PitchBook年二季度美国公共PE和GP交易综述（英）

Q12025Q22025USPublic PE and GP Deal Roundup2Q2 2025 US PUBLIC PE AND GP DEAL ROUNDUPPitchBook 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, Private Equity garrett.hinds@pitchbook.comJinny Choi Senior Research Analyst, Private Equity jinny.choi@pitchbook.comKyle Walters Research Analyst, Private Equity kyle.walters@pitchbook.comDataCharlie Farber Manager, Data Analysispbinstitutionalresearch@pitchbook.comPublishingReport designed by Josie Doan and Adriana HansenPublished on August 27, 2025Click here for PitchBook’s report methodologies.ContentsKey takeaways 3PE performance 5Deployment 7Realizations 9Fundraising 11Strategy expansion 17Share of AUM by manager and strategy 20GP deal activity 22GP stake transactions 23Operating results 24Stock performance and comparables 25Note: “PE” has a specific meaning for the seven major public alternative managers referenced in this report.1. Blackstone and Carlyle: “Corporate PE” as defined in company reports. 2. KKR: “Traditional PE” as defined in company reports. 3. Apollo: “Flagship PE” and “European principal finance” as defined in company reports. 4. Ares: “Corporate PE” and “special opportunities” as defined in company reports. 5. TPG: “Capital” and “growth” as defined in company reports. 6. Blue Owl: “PE” represents PitchBook estimates of ownership stakes held by “GP Strategic Capital” funds in managers primarily engaged in PE buyout and growth equity strategies.Note: “Private credit” has a specific meaning for the seven major public alternative managers referenced in this report.1. KKR: “Alternative Credit” as defined in company reports. 2. Ares: “US Senior Direct Lending” as defined in company reports. 3. Blue Owl: “Direct Lending Gross Returns” as defined in company reports. 4. Apollo: “Direct Origination” as defined in company reports. 5. Blackstone: “Private Credit” as defined in company reports. 6. Carlyle: “Global Credit” as defined in company reports. 7. TPG: “TPG AG Credit” as defined in company reports.3Q2 2025 US PUBLIC PE AND GP DEAL ROUNDUPShare of TTM capital raised by strategyPrivate equityReal estateCreditOther17.7%13.5%58.8%9.9%$710.3BSource: Company reports • Geography: Global • As of June 30, 2025Share of AUM by strategyPrivate equityReal estateCreditOther23.7%18.7%51.0%6.7%$4,139.0BSource: Company reports • Geography: Global • As of June 30, 2025Key takeawaysCredit returns lead: In Q2 2025, PE returns for the “Big Seven” public alternative managers held steady at robust levels, with a median TTM return of 10% for the second straight quarter and a 2.8% quarterly gain—an improvement from Q1’s 2%. These results continue to outpace the broader PE market, where one-year IRRs have slipped from 10.8% to 9.4%, though early 2025 data suggests recovery will remain uneven. The managers’ performance stil