PitchBook：2025年三季度美国PE拆解报告（英文版）

As we approach the end of the year, public markets are tilting decisively toward a risk-on posture. The Federal Reserve’s (the Fed’s) recent cuts have bolstered equities, while inflation remains a watchpoint, leaving PE investors increasingly optimistic. The balance between risk-on and risk-off, which was tenuous at midyear, now appears firmly in the former camp as market participants acclimate to an environment of steady growth, moderating prices, and gradually expanding opportunity sets. Withi