欧晰析咨询&Gain.pro：2025年私募股权领域价值创造：缩小投资回报倍数（MOIC）差距报告（英文版）

PRIVATE EQUITY IS WORKING THROUGH A LIQUIDITY SQUEEZE. FUNDRAISING HAS TIGHTENED, EXITS HAVE SLOWED, AND THE INDUSTRY’S STORE OF DRY POWDER IS NOT CIRCULATING AT THE PACE SPONSORS AND THEIR LIMITED PARTNERS WOULD LIKE. The asset class remains attractive over the long run, but the velocity of capital has dropped. Financialengineering tailwinds have faded, higher base rates and evolving credit markets have reduced the contribution of leverage to equity returns, while market-wide multiple inflat