenceMarina Lukatsky Global Head of Research,Credit and US Private EquityInstitutional Research GroupAnalysisGarrett Hinds Senior Research Analyst

2、,Private Equity Jinny Choi Senior Research Analyst,Private Equity Kyle Walters Research Analyst,Private Equity DataHarrison Waldock Data APublishingReport designed by Josie DoanPublished on September 22,2025Click here for PitchBooks report methodologies.ContentsKey takeaways 3Fundraising and dry pow

3、der 4US and European market stats 12Private debt fund stats 13Spotlight:July 2025 US Private Credit Monitor 14LBO dealmaking and take-private update 17Private debt fund performance 20Fund type definitions 233H1 2025 GLOBAL PRIVATE DEBT REPORTKey takeawaysPrivate debt AUM($B)by channel201420152016201

4、72018201920202021202220232024Insurance(estimate)RetailInstitutional$0$500$1,000$1,500$2,000$2,500Source:PitchBook Geography:Global As of December 31,2024 Note:Retail and insurance figures are as of June 30,2025.Private credits fundraising engine broadened and deepened across channels even as market

5、conditions shifted.Perpetual vehicles for private wealth raised$86.4 billion in H1up more than 50%YoYwith an estimated 55%($47.5 billion)directed to private debt strategies spanning nontraded BDCs,interval,and tender offer funds.The wealth channel is accelerating:Several mega-alternatives managers n

6、ow target approximately 25%or more of flows from retail.Blue Owls TTM inflows through Q2 were$36.1 billion,with$16.3 billion,or 45.2%,sourced from private wealth,led by private credit.Policy tailwinds are expanding access,including the new pathway into 401(k)plans,while partnerships with large tradi