2025年私人資產：是時候在公開市場之外進行多樣化投資了

Any uptick in new private equity-backed buyouts will of course also improve the prospects for direct lending funds that finance and sponsor these M&A deals, and for the buyout funds that already make up the majority of the private equity market.

Direct lending has enjoyed plenty of attention in recent years thanks to high interest rates. Although that backdrop is likely to shift in 2025, all of the European and US general partners (GPs) we’re speaking to report their direct lending funds are still growing. Returns are fading from the 10-11 per cent that was offered a year ago when liquidity was more stretched, but direct lending GPs’ returns are holding at around 7-9 per cent – clearly still very compelling.

For those investors looking for further ways to diversify, the increasing maturity of the secondaries market may be interesting in 2025. Once a speciality product used only by distressed sellers, secondaries has now become a huge market that offers access to holdings of previous vintages. GP-led transactions have become more common here – now making up around half of the market globally – and are likely to continue in 2025 across private equity, credit, infrastructure, and real estate, as managers roll their holdings into different vehicles to release any available financing.

CMO-2024-2176653-(SG)