<p>根据贝恩公司（Bain &amp; Co.）的报告，去年大中华区的私募股权市场在市场改善的预期中继续复苏，但展望未来，融资将保持选择性和以业绩为驱动，而地缘政治不确定性是今年市场最大的变量。尽管资本竞争加剧，顶级公司与中型公司之间的差距扩大，但改善的退出条件和持续的资本供应可能为处于有利位置的投资者提供吸引人的机会。贝恩公司在周二发布的 2026 年大中华区私募股权报告中指出：“复苏正在进行中，但不均衡且高度选择性。” 贝恩大中华区私募股权业务负责人周浩表示：“我们看到资本流向更窄的机会集，特别是在投资者对行业主题有明确信念并能够在投资后积极推动结果的情况下。” 他补充道，地缘政治不确定性是今年市场最大的变量。报告指出，以人民币计价的基金持续增长，成为新资本的主要来源，传统的以美元计价的普通合伙人也在筹集人民币基金。值得注意的是，专注于大中华区的以美元计价的融资在去年进一步下降，符合亚太地区的整体趋势。以美元计价的融资下降反映了尚未退出和实现的美元基金投资组合中的资本过剩，限制了其支持合作伙伴新融资的能力。同时，中国主权财富基金和国有企业继续作为最大的有限合伙人投资于以人民币计价的基金。报告称，2025 年的交易量和交易价值连续第二年上升，退出数量达到了自 2022 年以来的最高水平。年初，二级市场交易推动了活动，而首次公开募股（IPO）作为一个关键的退出渠道，从第二季度开始获得了动力。根据报告，2025 年的总退出价值攀升至约 530 亿美元，高于 2024 年的 460 亿美元。随着资本集中在半导体、先进技术和制药等几个关键行业，估值倍数略有上升。此外，国内普通合伙人——负责所有投资决策的本地私募股权管理者——继续将约 20% 至 30% 的资本分配到国际市场，利用他们对中国市场的接触、供应链优势和投资组合连接。报告发现，融资仍然具有挑战性且以业绩为驱动，指出融资越来越集中在表现优异的基金经理之间，领先公司吸引了越来越多的总融资资本份额。只有具有差异化、专注于特定行业的普通合伙人，才能在融资和超越业绩方面处于最佳位置。报告指出，能够应对市场波动并保持一致执行的公司在未来几年可能会受益最大。贝恩公司的合伙人陈斯坦利表示：“在这种环境下，差异化变得至关重要。领先公司将深厚的行业专业知识与更严格的承销和实地投资组合管理相结合。在投资生命周期的各个阶段——从寻找机会到退出——能够持续执行正成为关键的差异化因素。”</p>

<p>大中华区的私募股权市场正在复苏，但由于地缘政治的不确定性，募资仍然具有选择性且以业绩为驱动。根据贝恩公司的报告，资本正流向更少的机会，特别是在投资者信心强烈的行业。以人民币计价的基金现在是新资本的主要来源，而以美元计价的募资则有所下降。交易量和退出价值有所增加，预计到 2025 年，总退出价值将达到约 530 亿美元。表现优异的基金经理正在吸引更多资本，强调在竞争环境中实现差异化和持续执行的必要性</p>

<p>Greater China’s private equity market continued to recover last year amid expectations of a market improvement, but looking ahead, fundraising will remain selective and performance-driven, while geopolitical uncertainties are the largest variable for the markets this year, according to Bain &amp; Co. Improving exit conditions and continued capital supply could offer attractive opportunities for well-positioned investors despite intensifying capital competition and a widening gap between top-tier and mid-tier firms, the consultancy said in its 2026 Greater China private equity report on Tuesday. “Recovery is under way but it is uneven and highly selective,” said Hao Zhou, head of Bain’s Greater China PE practice. “We are seeing capital flow to a narrower set of opportunities, particularly where investors have clear conviction on sector themes and the ability to actively drive outcomes post-investment.” Geopolitical uncertainties are the largest variable for the markets this year, he added. Yuan-denominated funds continued to grow and became the dominant source of new capital, with traditional US dollar-denominated general partners also raising yuan funds, according to the report. Notably, Greater China-focused US dollar-denominated fundraising declined further last year, in line with broader Asia-Pacific trends. The decline in US dollar-denominated fundraising reflects capital overhang in US dollar-fund portfolios that have yet to be exited and realised, limiting their ability to support new fundraising from partners. Meanwhile, Chinese sovereign wealth funds and state-owned enterprises continue to invest in yuan-denominated funds as the largest limited partners. Deal volume and value rose for a second consecutive year in 2025, with exits reaching their highest level since 2022, the report said. Secondary transactions drove activity in the early part of the year, while initial public offerings, a key exit channel, gained momentum from the second quarter onwards. Total exit value climbed to about US$53 billion in 2025, up from US$46 billion in 2024, according to the report. Valuation multiples edged higher as capital became concentrated in several key sectors such as semiconductors, advanced technology and pharmaceuticals. In addition, domestic general partners – locally based private equity managers responsible for all investment decisions – continued to allocate about 20 to 30 per cent of their capital internationally, leveraging their access to the China market, supply chain advantages and portfolio connections, the report said. Fundraising remained challenging and performance-driven, the report found, noting that fundraising had become increasingly concentrated among top-performing fund managers, with leading firms attracting a growing share of total capital raised. Only differentiated, sector-focused general partners with a repeatable model would be best positioned to raise capital and outperform, the report said. Firms capable of navigating market volatility and maintaining consistent execution were likely to benefit the most in the coming years, it added. “In this environment, differentiation is becoming critical,” said Stanley Chen, partner at Bain &amp; Co. “Leading firms are combining deep sector expertise with more rigorous underwriting and hands-on portfolio management. The ability to execute consistently across the investment lifecycle – from sourcing to exit – is becoming a key differentiator.”</p>
<div class="lb-trans"><p>根据贝恩公司（Bain &amp; Co.）的报告，去年大中华区的私募股权市场在市场改善的预期中继续复苏，但展望未来，融资将保持选择性和以业绩为驱动，而地缘政治不确定性是今年市场最大的变量。尽管资本竞争加剧，顶级公司与中型公司之间的差距扩大，但改善的退出条件和持续的资本供应可能为处于有利位置的投资者提供吸引人的机会。贝恩公司在周二发布的 2026 年大中华区私募股权报告中指出：“复苏正在进行中，但不均衡且高度选择性。” 贝恩大中华区私募股权业务负责人周浩表示：“我们看到资本流向更窄的机会集，特别是在投资者对行业主题有明确信念并能够在投资后积极推动结果的情况下。” 他补充道，地缘政治不确定性是今年市场最大的变量。报告指出，以人民币计价的基金持续增长，成为新资本的主要来源，传统的以美元计价的普通合伙人也在筹集人民币基金。值得注意的是，专注于大中华区的以美元计价的融资在去年进一步下降，符合亚太地区的整体趋势。以美元计价的融资下降反映了尚未退出和实现的美元基金投资组合中的资本过剩，限制了其支持合作伙伴新融资的能力。同时，中国主权财富基金和国有企业继续作为最大的有限合伙人投资于以人民币计价的基金。报告称，2025 年的交易量和交易价值连续第二年上升，退出数量达到了自 2022 年以来的最高水平。年初，二级市场交易推动了活动，而首次公开募股（IPO）作为一个关键的退出渠道，从第二季度开始获得了动力。根据报告，2025 年的总退出价值攀升至约 530 亿美元，高于 2024 年的 460 亿美元。随着资本集中在半导体、先进技术和制药等几个关键行业，估值倍数略有上升。此外，国内普通合伙人——负责所有投资决策的本地私募股权管理者——继续将约 20% 至 30% 的资本分配到国际市场，利用他们对中国市场的接触、供应链优势和投资组合连接。报告发现，融资仍然具有挑战性且以业绩为驱动，指出融资越来越集中在表现优异的基金经理之间，领先公司吸引了越来越多的总融资资本份额。只有具有差异化、专注于特定行业的普通合伙人，才能在融资和超越业绩方面处于最佳位置。报告指出，能够应对市场波动并保持一致执行的公司在未来几年可能会受益最大。贝恩公司的合伙人陈斯坦利表示：“在这种环境下，差异化变得至关重要。领先公司将深厚的行业专业知识与更严格的承销和实地投资组合管理相结合。在投资生命周期的各个阶段——从寻找机会到退出——能够持续执行正成为关键的差异化因素。”</p>
</div>

大中华区私募股权市场预计将迎来不均衡的复苏，筹资活动可能会有小幅增长