PitchBook：2025年第一季度美国PE拆解报告（英文版）

Tariffs recently emerged as a critical factor in reducing overall risk appetite and driving volatility in public markets. Clearly, PE will also be impacted by these new policies, but we expect the ecosystem to be relatively well positioned to navigate this uncertain period, aided by ample dry powder in both the equity and credit strategies as well as longer investment horizons. We see key near-term risks in exit activity. 3,800 US PEbacked portfolio companies have been held for five to 12 yea