华尔街最大的另类投资公司和业务发展公司（BDC）周二股价大跌后，摩根士丹利分析师Michael Cyprys表示，尽管一些投资组合公司"可能面临来自人工智能（AI）颠覆的风险，但也为另一些公司带 来机遇"。 他指出，在多元化投资组合背景下，自2020年以来，全行业信息技术（IT）服务平均约占私募股权 （PE）交易额的23%，约占交易数量的16%，其中软件行业是子集之一。 在摩根士丹利覆盖的公司中，科技服务相关交易量约占整体PE交易量的21%，其中TPG、凯雷和KKR的 占比略高一些，而阿波罗全球管理（Apollo Global Management）最低。 "投资组合中可能会出现一些受益于AI的重大赢家，有望释放或加速增长并提升效率，这些赢家带来的 收益甚至可能超过其他糟糕投资所带来的拖累。" 责任编辑：丁文武 华尔街最大的另类投资公司和业务发展公司（BDC）周二股价大跌后，摩根士丹利分析师Michael Cyprys表示，尽管一些投资组合公司"可能面临来自人工智能（AI）颠覆的风险，但也为另一些公司带 来机遇"。 "投资组合高度多元化，部分投资可能受益于AI，"Cyprys在报告中写道，并补充称，优质的多元 ...

Core Viewpoint - Private equity (PE) funds are increasingly investing in accounting firms globally, with half of the top 30 accounting firms in the U.S. accepting such investments to cover high costs associated with AI and other technologies [2][4]. Group 1: Investment Trends - In the U.S., Wipfli accounting firm announced it will accept an investment from New Mountain Capital, with the firm's economic value exceeding $1 billion and the fund's stake being approximately 40% [4]. - A survey by Koltin Consulting Group indicates that by 2025, 15 out of the top 30 accounting firms in the U.S. will have accepted private equity investments [4]. - In the UK, a survey by Kingsley Napley found that 27% of the 22 surveyed major accounting firms have accepted private equity funding [4]. Group 2: Structural Changes - Traditionally, accounting firms relied on personal investments from partners, with few examples of public listings [4]. - Private equity funds aim to recover their investments through options such as resale to other funds or initial public offerings (IPOs) [4]. - Restructuring through AI investments or mergers and acquisitions (M&A) can enhance economic value, allowing for profitable exits [4]. Group 3: Concerns and Regulatory Perspectives - There are concerns that accepting private equity funding may undermine the audit independence of accounting firms, as highlighted by executives from large auditing companies [5]. - In Japan, legal restrictions currently limit investments in audit firms to individual certified public accountants and tax accountants, suggesting that this trend may not extend to Japan [4][5].

Global Overview - Global private equity (PE) activity showed caution in Q2 2025, with deal volume declining from 4,527 in Q1 to 3,769, the lowest since Q3 2020. Total investment dropped from $505.3 billion to $363.7 billion [9][54]. - The Americas attracted 59% of global PE investment in Q2 2025, totaling $214 billion, while Europe, the Middle East, and Africa (EMA) saw $117.4 billion, and Asia-Pacific (ASPAC) recorded $20.85 billion [10][56]. Regional Insights - In the Americas, investment fell from $319.8 billion to $213.9 billion, with the US dominating at $202 billion across 1,608 deals. Canada and Latin America were significantly impacted by tariff uncertainties [2][56]. - The EMA region experienced a decline in investment, but the UK saw growth, with $36.8 billion in Q2 2025, up from $24.8 billion in Q1 2025. The UK accounted for 25-30% of total deal value in Europe [28][56]. - ASPAC investment decreased from 282 deals to 220, with a notable drop in China, while Australia showed growth [2][56]. Sector Performance - Technology, Media, and Telecommunications (TMT) led global PE investment in Q2 2025, attracting $247.2 billion, although this was lower than the previous year. Industrial manufacturing and energy sectors also performed well [12][15]. - Life sciences investment reached $6.9 billion in H1 2025, surpassing the total for all of 2024, while healthcare attracted $79.3 billion [15][63]. - The automotive sector saw a significant decline, with only $12.3 billion in H1 2025 compared to $39.8 billion for all of 2024 [15]. Exit Activity - Global PE exit value rebounded to $501.9 billion in H1 2025, indicating a potential for the best year since 2021. IPOs and acquisitions were strong, with healthcare and energy sectors driving this growth [59][60]. - Notable exits included CARE Hospitals at $8.5 billion and Pactiv Evergreen at $6.7 billion, highlighting a focus on high-quality assets [60][62]. Future Trends - Investors are expected to focus on high-quality assets and domestic companies in Q3 2025, with ongoing attention to tariff policies and corporate performance influencing deal activity [2][68]. - AI infrastructure investments are anticipated to grow, particularly in data centers, as PE firms seek to enhance the performance of existing portfolio companies [38][64].