Core Viewpoint - The private equity (PE) industry is facing significant challenges, as evidenced by the low Distribution to Paid-In (DPI) ratios of major funds, raising questions about the sustainability of the industry's business model [1][2][9]. Group 1: DPI Performance - Blackstone's 2015 vintage private equity fund has a DPI of only 0.85, which is concerning for the industry as a whole [1][2]. - Other major funds also show low DPI figures, such as KKR's 2016 vintage at 0.90 and Hellman & Friedman’s 2018 vintage at 0.13, indicating a broader trend of underperformance [9]. - Blackstone's flagship fund, BCP VII, has a DPI that is the worst in its history, with a "gross DPI" of only 1.06 after ten years, compared to better performances from older funds [9][10]. Group 2: Fundraising and Investment Challenges - The current environment shows that older funds are struggling to exit investments, while new funds are having difficulty deploying capital, leading to a stagnation in the industry [8][11]. - Blackstone's latest flagship fund, BCP IX, has only called 2.9 million USD, primarily for management fees, indicating a lack of active investment [11]. Group 3: Revenue Models and Industry Shifts - Despite low DPI, Blackstone's private equity division generated 2.64 billion USD in distributable earnings in 2024, a 39.7% increase, suggesting a shift away from reliance on carry income [15][20]. - Blackstone's management fee income has increased significantly, while carry income has not kept pace, indicating a strategic move towards a more stable revenue model [18][19]. - KKR is also transitioning its business model to focus on dividends rather than carry, which has led to a significant increase in assets under management (AUM) and market value [22][23]. Group 4: Industry Outlook and Evolution - The VC/PE industry is entering a low-margin era, with many firms struggling to maintain profitability amid increasing operational costs and tighter fee structures [25][26]. - The traditional business model of relying on carry for income is being challenged, prompting firms to explore alternative strategies, such as focusing on operational capabilities and dividend income [29][30].

将投中网设为"星标⭐"，第一时间收获最新推送 募资难，还是根源。 作者丨 陶辉东 来源丨 投中网 面对募资难，黑石又一次祭出了保底大法。 FT 近日报道，黑石集团旗下欧洲房地产基金在今年 3 月份一笔 10 亿欧元的募资中，承诺了 9.25% 的年回报率。若回报率 低于这一数字，黑石将以自有资金进行补偿。这是继 2022 年黑石与加州大学投资办公室签下最低收益条款之后，第二次运用 此种方式募资。 在全球 PE 行业，为特定 LP 提供"保底收益"或"回报担保"极为罕见。黑石上一次这么做曾在业内引发了广泛讨论和争议， 甚至被指责"破坏行业公平"。彼时，外界普遍认为黑石的做法是"危机应对下的非常规手段"，不能被视为行业趋势。但三年 不到，黑石签保底已经梅开二度了。 作为全球 PE 老大，黑石的一举一动都备受关注，难道全球 PE 行业的祖宗之法真要变了？ 不仅如此， BEPIF 披露的文件显示，从 2024 年到 2025 年一季度， BEPIF 还通过二级市场大举抛售 BPPE 的股份。 BPPE 的全称是 Blackstone Property Partners Europe ，是黑石旗下另一只面向欧洲市场的永 ...