3.8万亿美元资产积压难消化，贝恩咨询：私募股权行业困境持续时间已超越2008年

Group 1 - The private equity industry is undergoing a deep adjustment lasting longer than the 2008 financial crisis, with Bain & Company reporting that the industry has returned less profit to investors for four consecutive years and holds $3.8 trillion in unsold assets [1] - In 2025, the allocation of private equity to net asset value remains at 14%, the second-lowest level since the peak of the 2008 crisis, despite a 44% increase in transaction value to $904 billion last year, which has not significantly reduced the backlog of available capital [1] - Fundraising has declined for four consecutive years, dropping to $395 billion in 2025, a 16% year-over-year decrease, as investors become more selective, demanding funds to provide a net internal rate of return exceeding 20% [1][2] Group 2 - The return levels are approaching a 16-year low, with reduced profits returned to investors due to slowed transaction activity since interest rates began to rise in 2022, which has weakened the ability of firms to raise new funds [2] - Investors, such as pension and endowment funds, now require a net internal rate of return exceeding 20% to commit capital, compared to previous expectations of a 5% annual growth in EBITDA before selling portfolio companies [2] - The average holding period for assets has extended from 5-6 years in 2021 to approximately 7 years, as private equity firms have sold off "gem" assets but struggle to divest from less certain prospects [2][3] Group 3 - As holding periods exceed five to six years, internal rates of return appear less favorable, increasing pressure on investment returns [3] - Despite current challenges, private equity is still viewed as a strong investment option, offering diversification that public markets no longer provide, although the industry is currently "stuck" [3]