PitchBook：2025年二季度美国PE拆解报告（英文版）

At the halfway mark of 2025, the exuberance that greeted the new year has cooled, yet a risk-on appetite is slowly reemerging. Tariff concerns are shifting to the rear-view mirror, and animal spirits are being revived. Many are expecting potential tariff-driven inflation to be a one-off and still expect the Federal Reserve (the Fed) to cut rates this year. Public markets are back to a risk-on posture, and private-market participants closed big deals in the quarter amid the uncertainty. Still, be